News & Updates
The latest news and updates from companies in the WLTH portfolio.
Exclusive-SpaceX conquered the stars, now eyes bigger opportunity in AI
NEW YORK/SAN FRANCISCO, April 23 (Reuters) - Over the last quarter century, Elon Musk revived space travel, turning cosmic exploration into thriving businesses. For its next act, Musk's SpaceX is eyeing an even bigger opportunity in something more prosaic: building artificial intelligence for the enterprise. SpaceX estimates that its total addressable market - a closely watched metric - could be as much as $28.5 trillion, according to a S-1 filing reviewed by Reuters. TAM is the maximum revenue a company could generate if it captured every customer in a particular market. The S-1 regulatory filing, in which companies disclose their financials and key risks before going public, shows that SpaceX expects more than 90% of that market - or $26.5 trillion - could stem from the AI sector. The vast majority of that, $22.7 trillion, could come from AI for businesses. The company is moving ahead with an IPO expected this summer targeting a valuation of roughly $1.75 trillion and seeking to raise about $75 billion, which would make it the largest initial public offering in history. "We believe we have identified the largest actionable total addressable market in human history," according to the filing. The new information about where SpaceX sees its biggest market opportunity stands in stark contrast to how the company currently makes its money. SpaceX did not reply to a request for comment. Although a company's TAM is neither a forecast or a valuation, it is an important indicator for investors evaluating a high-growth company's potential. These figures are often vast and rarely questioned. When Uber went public in 2019, it claimed a $5.7 trillion market opportunity for its ride-sharing business alone. The eye-popping opportunity identified by SpaceX, tucked into more than 300 pages detailing its finances, underscores Musk's long-held desire to occupy a central role in the advancement of AI technology. The AI for enterprise market is currently dominated by Anthropic and OpenAI, AI industry leaders locked in intense competition, and both of which have indicated intentions to go public as early as this year. In February, SpaceX acquired xAI, an AI research company founded by Musk in early 2023. The filing seen by Reuters shows that xAI remains a nascent and deeply loss-making operation. The AI unit posted an operating loss of $6.4 billion in 2025, sharply wider than the $1.6 billion loss a year earlier. Those losses eclipsed the $4.4 billion in operating profit generated by Starlink, SpaceX's satellite internet business and its largest revenue engine, which brought in $11.4 billion of its $18.7 billion total revenue last year. Overall, SpaceX lost $4.9 billion.
Honeywell sells unit for $1.4B; SpaceX projects $28.5T market in S-1 filing
Honeywell announced the $1.4 billion sale of its Productivity Solutions and Services business to Brady Corporation, while SpaceX's S-1 filing projects a $28.5 trillion addressable market. The odds for SpaceX's IPO by June 30 are at YES. The SpaceX filing included details about its board structure and market sizing, which traders treated as concrete progress toward an IPO. The June 30 market moved from 68% to over the past week. The September 30 market sits at , unchanged from a week ago. Combined daily USDC volume across these markets is $2,796, with $4,330 required to move the June 30 market by five points. The largest recent move was a 2-point spike at 1:50 PM. SpaceX's $28.5 trillion market projection in its S-1 supports the case for a high-valuation IPO. At 71¢, a YES share for a June 30 IPO pays $1 if it resolves, a return. That price implies traders need to believe in a clean regulatory path and no significant delays over the next 68 days. Watch for SEC filings and announcements from Elon Musk on timeline specifics. Any public S-1 prospectus or roadshow details could move this market.
Norway's Sovereign Wealth Fund Eyes Potential Stake in SpaceX IPO | Technology
Norway's $2.2 trillion sovereign wealth fund, the world's largest, is contemplating an investment in SpaceX, as stated by its deputy CEO Trond Grande. SpaceX, led by Elon Musk, plans a $1.75 trillion IPO, potentially the largest ever. The fund reportedly seeks strategic dialogues with SpaceX. Norway's $2.2 trillion sovereign wealth fund, recognized as the world's largest, is considering a significant investment in SpaceX, according to information disclosed by the fund's deputy CEO, Trond Grande, to Reuters on Thursday. The aerospace juggernaut SpaceX, under the helm of Elon Musk, is on the brink of launching a historic $1.75 trillion initial public offering (IPO) this summer. The size of this IPO could make it the largest in history. Grande revealed that the fund has been engaging in dialogues with SpaceX as it evaluates potential investment opportunities. Without divulging further details, Grande confirmed ongoing assessments of SpaceX's potential as an investment for the fund. This communication followed the fund's announcement of a substantial first-quarter loss attributed to geopolitical tensions impacting global stock markets.
SpaceX Warns Investors Of Chip Supply Risks As Elon Musk Targets In-House GPUs - Tesla (NASDAQ:TSLA)
Commercial space flight giant SpaceX has warned investors it could face supply chain risks as it moves to scale up its in-house AI compute efforts. Supply Risks Plague SpaceX According to S-1 filings accessed by Reuters on Wednesday, SpaceX had listed its in-house chip manufacturing as one of its "substantial capital expenditures." SpaceX also outlined that it did not have long-term contracts in place with suppliers and that it will continue to source a "significant" portion of its compute from third-party suppliers. "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," SpaceX said. SpaceX did not mention a specific figure when it comes to the CapEx outlined in the filings with the Securities and Exchange Commission (SEC), the report said. SpaceX's Unproven TechIntel Deal, Tesla's Earnings Check out more of Benzinga's Future Of Mobility coverage by following this link. Photo courtesy: Shutterstock Market News and Data brought to you by Benzinga APIs To add Benzinga News as your preferred source on Google, click here.
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 Our Standards: The Thomson Reuters Trust Principles., opens new tab * Suggested Topics: * Funds * ADAS, AV & Safety * Sustainable & EV Supply Chain
Exclusive: SpaceX conquered the stars, now eyes bigger opportunity in AI
NEW YORK/SAN FRANCISCO, April 23 (Reuters) - Over the last quarter century, Elon Musk revived space travel, turning cosmic exploration into thriving businesses. For its next act, Musk's SpaceX is eyeing an even bigger opportunity in something more prosaic: building artificial intelligence for the enterprise. SpaceX estimates that its total addressable market - a closely watched metric - could be as much as $28.5 trillion, according to a S-1 filing reviewed by Reuters. TAM is the maximum revenue a company could generate if it captured every customer in a particular market. The S-1 regulatory filing, in which companies disclose their financials and key risks before going public, shows that SpaceX expects more than 90% of that market - or $26.5 trillion - could stem from the AI sector. The vast majority of that, $22.7 trillion, could come from AI for businesses. The company is moving ahead with an IPO expected this summer targeting a valuation of roughly $1.75 trillion and seeking to raise about $75 billion, which would make it the largest initial public offering in history. "We believe we have identified the largest actionable total addressable market in human history," according to the filing. The new information about where SpaceX sees its biggest market opportunity stands in stark contrast to how the company currently makes its money. SpaceX did not reply to a request for comment. Although a company's TAM is neither a forecast or a valuation, it is an important indicator for investors evaluating a high-growth company's potential. These figures are often vast and rarely questioned. When Uber went public in 2019, it claimed a $5.7 trillion market opportunity for its ride-sharing business alone. The eye-popping opportunity identified by SpaceX, tucked into more than 300 pages detailing its finances, underscores Musk's long-held desire to occupy a central role in the advancement of AI technology. The AI for enterprise market is currently dominated by Anthropic and OpenAI, AI industry leaders locked in intense competition, and both of which have indicated intentions to go public as early as this year. In February, SpaceX acquired xAI, an AI research company founded by Musk in early 2023. The filing seen by Reuters shows that xAI remains a nascent and deeply loss-making operation. The AI unit posted an operating loss of $6.4 billion in 2025, sharply wider than the $1.6 billion loss a year earlier. Those losses eclipsed the $4.4 billion in operating profit generated by Starlink, SpaceX's satellite internet business and its largest revenue engine, which brought in $11.4 billion of its $18.7 billion total revenue last year. Overall, SpaceX lost $4.9 billion. SpaceX's AI unit is also resource hungry. In 2025, SpaceX's total capex surged to $20.7 billion, with AI accounting for $12.7 billion - more than it spent on its space and connectivity businesses combined. The company said it could capitalize on some of xAI's preexisting tools, such as Grok Enterprise and an agentic or autonomous platform it is developing with Tesla called Macrohard. In the filing, the company warned prospective investors of its big spending plans to develop AI and other technologies, including manufacturing the keys to powering artificial intelligence called graphics processing units, or GPUs. SpaceX also said it would assemble a specialized salesforce and send employees known as forward deployed engineers to embed directly with customers to help their workforces embrace AI. "We believe that our enterprise strategy, which is focused on serving the digital needs of the world's largest industries with Al solutions, positions us competitively to pursue this rapidly growing opportunity," SpaceX said in the filing. One source familiar with the financials of the company was not convinced. "If you decide I'm going to be really sober about this and only value the businesses that I can actually see, you're not going to be in the ballpark of what the market will almost certainly set the valuation to be," the source said. Reporting by Echo Wang in New York and Deepa Seetharaman in San Francisco; editing by Kenneth Li and Kim Coghill Our Standards: The Thomson Reuters Trust Principles., opens new tab * Suggested Topics: * Artificial Intelligence * Capital Markets * ADAS, AV & Safety * Sustainable & EV Supply Chain * EV Strategy Echo Wang Thomson Reuters Echo Wang is a correspondent at Reuters covering U.S. equity capital markets, and the intersection of Chinese business in the U.S, breaking news from U.S. crackdown on TikTok and Grindr, to restrictions Chinese companies face in listing in New York. She was the Reuters' Reporter of the Year in 2020.
SpaceX IPO Filing Reveals Elon Musk Will Retain Board Control with Super-Voting Shares
San Francisco: 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."
Norway's Wealth Fund Weighs Gigantic SpaceX IPO Investment | Technology
Norway's $2.2 trillion sovereign wealth fund is considering investing in SpaceX, possibly its largest IPO. The fund is in dialogue with the rocket company owned by Elon Musk, though further details were not disclosed. The fund reported a significant first-quarter loss due to Middle East tensions. Norway's colossal $2.2 trillion sovereign wealth fund is contemplating a landmark investment in SpaceX. The fund's deputy CEO, Trond Grande, conveyed this potential move in an interview with Reuters. SpaceX, managed by Elon Musk, is gearing up for an initial public offering estimated at $1.75 trillion, which may set a record this summer. The fund is actively engaging with various companies, including SpaceX, to explore investment opportunities. Grande refrained from providing additional insights. His comments followed the fund's disclosure of a noticeable first-quarter loss attributed to geopolitical tensions in the Middle East impacting global markets.
Banks meet Finance Minister; cyber risks from Anthropic's Mythos likely on agenda: Sources - CNBC TV18
Finance Minister meets bank chiefs over AI risks, as RBI and NPCI assess Anthropic Mythos impact on cybersecurity and the financial system. Senior executives of public sector banks and other lenders met Finance Minister on Thursday (April 23) to discuss risks arising from artificial intelligence, including its potential to act as a disruptor for the financial sector, according to sources. The discussions included concerns around cybersecurity threats linked to Anthropic's new AI model "Mythos", with apprehensions that such systems could make it easier to identify and exploit software vulnerabilities. Sources added that the Reserve Bank of India (RBI) is engaging with banks, government stakeholders and global central banks to assess risks associated with AI models such as Mythos and their possible impact on the financial ecosystem. The National Payments Corporation of India (NPCI) is also said to be seeking early access to Mythos ahead of its rollout to evaluate potential risks for the payments infrastructure. Sources further indicated that discussions are at an early stage and are aimed at assessing risks before incorporating them into guidelines governing banks' engagement with AI systems. Meanwhile, the Department of Financial Services (DFS) issued its first official comment on "Mythos", with Secretary M Nagaraju, stating that the financial system must remain resilient and strong amid emerging technological shifts. He said technology, including AI, will play an increasing role in the sector and can enable more lending through AI-driven underwriting. Nagaraju said AI should not be viewed only as a disruptor but as an enabler, adding that governments, regulators and technology providers need to work in closer alignment than ever before. He further noted that policy frameworks must remain flexible while addressing risks, including cybersecurity threats and market volatility, to sustain growth. Highlighting broader macroeconomic context, he said global headwinds have persisted over recent years, but India continues to stand out amid uncertainty and is emerging as a leader in digital public infrastructure, with UPI accounting for over 88% of digital payments last year and expanding internationally. It must be noted "Mythos" has raised concerns among policymakers globally, with regulators in the US, UK and Canada recently stepping up coordination to assess potential risks from the model and strengthen bank cybersecurity defences. In the US, authorities including the Treasury and Federal Reserve are said to have recently engaged major Wall Street banks on the issue, encouraging them to test AI tools internally to identify system vulnerabilities. Firms such as JPMorgan Chase, Goldman Sachs and Citigroup are among those evaluating or preparing to test such models under controlled environments.
Vercel Confirms Security Breach - Set of Customer Account Compromised
Web infrastructure platform Vercel has disclosed a significant security incident involving unauthorized access to internal systems, tracing the attack chain back to a compromise of Context.ai, a third-party AI productivity tool used by one of its employees. Vercel first published its security bulletin on April 19, 2026, confirming that an attacker successfully gained a foothold in its internal environment by exploiting a compromised Google Workspace OAuth application belonging to Context.ai. The attacker leveraged that access to hijack an individual Vercel employee's Google Workspace account, subsequently pivoting into Vercel's internal environment to enumerate and decrypt non-sensitive environment variables. The incident follows what analysts are calling a textbook OAuth supply chain attack. Context.ai, which builds AI evaluation and analytics tools, has integrated its "Office Suite" consumer app with Google Workspace via OAuth. A Lumma Stealer malware infection on a Context.ai employee's machine in February 2026 resulted in OAuth tokens being collected by the threat actor in March, which were later weaponized to access Vercel's corporate environment. Vercel Confirms Security Breach Security firm OX Security noted the intrusion began when the Vercel employee installed the Context.ai browser extension and signed in using their enterprise Google account with broad "Allow All" permissions. Vercel initially identified a limited subset of customers whose non-sensitive environment variables, including API keys, tokens, database credentials, and signing keys, were compromised and reached out to those customers immediately for credential rotation. Following an expanded investigation, the company uncovered two additional findings: a small number of additional accounts compromised in this incident, and a separate set of customer accounts showing evidence of prior, independent compromise potentially stemming from social engineering or malware. Critically, environment variables marked as "sensitive" in Vercel, which are stored in an encrypted, non-readable format, show no evidence of being accessed. Vercel CEO Guillermo Rauch described the attacker as "highly sophisticated" based on their operational velocity and in-depth knowledge of Vercel's product API surface. A threat actor operating under the ShinyHunters persona has since claimed responsibility, reportedly attempting to sell stolen data, including internal databases, source code, and employee records, for $2 million on underground cybercriminal forums. Vercel stated it has received no ransom communication from the threat actor. In collaboration with GitHub, Microsoft, npm, and Socket, Vercel's security team confirmed that no Vercel-published npm packages have been compromised and that the software supply chain remains intact. Vercel is urging all customers to take the following steps immediately: * Rotate all non-sensitive environment variables (API keys, tokens, database credentials, signing keys) -- deleting a project or account is not sufficient to eliminate risk * Enable multi-factor authentication using an authenticator app or passkey * Mark future secrets as "sensitive" to prevent them from being readable via the dashboard * Review activity logs in the Vercel dashboard or CLI for suspicious behavior * Audit recent deployments for unexpected or unauthorized activity and ensure Deployment Protection is set to Standard at a minimum Vercel has published one Indicator of Compromise (IOC) to assist the wider security community: the OAuth App Client ID . Google Workspace administrators are advised to check for usage of this OAuth application immediately, as Context.ai's compromise potentially affected hundreds of users across multiple organizations. Vercel has engaged Google Mandiant and additional cybersecurity firms to assist with investigation and remediation, and the company says it is actively shipping product enhancements, including stronger environment variable management defaults and improved security oversight tooling.
Sam Bankman-Fried Highlights How His Early Bets In Anthropic, SpaceX, Cursor Could Have Skyrocketed If No
Imprisoned cryptocurrency fraudster Sam Bankman-Fried on Wednesday touted his investments in some of the world's most valuable companies, and what the total stake could have been if the fire-sale had not occurred. 'Many Such Cases' The bankruptcy of FTX led to the company selling off most of these assets. SBF posted an image showing what FTX's top holdings would be worth today if they hadn't been sold. Benzinga couldn't independently verify these numbers. SBF's Missed Profits? A Business Insider report indicated that Anthropic's valuation may be nearing $1 trillion, which would put an 8% stake at roughly $80 billion -- much closer to SBF's claim. Similarly, FTX is estimated to have an indirect stake of $225 million in SpaceX. Based on the company's $1.75 trillion IPO valuation, the stake would be worth $2.81 billion today. The Infamous Saga However, that's largely irrelevant now. FTX declared bankruptcy, and SBF was sentenced to 25 years in prison for fraud and misappropriation of customer funds, with some customer deposits being used for other investments. Last month, he filed a request for a new trial, alleging that the Justice Department under Joe Biden threatened key defense witnesses from testifying. Photo courtesy: Shutterstock Market News and Data brought to you by Benzinga APIs To add Benzinga News as your preferred source on Google, click here.
From Rockets to Algorithms SpaceX Bets Big on a Trillion Dollar AI Future
After redefining space travel, SpaceX is now setting its sights on a much larger opportunity artificial intelligence for businesses. Led by Elon Musk the company is positioning itself at the center of what it believes could be the largest market in history. According to its pre IPO filing, SpaceX estimates a total addressable market of 28.5 trillion dollars with the vast majority tied to AI. The numbers outlined by SpaceX are striking About 26.5 trillion dollars is linked to AI Around 22.7 trillion dollars is expected from enterprise AI alone This reflects a major shift in focus from rockets and satellites to software and automation systems designed for businesses. SpaceX is preparing for a public listing that could value the company at around 1.75 trillion dollars raising approximately 75 billion dollars. If achieved this would make it the largest IPO in history. Investors are paying close attention to the company's growth narrative particularly its expansion into AI. Despite the ambitious vision SpaceX still earns most of its revenue from existing businesses Its satellite internet service Starlink generated over 11 billion dollars in revenue Total company revenue reached 18.7 billion dollars However heavy investment in AI has pushed the company into an overall loss position. SpaceX's push into artificial intelligence is expensive and still developing Its AI division linked to xAI reported losses of 6.4 billion dollars Total capital spending reached over 20 billion dollars with more than half directed toward AI The company is investing heavily in infrastructure including advanced chips and systems needed to power AI technologies. The enterprise AI space is already highly competitive with major players like OpenAI and Anthropic leading the market. SpaceX plans to differentiate itself by integrating AI tools into large scale industries and embedding engineers directly within client operations. The company aims to leverage tools such as Grok Enterprise and collaborate with Tesla on advanced automation platforms. Its approach focuses on Providing AI solutions tailored for major industries Embedding technical teams within client organizations Building its own hardware capabilities including processing units SpaceX's strategy reflects bold ambition but also significant uncertainty The company is moving into a market far removed from its core expertise Its AI division is currently unprofitable and capital intensive The projected market size is theoretical and not guaranteed While the scale of opportunity is massive turning that potential into sustainable revenue remains a major challenge. SpaceX is attempting one of the most ambitious transitions in modern business from space exploration to artificial intelligence leadership. If successful it could redefine not just the company but the broader technology landscape. If not it risks becoming an example of how even the most innovative firms can struggle when stepping outside their core strengths.
Exclusive-SpaceX IPO filing shows Elon Musk can retain board control
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.
Exclusive-SpaceX conquered the stars, now eyes bigger opportunity in AI
By Echo Wang and Deepa Seetharaman NEW YORK/SAN FRANCISCO, April 23 (Reuters) - Over the last quarter century, Elon Musk revived space travel, turning cosmic exploration into thriving businesses. For its next act, Musk's SpaceX is eyeing an even bigger opportunity in something more prosaic: building artificial intelligence for the enterprise. SpaceX estimates that its total addressable market - a closely watched metric - could be as much as $28.5 trillion, according to a S-1 filing reviewed by Reuters. TAM is the maximum revenue a company could generate if it captured every customer in a particular market. The S-1 regulatory filing, in which companies disclose their financials and key risks before going public, shows that SpaceX expects more than 90% of that market - or $26.5 trillion - could stem from the AI sector. The vast majority of that, $22.7 trillion, could come from AI for businesses. The company is moving ahead with an IPO expected this summer targeting a valuation of roughly $1.75 trillion and seeking to raise about $75 billion, which would make it the largest initial public offering in history. "We believe we have identified the largest actionable total addressable market in human history," according to the filing. The new information about where SpaceX sees its biggest market opportunity stands in stark contrast to how the company currently makes its money. SpaceX did not reply to a request for comment. Although a company's TAM is neither a forecast or a valuation, it is an important indicator for investors evaluating a high-growth company's potential. These figures are often vast and rarely questioned. When Uber went public in 2019, it claimed a $5.7 trillion market opportunity for its ride-sharing business alone. The eye-popping opportunity identified by SpaceX, tucked into more than 300 pages detailing its finances, underscores Musk's long-held desire to occupy a central role in the advancement of AI technology. The AI for enterprise market is currently dominated by Anthropic and OpenAI, AI industry leaders locked in intense competition, and both of which have indicated intentions to go public as early as this year. In February, SpaceX acquired xAI, an AI research company founded by Musk in early 2023. The filing seen by Reuters shows that xAI remains a nascent and deeply loss-making operation. The AI unit posted an operating loss of $6.4 billion in 2025, sharply wider than the $1.6 billion loss a year earlier. Those losses eclipsed the $4.4 billion in operating profit generated by Starlink, SpaceX's satellite internet business and its largest revenue engine, which brought in $11.4 billion of its $18.7 billion total revenue last year. Overall, SpaceX lost $4.9 billion.
SpaceX's Bold IPO Strategy Retains Musk's Control | Health
SpaceX, under Elon Musk's leadership, is taking an unconventional route for its IPO by opting for 'controlled company status,' which enables Musk to maintain control. This decision mirrors Musk's past strategies and could influence governance and compensation, emphasizing growth targets like colonizing Mars. In a strategic move, SpaceX, led by Elon Musk, has informed potential investors that it will maintain its 'controlled company status' post-IPO, negating the requirement for a majority of independent directors on its board. This decision underscores Musk's continued dominance over the aerospace and AI firm. This approach deviates from the norm, where only a small percentage of companies entrust board majority to insiders, drawing parallels with Meta's governance under similar Nasdaq rules. While this could grant operational flexibility, it has raised familiar concerns over corporate governance and board independence. SpaceX's bold approach could shape its capacity for significant projects, including milestones targeting a human colony on Mars, establishing ambitious benchmarks for Musk's compensations reflecting the company's hefty market capitalization goals.
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 (META.O), opens new tab , 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 Our Standards: The Thomson Reuters Trust Principles., opens new tab Jeffrey Dastin Thomson Reuters Jeffrey Dastin is a correspondent for Reuters based in San Francisco, where he reports on the technology industry and artificial intelligence. He joined Reuters in 2014, originally writing about airlines and travel from the New York bureau. Dastin graduated from Yale University with a degree in history. He was part of a team that examined lobbying by Amazon.com around the world, for which he won a SOPA Award in 2022. Ross Kerber Thomson Reuters Ross Kerber is U.S. Sustainable Business Correspondent for Reuters News, a beat he created to cover investors' growing concern for environmental, social and governance (ESG) issues, and the response from executives and policymakers. Ross joined Reuters in 2009 after a decade at The Boston Globe and has written on topics including proxy voting by the largest asset managers, the corporate response to social movements like Black Lives Matter, and the backlash to ESG efforts by conservatives. He writes the weekly Reuters Sustainable Finance Newsletter. Echo Wang Thomson Reuters Echo Wang is a correspondent at Reuters covering U.S. equity capital markets, and the intersection of Chinese business in the U.S, breaking news from U.S. crackdown on TikTok and Grindr, to restrictions Chinese companies face in listing in New York. She was the Reuters' Reporter of the Year in 2020.
Exclusive-SpaceX IPO filing shows Elon Musk can retain board control
SAN FRANCISCO / BOSTON, April 23 : 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 per cent to 4 per cent 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."
Exclusive-SpaceX conquered the stars, now eyes bigger opportunity in AI
NEW YORK/SAN FRANCISCO, April 23 : Over the last quarter century, Elon Musk revived space travel, turning cosmic exploration into thriving businesses. For its next act, Musk's SpaceX is eyeing an even bigger opportunity in something more prosaic: building artificial intelligence for the enterprise. SpaceX estimates that its total addressable market - a closely watched metric - could be as much as $28.5 trillion, according to a S-1 filing reviewed by Reuters. TAM is the maximum revenue a company could generate if it captured every customer in a particular market. The S-1 regulatory filing, in which companies disclose their financials and key risks before going public, shows that SpaceX expects more than 90 per cent of that market - or $26.5 trillion - could stem from the AI sector. The vast majority of that, $22.7 trillion, could come from AI for businesses. The company is moving ahead with an IPO expected this summer targeting a valuation of roughly $1.75 trillion and seeking to raise about $75 billion, which would make it the largest initial public offering in history. "We believe we have identified the largest actionable total addressable market in human history," according to the filing. The new information about where SpaceX sees its biggest market opportunity stands in stark contrast to how the company currently makes its money. SpaceX did not reply to a request for comment. Although a company's TAM is neither a forecast or a valuation, it is an important indicator for investors evaluating a high-growth company's potential. These figures are often vast and rarely questioned. When Uber went public in 2019, it claimed a $5.7 trillion market opportunity for its ride-sharing business alone. The eye-popping opportunity identified by SpaceX, tucked into more than 300 pages detailing its finances, underscores Musk's long-held desire to occupy a central role in the advancement of AI technology. The AI for enterprise market is currently dominated by Anthropic and OpenAI, AI industry leaders locked in intense competition, and both of which have indicated intentions to go public as early as this year. In February, SpaceX acquired xAI, an AI research company founded by Musk in early 2023. The filing seen by Reuters shows that xAI remains a nascent and deeply loss-making operation. The AI unit posted an operating loss of $6.4 billion in 2025, sharply wider than the $1.6 billion loss a year earlier. Those losses eclipsed the $4.4 billion in operating profit generated by Starlink, SpaceX's satellite internet business and its largest revenue engine, which brought in $11.4 billion of its $18.7 billion total revenue last year. Overall, SpaceX lost $4.9 billion. SpaceX's AI unit is also resource hungry. In 2025, SpaceX's total capex surged to $20.7 billion, with AI accounting for $12.7 billion - more than it spent on its space and connectivity businesses combined. The company said it could capitalize on some of xAI's preexisting tools, such as Grok Enterprise and an agentic or autonomous platform it is developing with Tesla called Macrohard. In the filing, the company warned prospective investors of its big spending plans to develop AI and other technologies, including manufacturing the keys to powering artificial intelligence called graphics processing units, or GPUs. SpaceX also said it would assemble a specialized salesforce and send employees known as forward deployed engineers to embed directly with customers to help their workforces embrace AI. "We believe that our enterprise strategy, which is focused on serving the digital needs of the world's largest industries with Al solutions, positions us competitively to pursue this rapidly growing opportunity," SpaceX said in the filing. One source familiar with the financials of the company was not convinced. "If you decide I'm going to be really sober about this and only value the businesses that I can actually see, you're not going to be in the ballpark of what the market will almost certainly set the valuation to be," the source said.
Exclusive-SpaceX conquered the stars, now eyes bigger opportunity in AI
NEW YORK/SAN FRANCISCO, April 23 (Reuters) - Over the last quarter century, Elon Musk revived space travel, turning cosmic exploration into thriving businesses. For its next act, Musk's SpaceX is eyeing an even bigger opportunity in something more prosaic: building artificial intelligence for the enterprise. SpaceX estimates that its total addressable market - a closely watched metric - could be as much as $28.5 trillion, according to a S-1 filing reviewed by Reuters. TAM is the maximum revenue a company could generate if it captured every customer in a particular market. The S-1 regulatory filing, in which companies disclose their financials and key risks before going public, shows that SpaceX expects more than 90% of that market - or $26.5 trillion - could stem from the AI sector. The vast majority of that, $22.7 trillion, could come from AI for businesses. The company is moving ahead with an IPO expected this summer targeting a valuation of roughly $1.75 trillion and seeking to raise about $75 billion, which would make it the largest initial public offering in history. "We believe we have identified the largest actionable total addressable market in human history," according to the filing. The new information about where SpaceX sees its biggest market opportunity stands in stark contrast to how the company currently makes its money. SpaceX did not reply to a request for comment. Although a company's TAM is neither a forecast or a valuation, it is an important indicator for investors evaluating a high-growth company's potential. These figures are often vast and rarely questioned. When Uber went public in 2019, it claimed a $5.7 trillion market opportunity for its ride-sharing business alone. The eye-popping opportunity identified by SpaceX, tucked into more than 300 pages detailing its finances, underscores Musk's long-held desire to occupy a central role in the advancement of AI technology. The AI for enterprise market is currently dominated by Anthropic and OpenAI, AI industry leaders locked in intense competition, and both of which have indicated intentions to go public as early as this year. In February, SpaceX acquired xAI, an AI research company founded by Musk in early 2023. The filing seen by Reuters shows that xAI remains a nascent and deeply loss-making operation. The AI unit posted an operating loss of $6.4 billion in 2025, sharply wider than the $1.6 billion loss a year earlier. Those losses eclipsed the $4.4 billion in operating profit generated by Starlink, SpaceX's satellite internet business and its largest revenue engine, which brought in $11.4 billion of its $18.7 billion total revenue last year. Overall, SpaceX lost $4.9 billion.
AI 'no longer optional': GIC, Anthropic woo tech leaders at first Singapore event after recent funding
SINGAPORE: Singapore sovereign wealth fund GIC and United States technology startup Anthropic co-hosted their first event in Singapore on Thursday (Apr 23), following GIC's recent investments in the frontier AI firm behind Claude. The closed-door event brought together about 150 senior leaders from Singapore's technology and investment communities in a sharing that featured live demonstrations of Anthropic's AI tools. Attendees included venture capitalists from across Asia, Singapore-based technology executives and representatives from Singapore government agencies. Speaking at the Anthropic x GIC Asia Pacific Innovation Day event at the state investor's office in Capital Tower, Mr Dominic Soon, senior vice president of private equity at GIC, said AI is "no longer optional for anyone". "It's foundational. Through our own portfolio companies and our own experience, we know that organisations, both large and small, can benefit immensely from AI if it is implemented responsibly, safely and thoughtfully. And in this area, Anthropic has been a leader and an innovator," he said. He noted that Singapore had the largest users of Claude per capita, with people using five and a half times more of Anthropic's platform than expected for a country of its size. For companies that want to make the most of Claude, there is "ample talent" in Singapore, he said, adding that Singapore is well-positioned to be a global AI hub. GIC first invested in Anthropic in September 2025 in its US$13 billion (S$16.6 billion) Series F fundraising. In February, GIC led the US$30 billion Series G in Anthropic alongside Coatue Management, a major US investment firm, bringing Anthropic's valuation to US$380 billion. The state investor has kept mum about its total investment so far, though the Financial Times said in January that GIC would invest US$1.5 billion in the AI firm in its Series G funding. "The investment will fuel the frontier research, product development, and infrastructure expansions that have made Anthropic the market leader in enterprise AI," GIC said in a news release in February. GIC added on Thursday that it plays a "unique role" in the tech ecosystem, serving as a bridge between tech companies and businesses, institutions and policymakers in Singapore and across Asia. "Our partnership with Anthropic exemplifies how we work with innovative companies to create lasting value and impact," the company said. In their sharing, executives from Anthropic - product head Angela Jiang, engineering head Katelyn Lesse and technical staff member Carly Ryan - highlighted how startups can adopt Anthropic's AI models more effectively to scale faster and operate smarter. The sharing also focused on practical frameworks and tools that companies can use to harness AI, such as by incorporating it in their company culture, workflows and product development.
