News & Updates
The latest news and updates from companies in the WLTH portfolio.
Could TSA Chaos Return to the Atlanta Airport? DHS Funding to Run Out
More than 60 days into a partial government shutdown, Department of Homeland Security Secretary Markwayne Mullin said the agency may have to stop paying salaries in May. "Fortunately, what President Trump did through an executive order allowed us to grab emergency funding that came out of the One Big Beautiful Bill ... but that money is dried up, if I continue down this path, the first week of May," Mullin said in an interview with Fox News. When paychecks last went unpaid, officers with the Transportation Security Administration began calling out of their shifts, leaving just a few officers to handle security lines at airports across the country. At airports like Hartsfield-Jackson in Atlanta, lines to get through airport security lasted hours and passengers missed flights as they waited for their identities to be checked and bags scanned. If funding runs out before the partial shutdown is over, will chaos return to Atlanta? President Trump ordered funds to be rerouted to pay airport security on March 27, after the agency had already been running unfunded for weeks. The order used "funds that have a reasonable and logical nexus to TSA operations to provide TSA employees with the compensation and benefits that would have accrued to them if not for the Democrat-led shutdown," according to the decree. TSA officers did start to receive paychecks after the order, but many have not received backpay for the hours they worked before the order was signed and after the government was shut down, meaning many are still short significant wages. In Atlanta, city officials have voted to prevent power from being cut off in homes of TSA workers who have missed payments, and the shutdown has become a major talking point in the Georgia race for U.S. Senate. TSA officers were also working at the end of March unpaid while Immigration and Customs Enforcement officers were providing support, but were being paid. In some cases, paid ICE officers were scanning IDs while unpaid TSA workers were working the security scanning machines at Hartsfield-Jackson. Last week, TSA's deputy administrator Ha Nguyen McNeill argued privatizing TSA could be a way to keep officers' salaries from being at the whim of political actions. "As of today, TSA has been shut down for 109 days, nearly 60% of FY26. If this year demonstrates anything, it is that the TSA workforce and our operations cannot depend on predictable Congressional funding," Nguyen McNeill said in the April 16 hearing. The deputy administrator argued airports that have already started some form of privatization were spared the long lines seen in other airports like Hartsfield-Jackson. Privatization of TSA was also included in the controversial Project 2025, a conservative playbook from the Heritage Foundation for the second Trump presidency. The plan argues the current system makes officers both the regulators and the regulated organization, and that it is too costly. In the early hours Thursday, Senate Republicans adopted a budget resolution that would allow Congress to vote on a budget reconciliation package next month. The package would reopen DHS and fund immigration enforcement, The Hill reported. The resolution passed along party lines, with Lisa Murkowski (AK-R) and Rand Paul (KY-R) voting against the resolution with Democrats.
The Guardian view on Anthropic's Claude Mythos: when AI finds every flaw, who controls the internet? | Editorial
Tech can scale cyber-attacks and defences alike, raising questions about private power, public risk and the future of a shared internet Anthropic announced its latest AI model, Claude Mythos, this month but said it would not be released publicly, because it turns computers into crime scenes. The company claimed that it could find previously unknown "zero-day" flaws, exploit them and, in principle, link these weaknesses in order to take over major operating systems and web browsers. Mythos did so autonomously, writing code and obtaining privileges. The implications are significant. It's like a burglar being able to target any building, get inside, unlock every door and empty every safe. The Silicon Valley company has so far named 40 organisations as partners under Project Glasswing to help mount a defence - asking them to "patch" vulnerabilities before hackers get a chance to exploit them. All are American, sitting at the heart of the US-led digital system. Anthropic shared Mythos with only Britain outside the US, allowing the AI Security Institute to test frontier models. After seeing it up close, British ministers warned: AI is about to make cyber-attacks much easier and faster, and most businesses are not ready. Banks in Europe are likely to test it next. This may not be a moment too soon. Reports of unauthorised access surfaced this week - raising the question whether any private company can be trusted with a capability like this. Mythos doesn't necessarily create a new kind of cyber threat. It turns a latent weakness into a systemic risk. Hacking has traditionally been hard and time-consuming, requiring skills that few people have. But AI tools are spreading fast, putting system breaches within reach of many - not just experts. A poacher can also be turned into a gamekeeper. Mozilla tested Mythos on its Firefox browser: it found 10 times more flaws than before - and fixed them. Crucially, none were ones a human couldn't spot. What changes is that AI discovers "cyber vulnerabilities" quickly, cheaply and at scale. The US government's embrace of Anthropic marks a shift. In February, the Pentagon deemed the company a "security risk" and cut it off from lucrative deals after it refused to allow its technology to be used for mass surveillance or autonomous weapons. OpenAI got the contract instead. Anthropic, with its Claude chatbot, has long pitched itself as the ethical alternative among its competitors - though its image was dented by a $1.5bn piracy settlement last year. Mythos is powerful, but Anthropic's PR has shaped the narrative as much as the technology. There is also a question of how advanced Mythos really is. Researchers have shown that smaller, cheaper models deployed at scale can do similar feats. What seems a breakthrough may reflect a broader shift across the field. The White House thinks that Anthropic has strategic value - inviting it back into the fold and signalling a shift from treating AI firms as contractors to partners. That raises a deeper concern: whether private firms' control of critical infrastructure risk is wise - especially if less responsible actors gain technical leverage. Clearly, whoever - state or firm - creates the most powerful AI models will gain geopolitical advantages over friends and foes alike. Without a framework for international coordination over cybersecurity, however, there risks being not one secure internet, but a number of competing ones - each "patching" its own system and fully trusting none of the others. It would no longer be a global commons. Instead, the web would be carved into security alliances, guarded more closely, even as something wider slips quietly away.
SpaceX files confidentially for IPO, potential $2T valuation
The June 30 market moved up on news of SpaceX's potential $1.75-2 trillion valuation. The September 30 IPO market sits at 91.5%, and the December 31 market is at 92.5%. The spread between the April 30 and June 30 markets, a 70-point leap, suggests traders expect a catalyst within the next two months. SpaceX is filing alongside other large private companies like OpenAI and Anthropic that are also moving toward public listings. SpaceX's filing during the Iranian conflict doesn't suggest an escalation, pointing instead to a focus on macroeconomic stability. The size of SpaceX's expected valuation makes this one of the largest IPO candidates in history. What to watch Daily volume on the June 30 market is $1,155 in USDC, with $4,330 needed to shift the price by 5 percentage points. This is a moderately liquid market where a single large trade can move the price. The largest recent move was a 2-point spike at 1:50 PM after the filing news. Buying YES at pays if SpaceX goes public by June 30. That bet requires believing the IPO process accelerates in the coming weeks. Key signals: completion of the confidential filing process, a public S-1 filing, or IPO pricing announcements. Any of these would likely drive sharp movement in the market.
Microsoft reportedly explored buying Cursor as SpaceX secures rights to acquire the AI startup for $60 billion
Microsoft reportedly explored acquiring AI coding startup Cursor before SpaceX secured the rights to acquire the company in a deal valued at $60 billion. According to a CNBC report, people familiar with the matter claim that Microsoft considered making a move as part of its broader efforts to expand its position in the growing market for AI development tools. However, the company ultimately decided not to proceed with the bid.This move is happening at a time of stiff competition in the AI code-generation tool market, with all players focusing on developing software assistants for developers. Though Microsoft has been making good progress with its GitHub Copilot tool, Cursor has also made strides in this market segment. Microsoft has also positioned itself as an investor and cloud provider, supporting AI companies through its Azure platform.SpaceX confirmed earlier this week that it has agreed to acquire Cursor by the end of the year or pay the company $10 billion if the deal does not go through. In a post on X, the company said, "SpaceXAI and @cursor_ai are now working closely together to create the world's best coding and knowledge work AI." Cursor CEO Michael Truell added on X that he's "excited to partner with the SpaceX team to scale up Composer," referring to the company's AI model.The agreement comes near the end of Cursor's fundraising phase, with some potential investors reportedly caught off guard by the development. Cursor's venture capital firms first raised capital for it at a valuation of about $50 billion amid high demand for app-building tools. SpaceX had also offered Cursor access to compute resources in the weeks leading up to the announcement.The move follows Elon Musk's decision earlier this year to merge SpaceX with his AI startup xAI in a deal valued at $1.25 trillion as the combined entity prepares for a potential public listing.Meanwhile, Microsoft continues to expand its AI offerings. Earlier this year, Microsoft CEO Satya Nadella said that GitHub Copilot had 4.7 million paying subscribers, reflecting growth in adoption. At the same time, OpenAI's Codex has reached 4 million active users, while Anthropic's Claude Code service has seen increased usage, helping the company reach $30 billion in annualised revenue.
Anthropic Mythos Develops Into Insignificant Outcome * The Register
Anthropic's Mythos model is designed to discover software vulnerabilities, yet its release has stirred concern. Initially introduced under the Project Glasswing initiative, the model was restricted to select organizations for vulnerability assessment. Recent developments, however, reveal that unauthorized access to Mythos occurred, heightening cybersecurity concerns. Unauthorized Access Incident On a Wednesday, an Anthropic representative confirmed that individuals outside the Glasswing partners might have accessed the Mythos model. This access was not through Anthropic's authorized production API. The spokesperson stated, "We're investigating a report claiming unauthorized access to Claude Mythos Preview through one of our third-party vendor environments." The third-party vendor, linked to Anthropic's model development, has not been publicly identified. According to Bloomberg, a small group exploited their knowledge of the model's online location, derived from prior leaks, to gain access. Mercor Data Breach This unauthorized access coincided with a data breach at Mercor, an AI staffing firm that supplies contractors to major AI labs. Earlier in the month, Mercor acknowledged being affected by the LiteLLM supply-chain attack. Reports suggested that the intruders, identified as members of a private Discord channel, began accessing Mythos the same day Anthropic announced Project Glasswing. Mythos' Capabilities and Limitations Despite its marketing hype, early user feedback about Mythos indicates limitations. While organizations like AWS and Mozilla have praised its speed in identifying vulnerabilities, it has not outperformed elite human cybersecurity researchers. Mozilla's CTO, Bobby Holley, disclosed that Mythos found 271 vulnerabilities in Firefox but acknowledged that any vulnerabilities it discovered could also have been identified by skilled human researchers. Claims of Overhype Researchers have raised concerns about the veracity of the claims surrounding Mythos. While Anthropic touted its ability to discover "thousands of high- and critical-severity vulnerabilities," critics argue these numbers are exaggerated. For instance, VulnCheck researcher Patrick Garrity estimated the actual count at around 40, and no confirmed zero-day exploits were documented. Claims regarding 181 Firefox vulnerabilities were also scrutinized, revealing that most findings stemmed from environments without standard security measures. Concerns in the Cybersecurity Community Experts have mixed reactions about unauthorized access to Mythos. Snehal Antani, CEO of Horizon3.ai, stated the security community should not overreact. He emphasized that adversaries do not require Mytos for vulnerability research; existing open-source models already facilitate this process. * Unauthorized Access: Occurred via a third-party vendor. * Vulnerability Discovery: Mythos' findings are comparable to skilled human researchers. * Hype vs. Reality: Reports indicate exaggerated claims of Mythos' capabilities. The incident surrounding Anthropic's Mythos model illustrates the challenges of maintaining security and managing expectations in the rapidly evolving AI landscape. As the investigation continues, the cybersecurity community watches closely, evaluating the model's true potential and implications.
Investing $5,000 in SpaceX IPO: Potential Returns in 5 Years
SpaceX is gearing up for one of the most anticipated initial public offerings (IPOs) in history. The company has filed confidentially with the Securities and Exchange Commission (SEC) and aims for a listing around June 2026. This IPO seeks to raise approximately $75 billion, potentially valuing SpaceX at over $2 trillion. Impact of SpaceX's Valuation on the Market If successful, this would position SpaceX among the top six most valuable publicly traded companies, closely following Amazon in market valuation. Unique Share Allocation for Retail Investors Notably, SpaceX plans to allocate 30% of its IPO shares to retail investors. This is significantly higher than the typical allocation, though demand is expected to vastly outstrip supply. Understanding SpaceX's Business Model While SpaceX is known for its space-launch capabilities, its main revenue driver is Starlink, a satellite internet service. In 2025, Starlink generated nearly $12 billion, constituting about 60% of SpaceX's total revenue. Starlink is also the only part of SpaceX currently profitable, boasting EBITDA margins exceeding 60%. In contrast, the launch business operates on tight margins with cash inflows nearly equal to outflows but maintains a dominant position in the global commercial spaceflight market. Investment Scenarios for SpaceX Investors eyeing SpaceX's IPO often wonder about the potential returns. If one were to invest $5,000 on the first day of trading, various scenarios could unfold over the next five years: * Bull Case: An annualized return of 20% could make the investment worth $12,442, assuming robust growth in Starlink and successful ventures into orbital data centers. * Base Case: A more conservative annualized return of 7% would result in a total valuation of $7,013, reflecting steady progress in the company's operations. * Bear Case: A potential decline of 15% could diminish the investment to $2,218, suggesting possible challenges in meeting bold growth expectations. Challenges and Skepticism Despite the optimistic outlook, some analysts express skepticism regarding the sustainability of high growth rates. Challenges include increased competition and potential limitations on pricing power for Starlink, particularly in developed regions. SpaceX's ambitions in artificial intelligence with xAI and plans for orbital data centers also raise concerns. Analysts point out practical difficulties associated with deploying data centers in space, affecting long-term profitability. The Bottom Line on SpaceX's IPO Ultimately, the future of a $5,000 investment in SpaceX could vary dramatically based on market conditions and the company's execution strategy. High-multiple growth stocks like SpaceX inherently carry risk, leading to unpredictable outcomes. Investors should weigh the potential rewards against the risks as they consider participation in this landmark IPO.
Forget SpaceX Stock -- Is RocketLab the Better Buy? | The Motley Fool
Could RocketLab stock, which is already public traded, offer a better alternative to its mighty competitor? Most investors are on the lookout for stocks that give exposure to untapped growth industries. And it's natural to pay attention to reports that Elon Musk's leading space company, SpaceX, could soon hit public markets through an initial public offering (IPO). But while this is exciting, all that glitters is not gold. Let's dig deeper into the potential pitfalls of buying SpaceX stock when it becomes available and compare it to a much smaller alternative called RocketLab (RKLB 7.83%), which is already publicly traded. Last week, SpaceX executives began meeting with bankers to outline plans for the stock's public launch in June. And according to Reuters, they have a target valuation of $1.75 trillion. Not only will it be the largest IPO in history, but it could also have the highest amount of shares allocated to retail investors at 30%, compared to the usual 5% to 10%. The report suggests that SpaceX's CEO, Elon Musk, wants mom-and-pop investors to have a larger ownership stake in the company relative to more-sophisticated institutional investors. However, this decision could cause the equity to trade like a meme stock, where the valuation often becomes detached from a realistic assessment of growth and earnings. Investors should make sure to remain grounded in SpaceX's fundamentals instead of getting carried away by the excitement and hype. There are already some potential concerns that could make the stock risky. The first and most obvious drawback of the SpaceX IPO will be its size. The company's estimated market capitalization of $1.75 trillion would make it the eighth-largest company in the world, ahead of giants like Tesla and Meta Platforms. The difference is that these other businesses allowed retail investors to get in on the ground floor of their growth journeys, while SpaceX investors will have to buy shares potentially near the top. There are signs that the space company is maturing. Private market research firm Sacra estimates revenue grew by 18% year over year in 2025. While that's a decent number, it represents a sharp decrease from rates of 51% and 89%, respectively, in 2024 and 2023. SpaceX's pivot to generative artificial intelligence (AI) could also pose some risks. In February, the company purchased Musk's large language model (LLM) developer, xAI, in a stock deal worth $250 billion. The AI industry is extremely competitive, and while the deal could give the combined company a new growth driver, it also runs the risk of increasing losses and burning through cash that could have otherwise gone to shareholders. The Information, a technology news website, reports that SpaceX lost $5 billion in 2025, largely due to unprofitable AI-related spending. Investors who want exposure to the space industry without the slowing growth and generative AI risk involved in SpaceX have an alternative. RocketLab is a pure play that focuses on transporting payloads into low Earth orbit. With a market capitalization of $49 billion, it offers room for long-term growth, and it plans to ramp up its scale with the launch of a new, higher-capacity rocket called the Neutron later this year. That said, while RocketLab looks like a better buy than SpaceX, it is not without its risks. With a price-to-sales ratio (P/S) of 74, shares are already priced for perfection. And delays in the launch could lead to a market sell-off. Overall, investors should remember that space is still a relatively speculative and unproven industry. And whichever space stock you choose, it is best to only have moderate exposure as part of a diversified portfolio.
Even SpaceX Doesn't Believe SpaceX's Hype About Space AI And Moon Cities - Jalopnik
Remember those halcyon days when SpaceX believed it was on the cusp of transforming humanity? It feels like only just this year that SpaceX was filing to launch one million AI data center satellites into orbit, something it claimed would be "a first step toward becoming a Kardashev Type II civilization." I am even old enough to remember when CEO Elon Musk said the company planned to build "a self-growing city on the Moon," all part of a plan to "extend consciousness and life as we know it to the stars." Such dreams, SpaceX had! Such aspirations! Well, that was all before the space juggernaut quietly filed for an IPO, and now, the tune is a little different. Reuters got ahold of the S-1 filing of the world's most valuable private company, which lays out financial information and known risks for potential investors. In it, SpaceX writes: Our initiatives to develop orbital AI compute and in-orbit, lunar, and interplanetary industrialization are in early stages, involve significant technical complexity and unproven technologies, and may not achieve commercial viability. This is obviously a serious business document for serious business people, so the language is more restrained than Musk's bluster. But SpaceX is aiming for a colossal $1.75 trillion valuation, which just so happens to be just larger than the current record-holder, Saudi Aramco in 2019 at $1.7 trillion. That gigantic figure is only justifiable if SpaceX is about to rewrite history. So any sense that SpaceX might fall short is a risk. "May not achieve commercial viability" is about as short as it gets!
Forget SpaceX Stock -- Is RocketLab the Better Buy?
Could RocketLab stock, which is already public traded, offer a better alternative to its mighty competitor? Most investors are on the lookout for stocks that give exposure to untapped growth industries. And it's natural to pay attention to reports that Elon Musk's leading space company, SpaceX, could soon hit public markets through an initial public offering (IPO). But while this is exciting, all that glitters is not gold. Let's dig deeper into the potential pitfalls of buying SpaceX stock when it becomes available and compare it to a much smaller alternative called RocketLab (NASDAQ: RKLB), which is already publicly traded. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue " Last week, SpaceX executives began meeting with bankers to outline plans for the stock's public launch in June. And according to Reuters, they have a target valuation of $1.75 trillion. Not only will it be the largest IPO in history, but it could also have the highest amount of shares allocated to retail investors at 30%, compared to the usual 5% to 10%. The report suggests that SpaceX's CEO, Elon Musk, wants mom-and-pop investors to have a larger ownership stake in the company relative to more-sophisticated institutional investors. However, this decision could cause the equity to trade like a meme stock, where the valuation often becomes detached from a realistic assessment of growth and earnings. Investors should make sure to remain grounded in SpaceX's fundamentals instead of getting carried away by the excitement and hype. There are already some potential concerns that could make the stock risky. The first and most obvious drawback of the SpaceX IPO will be its size. The company's estimated market capitalization of $1.75 trillion would make it the eighth-largest company in the world, ahead of giants like Tesla and Meta Platforms. The difference is that these other businesses allowed retail investors to get in on the ground floor of their growth journeys, while SpaceX investors will have to buy shares potentially near the top. There are signs that the space company is maturing. Private market research firm Sacra estimates revenue grew by 18% year over year in 2025. While that's a decent number, it represents a sharp decrease from rates of 51% and 89%, respectively, in 2024 and 2023. Image source: Getty Images. SpaceX's pivot to generative artificial intelligence (AI) could also pose some risks. In February, the company purchased Musk's large language model (LLM) developer, xAI, in a stock deal worth $250 billion. The AI industry is extremely competitive, and while the deal could give the combined company a new growth driver, it also runs the risk of increasing losses and burning through cash that could have otherwise gone to shareholders. The Information, atechnology newswebsite, reports that SpaceX lost $5 billion in 2025, largely due to unprofitable AI-related spending. Investors who want exposure to the space industry without the slowing growth and generative AI risk involved in SpaceX have an alternative. RocketLab is a pure play that focuses on transporting payloads into low Earth orbit. With a market capitalization of $49 billion, it offers room for long-term growth, and it plans to ramp up its scale with the launch of a new, higher-capacity rocket called the Neutron later this year. That said, while RocketLab looks like a better buy than SpaceX, it is not without its risks. With a price-to-sales ratio (P/S) of 74, shares are already priced for perfection. And delays in the launch could lead to a market sell-off. Overall, investors should remember that space is still a relatively speculative and unproven industry. And whichever space stock you choose, it is best to only have moderate exposure as part of a diversified portfolio. Ever feel like you missed the boat in buying the most successful stocks? Then you'll want to hear this. On rare occasions, our expert team of analysts issues a "Double Down" stock recommendation for companies that they think are about to pop. If you're worried you've already missed your chance to invest, now is the best time to buy before it's too late. And the numbers speak for themselves: Right now, we're issuing "Double Down" alerts for three incredible companies, available when you join Stock Advisor, and there may not be another chance like this anytime soon. Will Ebiefung has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Meta Platforms, Rocket Lab, and Tesla. The Motley Fool has a disclosure policy.
Brits Brace for Holiday Chaos as Jet Fuel Crisis Hits Airlines
Brit holidaymakers face a summer of cancelled flights and soaring ticket prices. The closure of the vital Strait of Hormuz has triggered a severe jet fuel shortage, forcing airlines worldwide to slash schedules and hike fares. EU Warns of Travel Carnage EU Energy Commissioner Dan Jorgensen delivered a grim forecast. Speaking to Sky News, he said disruption to summer getaways is now "very likely." "Unfortunately, it's very likely that many people's holidays will be affected, either by flight cancellations or very, very expensive tickets," He warned. "Even if we do everything we can do, if the jet fuel is not there, then it's not there." Jet Fuel Shortage Looms Over Europe The International Energy Agency (IEA) says physical jet fuel shortages could hit Europe as early as June. IEA chief Fatih Birol revealed Europe relies on Middle Eastern refineries for 75% of its jet fuel -- and that supply has plummeted to nearly zero. Europe scrambles to find alternatives from the US and Nigeria, but summer demand spikes by around 40%, risking a full-blown crisis. "If the supply stays where it is now, the challenge can be even bigger," Costly Consequences for Passengers * Jet fuel prices have doubled since February, peaking at $209 per barrel in April. * Airlines are passing on the pain: United Airlines may raise ticket prices by 20%, Air France-KLM adds €50 on long-haul flights, and Delta plus Southwest hike baggage fees. * Major carriers cut flights: Lufthansa axed 20,000 short-haul services, KLM cancelled 160 European flights in one month, and SAS scrapped 1,000 departures in April. Aviation expert Richard Evans says cuts are down to soaring fuel prices and Middle East disruptions, with more cancellations "extremely likely." Ryanair hints at 5-10% schedule cuts if prices stay high. Delta has dropped plans to grow flight capacity in 2026. Calls to Rethink Travel Plans Italy's Civil Aviation Authority chief, Pierluigi di Palma, suggests Europeans ditch foreign trips for domestic holidays. "The psychological effect is having a destructive effect on passengers," Airports Council International warns that without reopening the Strait of Hormuz within three weeks, jet fuel shortages will hit the EU hard. Airlines UK urges UK ministers to act now before the crisis deepens. The ongoing war is already costing Europe around €500 million daily, and summer travel looks set to suffer big time.
When will SpaceX and Anthropic IPO? SuRo CEO says quality drives decision
Investing.com -- The pipeline of highly anticipated potential initial public offerings represents a significant opportunity for public market investors, but the timing of landmark listings from companies like SpaceX, OpenAI and Anthropic will ultimately be driven by strategic conditions rather than necessity, according to SuRo Capital CEO Mark Klein. In an exclusive interview with Investing.com, Klein argued that the most consequential names approaching the public markets are under no pressure to list. "Companies like SpaceX, Anthropic, and OpenAI have demonstrated a sustained ability to raise significant capital in the private markets," he said, adding that they "will initiate IPOs when they determine the market environment optimally supports their valuation and strategic goals." With broader markets around all-time highs, Klein noted there is a "clear increase in market attention for these offerings." On concerns that a wave of large IPOs could drain market liquidity, Klein pointed to the scale of available capital. OpenAI's recent financing, he said, demonstrates that "substantial capital remains available and ready to be deployed into high-quality assets." "Given this demand for companies like those in our portfolio and the broader categories we invest in, we believe SuRo plays an important role in the current ecosystem," he added. "We offer an advantage by providing investors with pre-IPO exposure to these companies, combined with the liquidity of a publicly traded stock, allowing our shareholders to participate in value creation well before a public offering." Klein struck a notably different tone on the current IPO pipeline compared to the 2020-2021 boom. "While the 2020 and 2021 period was characterized by high valuations and subsequent market corrections, the current pipeline features companies with strong, demonstrable financial metrics." He cited Canva, with 265 million monthly active users and $4 billion in revenue, and Whoop, which is delivering 100% annual growth, as examples of companies with the structural scale to support their valuations. Both names are SuRo Capital portfolio companies. SuRo's own net asset value was expected to rise to between $14.00 and $14.50 per share as of March 31, 2026, driven in part by OpenAI's latest financing round and WHOOP's Series G at a $10.1 billion valuation. The company previously remarked that the developments "reinforce both the scale of demand we are seeing and the continued maturation of several notable pre-IPO businesses within our portfolio."
Industry briefs: Latest from Volteras, GXO, NRG Riverside, BCA, FMG Repair Services, Sixt and Kwik Fit
Volteras expands operation with new London headquarters Connected vehicle data provider Volteras has moved into new offices in London as it confirms further expansion across fleet and mobility markets in the UK, Europe and North America. This change of premises to offices in Liverpool Street comes as Volteras confirms London as its new global headquarters. The Volteras team has grown from five to 18 people and has been strengthened to support increased customer demand with expanded engineering and operational capacity. The business has secured official partnerships with 35 global automotive OEMs - including Renault Group and Polestar Fleet Telematics. CEO of Volteras, Peter Wilson (pictured above), said: "We are pleased to call London home as we continue to invest in our platform and our operational team, as well as grow our OEM collaborations. We set up Volteras to provide fleets and mobility providers with vehicle and driver data in a stable, secure and seamless environment and the response has been very positive. "We are seeing increased demand for connected vehicle data across a range of use cases, and we are pleased to be working with new partners to provide the data they need to capitalise on their business opportunities." GXO launches open innovation programme in the UK and Ireland Pure-play contract logistics provider GXO has announced the launch of GXO Accelerator to identify, test and scale new technologies across the UK and Ireland. The open innovation programme will gather startups, scale-ups and technology specialists to explore - through a structured open innovation model - practical solutions to the sector's most pressing operational challenges. GXO Accelerator reflects GXO's commitment to encourage collaboration between industry and pioneering technology providers and will be delivered in partnership with global innovation specialist L Marks. The programme will focus on four key innovation themes: * Defence and infrastructure logistics. * Digital transport. * Future workforce. * Wild card / Open season. Participants will collaborate with GXO's operational and technology teams in structured test-learn cycles, and have access to real world scenarios to refine their solutions, with the potential to scale successful innovations within GXO's operations. Paul Durkin, GXO's chief operating officer, UK and Ireland, commented: "Supply chains are evolving rapidly, and collaboration with innovative technology partners is essential to staying ahead of that change," said "GXO Accelerator will give innovative technology companies the opportunity to work directly with our teams to tackle real operational challenges and demonstrate the value their solutions can bring to logistics operations today and tomorrow." Daniel Saunders, CEO at L Marks, added: "We're delighted to be launching GXO Accelerator and to support GXO in bringing together leading technology companies to turn innovation into operational reality. "GXO's scale and reach allow technology companies to pilot their solutions in real logistics environments and work directly with the teams responsible for running them." NRG Riverside celebrates 30 years in business Specialist fleet hire and management provider, NRG Riverside, has marked 30 years in business with a focus on growth and innovation. The business now operates 17 depots across the UK and supports customers with one of the nation's largest specialist municipal fleets. It has grown through strategic acquisitions of TruckCare and Commercial Motors Limited (Wales), and 2025 saw the business named as Contract Hire and Leasing Provider of the Year at the Motor Transport Awards. CEO Darren Powell commented: "Reaching 30 years is an important milestone for the business. What matters most is the strength of the platform we have built and the opportunity that lies ahead. "We are focused on scaling responsibly, continuing to innovate and supporting the essential services our customers deliver across the UK." NRG Riverside secured a £455 million refinancing in 2025 to invest in fleet, infrastructure and technology. Chief financial officer Fran Reed said: "Our financial resilience allows us to invest with confidence. Over the last five years, we have invested more than £300 million in new vehicles, ensuring we continue to deliver reliability and performance for our customers while preparing for the future." NRG Riverside has more than 350 colleagues across the UK, with seven recently reaching 25 years of service, and another who has achieved 50 years of service. Powell added: "We have built a strong business with the people, relationships and financial strength to continue investing in the future. "While we are proud of what we have achieved over the past 30 years, our focus is firmly on what comes next." BCA Buyer app updated with mobile image download feature Following strong customer demand, BCA has announced a new update to its Buyer app, with the latest version including a new image downloads feature. Adoption of the BCA Buyer app has seen customers across the UK remarketing sector able to operate with greater efficiency, and BCA promises the new feature will further streamline the vehicle retail process. Previously available only via desktop, the function enables users to download high-quality vehicle images directly to their device. Customers can access high-resolution, 4K images of purchased vehicles instantly, without needing to return to their desktop. Images can be saved straight to a mobile device's camera roll and uploaded immediately, eliminating delays and allowing faster vehicle advertisement. The functionality is included with all BCA account levels. The BCA Buyer app is highly popular across the UK remarketing sector, with more than 23,000 bidders using the platform over the past year. It accounts for approximately 80% of all vehicles sold by BCA. Stuart Pearson, chief operating officer at BCA, said: "BCA's fully joined-up digital journey is a key differentiator for our customers, and we are seeing a clear acceleration in mobile-first behaviour, as buyers look to operate with greater speed and flexibility in an increasingly competitive retail environment. "By enhancing the BCA Buyer app with mobile image downloads, we're helping customers to reduce time-to-market, improve the quality of their online listings and maximise retail opportunities. As margins remain under pressure, tools that help customers turn stock faster and present it more effectively are more important than ever. "As digital adoption continues to accelerate across the automotive sector, BCA's commitment to ongoing innovation and investment will ensure that our customers have the tools they need to buy smarter, move faster and retail vehicles with maximum efficiency." FMG Repair Services opens new Cardiff bodyshop Accident repair specialist, FMG Repair Services, has opened a new high-tech repair centre in Cardiff, introducing specialist light commercial vehicle (LCV) capability and enhancing capacity in the region. The new bodyshop features 28 repair bays, on-site ADAS calibration technology, and dedicated equipment for plastic and aluminium repairs. A newly introduced fast-track repair service will accelerate turnaround times for minor damage, supported by a Tempo spray booth system that reduces vehicle movement by bringing the booth directly to the car. The 20,000 square-foot facility is fully equipped to handle LCVs, electric vehicles (EVs) and hybrids. Paul Wrigglesworth, managing director at FMG Repair Services, said: "Our new Cardiff bodyshop represents a significant investment in delivering efficient, high-quality and future-ready repair solutions. The facility has been equipped to support modern vehicle technologies and materials, ensuring we continue to meet the evolving needs of our customers. "This expansion reflects our long-term strategy to operate from scalable, high-performance sites in key locations. We look forward to welcoming both new and existing customers to our Cardiff facility." Sixt Van and Truck strikes support deal with Kwik Fit Sixt Van and Truck has signed a new partnership with Kwik Fit to manage its fleet for all tyre-related and ancillary work across the UK. Under the partnership, tyre management, authorisation and operational support for the fleet will be carried out by the Kwik Fit team. The fleet will also be integrated into the Kwik Fit's fleet management system which also covers mobile fitting and rapid-response support. Jim Williams, head of operations at Sixt Van and Truck, said: "In supporting our customers it's critical that we have a national partner who can help us in minimising vehicle downtime. "Crucial to that is not only tyre availability and expertise, but robust back-office systems and a team that works as a seamless extension to our own. "Kwik Fit has demonstrated how it can add significant value to our operations and we're delighted to be working with them." Tom Edwards, fleet sales director at Kwik Fit, added: "We look forward to building an even stronger relationship and supporting them in their long-term goals."
'Multiple measurement currencies create chaos, need single source of truth': Karthik Rao, CEO of Nielsen
At a time when the domestic media landscape is fragmenting across TV, mobile and digital platforms and being reshaped by AI -- audience measurement is under scrutiny. The complexities of the market here, says Karthik Rao, chief executive officer, Nielsen, a global leader in measuring viewership, presents an opportunity for the company to fine-tune its products and services. In an interview with Viveat Susan Pinto, Rao outlines his priorities for India. Excerpts: Why is India so critical to Nielsen right now? India is unlike any other market. Print remains resilient, linear TV hasn't declined as sharply as in other regions, and yet streaming and mobile viewership are growing rapidly. Add AI into the mix, and you have a highly complex media ecosystem. For us, that complexity is an advantage. If we can build solutions here, we can scale them globally. That's why we see India not just as a market, but as an innovation hub for the world. What does that translate to in terms of investment? We've grown to nearly 6,000 employees in just three years, and we're still growing. But the more significant shift is structural -- India is now a decision-making hub. Global leaders across technology, finance, and marketing are based here, shaping decisions for the entire company. This is no longer the traditional offshore model; India is central to how we operate globally. There's a growing push for multiple measurement currencies in India. What is your view on this? Multiple currencies create chaos and confusion. If the same show has four different numbers, which one is the truth? You need a single source of truth because trust comes from a single, transparent standard. You can layer other metrics on top of that. But the base has to be one common truth. Otherwise, you fragment the market and devalue content. How is AI changing your business? AI will fundamentally reshape both consumption and measurement. On the consumer side, discovery will become seamless -- you won't need to jump across apps. On our side, we're building AI-first systems, enhancing metadata to go deeper into content, and even exploring synthetic panelists to scale insights. We're also starting to measure how people use AI itself. That's becoming a new layer of media consumption. What are the key innovations coming out of India? Cross-media measurement is a major focus. Take our work on the Indian Premier League -- we're integrating streaming, mobile, and linear TV data to deliver a unified view of audiences across platforms. This is being done in partnership with the Broadcast Audience Research Council of India. It's a challenge the industry has been trying to solve for years. While we began with sports, the model can extend across all forms of content. Tell us about your new 'Streaming Plus' audience measurement panel. With the rise of big data, is panel-based measurement still relevant? 'Streaming Plus' is our next-generation system, launched first in India. It tracks viewing across mobile and connected TV, captures app-switching behaviour, and measures both ads and content -- while also beginning to map actions such as shopping. Over time, we plan to scale this to more than 100,000 panelists. The idea is simple: combine human-observed data with big data to get both accuracy and scale. To your question on relevance of panel-based measurement, I think it is more than ever relevant today. While big data tells you about volume of viewership, panels tell you who is viewing. And media is fundamentally about people. The future is not one or the other -- it's panel plus big data. That's our global approach. Short-form content like micro-dramas is exploding in India. How do you measure that? That's precisely what systems like 'Streaming Plus' are designed for. Consumption is rapidly shifting toward these formats, particularly on mobile. The key is to capture not just what people watch, but why they move across apps and formats. That's where the next level of insight comes from. Indian advertisers are still heavily focused on reach. Is that a limitation? Reach is foundational in a market of this size. If you can't reach people, you can't sell anything. But over time, we'll see a shift towards fandom and community. Look at the Indian Premier League -- it's not just about viewership anymore. It's about year-round engagement and monetisation.
SpaceX's IPO Will Help Elon Musk Consolidate Power. Investors Welcome It.
Musk is poised to have even more sway at his rocket-maker, SpaceX, which is aiming to go public in June. Ethan Swope/Bloomberg News Tesla's TSLA -1.95%decrease; red down pointing triangle shareholders already give Elon Musk leeway, entertaining the billionaire's whims as he plows money into robots and blessing a $1 trillion pay package that will pay out if he hits long shot targets. He is poised to have even more sway at his rocket-maker, SpaceX, which is aiming to go public in June. SpaceX's board has already granted him its own "moonshot" pay package, people familiar with the matter say. And, unlike at Tesla, the billionaire is expected to control SpaceX through the use of so-called supervoting shares, the people said. While such moves raise the eyebrows of many corporate-governance experts -- until as recently as 2023, the S&P 500 banned companies with dual-class shares from entering its index -- investors large and small seem so eager for a piece of Musk that they are willing to overlook and even welcome such founder-friendly terms. Musk and his associates are pitching existing and prospective investors on SpaceX's IPO this week in Starbase, the company town outside of Brownsville, Texas, where SpaceX builds and launches its Starship rockets. Several existing SpaceX investors say they welcome the moves to keep Musk's interests aligned with their own. SpaceX representatives have been telling investors they already have enough interest in the IPO from a mix of institutional investors and sovereign-wealth funds to raise the $40 billion to $80 billion they envision. And that is before factoring in the individual investors, who SpaceX hopes will buy one-third or more of the offering's shares, well above the typical portion. While most SpaceX shareholders will hold Class A shares with one vote each on company matters, Musk and other key executives are expected to hold Class B shares that get 10 votes each, the people familiar with the matter said. Part of the motivation for giving himself and other key executives supervoting shares at SpaceX is to consolidate power from the beginning, which Musk didn't do ahead of Tesla's 2010 IPO, other people familiar with the matter say. He has publicly expressed frustration that he could be voted out of the electric-vehicle maker, where he holds roughly 18% of the company's single share class, including options he could exercise any time, according to Verity Platform, which tracks insider share ownership. Musk owned around 40% of SpaceX at the end of last year, according to public filings. That stake has likely grown since he merged SpaceX with his artificial-intelligence company xAI in February. Supervoting shares at SpaceX could also make it easier for Musk to one day merge Tesla and SpaceX, which many investors believe is his ultimate goal. SpaceX was valued at around $1.25 billion following the xAI deal. If it debuts at the even higher valuation envisioned, Musk would lead two of the roughly 10 or so public U.S. companies with valuations above $1 trillion. He would also hold two moonshot pay packages, which corporate-governance experts warn could motivate him to devote most of his time and energy to whichever seems most likely to pay off. "He's obviously a high-powered person, and people can multitask, but there is at least the potential for some divided loyalties," said Margaret Engel, founding partner at pay-consultancy Compensation Advisory Partners. The Information reported earlier this week that SpaceX plans to award Musk tens of millions of shares if the company's market value reaches as high as $6.6 trillion, among other things. The pay package that Tesla shareholders approved for Musk in November could pay out $1 trillion in stock if he hits such goals as delivering millions of cars and a million robots, increasing the company's market value to $8.5 trillion from its $1.5 trillion high last year and pushing profitability dramatically. The company's board called the arrangement key to keeping Musk engaged with the company, given his many other projects. On Wednesday, Tesla surprised Wall Street with better-than-expected profits and free cash flow, while also forecasting $25 billion in capital expenditures this year as it spends on AI compute and new factories.
Anthropic just overtook OpenAI with $1 trillion valuation
Anthropic is now valued higher than its main competitor, OpenAI, according to share sales on secondary markets. The artificial intelligence firm hit a $1 trillion valuation on Forge Global, a financial platform that allows investors to acquire shares from private companies. The figure is considerably higher than the $380 billion that Anthropic was valued at during a funding round three months ago. ChatGPT creator OpenAI is currently trading at around $880 billion on Forge Global - roughly equivalent to its $852 billion valuation from its latest funding round. The inflated value of Anthropic, which owns the Claude chatbot, appears to come from a shortage of available shares, with shareholders reportedly being inundated with unsolicited offers for their stakes. "Just got offered a $1.05 trillion valuation on my Anthropic shares from a very well known growth fund," Anthropic investor Jesse Leimgruber wrote in a post to X. "Absolutely wild." Investor interest has been driven by Anthropic's revenue growth, which has risen rapidly amid mass adoption of its Claude Code tool among developers, as well as partnerships with tech giants like Amazon and Palantir. The firm's annualised run rate rose from $9 billion in late 2025 to $39 billion in March 2026, according to figures seen by Business Insider. "We receive daily offers, from the ridiculous to the sublime," Bradley Horowitz, a partner at Wisdom Ventures and an early investor in Anthropic, told the publication. "It's almost less about the return than being able to say they're an Anthropic investor." Rainmaker Securities CEO Glen Anderson, who received an offer to buy Anthropic shares at a $960 billion valuation, added: "It's been an epic run for Anthropic. Everybody wants to be part of a generational opportunity in AI, and right now, Anthropic is in the pole position." Some people have even offered to exchange their property for Anthropic shares, according to a post on Linkedin. The Independent has reached out to Anthropic and OpenAI for comment.
SpaceX may build its own GPUs to reduce chip supply risks
Serving tech enthusiasts for over 25 years. TechSpot means tech analysis and advice you can trust. What we know so far: SpaceX may be about to take on one of the most difficult jobs in the tech industry: making its own AI chips. According to reports, the company has warned prospective investors that chip supply constraints and the cost of securing enough compute hardware could become a serious problem. As such, it's now considering manufacturing its own GPUs. The disclosure appears in excerpts from SpaceX's S-1 filing ahead of its expected IPO this summer. Reuters says the filing lists "manufacturing our own GPUs" among the "substantial capital expenditures" the company is taking on. The filing acknowledges that SpaceX still expects to rely heavily on third-party suppliers for a significant portion of its compute hardware. The company also said it does not have long-term contracts with many of its direct chip suppliers, leaving it more exposed to shortages or price spikes. Elon Musk outlined a joint Tesla, SpaceX, xAI, and Intel chipmaking effort last month called Terafab, an advanced manufacturing complex planned for Austin, Texas. SpaceX's reported in-house GPU ambitions appear to tie directly into that same project, which is supposed to help produce the processors needed for cars, humanoid robots, and space-based data centers. It seems the plan isn't just about reducing Nvidia dependence; it appears to align with Musk's broader push to expand in-house AI infrastructure across his companies. Wanting to build GPUs and actually doing it are two very different things, of course. Producing cutting-edge chips requires billions of dollars, highly specialized materials, and a manufacturing process involving well over a thousand tightly controlled steps. It's still unclear when SpaceX plans to manufacture its own chips, whether "GPU" is being used precisely or as a catch-all label for AI processors, and which company would handle the fabrication technology inside Terafab. The report notes that SpaceX's filing frames compute hardware as a potential operational and financial risk, particularly given its reliance on outside suppliers and the lack of long-term contracts with some of them. Reuters says SpaceX's filing identifies compute hardware as a potential operational and financial risk because of its dependence on outside suppliers and the absence of long-term contracts with some of them. It also leaves several questions unanswered, including what role Terafab would play in that effort.
FM Sitharaman Flags 'Unprecedented' Threat From Anthropic's Mythos AI Model
Amid the rising emerging issues linked to "Mythos" Finance Minister Nirmala Sitharaman on Thursday flagged the 'unprecedented' threats from Anthropic's AI model. She also advised the Indian Banks' Association (IBA) to develop mechanism to respond to threats. "Nature of the emerging threat from the latest AI Model is unprecedented and requires a very high degree of vigilance, preparedness and better coordination across financial institutions and banks," said Sitharaman. The Finance Minister also directed banks to engage in best available cybersecurity professionals and agencies to strengthen monitoring capabilities of banks. In addition she advised Banks to immediately report suspicious activities to authorities. Sitharaman urged banks to establish mechanism for real-time threat intelligence sharing with CERT-In and agencies. This comes after she chaired a high-level meeting with banks and key stakeholders to assess the potential impact of emerging issues linked to "Mythos" on India's fast-growing fintech ecosystem, according to sources familiar with the matter. ALSO READ: FM Sitharaman Chairs Meeting On Mythos Impact On Indian Fintech Ecosystem: Sources The meeting with PSBs on cybersecurity and AI was also attended by Ministry of Electronics and IT officials, DFS Secy and CERT-In officials. The meeting comes amid rising concerns within the financial sector over disruptions and risks associated with Mythos, prompting the government and regulators to step in for a closer evaluation. Officials indicated that the discussion focused on understanding the nature of the issue, its transmission channels within the banking and fintech landscape, and any possible systemic implications. Sources added that the finance minister emphasised the need for coordinated action between banks, fintech firms and regulatory bodies to maintain trust in the system. Ensuring consumer protection and safeguarding transaction integrity were key themes during the discussions. Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories -- On NDTV Profit.
A group of users leaked Anthropic's AI model Mythos by reportedly guessing where it was located | Fortune
The AI model that Anthropic billed as too dangerous to release has reportedly been accessed by an unauthorized third party, and the incident raises concerns about the future of cybersecurity. The Mythos model was reportedly accessed by a handful of users in a private Discord chat on the day it was announced publicly, Bloomberg reported. Earlier this month, the group was able to access the program in part because one of the members of the group is a third party contractor for Anthropic, according to Bloomberg. Using this access, the group was able to guess where the model was located based on previously leaked knowledge by another group about Anthropic's past practices, that hackers obtained from AI training startup Mercor. Although the group that accessed it has not been using the model for cyberattacks, it has been using the program continuously since its release and still has access, the outlet reported. Anthropic did not immediately respond to Fortune's request for comment. A spokesperson from Anthropic told Bloomberg the company was "investigating a report claiming unauthorized access to Claude Mythos Preview through one of our third-party vendor environments." The fact that the model was leaked so quickly doesn't surprise David Lindner, the chief information security officer at Contrast Security and a 25-year industry veteran. Even though Anthropic intentionally limited the model to a small group of 40 companies -- including Microsoft, Apple, and Google -- to beef up their security ahead of a wider release, thousands of people likely had access to the program across these companies, which makes a leak nearly inevitable, he said. "It was bound to happen," Lindner said. "The more they add to this elite group, the more likely it was to get released to someone who shouldn't probably have access to it." Anthropic claims its Mythos model is more adept at finding cybersecurity vulnerabilities than previous versions. The company was able to use the program, which has not been widely released, to find a 27-year-old security vulnerability in OpenBSD, an operating system known for its security. Mozilla on Tuesday also said it used a preview of the model to identify and patch 271 vulnerabilities in its Firefox web browser. And yet, Mythos' release has been plagued by security breaches from the start. Fortune was the first to report on the model's existence thanks to a security lapse that exposed details about the large language model in a publicly accessible database. For Lindner, this most recent unauthorized access shows it's likely U.S. adversaries already have access to this tech which could put U.S. companies and other systems at risk of attacks. "If some group -- some random Discord online forum, got access to it. it's already been breached by China," Lindner told Fortune. Although Lindner is still unsure how much of Mythos' supposed danger is real or just marketing hype -- OpenAI's Sam Altman this week called Anthropic's promotion of Mythos "fear-based marketing" -- it's clear cybersecurity professionals, or defenders, need to be ready for a new world of AI attacks. "The real thing is there's a real compression of timelines here for defenders," he said. AI is unique in its abilities to execute cyberattacks because it never gets tired, said Lindner. It can relentlessly tackle a weak spot in a company's security system, whereas a human may eventually give up. It also empowers less experienced developers to commit cyberattacks partly by drawing on the myriad documentation available on the web about previous exploits and using it to inform an AI model and adjust its attacks for specific situations. "It's the folks that have some sort of [developer] background or some sort of technical background that may have had some limitations in the past of getting over things or taking too long to do stuff, it makes this stuff way easier now," he said. Lindner said the fact that the program was reportedly accessed by third-party contractors means that, even more than before, companies need to limit who has access to its most vital systems. The rapid rise of AI as a tool for cyberattacks could disproportionately affect smaller companies, who may not be able to keep up with the increasing complexity of AI-fueled attacks, said Lindner. Those that refuse to even touch AI and continue on as before are even more at risk, he said. "AI is not a golden ticket, but if you're not taking advantage of it on the defender side, there is no chance, none, that you are going to be able to keep up with the offensive side," he said.
When will SpaceX and Anthropic IPO? SuRo CEO says quality drives decision By Investing.com
Investing.com -- The pipeline of highly anticipated potential initial public offerings represents a significant opportunity for public market investors, but the timing of landmark listings from companies like SpaceX, OpenAI and Anthropic will ultimately be driven by strategic conditions rather than necessity, according to SuRo Capital CEO Mark Klein. In an exclusive interview with Investing.com, Klein argued that the most consequential names approaching the public markets are under no pressure to list. "Companies like SpaceX, Anthropic, and OpenAI have demonstrated a sustained ability to raise significant capital in the private markets," he said, adding that they "will initiate IPOs when they determine the market environment optimally supports their valuation and strategic goals." With broader markets around all-time highs, Klein noted there is a "clear increase in market attention for these offerings." On concerns that a wave of large IPOs could drain market liquidity, Klein pointed to the scale of available capital. OpenAI's recent financing, he said, demonstrates that "substantial capital remains available and ready to be deployed into high-quality assets." "Given this demand for companies like those in our portfolio and the broader categories we invest in, we believe SuRo plays an important role in the current ecosystem," he added. "We offer an advantage by providing investors with pre-IPO exposure to these companies, combined with the liquidity of a publicly traded stock, allowing our shareholders to participate in value creation well before a public offering." Klein struck a notably different tone on the current IPO pipeline compared to the 2020-2021 boom. "While the 2020 and 2021 period was characterized by high valuations and subsequent market corrections, the current pipeline features companies with strong, demonstrable financial metrics." He cited Canva, with 265 million monthly active users and $4 billion in revenue, and Whoop, which is delivering 100% annual growth, as examples of companies with the structural scale to support their valuations. Both names are SuRo Capital portfolio companies. SuRo's own net asset value was expected to rise to between $14.00 and $14.50 per share as of March 31, 2026, driven in part by OpenAI's latest financing round and WHOOP's Series G at a $10.1 billion valuation. The company previously remarked that the developments "reinforce both the scale of demand we are seeing and the continued maturation of several notable pre-IPO businesses within our portfolio." For investors holding pre-IPO companies, Klein explained that SuRo's general approach once portfolio companies go public is to begin monetizing holdings after lockup periods expire and share prices stabilize, at which point public investors can access those names directly.
Elon Musk's aerospace and AI company reportedly plans to make its own GPUs, though I doubt you'll one day be enjoying a SpaceX graphics card in your rig
SpaceX, the private aerospace and AI company founded by Elon Musk, is reportedly planning to make its own GPUs in the not too distant future. The company plans to go public this summer, with an expected IPO of $1.75 trillion. Part of that process involves filing an S-1 registration with the U.S. Securities and Exchange Commission, which details a company's finances and risks prior to going public. Reuters reviewed an excerpt of this document, and spotted that SpaceX lists "manufacturing our own GPUs" under its "substantial capital expenditures." Now, you and I think of a very distinct, game-ready thing when we hear the term 'GPU', but I suspect SpaceX's plans don't fully fall upon the same page. The odds are these chips will be more specifically geared towards some sort of AI workload, not unlike Google's tensor processing units (or TPUs, if you were hankering for yet another hardware initialism). It's not yet clear exactly how much cash SpaceX might be pouring into this hardware endeavor, but it's hardly a surprising development given Musk's recent team up with Intel. This partnership will see Intel "design, fabricate, and package ultra-high-performance chips at scale" in order to "accelerate Terafab's aim to produce 1 TW/year" in compute power. For those that need the refresher, the Terafab project is an advanced AI chip manufacturing complex planned to be built in Austin, Texas. The massive project currently intends to handle chip fabrication, packaging, and testing. It is a megazord effort between SpaceX's xAI unit and Tesla, though it's not yet clear the exact type of chips this fab will produce. Most recently, Musk said in an earnings call that Terafab will "use Intel's 14A process, which is state-of-the-art and in fact not yet totally complete. But given that by the time Terafab scales up, 14A will be probably fairly mature or ready for prime time, 14A seems like the right move." To return to SpaceX's GPU plans, it's currently unclear whether a partner such as Intel will fabricate these, or the company will look elsewhere. It's kind of a weird time to announce any fresh hardware venture, especially as GPU giant Nvidia's main manufacturing partner TSMC has its hands very full and many other production lines are similarly fit to busting. Perhaps unsurprisingly then, SpaceX admits in that aforementioned S-1 registration that it does not "have long-term contracts with many of our direct chip suppliers." The document continues, "We expect to continue sourcing a significant portion of our compute hardware from third-party suppliers, and there can be no assurance that we will be able to achieve our objectives with respect to Terafab within the expected timeframes, or at all." That's probably not the most attractive prospect for investors, but time can only tell whether SpaceX and its GPU efforts entices some sharks.
