News & Updates
The latest news and updates from companies in the WLTH portfolio.
Amazon to invest up to $25 billion in Anthropic as part of $100-billion cloud deal
The deal deepens the relationship between Amazon and Anthropic as the AI startup rushes to secure capacity to bolster its models Amazon said on Monday, April 20, that it will invest up to $25 billion in Anthropic, as the AI startup commits to spending more than $100 billion over the next 10 years on Amazon's cloud technologies. The deal deepens the two firms' relationship as Anthropic rushes to secure capacity to bolster its models. Seattle-based Amazon will invest $5 billion in Anthropic now, and an additional $20 billion in the future, subject to certain commercial milestones. This is in addition to the $8 billion Amazon previously invested in the company. Amazon has struggled to generate buzz around its own AI models, such as Nova, while continuing to be a leader in providing critical infrastructure for the AI boom, such as cloud computing power. Amazon said it anticipates around $200 billion this year on capital expenditures, largely for AI development. Amazon is also making big bets on the largest AI startups. The new investment in Anthropic, the creator of Claude, follows Amazon's announcement earlier this year it would invest up to $50 billion in OpenAI, the maker of ChatGPT. In a statement, Anthropic said it expected to bring roughly 1 gigawatt of capacity via Trainium2 and Trainium3 chips by year-end. Anthropic ultimately expects to secure up to 5 gigawatts of such capacity. Amazon CEO Andy Jassy said in a statement that Anthropic's use of Trainium chips "reflects the progress we've made together on custom silicon." Anthropic is aiming to pull ahead in the AI race with model releases focusing on coding and design, while Amazon seeks customers for its custom silicon chips built for artificial intelligence training and inference.
Google Puts Together A-Team to Build Better Coding Models Than Anthropic
Google co-founder Sergey Brin is said to be involved in the project Coding seems to be the flavour of the month for artificial intelligence (AI) companies. Recently, OpenAI increased its focus on its coding platform Codex, and now Google appears to be shifting its focus as well. As per a report, the Mountain View-based tech giant's DeepMind division has created a specialised team that has been tasked with building AI models focused on coding. The aim is, reportedly, to close the gap between the company and Anthropic and is likely to secure a larger share of the lucrative high-ticket enterprise revenue. Google's A-Team Targets Anthropic's AI Models According to The Information, Google DeepMind has created a new team of researchers and engineers to develop the coding capabilities of future Gemini models and to build coding-focused large language models (LLMs) from scratch. This team is reportedly being led by research engineer Sebastian Borgeaud, who previously looked after pre-training of AI models. Some of the areas the team is focused on are said to be complex coding work, long-horizon programming, writing an entire software from scratch, and enabling the models to read files to contextually understand the requirements of the user. It appears that the company is aiming to develop an AI model capable of handling end-to-end coding tasks. Google's Co-Founder, Sergey Brin, and DeepMind's CTO, Koray Kavukcuoglu, are reportedly directly involved with the team. In an internal memo seen by the publication, Brin reportedly highlighted the need to "urgently bridge the gap in agentic execution and turn our models into primary developers." The Co-Founder is also said to have asked engineers working on Gemini to use internal agents for complex tasks. Google is reportedly pushing to improve the coding capabilities of its models because the executives believe that Anthropic's models are better at such tasks, and the Gemini maker does not want to be left behind. With the enterprise adoption of AI coding tools increasing, major AI players have switched their focus to developing models that can handle complex tasks autonomously. Just last week, OpenAI upgraded Codex with Computer Use and image generation capabilities, allowing the desktop app to access files, apps, and interfaces to write code, run programs, test software, and iterate on existing builds. The image generation feature also bolsters the coding tool's ability to handle frontend tasks.
Europe must prevent misuse of Anthropic's Mythos, Bundesbank chie
Bundesbank President Joachim Nagel warns that Anthropic's Mythos AI model -- capable of rapidly identifying and exploiting software vulnerabilities -- poses new cyber risks and urges European institutions to gain access to prevent competitive imbalances. Bundesbank Chief Warns Europe to Prevent Misuse of Anthropic's Mythos AI Model Bundesbank President Raises Concerns Over AI and Financial Security Potential Cyber Risks from Anthropic's Mythos FRANKFURT, April 21 (Reuters) - Banking authorities must prevent the misuse of Anthropic's Mythos, its most advanced AI model to date, which opens the door to new and sophisticated cyber risks, Bundesbank President Joachim Nagel said on Tuesday. Capabilities and Dangers of Mythos "Mythos is an AI model that appears capable of quickly identifying and exploiting security vulnerabilities in financial institutions' software," Nagel said in a speech. Double-Edged Sword: Security and Vulnerability "However, this AI model seems to be a double-edged sword, since it could be used not only to improve digital security systems, but also to leverage their vulnerabilities for malicious purposes," he added. Ensuring Fair Access to AI Technology He added that all relevant institutions should have access to such technology to avoid competitive distortions. (Reporting by Balazs Koranyi, Editing by Louise Heavens)
Anthropic and OpenAI close in on Europe with London growth. What we know so far -- TFN
Anthropic and OpenAI are closing in on European AI companies as they cement their presence in the UK, forcing startups to reevaluate salaries and benefits to keep talent, according to investors. Anthropic is set to open an 800-person office space in London, per CNBC, suggesting a dramatic expansion of its existing 200-strong UK team. US companies tend to pay more and offer equity to employees, which still isn't commonplace in Europe. "I do think it will push on salaries in the UK, and our portfolio companies will have to be prepared to go up against some of the big packages these companies can dangle," Dinika Mahtani, partner at Cherry Ventures, tells Tech Funding News. "The allure of equity in a generational company will be hard to beat, so smaller companies will need to get more creative and competitive." Anthropic lined up an up to $6 billion employee share sale at a $350 billion valuation in February, according to Bloomberg -- potentially making eligible staffers millionaires. Share buy-backs are a way for employees to cash in their equity without having to wait for an exit, though Anthropic is widely expected to go public this year. Earlier this month, the company introduced its most advanced AI model yet -- prompting security concerns. It caused an investment frenzy, and VCs looked to cut it cheques at a $800 billion valuation, according to Business Insider. OpenAI, last valued at $852 billion, is also expected to float this year. The company recently announced its first permanent UK office, driving further demand for talent. Europe's AI darling Mistral, one of few foundational model plays on the continent, was last valued at $14 billion. The ChatGPT-maker will set up shop in King's Cross, according to CNBC. The area is already home to Big Tech firms like Google DeepMind and Meta, as well as buzzy AI names synthetic video startup Synthesia and autonomous car company Wayve. It is unclear where Anthropic's new office will be. The company did not immediately respond to TFN's request for comment. Mahtani says that the Anthropic's expansion was "inevitable" due to London's talent pool and competitiveness. The company has 52 open roles in the British capital, according to its careers page at the time of writing. It also has a presence in Ireland and Paris, where it is also hiring, though at smaller scales. Ekaterina Almasque, cofounding partner growth stage firm BlankPage Capital, told TFN these companies will "provide a powerful training platform for potential future founders" that will help to spawn a new generation of AI-native companies. International talent could also be lured to London as a result, which is "a crucial factor for creating an even stronger AI industry in the UK." "This is similar to how frontier research in the UK, followed by the presence of Intel and other silicon technologies companies, helped to shape the semiconductor industry in the UK," Almasque says. In return, it gave rise to ARM, Graphcore and other domestic startups working on quantum, optical and other novel computing architectures, she adds. US AI companies are no doubt eyeing European companies' market share as well as staffers. Anthropic is reportedly building a vibe-coding competitor to Europe's Lovable, for instance. "Clearly the frontier labs want to and need to go more vertical to capture more value and improve their margin profiles, and vibe-coding is the most natural place for them to start," says Samir Kumar, a general partner at Touring Capital. "It would behoove platforms like Lovable to consider switching to open source models where there isn't a conflict of incentives." The UK's push for sovereign AI capabilities is a boon for the industry, while the government reportedly courted Anthropic, per the FT. It is unclear whether Anthropic will invest in its own data centres on British soil. Historically it hasn't built its own facilities, but last year announced a $50 billion strategy to do so in the US. OpenAI paused plans for its AI infrastructure project, Stargate UK, which was designed in partnership with Nvidia and Nscale to bolster the country's sovereign compute capacity.
ARK's SpaceX IPO Guide makes a compelling case on why $1.75T may not be the ceiling
ARK Invest breaks down six reasons SpaceX's $1.75 trillion IPO valuation may be justified. ARK Invest, which holds SpaceX as its largest Venture Fund position at 17% of net assets, has published a detailed investor guide to why a SpaceX IPO may be grounded in a $1.75 trillion target valuation. The financial case starts with Starlink, SpaceX's satellite internet constellation, which has surpassed 10 million active subscribers globally as of early 2026, with 2026 revenue projected to exceed $20 billion. ARK's research puts the total satellite connectivity market opportunity at roughly $160 billion annually at scale, and Starlink is adding customers faster than any telecom network in history. That growth alone would justify a substantial valuation. Additionally, ARK notes that SpaceX has reduced the cost per kilogram to orbit from roughly $15,600 in 2008 to under $1,000 today through reusable Falcon 9 hardware. A fully operational Starship targeting sub-$100 per kilogram would represent a significant cost decline and open markets that do not currently exist. SpaceX executed a staggering 165 missions in 2025 and now accounts for approximately 85% of all global orbital launches. That infrastructure position took decades to build and would be nearly impossible to replicate at comparable cost. SpaceX officially acquires xAI, merging rockets with AI expertise The February 2026 merger with xAI added a layer to the valuation that straightforward financial models struggle to capture. ARK argues that at sub-$100 launch costs, orbital data centers could deliver compute roughly 25% cheaper than ground-based alternatives, without power grid delays, permitting friction, or land constraints. Musk has stated a goal of deploying 100 gigawatts of AI computing capacity per year from orbit. The $1.75 trillion figure itself is not a conventional earnings multiple. At roughly 95x trailing revenue, it prices in Starlink's adoption curve, Starship's cost trajectory, and the orbital compute thesis together. The public S-1 prospectus, due at least 15 days before the June roadshow, will give investors their first complete look at the financials to test those assumptions. ARK's position is that the track record earns the benefit of the doubt. Fully reusable rockets were considered unrealistic for years. Starlink was considered financially unviable. Both happened on timelines that surprised skeptics.
Exclusive-Musk and insiders to retain voting control of SpaceX after IPO, filing shows
NEW YORK, April 20 (Reuters) - SpaceX plans to cement founder Elon Musk's control after its IPO, granting him and a small group of insiders super-voting shares that will outweigh other investors, according to excerpts of the company's IPO filing reviewed by Reuters. The prospectus, which was confidentially filed this month, provides fresh details of the company's financials and corporate governance. Upon completion of the offering, Musk will stay on as chief executive officer, chief technical officer, and will serve as chairman of SpaceX's nine-member board of directors. Though Musk was paid $54,080 last year, according to the excerpts, he stands to gain billions in equity after the company's stock market debut. SpaceX is targeting a listing valuation of roughly $1.75 trillion with a $75 billion raise, which would make it the largest initial public offering in history. President and Chief Operating Officer Gwynne Shotwell received $85.8 million in total compensation last year, Reuters previously reported, while Chief Financial Officer Bret Johnsen was paid $9.8 million. ANALYST DAY Some of the executives are driving Musk's IPO ambitions with three days of meetings planned this week for Wall Street analysts, starting with a tour and briefings at SpaceX's Starbase launch facility in Boca Chica, Texas. The filing excerpts show SpaceX will use a dual-class equity structure that gives Class B shareholders 10 votes each, concentrating power with Musk and a handful of other insiders, while Class A shares sold to public investors will carry one vote each. They also outline provisions that could limit shareholders' ability to influence board elections or pursue certain legal claims, forcing disputes into arbitration instead and restricting where they can be brought. While such structures are common among founder-led technology companies, they limit public shareholders' ability to influence strategy or challenge management. FIRST LOOK AT FINANCIALS The filing gives investors the first look at SpaceX's financial health, especially after Musk combined the rocket maker with his social media and AI company xAI this year. The combined company ended 2025 with about $24.8 billion in cash on hand, and had total assets of $92 billion against total liabilities of $50.8 billion. Its satellite internet business Starlink generated billions in profit last year, helping to offset heavy losses inherited when it bought founder Elon Musk's social media and artificial intelligence company xAI this year, the excerpts show. SpaceX swung to a $4.94 billion consolidated loss in 2025 on revenue of $18.67 billion as it invested heavily in xAI's artificial intelligence infrastructure, from a $791 million profit and $14.02 billion in revenue the year before. It lost $4.63 billion on $10.4 billion in revenue in 2023. AI SPENDING Its losses stem from an almost fivefold increase in capital spending over two years to $20.74 billion last year, more than half of that on AI spending. The company's successful Starlink satellite internet service is subsidizing much of that spending, generating $4.42 billion in operating profit but accounting for less than a quarter of its total capital expenditures. Capital expenditure at the AI segment surged to $12.7 billion from $5.6 billion the prior year, pushing SpaceX's total capex above $20.7 billion, more than double the prior year. That remains a fraction of spending by the largest technology companies on AI infrastructure: Meta, with a comparable market capitalization of about $1.7 trillion, had capital expenditure of $72 billion in 2025. The Information previously reported some aspects of the financials. SpaceX did not immediately respond to a request for comment. (Reporting by Echo Wang; Writing by Dawn Kopecki; Editing by Clarence Fernandez)
Exclusive-SpaceX president Shotwell earned $85 million last year, document shows
NEW YORK, April 21 (Reuters) - SpaceX President Gwynne Shotwell earned $85.8 million in total compensation last year, a company prospectus showed, placing her among the highest‑paid U.S. executives. Shotwell, who is also chief operating officer, earned a salary of $1 million, with most of her compensation coming from stock options and awards, according to an excerpt of SpaceX's S‑1 filing. Companies use the registration document to disclose their finances and risks before going public. Elon Musk's SpaceX has filed confidentially for a U.S. IPO, Reuters reported this month, paving the way for a potential record‑breaking listing valued at around $1.75 trillion. Chief Financial Officer Bret Johnson earned total compensation of $9.8 million, while billionaire CEO Musk, the majority shareholder in SpaceX, paid himself a salary of $54,080, the excerpt from the prospectus showed. SpaceX did not immediately respond to a request for comment. The compensation figures, which have not been previously reported, place Shotwell's pay above many other high-profile tech executives. Microsoft CEO Satya Nadella earned $79 million in 2024, while Apple's Tim Cook took home $75 million, according to compensation data compiled by Equilar. Shotwell has a net worth of $3.4 billion, according to Forbes. Although Musk is the public face of SpaceX, 62‑year‑old Shotwell manages much of the company's day‑to‑day grind. That involves converting Musk's futuristic vision into the practical realities of manufacturing rockets, deploying satellites and lining up commercial, government and military customers. Shotwell joined SpaceX in 2002 as vice president of business development, becoming employee No. 7 at the then‑fledgling company. She has been a central behind‑the‑scenes figure in building demand for SpaceX's reusable Falcon 9 rocket, as well as its Starlink satellite broadband constellation, which now generates the bulk of the company's revenue and profit. A mechanical engineer by training, Shotwell began her career at Chrysler Motors before moving into the space industry. (Reporting by Echo Wang; additional reporting by Chris Sanders; Writing by Joe Brock; Editing by Clarence Fernandez)
Europe must prevent misuse of Anthropic's Mythos, Bundesbank chief warns
FRANKFURT, April 21 (Reuters) - Banking authorities must prevent the misuse of Anthropic's Mythos, its most advanced AI model to date, which opens the door to new and sophisticated cyber risks, Bundesbank President Joachim Nagel said on Tuesday. "Mythos is an AI model that appears capable of quickly identifying and exploiting security vulnerabilities in financial institutions' software," Nagel said in a speech. "However, this AI model seems to be a double-edged sword, since it could be used not only to improve digital security systems, but also to leverage their vulnerabilities for malicious purposes," he added. He added that all relevant institutions should have access to such technology to avoid competitive distortions. Reporting by Balazs Koranyi, Editing by Louise Heavens Our Standards: The Thomson Reuters Trust Principles., opens new tab
Exclusive: Musk and insiders to retain voting control of SpaceX after IPO, filing shows
NEW YORK, April 20 (Reuters) - SpaceX plans to cement founder Elon Musk's control after its IPO, granting him and a small group of insiders super-voting shares that will outweigh other investors, according to excerpts of the company's IPO filing reviewed by Reuters. The prospectus, which was confidentially filed this month, provides fresh details of the company's financials and corporate governance. Upon completion of the offering, Musk will stay on as chief executive officer, chief technical officer, and will serve as chairman of SpaceX's nine-member board of directors. Though Musk was paid $54,080 last year, according to the excerpts, he stands to gain billions in equity after the company's stock market debut. SpaceX is targeting a listing valuation of roughly $1.75 trillion with a $75 billion raise, which would make it the largest initial public offering in history. President and Chief Operating Officer Gwynne Shotwell received $85.8 million in total compensation last year, Reuters previously reported, while Chief Financial Officer Bret Johnsen was paid $9.8 million. ANALYST DAY Some of the executives are driving Musk's IPO ambitions with three days of meetings planned this week for Wall Street analysts, starting with a tour and briefings at SpaceX's Starbase launch facility in Boca Chica, Texas. The filing excerpts show SpaceX will use a dual-class equity structure that gives Class B shareholders 10 votes each, concentrating power with Musk and a handful of other insiders, while Class A shares sold to public investors will carry one vote each. They also outline provisions that could limit shareholders' ability to influence board elections or pursue certain legal claims, forcing disputes into arbitration instead and restricting where they can be brought. While such structures are common among founder-led technology companies, they limit public shareholders' ability to influence strategy or challenge management. FIRST LOOK AT FINANCIALS The filing gives investors the first look at SpaceX's financial health, especially after Musk combined the rocket maker with his social media and AI company xAI this year. The combined company ended 2025 with about $24.8 billion in cash on hand, and had total assets of $92 billion against total liabilities of $50.8 billion. Its satellite internet business Starlink generated billions in profit last year, helping to offset heavy losses inherited when it bought founder Elon Musk's social media and artificial intelligence company xAI this year, the excerpts show. SpaceX swung to a $4.94 billion consolidated loss in 2025 on revenue of $18.67 billion as it invested heavily in xAI's artificial intelligence infrastructure, from a $791 million profit and $14.02 billion in revenue the year before. It lost $4.63 billion on $10.4 billion in revenue in 2023. AI SPENDING Its losses stem from an almost fivefold increase in capital spending over two years to $20.74 billion last year, more than half of that on AI spending. The company's successful Starlink satellite internet service is subsidizing much of that spending, generating $4.42 billion in operating profit but accounting for less than a quarter of its total capital expenditures. Capital expenditure at the AI segment surged to $12.7 billion from $5.6 billion the prior year, pushing SpaceX's total capex above $20.7 billion, more than double the prior year. That remains a fraction of spending by the largest technology companies on AI infrastructure: Meta, with a comparable market capitalization of about $1.7 trillion, had capital expenditure of $72 billion in 2025. The Information previously reported some aspects of the financials. SpaceX did not immediately respond to a request for comment. Reporting by Echo Wang; Writing by Dawn Kopecki; Editing by Clarence Fernandez Our Standards: The Thomson Reuters Trust Principles., opens new tab Echo Wang Thomson Reuters Echo Wang is a correspondent at Reuters covering U.S. equity capital markets, and the intersection of Chinese business in the U.S, breaking news from U.S. crackdown on TikTok and Grindr, to restrictions Chinese companies face in listing in New York. She was the Reuters' Reporter of the Year in 2020.
Anthropic goes all-in on Amazon's cloud, pledges $100 billion on AI: Is an IPO next?
Infrastructure is key to AI development. Hence, as the AI race heats up in 2026, Anthropic has announced a new partnership with cloud giant Amazon, committing to spend over $100 billion on Amazon Web Services (AWS) over the next 10 years. Simultaneously, the maker of Claude has also secured an additional investment of $5 billion from Amazon, thus adding to Amazon's total investment in the AI firm to $13 billion. As part of the expanded agreement, Amazon could invest up to an additional $20 billion in the future, which depends on Anthropic achieving certain commercial milestones. In return, Anthropic has pledged to purchase massive computing capacity from AWS, including up to 5 gigawatts (GW) of new infrastructure dedicated to training and running its Claude AI models. The deal features Amazon's custom AI chips, including the Trainium2, and the upcoming Trainium3 and Trainium4 accelerators. These chips compete directly with Nvidia's dominant GPUs. Anthropic scales up infrastructure investment for AI race Anthropic stated that the agreement will bring nearly 1 GW of Trainium2 and Trainium3 capacity online by the end of 2026, with additional Trainium capacity rolling out in the first half of this year. The company will also have priority access to future Amazon silicon technology once it becomes available. "This partnership significantly strengthens our ability to scale Claude safely and reliably," Anthropic stated in its official announcement. The company stated that the dedicated compute will support rapid development of more powerful AI systems, like Mythos, while leveraging Amazon's cost-efficient custom hardware. Anthropic CEO Dario Amodei stressed why the company needs to expand its infrastructure investment. "Our users tell us Claude is increasingly essential to how they work, and we need to build the infrastructure to keep pace with rapidly growing demand," said Amodei. "Amazon CEO Andy Jassy added to the announcement, saying, "Our custom AI silicon offers high performance at significantly lower cost for customers, which is why it's in such hot demand." This isn't the first instance of Amazon partnering with an AI firm. Back in February 2026, Amazon contributed $50 billion as part of OpenAI's $110 billion funding round, also tied heavily to cloud infrastructure usage. Amazon has positioned itself in the AI space as one of the biggest corporate backers in the AI race, using large investments and cloud commitments to lock in major AI labs as long-term AWS customers while gaining exposure to cutting-edge model development. Amazon investment: Is Anthropic readying for IPO launch? The latest investment of $5 billion from Amazon comes at a time when Anthropic's current valuation stands at approximately $350-380 billion. Previous reports of venture capitalists offering terms had emerged, with expected valuations of the company at $800 billion or higher, but Anthropic has declined these rounds so far. With demand for GPUs and AI accelerators keeping far outpacing the supply, securing multi-gigawatt cloud infrastructure commitments has become critical for frontier AI companies racing to build more powerful models. Anthropic's deepening alliance with Amazon provides it with both capital and guaranteed access to infrastructure at a time when many AI startups are facing skyrocketing compute costs. Meanwhile, for Amazon, the deal with Anthropic strengthens AWS's position as a cloud provider for leading AI development, rivalling services from Google, Microsoft and other service providers.
SpaceX to woo Wall Street with three-day analyst meet this week, sources say
Elon Musk's company is holding the briefings for Wall Street's top aerospace and technology analysts as it looks to raise $75bln NEW YORK- SpaceX is moving ahead with plans for one of the most anticipated IPOs in history as it hosts analysts this week for three days of closed-door meetings at its launch facility in Texas and mega-sized data center in Tennessee, according to three people familiar with the matter. Elon Musk's company is holding the briefings for Wall Street's top aerospace and technology analysts as it looks to raise $75 billion, in an IPO that would be the world's biggest ever, with executives targeting a late June trading debut. The presentations kick off with an all-day meeting and analyst tour on Tuesday at the satellite and rocket maker's Starbase launch facilities in Boca Chica, Texas, the sources said. Another group of analysts representing institutional investors, including big mutual funds and pension plans, will be briefed in a separate session at Starbase on Wednesday, they added. On Thursday, the analysts have been invited to review the company's "Macrohard" project at its Colossus data center in Memphis, Tennessee, they said. Attendees are expected to surrender electronic devices to participate in the meetings, said one of the sources, who all spoke on condition of anonymity as the information was not public. SpaceX did not respond to a request for comment. Reuters was the first to report on the plans to host analysts earlier this month. The inclusion of Starbase on the tour and the three days of briefings have not been reported previously. IPO PROCESS Analyst days are a standard part of the IPO process, in which companies brief analysts on their business, financial outlook and long-term strategy ahead of a public listing. Some of the analysts set to attend have also received copies of SpaceX's confidential registration filing, though the document contained limited information, two of the sources said. The filing, excerpts of which were reviewed by Reuters, gives investors the first look at SpaceX's financial health after Musk combined the rocket maker with his social media and AI company xAI this year. The combined company ended 2025 with about $24.7 billion in cash on hand, but more than $50 billion in liabilities. SpaceX swung to a $4.94 billion consolidated loss in 2025 on $18.67 billion in revenue as it invested heavily in xAI's artificial intelligence infrastructure, from a $791 million profit and $14.02 billion in revenue the year before, the excerpts show. About two weeks after the analyst days, SpaceX is expected to hold a separate "modeling" day for a select group of Wall Street analysts, some of whose banks are working on the deal, two of the people said. At such sessions, companies typically walk analysts through financial projections, business thesis and the other key data that will help analysts calculate earnings estimates before the listing. SpaceX Chief Financial Officer Bret Johnsen has about two months to convince some of Wall Street's top analysts, and ultimately investors, that the company is worth an almost unfathomable $1.75 trillion. Musk merged xAI with SpaceX in February, bringing under one roof the billionaire's rockets, Starlink satellites, the X social media platform and Grok AI chatbot. The combination created a tech and aerospace conglomerate like no other, but it also makes valuing SpaceX tricky. To justify the $75 billion Musk hopes to raise as well as the lofty valuation, at least one large institutional investor has been using unusual benchmarks to explain the math, Reuters previously reported. Rather than comparing SpaceX to legacy aerospace and telecom giants like Boeing and AT&T, that investor has been benchmarking it against Palantir Technologies and artificial intelligence infrastructure companies like GE Vernova and Vertiv -- a framework described to Reuters by a person familiar with the valuation discussions. RETAIL INVESTORS Musk also plans to reward the retail investors who have sent shares of electric vehicle company Tesla to illogical heights, trading at a valuation closer to a tech company than an automaker. He plans to set aside some 30% of SpaceX shares for retail investors, hosting 1,500 to tour Starbase after the roadshow kicks off in the June 8 week, people familiar with the matter have told Reuters. Musk is also opening up initial share sales to international retail investors from the UK, EU, Australia, Canada, Japan and Korea, Reuters previously reported. The structure of the deal and precise amount of the retail allocation are expected to be finalized closer to the IPO launch. Morgan Stanley, Bank of America, Citigroup, JPMorgan and Goldman Sachs are leading the deal as active bookrunners, with 16 other banks in smaller roles spanning institutional, retail and international channels, Reuters previously reported. Musk will retain voting control of SpaceX after the satellite and rocket maker goes public later this year through a dual-class share structure that limits other investors' say over corporate decisions, the IPO filing shows. (Reporting by Echo Wang in New York; Writing by Dawn Kopecki; Editing by Jamie Freed and Clarence Fernandez)
SpaceX tries to woo Wall Street with three-day analyst meeting this
* SpaceX hosts analyst days at Starbase and data centre * Executives aim for late June IPO debut, targeting $1.75 trillion valuation * Musk plans 30% share allocation for retail investors, including international participation SpaceX is moving ahead with plans for one of the most anticipated IPOs in history as it hosts analysts this week for three days of closed-door meetings at its launch facility in Texas and mega-sized data centre in Tennessee, according to three people familiar with the matter. Elon Musk's company is holding the briefings for Wall Street's top aerospace and technology analysts as it looks to raise $75 billion, in what would be the world's biggest-ever IPO, with executives targeting a late June trading debut. The presentations kick off with an all-day meeting and analyst tour on Tuesday at the satellite and rocket maker's Starbase launch facilities in Boca Chica, Texas, the people said. Another group of analysts representing institutional investors, including big mutual funds and pension plans, will be briefed in a separate session at Starbase on Wednesday, the people said. On Thursday, the analysts have been invited to review the company's "Macrohard" project at its Colossus data centre in Memphis, Tennessee, they added. Attendees are expected to surrender electronic devices to participate in the meetings, one of the people said. All three spoke on condition of anonymity because the information was not public. SpaceX did not respond to a request for comment. Reuters was the first to report on the plans to host analysts earlier this month. The inclusion of Starbase on the tour and the three days of briefings have not been reported previously. Ipo process Analyst days are a standard part of the IPO process, in which companies brief analysts on their business, financial outlook and long-term strategy ahead of a public listing. Some of the analysts scheduled to attend have also received copies of SpaceX's confidential registration filing, though the document contained limited information, two of the people said. Generally, IPO registration statements include a company's business description, financial statements, risk factors, how it plans to use the money it raises as well as details on major existing shareholders. About two weeks after the analyst days, SpaceX is expected to hold a separate "modeling" day for a select group of Wall Street analysts, some of whose banks are working on the deal, two of the people said. At such sessions, companies typically walk analysts through their financial projections, business thesis and the other key data that will help analysts calculate their earnings estimates before the listing. SpaceX Chief Financial Officer Bret Johnsen has about two months to convince some of Wall Street's top analysts - and ultimately investors - that the company is worth an almost unfathomable $1.75 trillion. Musk merged xAI with SpaceX in February, bringing together the billionaire's rockets, Starlink satellites, the X social media platform and Grok AI chatbot under one roof. The combination created a tech and aerospace conglomerate like no other, but it also makes valuing SpaceX tricky. To justify the $75 billion Musk hopes to raise as well as the lofty valuation, at least one large institutional investor has been using unusual benchmarks to explain the math, Reuters previously reported. Rather than comparing SpaceX to legacy aerospace and telecom giants like Boeing and AT&T, that investor has been benchmarking it against Palantir Technologies and artificial intelligence infrastructure companies like GE Vernova and Vertiv -- a framework described to Reuters by a person familiar with the valuation discussions. Retail investors Musk also plans to reward the retail investors who have sent shares of electric vehicle company Tesla to illogical heights, trading at a valuation closer to a tech company than an automaker. He is planning to set aside some 30% of SpaceX shares for retail investors, hosting 1,500 of them to tour Starbase after the roadshow kicks off during the week of 8 June, people familiar with the matter previously told Reuters. Musk is also opening up initial share sales to international retail investors from the UK, EU, Australia, Canada, Japan and Korea, Reuters previously reported. The structure of the deal and precise amount of the retail allocation are expected to be finalised closer to the IPO launch. Morgan Stanley, Bank of America, Citigroup, JPMorgan and Goldman Sachs are leading the deal as active bookrunners, with 16 other banks in smaller roles spanning institutional, retail and international channels, Reuters previously reported.
Exclusive-Musk and insiders to retain voting control of SpaceX after IPO, filing shows
NEW YORK, April 20 (Reuters) - SpaceX plans to cement founder Elon Musk's control after its IPO, granting him and a small group of insiders super-voting shares that will outweigh other investors, according to excerpts of the company's IPO filing reviewed by Reuters. The prospectus, which was confidentially filed this month, provides fresh details of the company's financials and corporate governance. Upon completion of the offering, Musk will stay on as chief executive officer, chief technical officer, and will serve as chairman of SpaceX's nine-member board of directors. Though Musk was paid $54,080 last year, according to the excerpts, he stands to gain billions in equity after the company's stock market debut. SpaceX is targeting a listing valuation of roughly $1.75 trillion with a $75 billion raise, which would make it the largest initial public offering in history. President and Chief Operating Officer Gwynne Shotwell received $85.8 million in total compensation last year, Reuters previously reported, while Chief Financial Officer Bret Johnsen was paid $9.8 million. ANALYST DAY Some of the executives are driving Musk's IPO ambitions with three days of meetings planned this week for Wall Street analysts, starting with a tour and briefings at SpaceX's Starbase launch facility in Boca Chica, Texas. The filing excerpts show SpaceX will use a dual-class equity structure that gives Class B shareholders 10 votes each, concentrating power with Musk and a handful of other insiders, while Class A shares sold to public investors will carry one vote each. They also outline provisions that could limit shareholders' ability to influence board elections or pursue certain legal claims, forcing disputes into arbitration instead and restricting where they can be brought. While such structures are common among founder-led technology companies, they limit public shareholders' ability to influence strategy or challenge management. FIRST LOOK AT FINANCIALS The filing gives investors the first look at SpaceX's financial health, especially after Musk combined the rocket maker with his social media and AI company xAI this year. The combined company ended 2025 with about $24.8 billion in cash on hand, and had total assets of $92 billion against total liabilities of $50.8 billion. Its satellite internet business Starlink generated billions in profit last year, helping to offset heavy losses inherited when it bought founder Elon Musk's social media and artificial intelligence company xAI this year, the excerpts show.
Exclusive-SpaceX to woo Wall Street with three-day analyst meet this week, sources say
NEW YORK, April 21 : SpaceX is moving ahead with plans for one of the most anticipated IPOs in history as it hosts analysts this week for three days of closed-door meetings at its launch facility in Texas and mega-sized data center in Tennessee, according to three people familiar with the matter. Elon Musk's company is holding the briefings for Wall Street's top aerospace and technology analysts as it looks to raise $75 billion, in an IPO that would be the world's biggest ever, with executives targeting a late June trading debut. The presentations kick off with an all-day meeting and analyst tour on Tuesday at the satellite and rocket maker's Starbase launch facilities in Boca Chica, Texas, the sources said. Another group of analysts representing institutional investors, including big mutual funds and pension plans, will be briefed in a separate session at Starbase on Wednesday, they added. On Thursday, the analysts have been invited to review the company's "Macrohard" project at its Colossus data center in Memphis, Tennessee, they said. Attendees are expected to surrender electronic devices to participate in the meetings, said one of the sources, who all spoke on condition of anonymity as the information was not public. SpaceX did not respond to a request for comment. Reuters was the first to report on the plans to host analysts earlier this month. The inclusion of Starbase on the tour and the three days of briefings have not been reported previously. IPO PROCESS Analyst days are a standard part of the IPO process, in which companies brief analysts on their business, financial outlook and long-term strategy ahead of a public listing. Some of the analysts set to attend have also received copies of SpaceX's confidential registration filing, though the document contained limited information, two of the sources said. The filing, excerpts of which were reviewed by Reuters, gives investors the first look at SpaceX's financial health after Musk combined the rocket maker with his social media and AI company xAI this year. The combined company ended 2025 with about $24.7 billion in cash on hand, but more than $50 billion in liabilities. SpaceX swung to a $4.94 billion consolidated loss in 2025 on $18.67 billion in revenue as it invested heavily in xAI's artificial intelligence infrastructure, from a $791 million profit and $14.02 billion in revenue the year before, the excerpts show. About two weeks after the analyst days, SpaceX is expected to hold a separate "modeling" day for a select group of Wall Street analysts, some of whose banks are working on the deal, two of the people said. At such sessions, companies typically walk analysts through financial projections, business thesis and the other key data that will help analysts calculate earnings estimates before the listing. SpaceX Chief Financial Officer Bret Johnsen has about two months to convince some of Wall Street's top analysts, and ultimately investors, that the company is worth an almost unfathomable $1.75 trillion. Musk merged xAI with SpaceX in February, bringing under one roof the billionaire's rockets, Starlink satellites, the X social media platform and Grok AI chatbot. The combination created a tech and aerospace conglomerate like no other, but it also makes valuing SpaceX tricky. To justify the $75 billion Musk hopes to raise as well as the lofty valuation, at least one large institutional investor has been using unusual benchmarks to explain the math, Reuters previously reported. Rather than comparing SpaceX to legacy aerospace and telecom giants like Boeing and AT&T, that investor has been benchmarking it against Palantir Technologies and artificial intelligence infrastructure companies like GE Vernova and Vertiv -- a framework described to Reuters by a person familiar with the valuation discussions. RETAIL INVESTORS Musk also plans to reward the retail investors who have sent shares of electric vehicle company Tesla to illogical heights, trading at a valuation closer to a tech company than an automaker. He plans to set aside some 30 per cent of SpaceX shares for retail investors, hosting 1,500 to tour Starbase after the roadshow kicks off in the June 8 week, people familiar with the matter have told Reuters. Musk is also opening up initial share sales to international retail investors from the UK, EU, Australia, Canada, Japan and Korea, Reuters previously reported. The structure of the deal and precise amount of the retail allocation are expected to be finalized closer to the IPO launch. Morgan Stanley, Bank of America, Citigroup, JPMorgan and Goldman Sachs are leading the deal as active bookrunners, with 16 other banks in smaller roles spanning institutional, retail and international channels, Reuters previously reported. Musk will retain voting control of SpaceX after the satellite and rocket maker goes public later this year through a dual-class share structure that limits other investors' say over corporate decisions, the IPO filing shows.
Epsom protest chaos: Four arrested as demonstrators hurl eggs and beer cans at police
Add Yahoo as a preferred source to see more of our stories on Google. A protest in Epsom descended into chaos on Monday night as objects were thrown at police and a number of arrests were made. Demonstrators gathered in the London commuter town after police said there is no evidence that immigrants or asylum seekers were involved in an alleged rape outside a church. Crowds of people marched down a residential street in the upmarket town with riot police at the scene. Surrey Police said the protest "escalated to public disorder", with eggs and beer cans being thrown and a person appeared to try to climb on top of a police van. Four people were arrested on suspicion of offences including criminal damage and assaulting an emergency worker. Video on social media showed around 20 officers scrambling to protect a property as protesters descended. In a statement, Surrey Police said: "The organised protest started at 5pm outside Epsom train station before escalating to public disorder when individuals targeted local hotels and residential properties with claims that these were housing people seeking asylum. "This is not the case and is wholly inaccurate information. "The escalating behaviour of some of the protesters and the threat to officer safety, including missiles being thrown at them, required officers to put on full protective public order uniform. "Four people remain in police custody after being arrested on suspicion of offences, including criminal damage and assaulting an emergency worker, during the disorder." It came after Surrey Police had received a report that a woman in her 20s had assaulted outside a church in Ashley Road after leaving Labyrinth Epsom nightclub on Saturday April 11 between 2am and 4am. Public anger erupted over the force not releasing the ethnicity of any suspects but Surrey Police said this was because "the information about the incident and potential suspects is so limited". Hundreds of demonstrators squared off with police last Wednesday in chaotic scenes that saw with objects thrown at officers. Following the latest disorder, Surrey Police warned that "robust action" will be taken against anyone who commits a criminal offence in the protests. In an update posted on the Epsom and Ewell Beat Facebook page on Monday evening, the force said: "Police are in atten In a statement late on Monday night, the force said: "While we respect the right to lawful protest, criminal offences and public disorder will not be tolerated. Robust action will be taken against anyone who commits a criminal offence. "We will continue to review footage of this evening's incident to identify those responsible for any further criminal offences and take appropriate action against them." Officers said there would be an increased police presence in the town after the protest finished. The force previously said: "We are aware that speculation and concern about the report we received remains, and we reiterate that our inquiries remain ongoing. "These inquiries have included reviewing an extensive amount of CCTV footage from the area, carrying out forensics investigations and conducting house-to-house inquiries. "To date, we have not found any evidence that the offence took place as reported." Police have urged anyone with CCTV, dashcam or helmet camera footage to contact them online, or via 101, quoting the reference number PR/45260041426.
Europe must prevent misuse of Anthropic's Mythos, Bundesbank chief warns
FRANKFURT, April 21 : Banking authorities must prevent the misuse of Anthropic's Mythos, its most advanced AI model to date, which opens the door to new and sophisticated cyber risks, Bundesbank President Joachim Nagel said on Tuesday. "Mythos is an AI model that appears capable of quickly identifying and exploiting security vulnerabilities in financial institutions' software," Nagel said in a speech. "However, this AI model seems to be a double-edged sword, since it could be used not only to improve digital security systems, but also to leverage their vulnerabilities for malicious purposes," he added. He added that all relevant institutions should have access to such technology to avoid competitive distortions.
Europe must prevent misuse of Anthropic's Mythos, Bundesbank chief warns
FRANKFURT, April 21 (Reuters) - Banking authorities must prevent the misuse of Anthropic's Mythos, its most advanced AI model to date, which opens the door to new and sophisticated cyber risks, Bundesbank President Joachim Nagel said on Tuesday. "Mythos is an AI model that appears capable of quickly identifying and exploiting security vulnerabilities in financial institutions' software," Nagel said in a speech. "However, this AI model seems to be a double-edged sword, since it could be used not only to improve digital security systems, but also to leverage their vulnerabilities for malicious purposes," he added. He added that all relevant institutions should have access to such technology to avoid competitive distortions. (Reporting by Balazs Koranyi, Editing by Louise Heavens)
Amazon invests another $5 billion in Anthropic
Amazon has pumped another $5 billion into Anthropic as it ramps up its collaboration with the startup behind Claude artificial intelligence. The e-commerce and cloud computing colossus noted that the investment builds on $8 billion it had already invested in Anthropic, according to the companies. Amazon added that it could invest $20 billion more in Anthropic, provided the startup meets certain performance goals. For its part, Anthropic said it has committed to spending more than $100 billion on Amazon Web Services (AWS) technology to power AI in the coming decade. "We need to build the infrastructure to keep pace with rapidly growing demand," Anthropic chief executive Dario Amodei said in a release. "Our collaboration with Amazon will allow us to continue advancing AI research while delivering Claude to our customers." Anthropic said in early April that it had tripled its annualized revenues quarter-on-quarter to over $30 billion, outpacing OpenAI for the first time. Amodei visited U.S. officials last week at the White House, where they struck a different tone from the dispute that erupted in February, when the AI startup infuriated Pentagon chief Pete Hegseth by insisting its technology should not be used for mass surveillance or fully autonomous weapons systems. "We discussed opportunities for collaboration, as well as shared approaches and protocols to address the challenges associated with scaling this technology," a White House spokesperson told AFP.
SpaceX tries to woo Wall Street with three-day analyst meeting this week, sources say
SpaceX is moving ahead with plans for one of the most anticipated IPOs in history as it hosts analysts this week for three days of closed-door meetings at its launch facility in Texas and mega-sized data center in Tennessee, according to three people familiar with the matter. Elon Musk's company is holding the briefings for Wall Street's top aerospace and technology analysts as it looks to raise $75 billion, in what would be the world's biggest-ever IPO, with executives targeting a late June trading debut. The presentations kick off with an all-day meeting and analyst tour on Tuesday at the satellite and rocket maker's Starbase launch facilities in Boca Chica, Texas, the people said. Another group of analysts representing institutional investors, including big mutual funds and pension plans, will be briefed in a separate session at Starbase on Wednesday, the people said. On Thursday, the analysts have been invited to review the company's "Macrohard" project at its Colossus data center in Memphis, Tennessee, they added. Attendees are expected to surrender electronic devices to participate in the meetings, one of the people said. All three spoke on condition of anonymity because the information was not public. SpaceX did not respond to a request for comment. Reuters was the first to report on the plans to host analysts earlier this month. The inclusion of Starbase on the tour and the three days of briefings have not been reported previously. Analyst days are a standard part of the IPO process, in which companies brief analysts on their business, financial outlook and long-term strategy ahead of a public listing. Some of the analysts scheduled to attend have also received copies of SpaceX's confidential registration filing, though the document contained limited information, two of the people said. Generally, IPO registration statements include a company's business description, financial statements, risk factors, how it plans to use the money it raises as well as details on major existing shareholders. About two weeks after the analyst days, SpaceX is expected to hold a separate "modeling" day for a select group of Wall Street analysts, some of whose banks are working on the deal, two of the people said. At such sessions, companies typically walk analysts through their financial projections, business thesis and the other key data that will help analysts calculate their earnings estimates before the listing. SpaceX Chief Financial Officer Bret Johnsen has about two months to convince some of Wall Street's top analysts - and ultimately investors - that the company is worth an almost unfathomable $1.75 trillion. Musk merged xAI with SpaceX in February, bringing together the billionaire's rockets, Starlink satellites, the X social media platform and Grok AI chatbot under one roof. The combination created a tech and aerospace conglomerate like no other, but it also makes valuing SpaceX tricky. To justify the $75 billion Musk hopes to raise as well as the lofty valuation, at least one large institutional investor has been using unusual benchmarks to explain the math, Reuters previously reported. Rather than comparing SpaceX to legacy aerospace and telecom giants like Boeing and AT&T, that investor has been benchmarking it against Palantir Technologies and artificial intelligence infrastructure companies like GE Vernova and Vertiv -- a framework described to Reuters by a person familiar with the valuation discussions. Musk also plans to reward the retail investors who have sent shares of electric vehicle company Tesla to illogical heights, trading at a valuation closer to a tech company than an automaker. He is planning to set aside some 30% of SpaceX shares for retail investors, hosting 1,500 of them to tour Starbase after the roadshow kicks off during the week of June 8, people familiar with the matter previously told Reuters. Musk is also opening up initial share sales to international retail investors from the UK, EU, Australia, Canada, Japan and Korea, Reuters previously reported. The structure of the deal and precise amount of the retail allocation are expected to be finalized closer to the IPO launch. Morgan Stanley, Bank of America, Citigroup, JPMorgan and Goldman Sachs are leading the deal as active bookrunners, with 16 other banks in smaller roles spanning institutional, retail and international channels, Reuters previously reported. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Chaos and Zero Density to Showcase Real-Time Ray Tracing for Virtual Studios and XR - Television Asia Plus
Chaos, the global visualization and design technology company, and Zero Density, a global leader in virtual studio productions and broadcast graphics solutions, announced an R&D partnership. This collaboration integrates Chaos Vantage's real-time ray-tracing technology with Reality 5's virtual studio production tools. The integration will make its global debut at NAB Show 2026, where visitors of Zero Density's booth N2461 will be among the first professionals worldwide to see it in action. Broadcasters and virtual studio production teams will see Reality's full suite of studio production tools -- including real-time camera tracking, broadcast-grade compositing, and live graphics -- with Chaos Vantage, the real-time ray-tracing render engine. Reality 5: Built to Work with Multiple Render Engines Zero Density's Reality has long been the leading broadcast virtual studio production platform worldwide. With the release of Reality 5, Zero Density redesigned the Reality platform to work with multiple render engines -- giving production teams the freedom to choose the rendering technology that best fits their workflow. In this technology demo, Chaos Vantage -- Chaos' real-time ray-tracing renderer built on the same technology underpinning its Emmy Award-winning V-Ray 3D rendering software -- brings fully ray-traced, cinematic-quality rendering to live broadcast and virtual studio environments. "Ray tracing every pixel in real time has been the pinnacle of computer graphics rendering for many decades. Through this R&D partnership with Chaos, we're researching the application of this technology to the virtual studio production industry. We're excited to present Chaos Vantage and Reality 5 together to the visitors of NAB Show 2026," commented Kuban Altan, Co-Founder & CTO, Zero Density "Chaos Vantage is designed to bring the full power of ray-traced rendering to real-time workflows without the complexity and overhead of traditional game engine pipelines. This integration will make that power available to an entirely new audience: broadcast professionals and virtual studio teams who demand the highest visual quality, in the most demanding live environments," said Vlado Koylazov, Head of Innovation, Chaos The First Look at NAB Show 2026 At NAB Show 2026, Chaos and Zero Density will preview real-time ray tracing for virtual studios and XR, the outcome of their R&D partnership. During the live demonstrations, Chaos Vantage will ray trace in real time, and NODOS -- the real-time node-based compositor -- will deliver the virtual studio and XR toolsets. The global debut at Zero Density's booth N2461 will offer attendees a unique opportunity to experience the future of virtual studio production before the integration launches. The preview will be available on both green screen and XR video wall setups. Stop by booth N2461 for a live demonstration.
