News & Updates
The latest news and updates from companies in the WLTH portfolio.
Kraken Approval Exposes Tensions in U.S. Crypto Banking Policy
Congressional oversight may shape future Fed policies for non-bank entities seeking payment system access. Kraken has achieved a major milestone by becoming the first cryptocurrency exchange approved for direct access to the Federal Reserve payment system. This limited-purpose master account allows Kraken to settle transactions without relying on intermediary banks. Consequently, the move represents a significant step toward mainstream crypto adoption. However, it has also raised questions among lawmakers about the fairness and consistency of regulatory standards. On March 26, 2026, Rep. Maxine Waters, the ranking Democrat on the House Financial Services Committee, sent a letter to Kansas City Fed President Jeff Schmid. In it, she asked why Kraken received approval far more quickly than Custodia Bank, which spent five years pursuing the same access. Notably, Custodia's attempt was rejected and upheld by a 7-3 10th Circuit Court ruling on March 13, 2026. Waters demanded a written response by April 10, emphasizing that the Fed must clarify the criteria used to approve non-bank entities. Moreover, she stressed that transparency is crucial to maintaining trust in the financial system. Her inquiry highlights growing congressional oversight as crypto exchanges increasingly integrate with traditional banking infrastructure. Kraken's master account allows the exchange to settle high-value transactions directly with the Fed. Therefore, it reduces reliance on intermediary banks and speeds up processing. Additionally, supporters argue that this approval validates cryptocurrencies as legitimate financial tools, bridging the gap between digital assets and traditional finance. However, critics warn that such rapid approval could create perceptions of unfair advantage. Specifically, they question why a non-bank entity like Kraken gained access faster than a chartered bank with years of regulatory compliance experience. Consequently, congressional scrutiny is intensifying to ensure fairness and accountability. Custodia Bank's repeated attempts to secure a limited-purpose Fed account contrast sharply with Kraken's swift approval. After five years of pursuit, Custodia lost in court, leaving lawmakers to ask why the Fed's criteria differ for crypto firms. Furthermore, this discrepancy underscores the challenges regulators face in balancing innovation with consistent oversight. Observers note that if non-bank entities continue to receive expedited approvals, chartered banks may face competitive disadvantages. Therefore, lawmakers like Rep. Waters are pressing the Fed for clear guidelines to maintain equitable treatment across the financial system. Kraken's approval could encourage other exchanges and fintech firms to seek similar Fed access. Nevertheless, it also prompts questions about regulatory consistency and transparency. As a result, the Fed must carefully justify its decisions while managing potential risks. In conclusion, Kraken's milestone demonstrates both the promise of crypto integration and the scrutiny that comes with it. As the April 10 deadline approaches, Congress and the crypto industry alike will monitor the Fed's response closely. Ultimately, how regulators handle this case could set a precedent for future crypto-banking relationships.
Ongoing escalation could plunge Middle East into 'total chaos': Egypt FM to Iraqi counterpart
Egypt's Foreign Minister Badr Abdelatty and his Iraqi counterpart Fuad Hussein The talks take place amid intensifying tensions across the Middle East, with Cairo stepping up calls for diplomatic solutions to contain the crisis and avert broader security and humanitarian consequences. During the call, FM Abdelatty stressed the urgent need to halt the expansion of military operations and prioritize a political track, cautioning that continued escalation risks widening the conflict beyond control. The call also addressed the direct impact of the escalation on Iraq, with both sides underscoring the importance of preserving Iraq's stability, unity, and territorial integrity. Egypt reaffirmed its support for the Iraqi government's efforts to assert sovereignty and safeguard national resources. The two ministers also discussed coordination ahead of the upcoming Arab League foreign ministers' meeting, scheduled to be held virtually on 29 March to discuss the developing regional situation. Abdelatty's call comes as part of an intensified Egyptian diplomatic effort led by President Abdel-Fattah El-Sisi, who has increased high-level regional engagement to contain escalating tensions. President El-Sisi has reaffirmed Egypt's "unwavering" support for Gulf security during a brief tour of Bahrain and Saudi Arabia on Saturday, the third and fourth stops of a regional tour that began with visits to the United Arab Emirates and Qatar, as tensions escalate amid the ongoing US-Israeli war on Iran and Tehran's retaliatory attacks on Arab neighbours. During the tour, El-Sisi met with Bahrain's King Hamad bin Isa Al Khalifa in Manama before holding talks in Saudi Arabia with Crown Prince Mohammed bin Salman, focusing on containing regional escalation and strengthening collective Arab security. The visits followed a series of presidential phone calls with Gulf and Arab leaders, including Kuwait, Bahrain, Saudi Arabia, Qatar, the UAE, Jordan, and Iraq, in which El-Sisi stressed that Gulf security is inseparable from Egypt's national security and called for closer Arab coordination. Egypt has consistently framed its recent diplomatic efforts within the concept of collective Arab security, a longstanding principle based on political, military, and strategic cooperation among Arab states to protect regional stability and sovereignty. Cairo has repeatedly called for unified Arab positions, stronger coordination through institutions such as the Arab League, and more effective joint mechanisms to deter external attacks, contain escalation, and prevent further instability across the region.
SpaceX's listing stirs up social media frenzy, ticker bets
By Niket Nishant and Shashwat Chauhan March 27 (Reuters) - From rocket launches drawing millions of YouTube views to social media frenzy over its potential listing, SpaceX's debut is shaping up to be a landmark moment for Wall Street. Traders are betting thousands of dollars on the company's ticker and speculating over its entry into the most elite club of U.S. companies, giving the world's most valuable startup a level of social media buzz that only a few companies enjoy, especially when they are yet to file their IPO paperwork. On Polymarket, users were betting on topics including the company's targeted valuation, the exchange it will list on and the ticker its shares would trade under. The combined trading volume of such bets exceeded more than $15.2 million, as of Friday. Odds on the prediction markets platform put a 25% chance on SpaceX choosing the letter "X" as its ticker, a sharp drop from 60% a month ago. The single-letter ticker is up for grabs after U.S. Steel, which reportedly held it for over a century, delisted from the New York Stock Exchange after being bought by Japan's Nippon Steel last year. Musk's social media platform is also called X after a rebrand from Twitter in 2023. Tuttle Capital Management CEO Matthew Tuttle said a better alternative would be "SPCX" - also the ticker of an exchange traded fund his company manages. Tuttle has indicated openness to selling the SPCX symbol to SpaceX. "I've not heard from Elon, but my phone line is still open and I'm holding out hope that I get a call," he said. Apart from X, other potential options floated on Polymarket include "SPAX" and the risqué, "SEX". However, users see a roughly 70% probability that the company chooses a different ticker altogether. FROM MAGNIFICENT SEVEN TO SUPER EIGHT? SpaceX is targeting a valuation of $1.75 trillion in its listing, which would make it the sixth biggest U.S. company by market capitalization. Tesla and Meta Platforms could fall behind, with market valuations of $1.4 trillion and $1.39 trillion, respectively. That has fueled speculation over whether the company's market debut will force a rethink of the so-called "Magnificent Seven", a group of some of the most valuable U.S. companies. "When the company does finally go public, the Magnificent Seven will clearly expand. They'll probably call it the Magnificent Eight, the Super Eight or some new acronym," said Todd Schoenberger, chief investment officer at CrossCheck Management.
NYSE-parent Intercontinental Exchange invests $600 million in Polymarket
This super composite rating is the result of a weighted average of the rankings based on the following ratings: Fundamentals (Composite), Global Valuation (Composite), EPS Revisions (1 year), and Visibility (Composite). We recommend that you carefully review the associated descriptions. This composite rating is the result of an average of the rankings based on the following ratings: Fundamentals (Composite), Valuation (Composite), Financial Estimates Revisions (Composite), Consensus (Composite), and Visibility (Composite). The company must be covered by at least 4 of these 5 ratings for the calculation to be performed. We recommend that you carefully review the associated descriptions.
Intercontinental Exchange announces new $600 million investment in Polymarket
This super composite rating is the result of a weighted average of the rankings based on the following ratings: Fundamentals (Composite), Global Valuation (Composite), EPS Revisions (1 year), and Visibility (Composite). We recommend that you carefully review the associated descriptions. This composite rating is the result of an average of the rankings based on the following ratings: Fundamentals (Composite), Valuation (Composite), Financial Estimates Revisions (Composite), Consensus (Composite), and Visibility (Composite). The company must be covered by at least 4 of these 5 ratings for the calculation to be performed. We recommend that you carefully review the associated descriptions.
Poloniex Vs. Kraken: Side-by-side Look at Two Crypto Exchanges
Choosing a better crypto exchange starts with a direct comparison. This Poloniex vs Kraken overview sets two established cryptocurrency platforms against each other using first-hand research, and I will expand the matchup series in future notes. Read on to see which factors often lead traders to pick one for their transactions. With so many people buying and selling cryptocurrencies, the aim here is to explain why one exchange can feel like a better fit than another, before offering a brief background on both brands. Introduction Poloniex launched in January 2014 under Tristan D'Agosta in the United States, was acquired by Circle in 2018, and in 2019 Polo Digital Assets aligned with Tron's founder Justin Sun. Due to tighter United States rules around digital asset trading, Polo Digital Assets registered in Seychelles, a jurisdiction friendlier to crypto. If you have heard talk of Poloniex "shutting down," that is usually tied to market-by-market access changes, product retirements, or account restrictions rather than a single, platform-wide closure announcement. In practice, Poloniex has generally not positioned itself as a full-service exchange for United States residents, and access for United States users may be limited to withdrawals depending on the account and region. Kraken, founded in July 2011 by Jesse Powell and based in the United States, is often seen as a security-first exchange with a conservative, compliance-heavy approach. From what I have come across, I am not aware of a major, exchange-wide breach where Kraken's core platform was publicly reported as being drained of customer funds; the bigger risks tend to come from user-side issues like weak passwords, phishing, and poor account security settings. On paper, Poloniex shows a broader set of verified listings, while Kraken ranks higher with stronger liquidity signals. On security and trust, both exchanges rely on basic protections like password hygiene and two-factor authentication, but Kraken's overall posture feels more "locked down," while Poloniex has a more mixed reputation and is best approached with the mindset of managing your own risk and custody.When comparing exchanges, strong account security and predictable withdrawal controls matter more than tiny fee differences, because custody risk can wipe out trading gains in a single incident. Account Creation Poloniex sign-up is quick for a Level 1 account. You provide an email, choose a password, and confirm via email -- no long forms. Kraken registration asks for an email plus a username and a password up to 12 characters before the account is set up. For beginners, Poloniex is the less demanding starting point because you can get an account opened and explore the platform faster, while Kraken's process fits a more compliance-forward style of onboarding. User Interface On desktop, Poloniex presents a straightforward layout that a beginner can navigate easily; accessing the wallet worked smoothly on first use. Kraken's landing page makes a strong first impression, but reaching the wallet view was confusing; I repeatedly saw dense trade history panels with red highlights and mixed details. Deposit and Withdrawal Poloniex enables deposits and withdrawals immediately after creating an account. Withdrawals are capped at $50,000, deposits are unlimited, and you can start spot trading right away. In my experience, Poloniex is primarily geared toward crypto transfers and crypto-to-crypto trading, and direct fiat deposits or withdrawals are limited (and may not be available depending on your region). Kraken requires additional personal data such as a residential address before you can deposit, withdraw, or trade. Starter accounts are limited to $5,000 in daily withdrawals, so activity is constrained until more information is provided. Trading The trading screen on Poloniex is simple to grasp, allowing newcomers to place orders with little or no guidance. Kraken's trading interface is geared toward experienced users and can be challenging for first-time traders to interpret. Deposit Fees on Cryptocurrency Poloniex does not charge fees when you deposit supported cryptocurrencies into your account. Kraken applies a deposit fee to certain assets, so it's worth checking the specific coin before you send funds. Trading Fees My Thoughts I approached both platforms carefully and, for my needs, Poloniex comes out ahead. The direct reasons are ease of use and the fee feel: Poloniex is simpler to navigate and generally cheaper on spot trading in the examples above. Kraken's drawbacks, from my experience here, are the busier interface, the extra identity verification steps before you can fully use the platform, and the fact that some coins come with deposit fees. That said, if your top priority is a security-first, compliance-heavy exchange experience, Kraken is the one that tends to match that preference, while Poloniex is the one I would point beginners toward because it is quicker to start and easier to understand.
SpaceX's listing stirs up social media hype, ticker bets
March 27 (Reuters) - From rocket launches drawing millions of YouTube views to social media frenzy over its potential listing, SpaceX's debut is shaping up to be a landmark moment for Wall Street. Traders are betting thousands of dollars on the company's ticker and speculating over its entry into the most elite club of U.S. companies, giving the world's most valuable startup a level of social media buzz that only a few companies enjoy, especially when they are yet to file their IPO paperwork. On Polymarket, users were betting on topics including the company's targeted valuation, the exchange it will list on and the ticker its shares would trade under. The combined trading volume of such bets exceeded more than $15.2 million, as of Friday. Odds on the prediction markets platform put a 25% chance on SpaceX choosing the letter "X" as its ticker, a sharp drop from 60% a month ago. The single-letter ticker is up for grabs after U.S. Steel, which reportedly held it for over a century, delisted from the New York Stock Exchange after being bought by Japan's Nippon Steel last year. Musk's social media platform is also called X after a rebrand from Twitter in 2023. Tuttle Capital Management CEO Matthew Tuttle said a better alternative would be "SPCX" - also the ticker of an exchange traded fund his company manages. Tuttle has indicated openness to selling the SPCX symbol to SpaceX. "I've not heard from Elon, but my phone line is still open and I'm holding out hope that I get a call," he said. Apart from X, other potential options floated on Polymarket include "SPAX" and the risqué, "SEX". However, users see a roughly 70% probability that the company chooses a different ticker altogether. FROM MAGNIFICENT SEVEN TO SUPER EIGHT? SpaceX is targeting a valuation of $1.75 trillion in its listing, which would make it the sixth biggest U.S. company by market capitalization. Tesla and Meta Platforms could fall behind, with market valuations of $1.4 trillion and $1.39 trillion, respectively. That has fueled speculation over whether the company's market debut will force a rethink of the so-called "Magnificent Seven", a group of some of the most valuable U.S. companies. "When the company does finally go public, the Magnificent Seven will clearly expand. They'll probably call it the Magnificent Eight, the Super Eight or some new acronym," said Todd Schoenberger, chief investment officer at CrossCheck Management. To capitalize on his popularity among retail investors, CEO Elon Musk is also discussing allocating as much as 30% of the IPO to individual investors, at least three times the usual retail slice, Reuters reported. "The retail investor plays a very significant role when you have a company like SpaceX that's coming public. Most people would say yes to the opportunity of investing in Elon Musk's space company," said Jonathan Corpina, senior managing partner for Meridian Equity Partners. (Reporting by Niket Nishant and Shashwat Chauhan in Bengaluru; Editing by Devika Syamnath)
Oil market chaos will supercharge the electric car shift
Visit our Moral Money hub for all the latest ESG news, opinion and analysis from around the FT Donald Trump says talks with Iran to end the war are "going very well". Oil traders are not convinced, sending the Brent crude price to $110 a barrel this morning, the highest level since the start of the conflict. The energy market shock has created a new focus on renewable power investment, as I wrote last week. It will also give a push to a global electric car transition that has already been picking up speed, despite the cold feet of some big western carmakers . . . A rocky road ahead for the combustion engine Volkswagen, we learned this week, is in talks to convert a car factory in Lower Saxony to make parts for a missile defence system. The story is an elegant mash-up of two structural shifts with big implications. One of them -- the rush to strengthen military investment in Europe and beyond -- is obvious to anyone who's been paying even faint attention to the news in recent months. The second might seem less apparent from recent headlines: the inexorable decline of the combustion engine car. Big established carmakers have been lining up in the past few months to reveal major cutbacks to their electrification strategies. Stellantis last month announced a €25.4bn writedown as it drastically reduced its planned EV production. Ford and General Motors made similar moves as they wrote down $19.5bn and $6bn, respectively. A host of luxury brands from Lamborghini to Bentley have also taken an axe to their EV plans. I could go on. The main thing behind these writedowns is a harsher medium-term outlook for EV sales in the US -- which accounts for nearly a fifth of the global car market -- resulting from the elimination of government tax credits, and the Trump administration's broader pro-fossil fuel stance. EVs made up just 5.8 per cent of US car sales last month, down from 7.7 per cent a year before. Follow the trend Outside the US, however, the electric transition keeps rolling on. True, it has been moving more slowly in many markets than the breakneck pace big carmakers had anticipated a few years ago -- another factor behind their revised plans. The EU has watered down an all-out 2035 ban on new sales of fossil fuel-powered cars: instead, 90 per cent of each carmaker's vehicles will need to be zero-emission from that date. But if EV growth simply continues at the rate of recent years, sales of new combustion-engine cars will be virtually eliminated from some major markets in about a decade. In the EU electric car sales reached 17.4 per cent of all passenger car sales last year, up from 13.6 per cent in 2024. That might not sound very impressive. But the logic of compound growth tells us that, if electric cars' market share keeps expanding at the average annual rate of the past three years, they'll reach 100 per cent of the EU's new car sales in 2039. The UK would reach that landmark a year sooner. Do the same exercise for China -- where electric cars were 28 per cent of new car sales last year -- and you get to 100 per cent some time in 2035. These numbers understate the scale of the disruption, because I'm only counting pure electric cars. Include plug-in hybrids -- which can rely on a battery for everyday driving and use a combustion engine only for longer journeys -- and you're already at well over a quarter of Europe's market today, and more than half of China's. Moreover, the pace of change can reasonably be expected to accelerate, as technological advances in batteries and charging keep improving EV performance and ownership costs. That already seems to be happening, with last year's EV growth rate much stronger than the two previous years' in both China and Europe. Big developing-nation car markets such as India and Brazil are at a much earlier stage of the electric shift -- but it's catching on fast. Analysts at Bernstein estimate that electric and plug-in hybrid car sales outside China, the US and EU rose by 95 per cent in January from a year earlier. Ripple effects At this point I should probably mention the war. The rise in oil prices resulting from blocked Gulf energy shipments -- and the likelihood of elevated prices for months or years to come -- has further shifted the economics of the car market away from combustion engines. Auto dealers and online platforms are already pointing to signs of spiking consumer interest in EVs as fuel prices surge. Stock market investors are betting that the beneficiaries will be Chinese electric car and battery makers, which have maintained aggressive investment in these technologies while their western and Japanese peers hesitated. These Chinese companies' share prices have surged since the war began on February 28, while big incumbent carmakers have sold off hard. This chart shows the scale of the divergence (for context, the FTSE Developed index is down 6.5 per cent over the same period, while China's CSI 300 index is down 4.4 per cent). The ongoing energy shock seems almost certain to give fresh momentum to the EV shift. But even before the first bombs dropped on Tehran, the long-term prospects for combustion engine cars were already darkening.
SpaceX's Listing Stirs up Social Media Hype, Ticker Bets
By Niket Nishant and Shashwat Chauhan March 27 (Reuters) - From rocket launches drawing millions of YouTube views to social media frenzy over its potential listing, SpaceX's debut is shaping up to be a landmark moment for Wall Street. Traders are betting thousands of dollars on the company's ticker and speculating over its entry into the most elite club of U.S. companies, giving the world's most valuable startup a level of social media buzz that only a few companies enjoy, especially when they are yet to file their IPO paperwork. On Polymarket, users were betting on topics including the company's targeted valuation, the exchange it will list on and the ticker its shares would trade under. The combined trading volume of such bets exceeded more than $15.2 million, as of Friday. Odds on the prediction markets platform put a 25% chance on SpaceX choosing the letter "X" as its ticker, a sharp drop from 60% a month ago. The single-letter ticker is up for grabs after U.S. Steel, which reportedly held it for over a century, delisted from the New York Stock Exchange after being bought by Japan's Nippon Steel last year. Musk's social media platform is also called X after a rebrand from Twitter in 2023. Tuttle Capital Management CEO Matthew Tuttle said a better alternative would be "SPCX" - also the ticker of an exchange traded fund his company manages. Tuttle has indicated openness to selling the SPCX symbol to SpaceX. "I've not heard from Elon, but my phone line is still open and I'm holding out hope that I get a call," he said. Apart from X, other potential options floated on Polymarket include "SPAX" and the risqué, "SEX". However, users see a roughly 70% probability that the company chooses a different ticker altogether. FROM MAGNIFICENT SEVEN TO SUPER EIGHT? SpaceX is targeting a valuation of $1.75 trillion in its listing, which would make it the sixth biggest U.S. company by market capitalization. Tesla and Meta Platforms could fall behind, with market valuations of $1.4 trillion and $1.39 trillion, respectively. That has fueled speculation over whether the company's market debut will force a rethink of the so-called "Magnificent Seven", a group of some of the most valuable U.S. companies. "When the company does finally go public, the Magnificent Seven will clearly expand. They'll probably call it the Magnificent Eight, the Super Eight or some new acronym," said Todd Schoenberger, chief investment officer at CrossCheck Management. To capitalize on his popularity among retail investors, CEO Elon Musk is also discussing allocating as much as 30% of the IPO to individual investors, at least three times the usual retail slice, Reuters reported. "The retail investor plays a very significant role when you have a company like SpaceX that's coming public. Most people would say yes to the opportunity of investing in Elon Musk's space company," said Jonathan Corpina, senior managing partner for Meridian Equity Partners. (Reporting by Niket Nishant and Shashwat Chauhan in Bengaluru; Editing by Devika Syamnath)
Anthropic targets October for mega IPO
AI giant Anthropic is targeting a listing as early as October, placing itself at the centre of what could become one of the most significant tech IPOs in years. The San Francisco-based company, best known for its Claude chatbot, has begun preliminary discussions with leading Wall Street banks including Goldman Sachs, JPMorgan Chase and Morgan Stanley about underwriting roles, according to reports. While the plans remain under consideration, an October listing would land at a pivotal moment for markets, with AI firms attracting unprecedented levels of capital and scrutiny. Founded in 2021 by former researchers from OpenAI, Anthropic has rapidly established itself as a major force in generative AI. Its Claude models are used across industries for tasks including coding, automation and enterprise workflows, while the company has built a reputation for emphasising safety in AI development. Race for capital intensifies ahead of IPO Anthropic's IPO ambitions follow a surge in funding that has propelled its valuation to around $380bn after a $30bn raise earlier this year. The company has secured backing and strategic partnerships from major tech players including Alphabet, Amazon, Microsoft and Nvidia, reflecting the growing importance of compute power and infrastructure in the AI race. A public listing would provide fresh capital to fund expansion, including plans to invest heavily in data centres and scaling its models, while also offering an exit route for early investors and employees. The move comes as competition intensifies across the sector, with rivals such as Google DeepMind and OpenAI also pushing to dominate the next phase of AI development. Investor appetite is already evident, with asset managers having begun filing for exchange-traded funds tied to Anthropic and other anticipated listings. However, market volatility, regulatory scrutiny and the high cost of building AI infrastructure could complicate the path to listing. Anthropic will also face pressure to demonstrate a clear route to profitability once public. If it proceeds, an October IPO would not only mark a milestone for Anthropic but could set the tone for how public markets value the next generation of AI companies.
Is merging with SpaceX the new 'master plan' at Tesla? (TSLA:NASDAQ)
Tesla (TSLA) has long been known to issue sweeping master plans to describe its business objectives. The next version could involve one of the largest mergers in corporate history in terms of the market caps involved. Wedbush Securities expects Tesla ( A Tesla and SpaceX merger could create one of the largest combined organizations with increased overlap, operational synergy, and enhanced AI ecosystem control under Musk; it also presents regulatory challenges. Tesla's $2B investment in xAI, now converted to a stake in SpaceX, ties the companies closer together and could facilitate future merger efforts, despite it being less than 1% of SpaceX's valuation. Tesla's master plans outline the company's evolving business objectives, highlighting moves from premium vehicles to broad electrification and, currently, transformational goals that set context for potential large-scale mergers and industry shifts.
SpaceX's listing stirs up social media frenzy, ticker bets
March 27 : From rocket launches drawing millions of YouTube views to social media frenzy over its potential listing, SpaceX's debut is shaping up to be a landmark moment for Wall Street. Traders are betting thousands of dollars on the company's ticker and speculating over its entry into the most elite club of U.S. companies, giving the world's most valuable startup a level of social media buzz that only a few companies enjoy, especially when they are yet to file their IPO paperwork. On Polymarket, users were betting on topics including the company's targeted valuation, the exchange it will list on and the ticker its shares would trade under. The combined trading volume of such bets exceeded more than $15.2 million, as of Friday. Odds on the prediction markets platform put a 25 per cent chance on SpaceX choosing the letter "X" as its ticker, a sharp drop from 60 per cent a month ago. The single-letter ticker is up for grabs after U.S. Steel, which reportedly held it for over a century, delisted from the New York Stock Exchange after being bought by Japan's Nippon Steel last year. Musk's social media platform is also called X after a rebrand from Twitter in 2023. Tuttle Capital Management CEO Matthew Tuttle said a better alternative would be "SPCX" - also the ticker of an exchange traded fund his company manages. Tuttle has indicated openness to selling the SPCX symbol to SpaceX. "I've not heard from Elon, but my phone line is still open and I'm holding out hope that I get a call," he said. Apart from X, other potential options floated on Polymarket include "SPAX" and the risqué, "SEX". However, users see a roughly 70 per cent probability that the company chooses a different ticker altogether. FROM MAGNIFICENT SEVEN TO SUPER EIGHT? SpaceX is targeting a valuation of $1.75 trillion in its listing, which would make it the sixth biggest U.S. company by market capitalization. Tesla and Meta Platforms could fall behind, with market valuations of $1.4 trillion and $1.39 trillion, respectively. That has fueled speculation over whether the company's market debut will force a rethink of the so-called "Magnificent Seven", a group of some of the most valuable U.S. companies. "When the company does finally go public, the Magnificent Seven will clearly expand. They'll probably call it the Magnificent Eight, the Super Eight or some new acronym," said Todd Schoenberger, chief investment officer at CrossCheck Management. To capitalize on his popularity among retail investors, CEO Elon Musk is also discussing allocating as much as 30 per cent of the IPO to individual investors, at least three times the usual retail slice, Reuters reported. On social media platform Reddit's r/WallStreetBets thread, SpaceX was mentioned 130 times over the past week and was the 19th most popular mention, according to data from Germany-based data group Breakout Point. "The retail investor plays a very significant role when you have a company like SpaceX that's coming public. Most people would say yes to the opportunity of investing in Elon Musk's space company," said Jonathan Corpina, senior managing partner for Meridian Equity Partners.
Anthropic scores early victory as federal court stops Trump's AI ban and Pentagon action - Tech Startups
A federal judge in San Francisco has stepped into one of the most consequential AI disputes yet, siding with Anthropic in its fight against actions taken by the Trump administration that threatened to shut it out of government work. On Thursday, Judge Rita Lin granted Anthropic's request for a preliminary injunction, pausing a directive from Donald Trump that barred federal agencies from using the company's Claude models. The order blocks the administration from enforcing the policy and undercuts the United States Department of Defense's effort to label the company a national security risk. The ruling came less than a month after Anthropic sued the Trump administration, after it was labeled a U.S. national security threat and blacklisted from federal AI work. The decision lands just days after a tense courtroom exchange in which government lawyers were pressed on why Anthropic had been singled out. The company argues it was punished for speaking out during contract negotiations, a claim the court appears to take seriously. "Punishing Anthropic for bringing public scrutiny to the government's contracting position is classic illegal First Amendment retaliation," Lin wrote in the order. A final ruling could still take months. The language did not stop there. Lin sharply questioned the basis for branding a U.S. company as a potential adversary. "Nothing in the governing statute supports the Orwellian notion that an American company may be branded a potential adversary and saboteur of the U.S. for expressing disagreement with the government," she wrote. Anthropic moved quickly to respond, calling the decision an important step forward. "We're grateful to the court for moving swiftly," the company said. "While this case was necessary to protect Anthropic, our customers, and our partners, our focus remains on working productively with the government to ensure all Americans benefit from safe, reliable AI." The clash traces back to a series of moves in Washington that caught many in the defense and tech communities off guard. In late February, Defense Secretary Pete Hegseth publicly labeled Anthropic a supply chain risk, a designation typically reserved for foreign adversaries. Days later, the Defense Department formalized the claim in a letter. The implications were immediate. Contractors working with the Pentagon, including Amazon, Microsoft, and Palantir, were required to certify that they were not using Anthropic's Claude models in defense-related work. It marked the first time a U.S. company had been publicly assigned that label. The administration reinforced its stance when Trump posted on Truth Social that federal agencies should "immediately cease" using Anthropic's technology, with a six-month phase-out window. "WE will decide the fate of our Country -- NOT some out-of-control, Radical Left AI company run by people who have no idea what the real World is all about," he wrote. For many observers, the dispute centers on a breakdown in negotiations rather than a clear national security threat. Anthropic had signed a $200 million contract with the Pentagon last July and had already deployed its models on classified networks, CNBC reported. Talks began to unravel during discussions over how the technology would be used. The Defense Department pushed for broad access across all lawful use cases. Anthropic sought limits, including assurances that its models would not support fully autonomous weapons or domestic mass surveillance. The two sides failed to find common ground. Judge Lin made it clear during the hearing that the government is free to choose other vendors. "Everyone, including Anthropic, agrees that the Department of [Defense] is free to stop using Claude and look for a more permissive AI vendor," she said. "I don't see that as being what this case is about. I see the question in this case as being a very different one, which is whether the government violated the law." That question now sits at the center of a legal fight that could shape how AI companies engage with federal agencies. Anthropic has already filed a separate case in Washington seeking formal review of the Defense Department's designation, setting up a parallel track that could extend the dispute well into the year. For now, the injunction gives Anthropic breathing room and signals that courts are willing to scrutinize how the government exercises its power over emerging technologies. The broader outcome remains unsettled, though the early message from the bench is clear: the rules still apply, even in a fast-moving AI race.
