News & Updates
The latest news and updates from companies in the WLTH portfolio.
Morning Brief Podcast: Anthropic Goes Public: Can Markets Justify a $1 Trillion Value?
As Anthropic files confidentially for an IPO with a reported valuation nearing $1 trillion, markets are watching closely. Host Anirban Chowdhury talks to Daniel Newman, CEO at data intellegince, research and advisory firm The Futurum Group to break down what investors should really scrutinise from enterprise attrition data to compute cost commitments. They unpack the revenue optics inflated by cloud credits, the profitability timeline that could stretch years, and why buying on Day One may be a ...Read Morerisky bet. Newman also weighs in on whether going public will force Anthropic into a tension between quarterly expectations and long-horizon research and what OpenAI can learn from watching Anthropic go first....Read Less
Anthropic says Claude AI is now improving and building itself automatically faster than expected
Anthropic says its Claude AI is increasingly helping create new AI systems, a trend the company believes could speed up AI development. In a blog post, the company said the trend could eventually lead to "recursive self-improvement", where an AI system becomes capable of designing, building and training its own successor with little or no human involvement. The company stressed that such a stage has not yet arrived and may never fully materialise, but argued that governments, regulators and society need to start preparing for it now. "We are not there yet, and recursive self-improvement is not inevitable. But it could come sooner than most institutions are prepared for," the company wrote in the research paper, warning that AI development appears to be speeding up rather than slowing down. According to Anthropic, both public benchmarks and its own internal data show that AI is already helping engineers and researchers work faster. While these advances could unlock major advances in areas such as healthcare, science and productivity, the company says it also raises questions about how humans will maintain oversight as AI systems become more capable. How is AI improving faster than expected? Anthropic outlined how the shift has unfolded over the past few years. Initially, engineers wrote code manually. Then chatbots began assisting with small coding tasks. That evolved into coding agents capable of writing and editing files independently. Today's AI agents can run code, perform tasks on their own and even delegate work to other agents. The next logical step, Anthropic argues, is AI systems that help build and train future AI models. The company also points to public benchmarks as evidence that AI capabilities are advancing rapidly. Anthropic said the amount of work AI systems can reliably complete has been growing quickly, with task duration doubling roughly every four months, compared with an earlier trend of every seven months. In March 2024, Claude Opus 3 could handle software engineering tasks that took humans around four minutes to complete. A year later, Claude Sonnet 3.7 could manage tasks lasting around 90 minutes. By 2026, Claude Opus 4.6 was reportedly capable of handling tasks requiring roughly 12 hours of human effort. According to Anthropic, Claude now writes most of the code used to build the company's AI systems. As a result, engineers are able to get much more work done, with the average engineer producing around eight times more code each day than in 2024. However, Anthropic notes that writing more code does not automatically mean engineers are eight times more productive. Claude is not just getting better at coding. Anthropic says it is also improving at research tasks. In one internal project, Claude-powered agents solved nearly all of a key research challenge, while its success rate on difficult coding tasks rose to 76 per cent in May 2026, up significantly in just six months. Looking ahead, Anthropic outlined three possible futures. progress could slow down, AI could continue delivering major productivity gains while humans remain in control, or AI systems could eventually begin building their own successors. The company said the second scenario appears the most likely based on current evidence. Anthropic suggests a slowdown in AI development Despite these improvements, Anthropic says humans still have an edge when it comes to big-picture thinking, making strategic decisions and deciding which problems are worth solving. However, at the same time, Anthropic warns that the challenge is no longer just building more capable AI systems. Instead, the bottleneck is increasingly becoming human oversight, review and validation. If AI starts advancing faster than society can safely manage, the company says there should be a way for governments and leading AI firms to coordinate a temporary slowdown in the development of the most advanced AI models. However, it cautions that any pause would need to be coordinated globally, as a unilateral slowdown by one company could simply allow less cautious competitors to move ahead.
SpaceX, other mega IPOs denied fast index entry by S&P
This means SpaceX, which is preparing what could become the largest IPO in history, would not be eligible for inclusion in the S&P 500 until at least one year after its listing. NEW YORK - S&P Dow Jones Indices will keep its existing eligibility requirements for main benchmarks like the S&P 500 Index, rejecting proposals that would have made it faster for mega-cap companies such as Elon Musk's SpaceX to gain rapid entry into the benchmark after going public. The index provider announced on June 4 that it will not shorten the 12-month seasoning period for newly public companies it currently has or waive existing profitability and public-float requirements based on a company's size, diverging from a broader industry shift embraced by rivals Nasdaq and FTSE Russell. The decision arrives as Wall Street grapples with a new reality: some companies are reaching unprecedented sizes before they ever enter public markets. The consultation, launched earlier in 2026, effectively asked whether index rules written for a different era should bend to accommodate companies that now arrive at a scale once reserved for mature blue chips in what has become known as the "fast entry" in industry parlance. The push for quicker inclusion has raised concerns among some investors who say rules around profitability, float and trading history exist precisely to prevent benchmarks from chasing hype. Furthermore, adding IPOs too quickly, they say, could expose passive funds to greater volatility and force them to buy shares before reliable market pricing is fully established. Meanwhile, supporters say indexes should include massive companies as quickly as possible to reflect the market investors actually own, adding that these trillion-dollar firms can be economically significant long before they satisfy traditional index requirements. The outcome means SpaceX, which is preparing what could become the largest IPO in history, would not be eligible for inclusion in the S&P 500 until at least one year after its listing. The company would also need to satisfy the index's existing requirements for profitability and public float. "I am genuinely surprised," said James Seyffart, ETF analyst at Bloomberg Intelligence. "But S&P is the market leader and they can buck the trend." Nasdaq changed its rules recently so SpaceX can join the Nasdaq 100 Index, a cohort of the largest non-financial companies listed on its exchange, in just 15 trading days, down from a three-month minimum. FTSE Russell adopted a similar approach, shortening the waiting time to five trading days. BLOOMBERG
Anthropic says AI labs need coordinated plan to halt development if risks rise By Reuters
June 4 (Reuters) - Anthropic said on Thursday frontier AI developers should establish a coordinated, verifiable way to slow down or temporarily pause development if advanced systems begin improving themselves faster than society can manage the risks. AI that can build itself would be a major development in the history of technology, but "full recursive self-improvement also might increase the risks of humans losing control over AI systems," the AI startup said. "If systems are capable of fully building their own successors, the ways we secure them, monitor them, and shape their behavior all grow much more important." As an example, Anthropic said that as of May, more than 80% of the code merged into its codebase was authored by Claude. It would be "good for the world to have the option to slow or temporarily pause frontier AI development to enable societal structures and alignment research to keep up with the advance of the technology," the company said. However, it cautioned that unilateral or poorly coordinated slowdowns could backfire if less cautious actors continue advancing, potentially reducing overall safety. It highlighted that a meaningful pause would require agreement among "multiple well-resourced labs" operating at the technological frontier, as well as rules on what conditions would trigger or lift such a pause and who would oversee it. A unilateral pause by a single company would be easier to implement, Anthropic added, but would have limited impact, primarily shifting leadership rather than fostering broader global deliberation. Its research arm, Anthropic Institute, plans to study and help build systems that would be necessary to support a slowdown. In the coming months, Anthropic plans to convene discussions involving policymakers, researchers, civil society groups and other AI firms to examine key questions. These questions include how to manage AI-related risks such as recursive self-improvement and how to improve mechanisms for coordination. Last month, Anthropic concluded a fundraising round that valued the company at $965 billion and confidentially filed for a U.S. initial public offering on Monday.
When Will SpaceX, Anthropic, and OpenAI Join the S&P 500 Index?
Three massive initial public offerings (IPOs) of artificial intelligence (AI) companies are expected before the end of the year, and they could be the largest public stock offerings in history. Anthropic, which developed the chatbot Claude, filed with the Securities and Exchange Commission on Monday for an IPO. SpaceX, the rocket and AI company started by Elon Musk, is expected to go public on June 12. And OpenAI, which is behind the ChatGPT chatbot, will soon do the same. They are all expected to be valued at between $1 trillion and $2 trillion at their debuts -- valuations that would place them among the world's 12 or 13 largest companies by market cap. The three companies are expected to cause some disruptions to the market when, and if, they are added to the S&P 500 index. That's because large mutual funds and passive funds that track the large-cap index will have to sell meaningful portions of their existing holdings to add these blockbuster companies and fulfill their mission of proportionally representing the market. That will be a massive rebalancing act for those funds. But normally, the process of preparing for those changes would take a year or more, giving fund managers time to adapt. According to longstanding S&P rules, a company must be public for a year and have four consecutive quarters of positive earnings before it can be added to the iconic S&P 500 index. This latter requirement is known as "financial viability." S&P 500 may change the rules to accommodate these companies That may change very soon, however. In an unprecedented move, S&P Dow Jones is considering altering its rules to fast-track the entry of these giant companies. On April 30, S&P Dow Jones announced it is consulting with stakeholders about allowing newly public companies to be added to the S&P 500 index after just six months of being publicly traded. In addition, it is considering waiving the financial viability requirement for megacap companies. That last change would be a critical one for these AI IPOs, as SpaceX and OpenAI are still unprofitable, and Anthropic is expected to post its first quarterly profit this (second) quarter. The three companies combined for losses of more than $25 billion last year as they scrambled to raise (and spend) funds to train next-generation models, scale current ones, and win the competition between Claude, ChatGPT, and SpaceX's Grok chatbot. S&P Dow Jones is not alone in its efforts to accommodate the three mega-IPOs. Nasdaq approved a fast-track change in March to grant newly public behemoths early admission to the Nasdaq-100 index. And London-based FTSE Russell, which runs a bunch of well-known market indexes, is in consultation to do so. So, investors who want to get portfolio exposure to these giant AI companies after they go public this year may not have to wait long. In fact, anyone who owns shares of passive S&P 500 or Nasdaq-100 index funds may not have a choice.
When Will SpaceX, Anthropic, and OpenAI Join the S&P 500 Index?
Three massive initial public offerings (IPOs) of artificial intelligence (AI) companies are expected before the end of the year, and they could be the largest public stock offerings in history. Anthropic, which developed the chatbot Claude, filed with the Securities and Exchange Commission on Monday for an IPO. SpaceX, the rocket and AI company started by Elon Musk, is expected to go public on June 12. And OpenAI, which is behind the ChatGPT chatbot, will soon do the same. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue " They are all expected to be valued at between $1 trillion and $2 trillion at their debuts -- valuations that would place them among the world's 12 or 13 largest companies by market cap. The three companies are expected to cause some disruptions to the market when, and if, they are added to the S&P 500 index. That's because large mutual funds and passive funds that track the large-cap index will have to sell meaningful portions of their existing holdings to add these blockbuster companies and fulfill their mission of proportionally representing the market. That will be a massive rebalancing act for those funds. But normally, the process of preparing for those changes would take a year or more, giving fund managers time to adapt. According to longstanding S&P rules, a company must be public for a year and have four consecutive quarters of positive earnings before it can be added to the iconic S&P 500 index. This latter requirement is known as "financial viability." S&P 500 may change the rules to accommodate these companies That may change very soon, however. In an unprecedented move, S&P Dow Jones is considering altering its rules to fast-track the entry of these giant companies. On April 30, S&P Dow Jones announced it is consulting with stakeholders about allowing newly public companies to be added to the S&P 500 index after just six months of being publicly traded. In addition, it is considering waiving the financial viability requirement for megacap companies. That last change would be a critical one for these AI IPOs, as SpaceX and OpenAI are still unprofitable, and Anthropic is expected to post its first quarterly profit this (second) quarter. The three companies combined for losses of more than $25 billion last year as they scrambled to raise (and spend) funds to train next-generation models, scale current ones, and win the competition between Claude, ChatGPT, and SpaceX's Grok chatbot.
SpaceX blocked from early U.S. benchmark index entry as S&P reaffirms existing rules
S&P Global said on Thursday it was not changing the requirements for entry into its major indices, dealing a setback to Elon Musk's SpaceX by effectively ruling out a swift entry for the world's biggest-ever IPO into the benchmark S&P 500 index. Musk has rewritten the IPO playbook for SpaceX in many ways from planning to give retail investors a bigger role in allocations to pushing for early index inclusion, and structuring governance to preserve strong founder control. The company is raising $75 billion and targeting a $1.75 trillion valuation that would place it among the top 10 most valuable U.S.-listed firms, even as only a fraction of its shares are available for trading. But S&P said "exceptions to the financial viability, seasoning, and IWF (investable weight factor) requirements should not be granted solely based on market capitalization". To be included in the S&P 500, a company must be profitable under Generally Accepted Accounting Principles in its most recent quarter as well as for the sum of its most recent four quarters, according to one of the rules S&P left unchanged. SpaceX posted a net loss of $4.94 billion in 2025, even as revenue rose 33% to $18.67 billion.
Anthropic calls for pause of global AI development
New York (AFP) - Artificial intelligence company Anthropic suggested Thursday a global pause on building the most powerful AI systems as the latest models are beginning to show signs they could escape human control. The San Francisco-based company, which makes the Claude family of AI models, said in a report that a worldwide slowdown in cutting-edge AI development would "likely be a good thing" -- but warned that if only one company stopped, rivals would simply race ahead. "We believe it would be good for the world to have the option to slow or temporarily pause frontier AI development to enable societal structures and alignment research to keep up with the advance of the technology," it said. Getting a real pause to work would mean multiple major AI companies in multiple countries -- most notably the US and China -- all agreeing to stop at the same time, under rules everyone could actually verify, Anthropic said. "Without a global coordination mechanism, companies and governments will have to make difficult decisions about safety while under competitive and geopolitical pressures," it said. The company has faced pushback from others in the industry -- and officials in the White House -- who say its focus on worst-case scenarios overstates the risks and amounts to a strategy for slowing rivals under the cover of safety concerns. Still, the White House has acknowledged the power of the company's Mythos model -- which has not been made available to the general public due to its cybersecurity capabilities and is currently deployed only to a small number of vetted organizations. The proposal would face an uphill battle in Washington and Silicon Valley, where US officials and tech executives have repeatedly argued that any slowdown in AI development risks handing China a decisive strategic edge in what many see as the defining technology race of the century. US President Donald Trump, however, said he discussed the possibility of cooperating with China on AI safety issues during his recent visit to Beijing. Trump also signed an executive order this week that allows the government 30 days to conduct a preliminary review of the most powerful US AI models before their release. 'Human role narrowing' Anthropic compared the problem to nuclear arms control treaties -- but said it would be even harder to get a handle on, since AI training is far easier to hide than a missile silo, and the temptation to quietly keep going would be enormous. The company said it plans to bring together government officials, scientists, advocacy groups and competing AI firms in coming months to figure out how such a system could work. The call for coordination comes alongside internal data showing that AI is already dramatically speeding up the development of AI itself, Anthropic said. That acceleration creates a feedback loop that Anthropic warned could eventually lead to what researchers call "recursive self-improvement." That's the idea of an AI system that becomes capable of essentially teaching itself to get smarter, without much human help. "We are not there yet, and recursive self-improvement is not inevitable," the report said, while adding that it could arrive sooner than most governments and institutions are ready for. "The evidence suggests that the human role is narrowing at each step in the AI development process," the company said.
ASTS, RKLB, SPCE, RDW Stocks Extend Selloff Overnight -- Analyst Backs 'Betting Against Space' Trade As Jefferies Courts SpaceX Bears
* SpaceX plans to raise $75 billion at $135 per share, valuing the company at $1.77 trillion, or more than $1.8 trillion on a fully diluted basis. * Tesla influencer AleXandra Merz said that the IPO is only one step in SpaceX's funding journey, citing estimates of $235 billion in capital needs through 2030. * Satellite communications analyst Tim Farrar revived the view that 'betting against space' has often been the more rational trade. Space stocks extended their selloff overnight heading into Wednesday as investors weighed growing bearish interest around SpaceX's blockbuster IPO and mounting questions over its $1.8 trillion valuation. The weakness followed a brutal Wednesday session that saw shares of AST SpaceMobile (ASTS), Rocket Lab (RKLB), Virgin Galactic (SPCE) and Redwire (RDW), among other space stocks, all plunge up to 15%. In overnight trading, ASTS and RKLB each fell about 2%, RDW declined 3%, and SPCE sank 6%. How Big Can SpaceX's IPO Get? According to SpaceX's filing with the U.S. Securities and Exchange Commission (SEC) late Wednesday, the company plans to sell 555.6 million shares at $135 per share, raising $75 billion and valuing the company at $1.77 trillion. On a fully diluted basis, the valuation exceeds $1.8 trillion. The company is expected to begin formally marketing the deal on Thursday ahead of a June 11 share sale and a trading debut the next day. The scale of the offering could grow further if investor demand proves strong. Tesla influencer Sawyer Merritt noted on X that full exercise of the IPO's overallotment option could increase the value of shares sold by $11.25 billion. "If demand for SpaceX stock is strong enough with this IPO, the company says it could raise upwards of $85.7 billion," Merritt said. The initial IPO filing had ignited a brief rally among space stocks after SpaceX called the sector's opportunity as the "largest actionable total addressable market in human history," estimating a $28.5 trillion market spanning launch services, Starlink connectivity, direct-to-cell communications and AI infrastructure. Why SpaceX May Need More Capital While much of the market has focused on SpaceX's valuation, Tesla influencer AleXandra Merz, who posts under the handle TeslaBoomerMama on X, said that the $75 billion to $83 billion raise would provide financial flexibility, but added that SpaceX's plans for Starlink expansion, Starship development and AI infrastructure point to funding needs that extend far beyond a single capital raise. Merz noted that SpaceX already carries debt estimated at $29 billion and highlighted estimates circulating among investors that place the company's capital requirements at $235 billion through 2030: "This is normal for a company still in heavy build mode," she wrote. "It just means the IPO is an important milestone, not the end of the funding journey." Merz also flagged a larger retail allocation than is typical for a major IPO. However, she cautioned that participation would still depend on brokerage relationships, allocation availability, account minimums and confirmation requirements. She said: "Many will likely be disappointed with their actual allotment on June 12 -- just putting that out there to help manage expectations." SpaceX Bears Circle The IPO While Wall Street's biggest banks secured roles on the IPO, one notable name was missing from the underwriting syndicate: Jefferies Financial Group. According to Bloomberg, hedge funds interested in betting against SpaceX after its public debut have approached Jefferies to explore potential short-selling opportunities. Jefferies' absence from the underwriting group has reportedly left the firm uniquely positioned to facilitate bearish trades once shares begin trading. The discussion around potential short bets prompted satellite communications analyst Tim Farrar to revive a bear thesis: "'Betting against space' has often been the most rational approach until the last few years," Farrar said on X. "Why do you think Musk wanted to have 'the first constellation not to go bankrupt'?" Farrar said, referencing a 2021 X post in which Musk acknowledged the financial risks facing Starlink. "SpaceX needs to pass through a deep chasm of negative cash flow over the next year or so to make Starlink financially viable," Musk said at the time. "Every new satellite constellation in history has gone bankrupt. We hope to be the first that does not." Warning On SpaceX Valuation Short seller Jim Chanos, the founder of Kynikos Associates who gained prominence after predicting Enron's collapse, dismissed on X the comparisons between SpaceX and Amazon's early years. He noted that Amazon was valued at $19 billion at the end of 2005, or about 2x revenue and 30x trailing earnings before interest, taxes, depreciation and amortization (EBITDA), arguing that investors were assigning little value to its future businesses. "SpaceX's expected valuation is literally the opposite of that situation," Chanos said. How Do Retail Traders Feel About Space Stocks? On Stocktwits, retail sentiment toward SpaceX, ASTS and RDW was 'bullish', with 'extremely high' message volume for SpaceX and 'high' for ASTS and RDW. RKLB also carried a 'bullish' sentiment rating, though message volume was 'normal'. SPCE stood out with 'extremely bullish' sentiment and 'extremely high' message volume. Over the past year, ASTS has surged 328%, RKLB has jumped 329%, RDW has gained 25%, and SPCE has advanced 32%. For updates and corrections, email newsroom[at]stocktwits[dot]com.
Why the SpaceX IPO Is Sending AT&T Stock Down Today
AT&T (T) shares are under significant pressure on June 3 after Oppenheimer analyst Timothy Horan downgraded them to "Perform" and stripped the price target entirely. In his research note, Horan issued a sweeping warning that satellite broadband is no longer a distant threat for AT&T now that SpaceX is set to debut on Nasdaq next week. More News from Barchart His bearish call concerns that AT&T stock has already been in a downtrend since late March, currently trading nearly 20% below its year-to-date high. Here's Why Oppenheimer Turned Bearish on AT&T Stock Horan's downgrade isn't rooted in anything AT&T has done wrong recently -- it's a structural call on where broadband is heading. The Oppenheimer analyst expects a rapid switch to satellite internet, with LEO providers capturing more than 2 million subscribers annually. By the end of this decade, Horan believes they will command a meaningful 10% share of the fixed broadband market, where AT&T carries more exposure than its peers. Moreover, he sees "strong regulatory support behind satellites, increasing the feasibility for SpaceX to directly enter mobile." That said, T shares currently pay a rather lucrative 4.72% dividend yield that keeps them attractive for income-focused investors. What Else Could Drive T Shares Lower in 2026? Oppenheimer turned dovish on AT&T shares because it expects the company's fiber penetration to disappoint as well, potentially stopping at 50 million households instead of 60 million it had projected by 2030. This gap matters enormously for long-term revenue growth, its analyst told clients. According to Timothy Horan, as satellite pricing converges with conventional broadband, the economic case for continued fiber expansion deteriorates. In fact, within three years, new fiber builds across the industry will halt -- hitting the entire supply chain, he added. The incoming SpaceX listing only amplifies the narrative risk: once SPCX begins trading, and Starlink's financials become fully public, institutional investors will have a cleaner lens through which to measure the satellite threat -- and AT&T may not like what that comparison looks like.
ASTS, RKLB, SPCE, RDW Stocks Extend Selloff Overnight -- Analyst Backs 'Betting Against Space' Trade As Jefferies Courts SpaceX Bears
* SpaceX plans to raise $75 billion at $135 per share, valuing the company at $1.77 trillion, or more than $1.8 trillion on a fully diluted basis. * Tesla influencer AleXandra Merz said that the IPO is only one step in SpaceX's funding journey, citing estimates of $235 billion in capital needs through 2030. * Satellite communications analyst Tim Farrar revived the view that 'betting against space' has often been the more rational trade. Space stocks extended their selloff overnight heading into Wednesday as investors weighed growing bearish interest around SpaceX's blockbuster IPO and mounting questions over its $1.8 trillion valuation. The weakness followed a brutal Wednesday session that saw shares of AST SpaceMobile (ASTS), Rocket Lab (RKLB), Virgin Galactic (SPCE) and Redwire (RDW), among other space stocks, all plunge up to 15%. In overnight trading, ASTS and RKLB each fell about 2%, RDW declined 3%, and SPCE sank 6%. See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox How Big Can SpaceX's IPO Get? According to SpaceX's filing with the U.S. Securities and Exchange Commission (SEC) late Wednesday, the company plans to sell 555.6 million shares at $135 per share, raising $75 billion and valuing the company at $1.77 trillion. On a fully diluted basis, the valuation exceeds $1.8 trillion. The company is expected to begin formally marketing the deal on Thursday ahead of a June 11 share sale and a trading debut the next day. The scale of the offering could grow further if investor demand proves strong. Tesla influencer Sawyer Merritt noted on X that full exercise of the IPO's overallotment option could increase the value of shares sold by $11.25 billion. "If demand for SpaceX stock is strong enough with this IPO, the company says it could raise upwards of $85.7 billion," Merritt said. The initial IPO filing had ignited a brief rally among space stocks after SpaceX called the sector's opportunity as the "largest actionable total addressable market in human history," estimating a $28.5 trillion market spanning launch services, Starlink connectivity, direct-to-cell communications and AI infrastructure. Why SpaceX May Need More Capital While much of the market has focused on SpaceX's valuation, Tesla influencer AleXandra Merz, who posts under the handle TeslaBoomerMama on X, said that the $75 billion to $83 billion raise would provide financial flexibility, but added that SpaceX's plans for Starlink expansion, Starship development and AI infrastructure point to funding needs that extend far beyond a single capital raise.
SpaceX hopes to raise $75B when world's biggest-ever IPO lifts off next week
SpaceX hopes to raise $75B when world's biggest-ever IPO lifts off next week Elon Musk's Space Exploration Technologies Corp. said today it's hoping to raise a staggering $75 billion when it goes public later this month, setting the stage for what would be the largest stock market debut in history. It puts Musk on course to become the world's first trillionaire, based on the estimated value of his assets. The rocket company plans to sell 555.6 million shares at a price of $135 through its initial public offering. The proceeds of the sale would easily surpass the current IPO world record of $26 billion, which was raised by the Saudi Arabian oil giant Saudi Aramco in 2019. SpaceX would have a market value of $1.77 trillion following the IPO, putting it well into the top ten most valuable companies. Only six companies in the S&P 500 index currently have a larger value, led by Nvidia Corp. at $5.2 trillion. In an amended prospectus filed with the Securities and Exchange Commission today, SpaceX also explained exactly how much control Musk will have over the company. As its Chief Executive, Chief Technical Officer and Chairman, his voting power will come from his ownership of 5.22 billion Class B shares. That gives him 10 votes for every share he holds, which amounts of 82.4% of the total voting power in the company. In other words, Musk will always have the final say. Forbes estimates Musk's current net worth at around $826 billion, with his stake in SpaceX estimated to be worth around $542 billion, based on the company's $1.25 trillion valuation. That means that if SpaceX's valuation increases to $1.77 trillion following the IPO, Musk's overall net worth would grow by around $233 billion, making him the world's first ever trillionaire. Whether or not Musk will eventually become a multi-trillionaire remains to be seen, but the fantastical plans detailed in SpaceX's prospectus suggest there's every chance he will do, if the company fulfills its ambitions. The most colorful parts of the document offer a stark contrast to the traditionally dry and overly technical language seen in IPO paperwork. For instance, the company details how the proceeds of the sale will help to return astronauts to the Moon and ultimately put humans on Mars too. It even outlines Musk's ultimate ambition to build a "permanent human colony" on the red planet that would be populated by "at least one million inhabitants." Musk has previously justified the need for a human outpost on Mars, saying that humanity basically needs a backup plan should something catastrophic happen to Earth. Musk's other publicly traded company, Tesla Inc., also has grand ambitions, with one of its goals being to manufacture fleets of robotaxis that can ferry passengers around cities without human drivers. Tesla has also designed a series of humanoid robots, and it's thought that they could be used to lay the groundwork and build the initial infrastructure needed for a Mars-based colony. Some analysts, such as Dan Ives of Wedbush Securities, speculate that Musk may ultimately seek to merge SpaceX with Tesla, perhaps as early as next year. There is a precedent for this. In February, SpaceX merged with another of Musk's companies, xAI Corp., which owns the X.com social media platform formerly known as Twitter. xAI is Musk's artificial intelligence company, and it's set to play a key role in growing SpaceX's revenue. According to Musk, the rocket maker could eventually generate revenue of up to $26.5 trillion annually, if it succeeds in another ambitious plan to put data centers into low-Earth orbit, where they can tap free and unlimited solar energy. SpaceX's initial focus following the IPO will be to use the proceeds to fund expanded infrastructure for both its rocket business and its AI projects, and also to invest further in Starlink Mobile, the satellite service that provides broadband internet connectivity to any part of the planet. The company is expected to list on the Nasdaq exchange under the ticker symbol "SPCX" and could begin trading by the end of next week. Of course, SpaceX isn't the only massive market debut expected this summer. Earlier this week, the AI company Anthropic PBC confidentially filed its own IPO paperwork. Although it hasn't provided any financial details yet, it's expected that the sale will put its market capitalization above $965 billion. Meanwhile, ChatGPT maker OpenAI Group PBC is also widely expected to file for an IPO soon, because it doesn't want to be left behind its rivals. It hasn't done so yet, but most analysts believe that a listing is imminent. "This listing represents the first major test for public markets after years of muted IPO activity, with SpaceX paving the way for AI giants Anthropic and OpenAI to follow soon after," Ives said.
Musk could become trillionaire when SpaceX goes public
SpaceX plans to raise up to 75 billion dollars (£56bn) when it goes public this month, setting the stage for the largest US stock market debut and putting Elon Musk on course to becoming the world's first trillionaire. The company, formally known as Space Exploration Technologies Corp, said it will sell 555.6 million shares at 135 dollars apiece. The offering would give SpaceX a market value of 1.77 trillion dollars. Only six companies in the S&P 500 are currently worth more, with Nvidia tops at 5.2 trillion. Besides the size of the offering and the expected proceeds, SpaceX's amended prospectus updates details about how much control of the company Mr Musk will have. As SpaceX's CEO, chief technical officer and chairman, his voting power will come primarily through his ownership of 5.22 billion Class B shares, which give the holder 10 votes for every share held. According to the filing, Musk would have 82.4% of the voting power in the company. Forbes currently values Mr Musk's net worth at 826 billion dollars and his stake in SpaceX at 542 billion. The estimated proceeds from the SpaceX IPO would easily top the 26 billion raised by oil giant Saudi Aramco in 2019. Time will tell how SpaceX fares on the market. Mr Musk's plans for the company are as fantastical as the money he hopes raise in the sale. The IPO document strikes a contrast with the typically dry, technical prose in normal documents, detailing plans to use proceeds from the sale to help put men on the moon again and perhaps even Mars. In one section, it talks of a need to build "a permanent human colony" on the red planet with "at least one million inhabitants" as existential threats loom that could consign man to "the same fate as the dinosaurs". Earlier this week, Anthropic submitted a confidential filing with the US Securities and Exchange Commission to officially start its own IPO clock. OpenAI has not yet reported filing the initial SEC paperwork but an IPO from the ChatGPT maker is widely expected.
SpaceX's IPO is set to be the biggest ever and could make Elon Musk a trillionaire
By ALEX VEIGA and BERNARD CONDON, AP Business Writers NEW YORK (AP) -- SpaceX says it plans to raise up to $75 billion when it goes public this month, setting the stage for the largest-ever stock market debut and putting Elon Musk on course to becoming the world's first trillionaire. The company, formally known as Space Exploration Technologies Corp., said Wednesday it will sell 555.6 million shares at $135 a piece in an initial public offering. The estimated proceeds would easily top the $26 billion raised by oil giant Saudi Aramco in 2019. The offering would also give SpaceX a market value of $1.77 trillion. Only six companies in the S&P 500 are currently worth more, with Nvidia tops at $5.2 trillion. Besides the size of the offering and the expected proceeds, SpaceX's amended prospectus updates details about how much control of the company Musk will have. As SpaceX's CEO, chief technical officer and chairman, Musk's voting power will come primarily through his ownership of 5.22 billion Class B shares, which give the holder 10 votes for every share held. According to the filing, Musk would have 82.4% of the voting power in the company. Forbes currently values Musk's net worth at $826 billion and his stake in SpaceX at $542 billion. The estimated value of his SpaceX holdings was based on an overall value for the company of $1.25 trillion. Based on those numbers, a $1.77 trillion valuation for SpaceX would boost Musk's net worth by $223 billion, making him a trillionaire. However, much of Musk's worth is in stock that he has yet to cash in. Even as it makes a bid for a blockbuster market debut, SpaceX is currently losing billions of dollars a year. The filing shows that the company lost $2.6 billion from operations last year on $18.7 billion in revenue, and the losses kept piling up at the start of this year, too. Fantastical plans Time will tell how SpaceX fares on the market. Musk's plans for the company are as fantastical as the money he hopes raise in the sale. Colorful, even frightening in parts, the IPO document strikes a contrast with the typically dry, technical prose in IPO documents, detailing plans to use proceeds from the sale to help put men on the moon again and perhaps even Mars. In one section, it talks of a need to build "a permanent human colony" on the red planet with "at least one million inhabitants" as existential threats loom that could consign man to "the same fate as the dinosaurs." Musk has almost equally ambitious plans for his other publicly traded company, Tesla. His goal is to transform the maker of electric vehicles into a producer of robotaxis and humanoid robots. Dan Ives of Wedbush Securities wrote in a research note that he expects Tesla and SpaceX to merge next year. AI plays a key role Key to the success of both companies -- and any merged entity -- is artificial intelligence. In its IPO filing, SpaceX says it sees potential revenue from AI of up to $26.5 trillion. But that depends on another lofty Musk ambition -- putting data centers in space, which is not technologically possible at the moment. Transforming his space company into a primarily AI-focused company will be a challenge for Musk, who started xAI in 2023 with 11 other co-founders who have all since left. Some were recruited away by rivals. Its main AI product, the chatbot Grok, is "less impressive than anything that we see from any other major player in the space, whether that's OpenAI, or Anthropic, or (Google's) Gemini," said IDC analyst Arnal Dayaratna. Dayaratna said that doesn't mean SpaceX doesn't have potential as a major AI player, thanks in part to its computing partnership with Anthropic and Musk's recent deal that gave SpaceX the rights to buy AI coding tool Cursor for $60 billion later this year. Folding in Cursor's capabilities would give SpaceX access to the coveted business customers now using Anthropic's Claude or OpenAI's ChatGPT. SpaceX plans to use the net proceeds from the IPO to fund the expansion of infrastructure for its AI and rocket businesses, and to beef up the constellation of satellites that power Starlink Mobile, among other investments. The company plans to list on the Nasdaq under the symbol "SPCX" and could begin trading as soon as the end of next week. And SpaceX isn't the only colossal market debut investors are now bracing for. Earlier this week, Anthropic submitted a confidential filing with the U.S. Securities and Exchange Commission to officially start its own IPO clock. OpenAI has not yet reported filing the initial SEC paperwork, but an IPO from the ChatGPT maker is widely expected. "This listing represents the first major test for public markets after years of muted IPO activity with SpaceX paving the way for AI giants Anthropic and OpenAI to follow soon after," Ives wrote. Associated Press Technology Writer Matt O'Brien contributed.
Musk could become trillionaire when SpaceX goes public
SpaceX plans to raise up to 75 billion dollars (£56bn) when it goes public this month, setting the stage for the largest US stock market debut and putting Elon Musk on course to becoming the world's first trillionaire. The company, formally known as Space Exploration Technologies Corp, said it will sell 555.6 million shares at 135 dollars apiece. The offering would give SpaceX a market value of 1.77 trillion dollars. Only six companies in the S&P 500 are currently worth more, with Nvidia tops at 5.2 trillion. Besides the size of the offering and the expected proceeds, SpaceX's amended prospectus updates details about how much control of the company Mr Musk will have. As SpaceX's CEO, chief technical officer and chairman, his voting power will come primarily through his ownership of 5.22 billion Class B shares, which give the holder 10 votes for every share held. According to the filing, Musk would have 82.4% of the voting power in the company. Forbes currently values Mr Musk's net worth at 826 billion dollars and his stake in SpaceX at 542 billion. The estimated proceeds from the SpaceX IPO would easily top the 26 billion raised by oil giant Saudi Aramco in 2019. Time will tell how SpaceX fares on the market. Mr Musk's plans for the company are as fantastical as the money he hopes raise in the sale. The IPO document strikes a contrast with the typically dry, technical prose in normal documents, detailing plans to use proceeds from the sale to help put men on the moon again and perhaps even Mars. In one section, it talks of a need to build "a permanent human colony" on the red planet with "at least one million inhabitants" as existential threats loom that could consign man to "the same fate as the dinosaurs". Earlier this week, Anthropic submitted a confidential filing with the US Securities and Exchange Commission to officially start its own IPO clock. OpenAI has not yet reported filing the initial SEC paperwork but an IPO from the ChatGPT maker is widely expected.
Elon Musk net worth could hit $1 trillion with SpaceX's IPO
5 reasons Elon Musk could become the world's first trillionaire A planned SpaceX public offering could make history and dramatically increase the billionaire entrepreneur's already massive fortune Elon Musk may soon achieve a financial milestone that no individual has ever reached. The billionaire entrepreneur is reportedly on the verge of becoming the world's first trillionaire if SpaceX moves forward with a highly anticipated initial public offering expected later this month. The proposed debut could not only reshape the financial markets but also significantly expand Musk's wealth, further cementing his status as the richest person on the planet. At the center of the excitement is SpaceX, the private aerospace company Musk founded in 2002. Over the past two decades, the company has transformed from an ambitious startup into one of the world's most influential space and technology businesses. If the IPO proceeds at its reported valuation, it could become the largest stock market debut ever recorded. 1. SpaceX could launch at a record-breaking valuation According to reports, SpaceX is seeking a valuation of approximately $1.75 trillion as it prepares to enter the public markets. That figure would instantly place the company among the most valuable businesses in the world and represent one of the largest corporate valuations ever assigned to a newly public company. The proposed share price is expected to be around $135 per share, potentially generating roughly $75 billion through the offering. Financial analysts have noted that no company has previously completed a public offering on this scale, making the transaction one of the most closely watched events in recent market history. 2. Musk's SpaceX stake could be worth hundreds of billions Much of Musk's personal fortune is tied directly to the companies he founded and continues to lead. Reports indicate that he owns millions of SpaceX shares in addition to hundreds of millions of stock options. If the company begins trading at its anticipated valuation, those holdings alone could be worth hundreds of billions of dollars. The dramatic increase in the value of his SpaceX stake would substantially boost his overall wealth and potentially move him closer to the trillion dollar threshold. The IPO would represent one of the most significant wealth creation events ever experienced by a single individual. His business empire extends far beyond SpaceX While SpaceX is driving the latest headlines, Musk's fortune is spread across a broad portfolio of companies. In addition to the rocket manufacturer, he maintains major interests in Tesla, xAI, Neuralink and The Boring Company. Each venture operates in a different industry, ranging from electric vehicles and artificial intelligence to brain computer interfaces and transportation infrastructure. The combined value of these businesses has helped Musk build one of the largest fortunes ever accumulated, with SpaceX now emerging as a potentially dominant contributor to his net worth. SpaceX would join the world's most valuable companies A valuation approaching $1.75 trillion would elevate SpaceX into an elite category of global corporations. Only a small number of publicly traded companies currently exceed that level of market value. If the proposed valuation holds, SpaceX would immediately rank among the most valuable enterprises in the United States. The achievement would reflect the company's rapid expansion in satellite communications, commercial launches, government contracts and space exploration initiatives. SpaceX has become a major force within the aerospace industry, helping redefine how space missions are developed and executed. Musk is expected to remain firmly in control Even after becoming a public company, SpaceX is expected to remain largely under Musk's control. Reports suggest the entrepreneur would retain substantial voting power through a share structure that grants enhanced influence over major corporate decisions. That arrangement would allow him to continue guiding the company's long term strategy while maintaining significant authority over its future direction. For investors, Musk's continued involvement is likely to be viewed as a key factor in the company's appeal, given his role in building SpaceX into a global leader in private spaceflight. A historic financial milestone may be approaching The potential SpaceX IPO arrives during a period of extraordinary growth for Musk's business empire. It also follows continued discussion surrounding compensation packages and performance incentives linked to Tesla, which have generated attention from investors and corporate governance experts alike. If SpaceX successfully debuts at its reported valuation, Musk could become the first person in history to achieve a net worth of $1 trillion. While market conditions and investor demand will ultimately determine the outcome, the possibility alone underscores the unprecedented scale of the entrepreneur's influence across technology, transportation and space exploration. Whether or not the trillion-dollar milestone is reached immediately, the planned public offering represents another remarkable chapter in Musk's ongoing business story and one that could redefine wealth creation in the modern era.
Anthropic Expands Claude Partner Network with New Tools
Anthropic has unveiled two major additions to its Claude Partner Network (CPN): the Services Track and the Claude Partner Hub. These updates aim to streamline enterprise adoption of Anthropic's Claude AI model by helping firms identify qualified implementation partners. The announcement comes as Anthropic positions itself for an IPO following its recent $965 billion valuation in a private funding round. The Claude Partner Network, launched in March 2026 with a $100 million investment, is Anthropic's effort to establish a robust ecosystem of consulting firms and system integrators capable of deploying Claude for enterprise clients. According to Anthropic, more than 40,000 firms have applied to join the program, with over 10,000 consultants earning a Claude certification. Notable partners include consulting giants like Accenture, Deloitte, KPMG, and PwC, with some firms already integrating Claude for hundreds of thousands of employees. What's New: Services Track and Partner Hub The Services Track introduces a structured, tiered system that ranks partner firms based on the depth of their AI practices and real-world deployments of Claude. The three tiers -- Select, Preferred, and Global Premier -- are based on metrics such as the number of certified practitioners, deployed client projects, and public customer endorsements. For example, Global Premier firms must have at least 1,000 certified practitioners, 100 deployed clients across three regions, and 15 public customer stories. Meanwhile, the Claude Partner Hub acts as a centralized portal where partners can monitor their performance against tier requirements, updated daily. Customers can also use the Hub to identify firms best suited to their project needs, with transparency around certifications, deployments, and endorsements. For partners, the platform connects to Claude directly, enabling real-time insights into their standing and progress toward higher tiers. Why This Matters Anthropic's move reflects its strategy to drive enterprise adoption through a vetted ecosystem of partners, similar to models used by Salesforce and SAP. For enterprises, these tools provide confidence that implementation partners have proven expertise with Claude, reducing risks associated with deploying AI at scale. For partners, the structured program offers predictable milestones and financial incentives, such as referral credits and co-marketing support. This expansion comes at a critical time for Anthropic, which filed confidentially for an IPO on June 1, 2026. The company is betting that its partner ecosystem can help scale enterprise revenue and solidify its position in the competitive AI market. However, it also faces scrutiny over its massive spending, with some critics questioning the sustainability of its investments ahead of its public debut. What's Next Anthropic plans to further enhance the Claude Partner Network with industry-specific specializations and new certifications, tied to deployment growth. Firms can join the network by starting at the Select tier, requiring a minimum of 10 certified practitioners. Promotions within the program are reviewed biannually, ensuring transparency and alignment with the ecosystem's goals. As Anthropic moves closer to its IPO, these initiatives underscore the company's commitment to enterprise AI -- a segment it views as key to its long-term growth. For now, the success of the Partner Network will be a critical indicator of whether Anthropic's ecosystem strategy pays off, both for customers and investors.
TrendAI™ Joins Anthropic's Project Glasswing
Collaboration will support efforts to identify and remediate software vulnerabilities using advanced AI capabilities DALLAS, June 3, 2026 /PRNewswire/ -- TrendAI™, the enterprise AI security leader from Trend Micro Incorporated (TYO: 4704; TSE: 4704), today announced its participation in Project Glasswing, an initiative focused on helping organizations identify and address vulnerabilities in critical software systems. As part of the program, TrendAI™ will use Anthropic's Claude Mythos Preview to support the review and analysis of software code, helping threat intelligence researchers turn accelerated vulnerability discovery into coordinated disclosure, prioritized remediation, and measurable risk reduction through vulnerability shielding and virtual patching. AI is dramatically accelerating vulnerability discovery. TrendAI™ views this as a positive signal for the industry - it is part of the broader, collaborative ecosystem TrendAI™ has been actively contributing to for decades alongside organizations like Anthropic. Rachel Jin, Chief Platform and Business Officer, Head of TrendAI™: "We're aligned with Anthropic's goals of using AI to make all software more secure. Organizations increasingly depend on software that operates at tremendous scale and supports critical business functions. Project Glasswing represents an important opportunity to explore how advanced AI can help software providers identify vulnerabilities earlier and improve the security and resilience of the systems customers depend on every day." TrendAI™ joins a growing community of organizations participating in Project Glasswing to better understand how frontier and advanced AI models can support defensive security efforts and improve the security of critical software infrastructure. Insights gained through the program will contribute to informing the broader industry efforts to strengthen the security of the digital ecosystem. About TrendAI™ TrendAI™, the global AI security leader and enterprise business unit of Trend Micro, empowers organizations with full AI visibility and consolidated security that inspires confidence, drives innovation, and eliminates risk. Trusted by the largest enterprises and governments across 185 countries, TrendAI™ secures the entire organization, from identities, to infrastructure, to data. Global Fortune 500 companies rely on TrendAI™ to cut risk and stop threats up to three months earlier, powered by world-leading threat and attack intelligence. AI Fearlessly. About Anthropic Anthropic is an AI safety and research company dedicated to building reliable, interpretable, and steerable AI systems. Its Claude family of models enables advanced capabilities across a wide range of applications, including code understanding and security analysis. View original content to download multimedia:https://www.prnewswire.com/news-releases/trendai-joins-anthropics-project-glasswing-302790907.html
Anthropic scales its most powerful AI a day after filing to IPO
Money is a story we agree to believe. A dollar buys a dollar's worth because we all act as if it does, and a company is worth whatever the next buyer will pay, not a penny more. For most of the past century, the biggest stores of that belief were countries and the giant public companies their citizens could actually own a slice of. You could buy Coca-Cola, your local bank, or the carmaker down the highway, and the value sat in plain sight on a stock exchange. That arrangement is quietly breaking. Some of the most valuable enterprises on Earth are now private, held by venture funds and insiders rather than the public, and ordinary investors stay locked out until the company decides to let them in. The hottest of them all just took two steps that bring it closer to your brokerage account. Anthropic, the artificial intelligence (AI) lab behind the Claude chatbot, confidentially filed for an initial public offering (IPO) on June 1. A day later, it scaled its most powerful model to critical infrastructure across more than 15 countries. How AI startup Anthropic got bigger than most national economies Anthropic, founded in 2021 by a group of researchers who left OpenAI, raised $65 billion in a Series H round on May 28. The deal valued it at about $965 billion and pushed it past OpenAI as the most valuable AI startup in the world, according to CNBC. The filing drops Anthropic into a three-way sprint for the public markets. SpaceX is expected to list first, with Anthropic and OpenAI racing to be the second company ever to go public near or above a $1 trillion valuation, Axios reported. When I ran Anthropic's valuation against the IMF's 2025 GDP table, the AI lab landed around the world's 20th-largest economy, bigger than the yearly output of entire nations. * Anthropic's roughly $965 billion valuation tops the 2025 gross domestic product (GDP) of Belgium, Sweden, or Argentina, based on IMF figures. * Only about 21 countries produced more than $1 trillion in goods and services in 2025, according to the IMF. * Anthropic's revenue run rate reached about $47 billion in May, up from roughly $10 billion a year earlier, CNBC noted. A valuation is not the same as GDP. One measures what investors will pay for a piece of a company, while the other measures a full year of a country's output. Even so, the comparison captures something real about where wealth is pooling, and how few hands hold it. NurPhoto / Getty Images Why Anthropic scaled its most powerful model the day after filing The model at the center of the second announcement is Claude Mythos, which Anthropic has called its most powerful system, able to find thousands of zero-day software flaws over a matter of weeks, according to TechCrunch. On June 2, the company widened Project Glasswing, its effort to find and fix critical software vulnerabilities, to about 150 organizations across more than 15 countries, TechCrunch confirmed. An earlier cohort of 50 partners, including the U.S. government, got access in April. The newly added partners run power grids, water systems, hospitals, communications networks, and hardware supply chains. A major attack on some of them could affect "more than 100 million people," Anthropic said. The expanded group reportedly includes identity-security firm Okta (OKTA), South Korea's Samsung and SK Hynix, the NATO military alliance, and the European Union's cybersecurity agency, the Financial Times reported. In my reading, the timing is the real story. Rolling out a flagship security model the morning after an IPO filing is a confidence signal aimed straight at the investors Anthropic now needs to win over. It also lands in a fight. Rival OpenAI has released its own cybersecurity model, GPT-5.5-Cyber, to a group of testers, TechCrunch indicated. The two firms are "in a race to go public before capital runs out," DA Davidson analyst Gil Luria said, according to Al Jazeera. What a private trillion-dollar bet means for your wallet Here is the part that touches your money directly. You cannot buy Anthropic shares today, and no pricing date has been set. But you already own its world. Claude runs on chips from Nvidia (NVDA) and cloud capacity from Amazon (AMZN), Alphabet (GOOGL), and Microsoft (MSFT), the kind of stocks parked in most index funds and 401(k) plans. When Anthropic finally prices its IPO, it could reset how the entire AI complex gets valued, your holdings included. There is a quieter payoff, too. The same kind of model your kids will grow up alongside is now scanning the code that keeps hospitals and power grids running. Whatever you make of the trillion-dollar math, the machines have stopped just chatting. They have started guarding the lights, and the next test is whether public investors will pay a country's worth to own them. The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc. This story was originally published June 3, 2026 at 5:33 PM.
The real Robinson Crusoe has been reimagined with historical accuracy - except for the talking goat
Add Yahoo as a preferred source to see more of our stories on Google. You might think you've already heard a story about someone marooned on an uninhabited island who needs to fight for survival. The iconic image of Tom Hanks desperately calling for Wilson, the anthropomorphised volley ball in Castaway (2000), probably comes to mind. There is also the juggernaut reality series Alone, the popularity of which raises questions about why its followers are so fascinated by isolation and survival. And then, of course, there is Daniel Defoe's famous tale of Robinson Crusoe. Review: Cast Away: or, the Surprising Adventures of Alexander Selkirk - Francesca de Tores (Bloomsbury) Defoe's book - the full title of which is The Life and Strange Surprizing Adventures of Robinson Crusoe, of York, Mariner - is widely considered the first English novel, though there are other contenders, including works by women who came before Defoe, such as Margaret Cavendish, author of The Blazing World (1666) and Aphra Behn, author of Oroonoko (1688). Published in 1719, amid the power struggle between the empires of England and Spain, Defoe's tale was a runaway bestseller. It is still in print. Robinson Crusoe was loosely based on the experience of Alexander Selkirk, who was rescued in 1709 after spending over four years marooned on an island in the Pacific Ocean. Francesca de Tores' new novel Cast Away returns to the inspiration for Defoe's seminal work. It is not only the story of an escape into the simplicity (and drudgery) of life on a deserted island; it is a timely and reassuring consideration of human resilience and resourcefulness. It is also a testament to de Tores's research: her willingness to draw from history and get elbow-deep in the goat skins. Research and authenticity Robinson Crusoe deviates from Selkirk's lived experiences in some key details. Crusoe's island is not in the Pacific but the Caribbean, where he is given the opportunity to attain dominion over nature and visiting humans for 28 years. Defoe also furnished his castaway with a shipwreck full of tables, chairs, tools, supplies and a dog, all of which helped him live a more comfortable existence. So did the fortuitous arrival of a human, whom he enslaved and named "Friday". Though he is self-reflective, Crusoe is a character written for an audience that was widely accepting of the ethics and practices of imperialism. Many readers at the time were persuaded that Defoe's novel was a true story. Its first-person narration proved a convincing technique to blur the edges of fact and fiction. These days, audiences demand more credibility from their historical narratives. We are bombarded with stories, in print and on screen. A discerning reader wants to shake out the dross and dedicate their reading time to something transporting and meaningful. This is an excellent reason why de Tores's novel should rise to the top of our to-be-read lists. Cast Away respects its historical research, even as it deploys fictional tropes made familiar by its predecessors. Extensive notes at the end of Cast Away clearly set out the line where historical facts limited the telling of a rounded story, and where de Tores took narrative leaps and made educated guesses. The honesty is refreshing. It enhances reader trust and does not diminish the enjoyment of the novel. It is evidence of the author's commitment to creating an immersive story. In a world flooded by AI slop, where we don't know what to trust anymore, this is important. De Tores reveals that she even took the time to learn how to cure a hide so this could be depicted with authenticity, as Selkirk cures goat skins for clothing, bedding and shelter. Rats, cats and goats Selkirk was a navigator on Cinque Ports, a ship accompanying explorer William Dampier on an expedition to raid and pillage Spanish galleons. The details of these preliminary circumstances are saved for late in the novel, but the questions around them hang in the air and maintain the suspense. In de Tores's novel, Selkirk is more experienced than his young commander Captain Stradling, and too honest for his own good. His reflections on the ethics of Dampier's journey of plunder leaves the famed explorer's reputation a little more stained that what we might have learned in primary school. The author's notes confirm: History did not record the story of the women in Selkirk's life, but the novel also includes a significant subplot which examines the lives of women involved with the sailors of the era. This offers us a convincing picture of gender disparity and bullying. Cast Away is not fast-paced, but it is pleasant to drift into the world of Selkirk and his struggle for survival. The novel is vivid on details of the ways he uses his meagre belongings, most of which were left with him when he was dumped on a tiny island in the Pacific's Juan Fernandez Archipelago, 650 kilometres off the coast of Chile. There are a lot of rats on the island, as well as plentiful cats and goats. Selkirk quickly drinks his "cask of flip" and realises the best remedy for the nibbling rats that keep him awake all night is to tame some of the island's many cats. Pickle and Sleek become comfort and protection, with the latter playing a key role in unpacking Selkirk's back story. Sleek is part of the novel's fiction, which is easy to discern, because the cat is given a speaking role, as is a grand old billy-goat: Reverend Vicarious Cronch. Their conversations with Selkirk begin at a point in the novel where he has been alone for some time and is contemplating his life at sea and in Scotland, which weigh on his conscience. As devices in the novel, these secondary animal characters are highly anthropomorphic. Like Tom Hanks and Wilson, they leave us in no doubt that Selkirk's sanity is a bit wobbly, and with good reason. The voice of history Author L.P. Hartley said "the past is a foreign country; they do things differently there". They said things differently there, too. Contemporary fiction rarely uses words like "thus" and "shall", with the exception perhaps of high fantasy genre works. De Tores takes a gentle approach, defamiliarising English usage enough to capture a faux-archaic voice of the period without overcooking it: Crisp, correct grammar, with some deference to the 18th century, eases the reader into the narrative flow. It is very readable and captures a sense of time that is easy to escape into. Selkirk is marooned with his Bible, and after reading it end to end a few times, he takes to it with charcoal and begins to create erasure poetry. His redactions seem intended to make a point about religion, but the inclusion of these poems does not do much to enhance the narrative. Whole pages are devoted to blacked-out text, which yield short ambiguous images, such as "the water shall not be forgiven". There is merit in experimentation in fiction, but this aspect of the novel does not add to its depth. Selkirk is already "full of goat meat and metaphors" without the erasure poems. In the context of the other exquisite writing in the novel, however, it is forgivable, with metaphors such as this: "I am impaled on the curve of time, as sharp and inevitable as the horn of a goat." Surviving alone Loneliness and isolation are key themes, yet Selkirk retains some agency, not only within the circumstance of being cast away, but in the choices he makes to pursue a life at sea. Selkirk the historical figure, and the character in this novel, had incredible resilience. Given an opportunity to be on reality television, this guy would certainly take home the prize. After damaging his flint, he eventually masters lighting a fire without one, pushing through the sore hands and lost embers. The novel captures the grim reality of his survival: the repetitive nature of foraging, hunting, feeding and building shelter; the cycle of destruction by human interference, goat, rat and storm. It doesn't take a genius to realise that our affluent lifestyles are balanced on a precipice that would be terrifying to a wild mountain goat. Lessons of resilience, of simple comforts, human strength and the beauty and provision in nature seem like things we need to hear in this time. To be marooned now in such a place might mean more plentiful materials washed up on the shore, but the business of hunting and gathering are more alien to us than they were to 18th century sailors. Cast Away is not an instruction manual for Alone contestants, but it does reassure us that human resilience is still there. If the contemporary pirates of the great empires dump us on the shore, we will make the best of what we find. This article is republished from The Conversation. It was written by: Donna Mazza, Edith Cowan University Donna Mazza does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.