News & Updates
The latest news and updates from companies in the WLTH portfolio.
Exclusive-SpaceX IPO filing shows Elon Musk can retain board control
SAN FRANCISCO / BOSTON, April 23 (Reuters) - SpaceX is telling prospective investors its board will not need a majority of directors who are independent of the company, according to an excerpt of its IPO filing reviewed by Reuters, underscoring how founder Elon Muskis retaining control of the rocket and artificial intelligence maker. In a departure from the vast majority of public companies, SpaceX said it would maintain "controlled company status"after its $1.75 trillion IPO, expected this summer. That means it will not need a majority of it board to be independent, nor need independent compensation and nominating committees, the filing excerpt showed. It only must have an audit committee composed entirely of independent directors, the document stated. A 2024 study by the National Association of Corporate Directors found that just 3% to 4% of the Russell 3000 index was comprised of firms where insiders constituted a board majority. SpaceX may still choose to add independent directors. One precedent is Meta Platforms , a peer technology company whose CEO's majority voting power gives it a "controlled company" status under Nasdaq rules. Meta has continued to have most of its directors be independent, nonetheless. SpaceX did not immediately return a Reuters request for comment on the filing. The news follows Reuters reporting that found Musk and a small group of insiders have super-voting shares that would outweigh other investors. Having a like-minded board is not new for Musk. While his electric carmaker Tesla lists a majority of its nine directors as being independent under Nasdaq standards, many critics have raised concerns that the board - which includes Musk's brother Kimbal and former Tesla Chief Technology Officer JB Straubel - remains too close to the CEO. Those concerns have contributed to a long cycle of complaints at Tesla such as a judge's 2024 ruling to rescind Musk's $56 billion pay package on the grounds the board lacked independence when it awarded the pay in 2018. Musk won a ruling restoring the pay in December. On the other hand, having controlled company status could give SpaceX more flexibility to strike pay arrangements, said David Larcker, a Stanford University professor who follows corporate governance. The status "seems to alleviate some of the things that have been legally painful for Tesla," Larcker said. SpaceX's board will oversee potentially huge amounts of compensation for Musk according to related parts of the document, which outline market capitalization milestones of as much as $7.5 trillion as goals for restricted stock payments to vest. The document also states the board at different points established vesting goals such as "the Company's establishment of a permanent human colony on Mars with at least one million inhabitants," and the completion of "non-Earth-based data centers capable of delivering 100 terawatts of compute per year." (Reporting by Jeffrey Dastin in San Francisco, Ross Kerber in Boston and Echo Wang in New York; Editing by Kenneth Li and Kim Coghill)
Norway wealth fund weighs SpaceX investment ahead of planned IPO By Investing.com
Investing.com -- Norway's $2.2 trillion sovereign wealth fund, the world's largest, is assessing whether to invest in SpaceX, the fund's deputy CEO told Reuters on Thursday. The rocket and satellite company controlled by Elon Musk is expected to launch a $1.75 trillion initial public offering this summer. When asked whether the fund had been approached to be part of SpaceX as an investor, Trond Grande said in an interview: "We have dialogue with companies, right? So, we also have dialogue with SpaceX." Grande confirmed the fund is assessing whether this could be interesting for the fund but declined to give further details. Grande was speaking after the fund reported on Thursday a first-quarter loss of 636 billion crowns ($68.44 billion) as the war in the Middle East weighed on global stocks. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Exclusive-SpaceX IPO filing shows Elon Musk can retain board control By Reuters
By Jeffrey Dastin, Ross Kerber and Echo Wang SAN FRANCISCO / BOSTON, April 23 (Reuters) - SpaceX is telling prospective investors its board will not need a majority of directors who are independent of the company, according to an excerpt of its IPO filing reviewed by Reuters, underscoring how founder Elon Musk is retaining control of the rocket and artificial intelligence maker. In a departure from the vast majority of public companies, SpaceX said it would maintain "controlled company status" after its $1.75 trillion IPO, expected this summer. That means it will not need a majority of it board to be independent, nor need independent compensation and nominating committees, the filing excerpt showed. It only must have an audit committee composed entirely of independent directors, the document stated. A 2024 study by the National Association of Corporate Directors found that just 3% to 4% of the Russell 3000 index was comprised of firms where insiders constituted a board majority. SpaceX may still choose to add independent directors. One precedent is Meta Platforms , a peer technology company whose CEO's majority voting power gives it a "controlled company" status under Nasdaq rules. Meta has continued to have most of its directors be independent, nonetheless. SpaceX did not immediately return a Reuters request for comment on the filing. The news follows Reuters reporting that found Musk and a small group of insiders have super-voting shares that would outweigh other investors. Having a like-minded board is not new for Musk. While his electric carmaker Tesla lists a majority of its nine directors as being independent under Nasdaq standards, many critics have raised concerns that the board - which includes Musk's brother Kimbal and former Tesla Chief Technology Officer JB Straubel - remains too close to the CEO. Those concerns have contributed to a long cycle of complaints at Tesla such as a judge's 2024 ruling to rescind Musk's $56 billion pay package on the grounds the board lacked independence when it awarded the pay in 2018. Musk won a ruling restoring the pay in December. On the other hand, having controlled company status could give SpaceX more flexibility to strike pay arrangements, said David Larcker, a Stanford University professor who follows corporate governance. The status "seems to alleviate some of the things that have been legally painful for Tesla," Larcker said. SpaceX's board will oversee potentially huge amounts of compensation for Musk according to related parts of the document, which outline market capitalization milestones of as much as $7.5 trillion as goals for restricted stock payments to vest. The document also states the board at different points established vesting goals such as "the Company's establishment of a permanent human colony on Mars with at least one million inhabitants," and the completion of "non-Earth-based data centers capable of delivering 100 terawatts of compute per year."
S-1 excerpts: SpaceX says its total addressable market could be as much as $28.5T, with $26.5T from the AI sector, most of it from AI for businesses
New York Times: SpaceX says it's working with Cursor to build "the world's most useful models" and it has the right to acquire Cursor for $60B or pay $10B for the partnership SpaceXAI and @cursor_ai are now working closely together to create the world's best coding and knowledge work AI. The combination of Cursor's leading product and distribution to expert software engineers with SpaceX's million H100 equivalent Colossus training supercomputer will allow us to build the world's most useful models. Cursor has also given SpaceX the right to acquire Cursor later this year for $60 billion or pay $10 billion for our work together.
Musk's SpaceX eyes GPU manufacturing as Nvidia's supply becomes a headache
SpaceX has big GPU dreams and even bigger IPO dream to back them up. SpaceX is reportedly planning to manufacture its own GPUs, the chips that power artificial intelligence. The revelation comes from excerpts of its S-1 registration, a document companies file with the U.S. Securities and Exchange Commission before going public. As reported by Reuters, SpaceX lists "manufacturing our own GPUs" among its biggest capital expenditures in the future. This comes a month after Elon Musk announced its own TeraFab chip factory focused on developing chips that can survive the harsh conditions of space and power its orbital AI data centers. Why is SpaceX making its own chips? The short answer is supply. In its TeraFab announcement event, Elon Musk stated that even if they buy all existing chipsets, it will only cover 2% of their future requirements. Recommended Videos In the filing, SpaceX has further warned prospective investors that it does not have long-term contracts with many of its chip suppliers, and there is no guarantee it can secure enough compute hardware to support its growth. On paper, designing and producing your own chips is the obvious solution if you cannot buy enough. But chipmaking is one of the most complex endeavors a company can take on, and SpaceX is not exactly a semiconductor company, at least not yet. Is making GPUs even realistic? Honestly, it's a massive challenge. In the same S-1 filing document, SpaceX has warned that its plans for orbital data centers may not achieve commercial success. Advanced chip manufacturing is about as complex as it gets, with thousands of tightly controlled steps that have to go perfectly every single time. TeraFab has a long way to go before it can master these complexities. There's a reason ASML is the only company that sells photolithography machines, and TSMC has a virtual monopoly over high-end chip production. Musk has stated that Terafab will handle every step of chip production, including design, fabrication, packaging, and testing, all under one roof. Whether SpaceX can pull this off remains to be seen.
NEC Corporation: NEC Announces Strategic Collaboration with Anthropic Focused on Enterprise AI
TOKYO, Apr 23, 2026 - (JCN Newswire) - NEC Corporation (NEC; TSE: 6701) today announced a strategic collaboration with Anthropic PBC (Anthropic, *1) to accelerate the utilization of AI in the Japanese enterprise sector. Through this collaboration, NEC becomes the first Japan-based global partner of Anthropic. Both companies will begin joint development of secure industry-specific AI solutions for the Japanese market, leveraging "Claude Cowork" (*2), an AI agent for desktop use. As a first phase, initiatives for the financial, manufacturing, and local government sectors will include the development of solutions that combine the expertise of customers in their respective industries and operations. In addition, the partnership further enhances NEC's next-generation cybersecurity service (*3). NEC will advance the utilization of Claude within "NEC BluStellar Scenario" (*4, *5), which underpins NEC's value creation model "NEC BluStellar." The deployment of Claude will also be promoted across the NEC Group globally, aiming to build one of Japan's largest AI-native engineer teams, and comprising approximately 30,000 members worldwide. Through these initiatives, both companies aim to accelerate the social implementation of safe and reliable AI technology, contributing to business transformation and enhanced competitiveness for Japanese companies and public administration. Background In recent years, AI and AI agent technologies have advanced rapidly, finding broad applications in businesses and public administration, including automating tasks, supporting decision-making, and improving customer service. However, many organizations face hurdles such as a shortage of IT talent, insufficient accumulation of operational know-how, stringent security requirements, and compliance with unique laws and regulations. Especially in highly trusted domains like finance, public administration and cybersecurity, establishing a secure and transparent AI foundation and introducing AI agents tailored to on-site operations are key to accelerating digital transformation (DX). In recent years, NEC has treated itself as its own first client through its "Client Zero" initiative. In this endeavor, NEC has primarily utilized AI agents in its internal development processes, from design to testing, to advance its operations and revolutionize productivity. This collaboration further accelerates these efforts and supports the full-scale adoption and implementation of AI in the Japanese market. Key Collaboration Details and Plans 1. Joint Development of Industry-Specific AI Solutions for the Japanese Market: Jointly develop secure industry-specific AI solutions for customers in demanding sectors such as finance, manufacturing, and local government, which call for strict requirements, including high security, compliance with unique laws, and high quality. Through joint development that integrates customer and on-site expertise, both companies will promote the rapid deployment and implementation of these solutions. Furthermore, in the field of cybersecurity, NEC is leveraging Anthropic's cutting-edge AI technology in its Security Operations Center (SOC) services to protect the digital infrastructure of companies operating both in Japan and globally against increasingly sophisticated cyber threats. Going forward, NEC will utilize the technology and expertise gained through this collaboration to further enhance its next-generation cybersecurity service and deliver it to customers. 2. Utilization of Claude in NEC BluStellar Scenario: Utilize Claude (Claude Opus 4.7)/Claude Code within NEC BluStellar Scenario to accelerate customer transformation. Specifically, NEC will begin by utilizing Claude with two scenarios from the BluStellar Scenario suite "Scenarios for Data-Driven Management" and "Scenarios for Customer Experience Transformation" and will gradually expand its application to other scenarios. 3. Large-Scale Deployment of Claude Across the NEC Group: To swiftly realize the joint development and deployment of the aforementioned AI solutions and the integration of Claude into versions of NEC BluStellar Scenario, Claude will be introduced to approximately 30,000 NEC Group employees globally. This will strengthen the development of AI-native talent capable of creating advanced value. Furthermore, as part of the Client Zero initiative, the utilization of Claude Cowork in internal business operations will be promoted to accelerate the efficiency of development work. In addition, NEC will establish an internal Center of Excellence (CoE) with the aim of developing highly skilled AI professionals, utilizing technical support and training provided by Anthropic. By leveraging the latest agent-based AI development tool, "Claude Code," NEC will advance the construction of one of Japan's largest AI-native engineering teams. Comment from Paul Smith, CCO of Anthropic "We are deeply honored to collaborate with NEC, one of Japan's leading technology companies. Since its founding, Anthropic has advanced its research guided by the conviction that building trustworthy AI is the path to building truly great AI. We are deeply grateful for the trust extended to us by our customers, partners, and government stakeholders across Japan, and we regard this collaboration as a meaningful step in our long-term commitment to shaping the future of AI in Japan together. By bringing together the strengths of both companies, we are dedicated to delivering safe and secure AI agents that Japanese enterprises can adopt with full confidence." Comment from Toshifumi Yoshizaki, Executive Officer and COO of NEC Corporation "This long-term partnership with Anthropic enables NEC to maximize the potential of AI in the Japanese market and further strengthen our capabilities in AI and AI agent implementation through large-scale deployments and collaboration. By bringing together the technology and expertise of both companies, we aim to jointly create solutions that meet the high safety, reliability, and quality standards demanded by companies and public administration, and play a central role in supporting the transformation of our customers through AI utilization." (*1) Anthropic PBC: ww.anthropic.com/ (*2) Claude(Claude Opus 4.7)/Claude Code/Claude Cowork: Claude is Anthropic's general-purpose AI assistant (This collaboration utilizes the latest model, "Claude Opus 4.7".) Claude Code is a coding agent for developers, and Claude Cowork is a desktop application for business users. (*3) NEC's cybersecurity: www.nec.com/en/global/solutions/cybersecurity/index.html (*4) "NEC BluStellar" is a value creation model that leads customers into a brighter future by realizing business model innovation and solving social issues and customer management issues. This is accomplished through advanced cross-industry knowledge backed by proven results and NEC's cutting-edge technology honed through years of development and operation. www.nec.com/en/global/necblustellar/index.html (*5)"NEC BluStellar Scenario" is a value-creation framework designed to solve our customers' challenges. By combining consulting, products and services, offerings, and integration, we create value for our customers. About NEC The NEC Group leverages technology to create social value and promote a more sustainable world where everyone has the chance to reach their full potential. NEC Corporation was established in 1899. Today, the NEC Group's approximately 110,000 employees utilize world-leading AI, security, and communications technologies to solve the most pressing needs of customers and society. For more information, please visit www.nec.com. Source: NEC Corporation Copyright 2026 JCN Newswire . All rights reserved. © 2026 JCN Newswire
IG Kanja: Linda Mwanachi rally in Kisumu will be fully secured, no room for chaos
IG Kanja said the National Police Service has put in place adequate measures to guarantee safety for all attendees Kenyans planning to attend the upcoming Linda Mwananchi rally in Kisumu can expect a secure and peaceful event, Inspector General of Police Douglas Kanja has assured. Appearing before a Senate committee, Kanja said the National Police Service has already put in place adequate security measures to ensure the safety of all participants during the political gathering. He, however, urged organisers to strictly adhere to the law, citing Article 37 of the Constitution, which guarantees the right to assembly while also placing responsibility on organisers to ensure peaceful conduct. "On the planned meeting in Kisumu, I want to assure the committee that it will be fully secured. However, I also urge the organisers to comply with the law, including Article 37 of the Constitution, which guarantees the right to assemble but also places responsibility on organisers to ensure peace," Kanja said. "If we all work together, everything will proceed smoothly. From where I sit, I assure you that the meeting will be safe and secure, and those who wish to attend are free to do so. That remains the position of the National Police Service." The police boss also weighed in on recent incidents of political violence, terming the attack on Vihiga Senator Godfrey Osotsi unfortunate and unacceptable. "I want to address what happened to Vihiga Senator Godfrey Osotsi. It is not right. It is very unfortunate... At the end of the day, anyone who committed an offence will have their day in court," he said. Kanja further issued a stern warning over the use of armed groups and hired goons in political activities, saying investigations are already underway. "This issue of guns and goons is going to stop. We have investigated and established where they come from, who funds them and how they operate," he said, adding that decisive action will follow. He reaffirmed the commitment of the National Police Service to maintain law and order, calling for cooperation between security agencies and political organisers to ensure peaceful engagements. The assurances come as the Linda Mwananchi movement prepares for a busy political weekend in the Nyanza region. Led by Nairobi Senator Edwin Sifuna, the movement will kick off its activities in Vihiga on Saturday before heading to Kisumu on Sunday, April 26, for a major rally expected to attract a number of high-profile leaders. Among those expected are Siaya Governor James Orengo, Embakasi East MP Babu Owino, Saboti MP Caleb Amisi, Vihiga Senator Godfrey Osotsi and Kisii Senator Richard Onyonka, among others. The rallies come amid heightened political mobilisation across the country, with leaders increasingly taking their campaigns to the grassroots as they seek to rally support around economic and governance issues.
SpaceX's IPO Could Keep Musk In The Driver's Seat
SpaceX reportedly plans to do that with super-voting shares, which can give a small group more voting power than their economic stake. That "controlled company" label matters because stock exchanges let these firms opt out of some standard guardrails, like having a majority of independent directors and fully independent pay and nomination committees. SpaceX would still need an audit committee made up entirely of.. independent directors, since that's the group most directly tied to financial reporting oversight. Reuters also notes the setup is relatively rare among big US-listed companies - a 2024 National Association of Corporate Directors study found only about 3%-4% of Russell 3000 firms have boards where insiders are the majority. Why should I care? For markets: Founder control cuts both ways. Investors sometimes like dual-class shares because they can protect long-term projects from short-term market pressure. The trade-off is fewer outside checks if leadership makes risky calls or sets generous pay. Reuters says SpaceX may still add independent directors voluntarily, and points to Meta as a controlled company with a mostly independent board. Still, governance will be a major pricing factor if the filing includes big milestone-based compensation tied to eye-popping valuation and operational goals. Zooming out: Public markets can be a tough referee. Musk's history makes independence more than a formality. Reuters notes Tesla says most of its directors are independent under Nasdaq rules, yet critics argue the board has been too close to him. A Delaware judge threw out Musk's $56 billion Tesla pay package in 2024, citing weak independence when it was approved, though Reuters adds later court decisions have kept the dispute in flux. If SpaceX lists with tighter insider control, expect day-one scrutiny from investors, regulators, and the courts.
SpaceX's IPO Pitch Leans Hard Into Enterprise AI
s the core AI bet - but it's described as early-stage and heavily loss-making, with a 2025 operating loss of $6.4 billion. That spending is accelerating: SpaceX reported $20.7 billion of capital expenditures in 2025, including $12.7 billion aimed at AI. Why should I care? For markets: A make-or-break test for the AI premium. A $75 billion raise would be enormous for any listing, and it would force investors to choose between two ways of valuing SpaceX: current earnings power from Starlink versus a big, expensive AI buildout. The key question is whether markets keep rewarding "AI-first" narratives when the bill is already visible - xAI's projected 2025 operating loss is larger than Starlink's operating profit. It could also set a benchmark for other AI companies that may eventually go public, making comparisons on growth, spending, and profitability harder to dodge. Zooming out: Enterprise AI is turning into a distribution game. The filing suggests the next stage of enterprise AI won't just be about having the smartest model - it'll be about getting software embedded inside big organizations. SpaceX says it plans a specialized enterprise sales team and "forward deployed engineers", meaning staff who work directly inside customers to help roll out tools and retrain workflows. It also hints at a wider stack like Grok Enterprise and more infrastructure investment, showing how the race is spreading from software into the computing capacity needed to run it.
French weather service alerts police to tampering after suspicious Polymarket bets
France's weather forecasting service has filed a police complaint after detecting anomalies in its temperature gauges at Paris-Charles de Gaulle airport, which coincided with a surge in well-timed bets on prediction market Polymarket. Météo-France filed the complaint alleging interference with its equipment after temperatures measured at the airport spiked by several degrees Celsius in the space of a few minutes on April 6 and 15. Users of weather forums who noticed the sudden movements said they may have been caused by people tampering with the equipment to shape the outcome of wagers on Polymarket. Multiple accounts on the platform, where traders can bet on real-world outcomes, appeared to have placed large bets on unexpected temperature rises in Paris. Polymarket uses Météo-France data recorded at Charles de Gaulle to settle wagers on the highest temperature of the day in the city. Predicting weather patterns has become a popular activity on the platform. On April 6, one wallet made $13,990 in profit on a stake of less than $30 after betting that the temperature in Paris would hit 21C. The account, which was opened this month, bought so-called event contracts when their price suggested the probability of a payout was just 0.2 per cent. On April 15, when the recorded temperature jumped in a few minutes from 18C to 22C before falling back, another wallet made more than $21,000 on a stake of just $119 by betting that the temperature that day would exceed 18C, at a time when the price of the contract suggested a probability of about 0.5 per cent. On both days, trading volume on Polymarket's "Highest temperature in Paris" market exceeded $500,000 -- more than double the typical daily volume for this market. Hunting for unusually confident or well-timed bets has become a flashpoint for prediction market traders on social media, although some warn that lucky or smart bets can be confused with market manipulation. While users can track traders' individual wallets and wagers on Polymarket, the crypto-based platform does not require most accounts on its international site to provide identification documents. This means that the company itself may not know who is behind a given wager. "In light of physical findings on one of our instruments and the analysis of sensor data, Météo-France has indeed been led to file a complaint for interference with the operation of an automated data processing system with the Air Transport Gendarmerie Brigade in Roissy," Météo-France said, declining to comment further. The complaint was first reported by broadcaster BFMTV. Sébastien Brana, who runs online weather forum Infoclimat, whose members track Météo-France data almost in real time, said members had not immediately suspected wrongdoing when the first anomalies occurred on April 6. "We thought it was an issue with the sensors . . . You can have sudden temperature changes at sundown when there is a storm as well. But the weather situation didn't explain what was happening," Brana said. "It became clear there was something else going on when it happened again on April 15." Météo-France has shared readings from its sensors since 2023, Brana said. Prediction markets, which allow customers to bet on binary outcomes of future events, have surged in popularity in recent years. However, the ability of users to make bets on highly specific real-world outcomes has triggered concerns that they are vulnerable to manipulation. The FT reported last month that the US attack on Iran was preceded by a number of unusually large and well-timed bets, and found a similar pattern of bets in a market related to the US government's capture of Venezuelan leader Nicolás Maduro in January. Israel in February brought prosecutions against two reservists suspected of using classified information to bet on the country's military operations. Regulations around the use of prediction platforms differ between countries. In the UK, for example, the Gambling Commission considers Polymarket and its rival Kalshi, the biggest regulated platform in the US, to be unlicensed betting operators. Polymarket, Paris police and airport police did not immediately respond to requests for comment.
Who is Aman Sanger? Indian-origin Cursor co-founder who started coding at 14, now eyed by Elon Musk's SpaceX in $60 billion deal
Aman Sanger, co-founder of AI coding platform Cursor, is at the centre stage of a potential $60 billion acquisition or $10 billion partnership with SpaceX. Aman Sanger is an Indian origin entrepreneur who grew up in the United States and he started coding at a very young age. Aman Sanger co-founded Cursor, the maker of a popular AI code editing tool, with three friends from MIT in 2022. On Tuesday, SpaceX announced in a post on X that Cursor gave SpaceX, founded by Elon Musk in 2002, the right to acquire the company later this year for $60 billion. And since then, there's one name that is doing the rounds on social media- Aman Sanger. The name of Aman Sanger, who tried his hands at coding when he was just 14, has emerged as one of the key Indian-origin figures in the global artificial intelligence boom. The announcement by SpaceX regarding Cursor has turned the spotlight on its founders, including Aman Sanger, whose journey reflects both global ambition and strong Indian roots. ALSO READ: Rajpal Yadav's cheque bounce case sees a new twist Aman Sanger is a co-founder of Cursor and is part of the team behind one of the fastest-growing AI coding platforms in the world. Recently, SpaceX confirmed it had secured an option to acquire Cursor for around $60 billion, or alternatively, enter a $10 billion partnership. An Indian-origin entrepreneur, Sanger grew up in the US and his family has strong Indian roots. ALSO READ: Pakistani journo Sanaullah Khan, who invited Vikrant Gupta, says his brother kidnapped from Lahore Aman Sanger is one of the four co-founders behind Cursor, alongside Michael Truell, Sualeh Asif, and Arvid Lunnemark and all of them met while studying at the Massachusetts Institute of Technology. His father, Arvind Sanger, is an alumnus of IIT Bombay and a hedge fund professional, while his mother, Shilpa Sanger, is an orthodontist and entrepreneur, reported TOI. Aman Sanger started coding when he was 14 and was an avid squash player at MIT and his family background shaped his interest in technology. While studying at MIT, Aman Sanger co-founded Anysphere in 2022. He has played a key operational and strategic role in scaling Cursor from an early-stage startup into one of the fastest-growing AI developer platforms globally, despite maintaining a relatively low public profile. In 2026, SpaceX secured an agreement that includes an option to acquire Cursor for approximately $60 billion later in the year. Alternatively, the companies could pursue a $10 billion partnership focused on AI collaboration. Cursor is an AI-powered coding platform that helps developers write, edit, and understand code more efficiently. What makes it different is that unlike traditional tools that mainly offer autocomplete, Cursor acts like an intelligent assistant. Cursor can analyze entire codebases, suggest improvements, and even generate complex solutions. Cursor can understand context across multiple files, help debug issues, and speed up development workflows. This reduces the time developers spend on repetitive tasks and allows them to focus more on problem-solving and innovation. The platform is gaining popularity among developers and companies as part of the growing ecosystem of AI coding tools. By improving productivity and simplifying complex coding tasks, Cursor is becoming a key player in how modern software is built. Cursor has expanded rapidly and gained strong adoption among developers and enterprises. The company's journey -- from a student project at Massachusetts Institute of Technology to a startup potentially valued in the tens of billions -- highlights how quickly AI-driven innovation is reshaping the global tech landscape. (You can now subscribe to our Economic Times WhatsApp channel)
Polymarket and Kalshi Are Both Set to Launch Perp Trading
Polymarket announced early access for perpetual futures trading, while The Information reported that Kalshi is planning a similar product launch. The two largest prediction market platforms by trading volume are both moving into perpetual futures trading, per reports arriving within hours of each other on Tuesday, April 21. Polymarket's move is official. The on-chain prediction marketplace posted on X Tuesday evening: "Perps are coming to Polymarket." The platform is accepting early access sign-ups for the product, which will allow traders to take leveraged long or short positions on assets including BTC, stocks, and gold without a fixed expiration date. Separately, The Information reported on Tuesday morning that Kalshi plans to launch crypto trading, beginning with perpetual futures, citing people familiar with the matter. According to the report, Kalshi will start with crypto perps and may expand to perps tied to other asset classes over time. Perp trading has exploded in popularity over the past year, notably on decentralized platforms, mostly led by Hyperliquid. But centralized platforms, led by Binance, still dominate in terms of volumes and open interest, per CoinGecko data. Commodity Futures Trading Commission Chairman Michael Selig said last month that the agency plans to allow regulated perpetual futures in the United States, to attract trading volume back from offshore platforms. The Information's report notes that Kalshi recently secured a CFTC margin trading license, positioning it to offer the product. The move would put both Polymarket and Kalshi in more direct competition with both centralized and on-chain exchange platforms, several of which, like Coinbase, have begun adding prediction markets. Combined monthly trading volumes on Kalshi and Polymarket last month reached over $23 billion, an all-time high. Since the start of this year, both platforms have consistently seen near or over $2 billion in trades each week, per Token Terminal data. The launches come amid rapid regulatory change for the sector. The CFTC launched a sweeping review of prediction markets in March, after Chair Selig clarified that the agency thinks such platforms should be regulated federally, not by each state. At the same time, both platforms continue to face state-level legal pressure, as gambling is a state-regulated activity in the U.S. and multiple states have alleged that the platforms need gambling regulator licenses to operate in the state.
Phemex Launched Prediction Markets in Partnership with Polymarket | ForkLog
On April 23, crypto exchange Phemex launched prediction markets built on Polymarket infrastructure -- one of the largest platforms in the segment. Users can trade outcomes of real-world events spanning macroeconomics, geopolitics, technology, sports, and culture directly from their exchange account, according to a press release. The integration sits inside the standard exchange environment: no separate wallet is required, and trades execute through a regular account in USDT and USDC. The format feels native to existing exchange users. "We lean on Polymarket's established liquidity: this gives traders deeper markets, tighter spreads, and a steady flow of new events without fragmented pools," Phemex stated. Alongside the launch, Phemex is running a four-week campaign with a prize pool, bonuses and first-trade rebate. Traders will compete in weekly leaderboards ranked by PnL and ROI, with rankings resetting each week. The first 500 users will receive opening trade protection: if the initial position closes at a loss, the exchange will compensate up to $10 USDT. Prediction markets let traders take positions on real-world event outcomes at market-determined prices, which update continuously as new information emerges. The segment is growing rapidly. Since the beginning of 2026, trading volumes across sector leaders Kalshi and Polymarket have already surpassed $60 billion. Bernstein analysts expect the figure to reach $240 billion by December, and $1 trillion by 2030. Sports remains the dominant category, accounting for 61% of all bets. Bernstein sees the sector's long-term potential in contracts tied to crypto assets, macroeconomic indicators, and politics. As of April 21, Kalshi holds 45.1% of the market, while Polymarket accounts for 38.7%. On February 2, US-based exchange Coinbase launched a prediction platform in partnership with Kalshi. In March, Kalshi raised $1 billion at a $22 billion valuation -- double its December round.
SpaceX Has Deal for Right to Acquire Cursor for $60 Billion (2)
said it has an agreement giving it the right to acquire artificial intelligence startup Cursor for $60 billion later this year or to pay $10 billion for the companies' work together, part of the Elon Musk-run firm's efforts to catch up with rivals in AI coding tools. Musk's rocket, satellite and artificial intelligence giant announced the deal in a post on X, saying the two companies are "now working closely together to create the world's best coding and knowledge work AI." SpaceX recently merged with xAI, Musk's artificial intelligence company, which competes with Anthropic and OpenAI in creating ...
SpaceX's IPO Could Leave Tesla Eating Rocket Dust
Tesla's biggest problem may no longer be Chinese competitors, slowing demand for its EVs or the still-theoretical payoff from robotaxis and humanoid robots. It might be SpaceX. If Elon Musk's rocket and satellite-internet company goes public at anything close to the rumored $1.75 trillion valuation, it will not just be one of the biggest IPOs in history. It will give Tesla investors tired of waiting for the CEO's promises to materialize something they haven't had in a while: a potentially bigger, more exciting way to invest in the Musk myth. Certainly, SpaceX, with its reliable and steady leadership under long-time president Gwynne Shotwell, is shaping up to be a shinier proxy -- with fewer close competitors or awkward quarterly questions about exactly when Tesla can take on Waymo in self-driving tech or actually deliver its C-3PO-style robot. "There are many Tesla investors who perceive SpaceX to be a better investment for many reasons," Ross Gerber, a Tesla investor and CEO of Santa Monica, California-based Gerber Kawasaki, which manages over $4 billion, told Forbes. "If I sell my Tesla shares, nobody's going to argue that it's not overvalued. And if I want to buy the sizzle, I'm going to buy SpaceX. And that's what people want to do. A lot of people think this is going to be easy money." For the latest in cleantech and sustainability news, sign up here for our Current Climate newsletter. That's largely because, despite Tesla's continued profitability, it's undergoing a fundamental shift from the business that built the brand-electric vehicle sales-which have plateaued as it waits for new AI-oriented ones to kick in. That was underscored this week with the Austin-based company's first-quarter results. Net income rose to $477 million, up 16% from a year ago when the brand was stung by anti-Musk protests and reduced Model Y SUV production as it shifted to an updated version. But that's far below profit in the three previous quarters, including $844 million in 2025's final three months. The company's battery business, a bright spot last year, contracted in the first quarter, down 12%. Overall revenue rose 16% to $22.4 billion, but that was also below the level of the past three quarters. "What we're seeing with Tesla is a brand where belief is doing more work than strategy-and the real test is how long that dynamic can hold" Tesla didn't report any revenue from its tiny robotaxi fleet, which operates mainly in Texas with human safety drivers at the wheel. Likewise, it had no revenue from Optimus robots in the quarter, another hoped-for revenue stream, as they're not yet in production. "What we're seeing with Tesla is a brand where belief is doing more work than strategy-and the real test is how long that dynamic can hold," Gonzalo Brujó, CEO of Interbrand, which compiles an annual ranking of the appeal of global brands, told Forbes. Tesla's brand value plunged 35% in 2025, due in large part to Musk's unpopularity, arising from his DOGE role in the Trump administration and support for far-right European politicians. "The brand lost momentum as its leadership became a source of distraction rather than differentiation. With [Musk] now less dominant in the public conversation, some of that pressure has eased. But it hasn't sparked a comeback. It's simply stopped things getting worse," Brujó said. SpaceX, in some ways, could be a "carbon copy" of what happened with Tesla after its 2010 IPO, said Dan Coatsworth, head of markets for U.K.-based investment adviser AJ Bell, which doesn't rate either company. "Tesla had a first-mover advantage with electric vehicles. It made a really good name for itself and shareholders made a lot of money. Now, the competition's catching up, overtaking it arguably in certain areas," he said. "It might be that someone who's been in Tesla for ages might say, 'Well, I've made my money, and what SpaceX is doing is trying to get a first-mover advantage in the space economy-and the gap between itself and rivals is so big at the moment.'" Musk's success in creating the modern EV market, Tesla's growth since the release of its Model S sedan in 2012 and his persistent claims of technical wonders that are just around the corner help the stock trade at nearly 200 times projected earnings. Likewise, the "Musk effect" is why its market cap is 12 times the company's estimated revenue this year of about $100 billion. "It's a better meme stock because you can't quantify space" Compared with SpaceX, however, that looks conservative. The rocket company's projected $1.75 trillion IPO valuation is about 80 times its estimated revenue of $22 billion this year, mainly from the Starlink internet business. And while new businesses like the space-based data centers Musk has promised sound exciting, they might not be viable anytime soon. "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," according to an excerpt of its S-1 filing seen by Reuters. Musk's large fanbase among retail investors has spurred excitement for the SpaceX IPO, but Morningstar analyst Seth Goldstein, who thinks Tesla shares are fairly valued at the current level, doesn't see that as a negative for Tesla. "I don't necessarily see it as people trading out Tesla for SpaceX," he said. "I think from an institutional standpoint, we're likely to see maybe some Tesla shares but also other positions trimmed, likely to make room for SpaceX in the portfolio." Likewise, Ben Kallo, a senior research analyst for Baird who's covered Tesla since the company's IPO and has an Outperform rating on the shares, expects only a minority of investors to swap Musk stocks. "I think there will be some individual investors that raise cash from [Tesla] share sales to buy SpaceX but I think the larger trend will be private investors holding both TSLA and SpaceX. So the individual investor expands investment in the overall Elon complex," he said. "Our view is that ultimately the companies are likely merged for many reasons." He's not alone in the expectation that ultimately the companies will be combined, something that's been expected for well more than a decade. But that possibility raises a concern for some large institutional investors that hold Tesla and will also have a position in SpaceX, resulting from past investments in the former Twitter and xAI, which Musk is wrapped into the offering: Board independence and the ability to maintain guardrails for the often controversial Musk. "The reality is that the governance issues that we're seeing at Tesla and a formal relationship between Tesla and SpaceX means that the same governance issues will continue at SpaceX," a board member of a public fund that holds Tesla and will almost certainly buy SpaceX post-IPO, told Forbes, speaking on background as it's against the fund's policy to comment on specific investments. The person was most concerned about "material risk" stemming from a history of governance issues in the xAI part of SpaceX. Gerber, whose investment firm will hold SpaceX shares through past investments in the former Twitter and xAI which are wrapped into the offering, also expects an eventual combination of the Musk companies-and problems until they do. "You can't really run two public companies and not have conflict of interest lawsuits constantly, especially with companies that sell each other products." And because xAI, Musk's artificial intelligence company, is wrapped into SpaceX, "you've got the brains of Tesla and Grok and [Optimus] all run by SpaceX. That doesn't make a lot of sense. It never did," he said. "They have to come together. And if SpaceX IPOs before they come together, it's messy when they do come together." For now, Gerber expects more near-term excitement for SpaceX. "It's a better meme stock because you can't quantify space. If you're going to be a meme stock, you want to be in an industry you can't really quantify."
Norway wealth fund weighs SpaceX investment ahead of planned IPO By Investing.com
Investing.com -- Norway's $2.2 trillion sovereign wealth fund, the world's largest, is assessing whether to invest in SpaceX, the fund's deputy CEO told Reuters on Thursday. The rocket and satellite company controlled by Elon Musk is expected to launch a $1.75 trillion initial public offering this summer. When asked whether the fund had been approached to be part of SpaceX as an investor, Trond Grande said in an interview: "We have dialogue with companies, right? So, we also have dialogue with SpaceX." Grande confirmed the fund is assessing whether this could be interesting for the fund but declined to give further details. Grande was speaking after the fund reported on Thursday a first-quarter loss of 636 billion crowns ($68.44 billion) as the war in the Middle East weighed on global stocks. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
SpaceX's IPO Could Leave Tesla Eating Rocket Dust
Tesla's biggest problem may no longer be Chinese competitors, slowing demand for its EVs or the still-theoretical payoff from robotaxis and humanoid robots. It might be SpaceX. If Elon Musk's rocket and satellite-internet company goes public at anything close to the rumored $1.75 trillion valuation, it will not just be one of the biggest IPOs in history. It will give Tesla investors tired of waiting for the CEO's promises to materialize something they haven't had in a while: a potentially bigger, more exciting way to invest in the Musk myth. Certainly, SpaceX, with its reliable and steady leadership under long-time president Gwynne Shotwell, is shaping up to be a shinier proxy -- with fewer close competitors or awkward quarterly questions about exactly when Tesla can take on Waymo in self-driving tech or actually deliver its C-3PO-style robot. "There are many Tesla investors who perceive SpaceX to be a better investment for many reasons," Ross Gerber, a Tesla investor and CEO of Santa Monica, California-based Gerber Kawasaki, which manages over $4 billion, told Forbes. "If I sell my Tesla shares, nobody's going to argue that it's not overvalued. And if I want to buy the sizzle, I'm going to buy SpaceX. And that's what people want to do. A lot of people think this is going to be easy money." For the latest in cleantech and sustainability news, sign up here for our Current Climate newsletter. That's largely because, despite Tesla's continued profitability, it's undergoing a fundamental shift from the business that built the brand-electric vehicle sales-which have plateaued as it waits for new AI-oriented ones to kick in. That was underscored this week with the Austin-based company's first-quarter results. Net income rose to $477 million, up 16% from a year ago when the brand was stung by anti-Musk protests and reduced Model Y SUV production as it shifted to an updated version. But that's far below profit in the three previous quarters, including $844 million in 2025's final three months. The company's battery business, a bright spot last year, contracted in the first quarter, down 12%. Overall revenue rose 16% to $22.4 billion, but that was also below the level of the past three quarters. "What we're seeing with Tesla is a brand where belief is doing more work than strategy-and the real test is how long that dynamic can hold" Tesla didn't report any revenue from its tiny robotaxi fleet, which operates mainly in Texas with human safety drivers at the wheel. Likewise, it had no revenue from Optimus robots in the quarter, another hoped-for revenue stream, as they're not yet in production.
Norway wealth fund: assessing whether to invest in SpaceX
OSLO, April 23 (Reuters) - Norway's $2.2 trillion sovereign wealth fund, the world's largest, is assessing whether to invest in SpaceX, the fund's deputy CEO told Reuters on Thursday. The rocket and satellite company controlled by the world's richest man, Elon Musk, is expected to launch a $1.75 trillion initial public offering, possibly the largest ever, this summer. Asked whether the fund had been approached to be part of SpaceX as an investor, Trond Grande said in an interview: we have dialogue with companies, right? So, we also have dialogue with SpaceX." When asked whether the fund was assessing whether this could be interesting for the fund, Grande said: "That is what we are doing." He declined to give further details. Grande was speaking after the fund reported on Thursday a first-quarter loss of 636 billion crowns ($68.44 billion) as the war in the Middle East weighed on global stocks. (Reporting by Gwladys Fouche in Oslo, editing by Terje Solsvik)
Exclusive-SpaceX IPO filing shows Elon Musk can retain board control
SAN FRANCISCO / BOSTON, April 23 (Reuters) - SpaceX is telling prospective investors its board will not need a majority of directors who are independent of the company, according to an excerpt of its IPO filing reviewed by Reuters, underscoring how founder Elon Musk is retaining control of the rocket and artificial intelligence maker. In a departure from the vast majority of public companies, SpaceX said it would maintain "controlled company status" after its $1.75 trillion IPO, expected this summer. That means it will not need a majority of it board to be independent, nor need independent compensation and nominating committees, the filing excerpt showed. It only must have an audit committee composed entirely of independent directors, the document stated. A 2024 study by the National Association of Corporate Directors found that just 3% to 4% of the Russell 3000 index was comprised of firms where insiders constituted a board majority. SpaceX may still choose to add independent directors. One precedent is Meta Platforms , a peer technology company whose CEO's majority voting power gives it a "controlled company" status under Nasdaq rules. Meta has continued to have most of its directors be independent, nonetheless. SpaceX did not immediately return a Reuters request for comment on the filing. The news follows Reuters reporting that found Musk and a small group of insiders have super-voting shares that would outweigh other investors. Having a like-minded board is not new for Musk. While his electric carmaker Tesla lists a majority of its nine directors as being independent under Nasdaq standards, many critics have raised concerns that the board - which includes Musk's brother Kimbal and former Tesla Chief Technology Officer JB Straubel - remains too close to the CEO. Those concerns have contributed to a long cycle of complaints at Tesla such as a judge's 2024 ruling to rescind Musk's $56 billion pay package on the grounds the board lacked independence when it awarded the pay in 2018. Musk won a ruling restoring the pay in December. On the other hand, having controlled company status could give SpaceX more flexibility to strike pay arrangements, said David Larcker, a Stanford University professor who follows corporate governance. The status "seems to alleviate some of the things that have been legally painful for Tesla," Larcker said. SpaceX's board will oversee potentially huge amounts of compensation for Musk according to related parts of the document, which outline market capitalization milestones of as much as $7.5 trillion as goals for restricted stock payments to vest.
Exclusive-SpaceX IPO filing shows Elon Musk can retain board control
SAN FRANCISCO / BOSTON, April 23 (Reuters) - SpaceX is telling prospective investors its board will not need a majority of directors who are independent of the company, according to an excerpt of its IPO filing reviewed by Reuters, underscoring how founder Elon Musk is retaining control of the rocket and artificial intelligence maker. In a departure from the vast majority of public companies, SpaceX said it would maintain "controlled company status" after its $1.75 trillion IPO, expected this summer. That means it will not need a majority of it board to be independent, nor need independent compensation and nominating committees, the filing excerpt showed. It only must have an audit committee composed entirely of independent directors, the document stated. A 2024 study by the National Association of Corporate Directors found that just 3% to 4% of the Russell 3000 index was comprised of firms where insiders constituted a board majority. SpaceX may still choose to add independent directors. One precedent is Meta Platforms , a peer technology company whose CEO's majority voting power gives it a "controlled company" status under Nasdaq rules. Meta has continued to have most of its directors be independent, nonetheless. SpaceX did not immediately return a Reuters request for comment on the filing. The news follows Reuters reporting that found Musk and a small group of insiders have super-voting shares that would outweigh other investors. Having a like-minded board is not new for Musk. While his electric carmaker Tesla lists a majority of its nine directors as being independent under Nasdaq standards, many critics have raised concerns that the board - which includes Musk's brother Kimbal and former Tesla Chief Technology Officer JB Straubel - remains too close to the CEO. Those concerns have contributed to a long cycle of complaints at Tesla such as a judge's 2024 ruling to rescind Musk's $56 billion pay package on the grounds the board lacked independence when it awarded the pay in 2018. Musk won a ruling restoring the pay in December. On the other hand, having controlled company status could give SpaceX more flexibility to strike pay arrangements, said David Larcker, a Stanford University professor who follows corporate governance. The status "seems to alleviate some of the things that have been legally painful for Tesla," Larcker said. SpaceX's board will oversee potentially huge amounts of compensation for Musk according to related parts of the document, which outline market capitalization milestones of as much as $7.5 trillion as goals for restricted stock payments to vest.