News & Updates
The latest news and updates from companies in the WLTH portfolio.
SpaceX reveals its share price and huge valuation, with Musk to retain control
You're reading a free article with opinions that may differ from The Motley Fool's Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More SpaceX (NASDAQ: SPCX) has revealed it will issue new shares in its initial public offering at US$135 apiece, valuing the company at US$1.75 trillion and setting the stage for the biggest IPO in US history. Records to tumble The new valuation of the company will also make Elon Musk the first trillionaire on record, once his shareholdings in various companies, such as Tesla Inc (NASDAQ: TSLA), The Boring Company, and SpaceX, are combined. The share price was announced in an update to the company's prospectus, which stated it would issue 555,555,555 new shares via the IPO, raising about US$75 billion. The new filing also reveals that Mr Musk will retain majority control of the company, with the "founder, Chief Executive Officer, Chief Technical Officer and Chairman of our board" holding 82.4% of the voting stock in the company once it is listed. The company said this meant Mr Musk would have free rein as far as decision-making goes. The company said regarding Mr Musk's majority stake: As a result, Mr. Musk will be able to control the outcome of matters requiring shareholder approval. This includes the election of (i) a majority of our board, through his ownership of Class B shares (as Class B Directors), for so long as he holds a majority of the voting power of the Class B common stock, and (ii) the remainder of our board, for so long as he holds a majority of the combined voting power of the Class A and Class B common stock. As a result, we will be a "controlled company" under the corporate governance rules of Nasdaq following the completion of this offering and, as a result, we intend to rely on exemptions from certain corporate governance requirements. Strong revenue but profits elusive SpaceX comprises three divisions: the SpaceX rocket division, the Starlink satellite internet division, and the artificial intelligence division. Of the three, only Starlink is turning a profit at the moment, with SpaceX overall posting a US$2.59 billion loss on revenue of US$18.7 billion in 2025. For the first three months of 2026, the Space division lost US$662 million, the AI division lost US$2.47 billion, and the connectivity division made a profit of US$1.19 billion. The company's prospectus is littered with lofty ambitions, saying, for example, "Our mission is to build the systems and technologies necessary to make life multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars''. Australian investors still waiting In terms of Australian investors who want to get in on the action, CommSec wrote to its customers last week, saying the IPO is "expected" to include an Australian retail offer and that it will be the lead Australian retail broker. CommSec said the shares will not be listed on the ASX, and its customers will need an international shares account. CommSec has not updated its IPO page since, and there is still no listing for SpaceX shares there. It will also be possible for Australians with an international trading account to buy and sell shares once trading begins on the NASDAQ exchange, expected around June 12.
SpaceX sets $175 billion IPO target as Musk on track to become first trillionaire
The offering will also further cement founder Elon Musk's control over the company. According to the filing, SpaceX will maintain a dual-class share structure, and following the IPO, he is expected to control about 82.4% of the company's voting power. The IPO would place SpaceX among the most valuable publicly traded companies in the world. At a projected market capitalization of $1.77 trillion, only a handful of companies in the S&P 500 command higher valuations, led by Nvidia at roughly $5.2 trillion. The public offering could also significantly boost Musk's already record-setting fortune. Forbes estimates his net worth at about $826 billion, including a SpaceX stake valued at roughly $542 billion. A successful IPO at the proposed valuation would likely increase the value of that holding substantially, boosting his net worth into the trillions. That level of ownership will allow Musk to effectively determine the outcome of shareholder votes, including the election of most SpaceX board members. The filing notes that SpaceX will qualify as a "controlled company" under Nasdaq corporate governance rules and that it intends to rely on exemptions from certain governance requirements available to firms dominated by a single shareholder. The company reported a $2.6 billion operating loss in 2025 on $18.7 billion in revenue, according to the filing. Losses have continued into 2026 as SpaceX pours billions into developing its Starship rocket program, satellite infrastructure, and other long-term projects. Investors are nevertheless betting that the company can capitalize on its dominant position in commercial launches and the rapid growth of its Starlink satellite internet business. Goldman Sachs is leading the offering, with Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase serving as additional underwriters. 60 MINUTES HOST SCOTT PELLEY FIRED AFTER ACCUSING CBS CHIEF OF 'MURDERING' SHOW When Musk founded SpaceX in 2002, the company focused on building rockets and launching payloads into space. It later expanded into telecommunications with its Starlink satellite internet service and, earlier this year, merged with Musk's artificial intelligence company xAI, which includes the social media platform X. While SpaceX dominates the commercial launch industry, the company's AI assets are increasingly seen as a major part of its valuation. The IPO comes amid a wave of investor enthusiasm for artificial intelligence, with Anthropic also planning to go public and OpenAI expected to follow.
Dow Jones Top Company Headlines at 9 PM ET: Terms Revealed for SpaceX's Unconventional $75 Billion IPO | SoftBank ...
Terms Revealed for SpaceX's Unconventional $75 Billion IPO The company plans to sell shares at $135 apiece, eschewing the norm of setting a price range and incorporating investor feedback. ---- SoftBank CEO's Bad Bets Left Him in Despair. An AI Spree Has Him Back on Top. Masayoshi Son said that his Tokyo-based technology conglomerate would unleash at least $52 billion of investment in French data centers. ---- CrowdStrike Lifts Outlook After Swinging to First-Quarter Profit The cybersecurity company said it now expects annual recurring revenue of $6.53 billion to $6.56 billion for all of fiscal 2027, up from its previous target of $6.47 billion to $6.52 billion. ---- Quantinuum Prices IPO at $60 a Share. It's Slated to Go Public Thursday. Bullish investors see Quantinuum as the next superpower in quantum computing. Here's why. ---- Broadcom Shares Slide Despite Jump in Revenue on AI Chip Demand The semiconductor and software maker's shares slid after-hours as the report and guidance failed to live up to expectations among some investors. ---- Bill Ackman's Pershing Square Set to Make $600 Million on Universal Stake The hedge-fund firm first invested in the company in 2021 and has failed to clinch two proposed deals. ---- Citi Names New Head of Strategy as Jane Fraser Steers Bank Into 'Next Phase' Margo Pilic will be Citi's new head of strategy, M&A, and investor relations. ---- Real-Estate Giant Compass Under Antitrust Investigation in New York The state attorney general is probing a $1.6 billion acquisition of a rival brokerage firm. ---- PVH Cuts Outlook Citing Iran War Impact on Sales The owner of Tommy Hilfiger and Calvin Klein said it now expects full-year revenue to stay approximately flat, compared to previous guidance of a slight increase. ---- Hasbro's New AI Studio Looks to Bring Its Iconic Characters to Next-Generation Experiences Hasbro launched Sixth Wall, a new artificial-intelligence studio aiming to bring the toymaker's cast of characters into the new technological era. ---- Silicon Valley Stalwart Benchmark Breaks From Past, Embraces Mature Startups After a late-stage bet on Cerebras delivered big returns, Benchmark decided to raise its first-ever growth fund. ---- Sleep Number Prepares for Bankruptcy Filing to Address Debt Load The mattress maker is preparing to file for bankruptcy as it contends with a high debt burden and deteriorating financial performance, people familiar with the matter said. ---- Eli Lilly, Ascidian Sign $1.9 Billion Kidney-Disease Treatment Deal Eli Lilly signed a collaboration and licensing agreement worth up to $1.9 billion with Ascidian Therapeutics to research and develop kidney-disease treatments. ---- Medtronic Posts Higher Profit, Sales Medtronic said its profit and sales rose during its fiscal fourth quarter, reflecting steps the company has taken to improve business performance and drive growth. ---- Shoppers Are Spending More at Macy's as Turnaround Continues Macy's and its sister brands Bloomingdale's and Bluemercury have added higher-end products. Customers are snapping them up. ---- Zara Owner Shrugs Off Middle East Turmoil to Post Faster Sales Growth Sales at the Spanish fashion retailer-which houses Zara, Massimo Dutti and Bershka-rose 11.5% compared with the prior year. (END) Dow Jones Newswires June 03, 2026 21:15 ET (01:15 GMT) Copyright (c) 2026 Dow Jones & Company, Inc.
SpaceX's IPO is set to be the biggest ever and could make Elon Musk a trillionaire
NEW YORK -- SpaceX says it plans to raise up to $75 billion when it goes public this month, setting the stage for the largest-ever stock market debut and putting Elon Musk on course to becoming the world's first trillionaire. The company, formally known as Space Exploration Technologies Corp., said Wednesday it will sell 555.6 million shares at $135 a piece in an initial public offering. The estimated proceeds would easily top the $26 billion raised by oil giant Saudi Aramco in 2019. The offering would also give SpaceX a market value of $1.77 trillion. Only six companies in the S&P 500 are currently worth more, with Nvidia tops at $5.2 trillion. Besides the size of the offering and the expected proceeds, SpaceX's amended prospectus updates details about how much control of the company Musk will have. As SpaceX's CEO, chief technical officer and chairman, Musk's voting power will come primarily through his ownership of 5.22 billion Class B shares, which give the holder 10 votes for every share held. According to the filing, Musk would have 82.4% of the voting power in the company. Forbes currently values Musk's net worth at $826 billion and his stake in SpaceX at $542 billion. The estimated value of his SpaceX holdings was based on an overall value for the company of $1.25 trillion. Based on those numbers, a $1.77 trillion valuation for SpaceX would boost Musk's net worth by $223 billion, making him a trillionaire. However, much of Musk's worth is in stock that he has yet to cash in. Even as it makes a bid for a blockbuster market debut, SpaceX is currently losing billions of dollars a year. The filing shows that the company lost $2.6 billion from operations last year on $18.7 billion in revenue, and the losses kept piling up at the start of this year, too. Fantastical plans Time will tell how SpaceX fares on the market. Musk's plans for the company are as fantastical as the money he hopes raise in the sale. Colorful, even frightening in parts, the IPO document strikes a contrast with the typically dry, technical prose in IPO documents, detailing plans to use proceeds from the sale to help put men on the moon again and perhaps even Mars. In one section, it talks of a need to build "a permanent human colony" on the red planet with "at least one million inhabitants" as existential threats loom that could consign man to "the same fate as the dinosaurs." Musk has almost equally ambitious plans for his other publicly traded company, Tesla. His goal is to transform the maker of electric vehicles into a producer of robotaxis and humanoid robots. Dan Ives of Wedbush Securities wrote in a research note that he expects Tesla and SpaceX to merge next year. AI plays a key role Key to the success of both companies -- and any merged entity -- is artificial intelligence. In its IPO filing, SpaceX says it sees potential revenue from AI of up to $26.5 trillion. But that depends on another lofty Musk ambition -- putting data centers in space, which is not technologically possible at the moment. Transforming his space company into a primarily AI-focused company will be a challenge for Musk, who started xAI in 2023 with 11 other co-founders who have all since left. Some were recruited away by rivals. Its main AI product, the chatbot Grok, is "less impressive than anything that we see from any other major player in the space, whether that's OpenAI, or Anthropic, or (Google's) Gemini," said IDC analyst Arnal Dayaratna. Dayaratna said that doesn't mean SpaceX doesn't have potential as a major AI player, thanks in part to its computing partnership with Anthropic and Musk's recent deal that gave SpaceX the rights to buy AI coding tool Cursor for $60 billion later this year. Folding in Cursor's capabilities would give SpaceX access to the coveted business customers now using Anthropic's Claude or OpenAI's ChatGPT. SpaceX plans to use the net proceeds from the IPO to fund the expansion of infrastructure for its AI and rocket businesses, and to beef up the constellation of satellites that power Starlink Mobile, among other investments. The company plans to list on the Nasdaq under the symbol "SPCX" and could begin trading as soon as the end of next week. And SpaceX isn't the only colossal market debut investors are now bracing for. Earlier this week, Anthropic submitted a confidential filing with the U.S. Securities and Exchange Commission to officially start its own IPO clock. OpenAI has not yet reported filing the initial SEC paperwork, but an IPO from the ChatGPT maker is widely expected. "This listing represents the first major test for public markets after years of muted IPO activity with SpaceX paving the way for AI giants Anthropic and OpenAI to follow soon after," Ives wrote.
Anthropic Expands AI Mythos Access to Samsung, SK
New partners include Samsung Electronics, SK Hynix, SK Telecom and institutions from 15 countries U.S. artificial intelligence (AI) company Anthropic has expanded the countries and permissions for access to its AI Mythos, which possesses security vulnerability detection capabilities at the level of human experts. Domestic companies reportedly include Samsung Electronics and SK Hynix. Anthropic announced that 150 institutions from 15 countries have been added as partners to Project Glasswing, a security consortium based on Mythos. While Anthropic unveiled Mythos, which detects security vulnerabilities, in April, it had limited access to only 50 institutions under Project Glasswing due to concerns over misuse. Anthropic stated that the newly participating institutions cover new industrial sectors such as power, water, healthcare, telecommunications, and hardware, which were lacking among the initial participants. It added that while the 15 countries where newly authorized partners are located include Canada, Australia, France, Germany, Japan, and South Korea, issues at these institutions could affect over 100 million people and cause global security repercussions. Domestic companies among the newly authorized partners include Samsung Electronics, SK Hynix, and SK Telecom. Samsung Electronics and SK Hynix recently participated as strategic infrastructure partners in Anthropic's Series H funding round. Anthropic revealed that initial partners, approximately 50 institutions, identified over 10,000 security flaws classified as "high" or "critical" severity through security checks using Mythos.
Polymarket cuts ties with George Santos as regulators probe trades on rival prediction market - AOL
NEW YORK (AP) -- The online prediction platform Polymarket is ending its paid relationship with George Santos as federal regulators investigate whether the former congressman illegally bet against his own attendance at President Donald Trump's State of the Union. Santos placed the bets on another prediction marketplace, Kalshi, after publicly announcing his intention to be at the Feb. 24 speech, according to a person familiar with the investigation. He later blamed a delayed flight for missing the event. The suspicious trades were detected by Kalshi and referred to the Commodities Futures Trading Commission, a federal regulator that has opened a probe into Santos for possible insider trading, according to a second person familiar with the investigation. Both spoke to The Associated Press on the condition of anonymity because they were not authorized to discuss the matter publicly. Santos was released from federal prison last October after Trump granted him clemency in a fraud case. By the time of the State of the Union address, four months later, he was already working in an influencer capacity for Polymarket, using his substantial online platform to promote the controversial brand. In response to an inquiry from the AP, a Polymarket spokesperson said the company was in the process of terminating the contract as a result of this week's revelations. Santos did not respond to phone calls and text messages from the AP. He wrote on social media Wednesday that the allegation was "preposterous," adding that his legal team was in touch with the Justice Department. On his podcast, "Doing Time with George Santos," the former congressman has suggested that prediction markets are "easily manipulable," and rife with abuse. "There's definitely some space for speculation. There will be investigations. There will be scrutiny," he said in March. "I just want to make sure that people understand: It is not straightforward. It is not a crime to do prediction market. I don't think people should be taking this seriously." The financial regulator overseeing prediction markets, meanwhile, has pledged to take the issue of insider trading "extremely seriously." "There is a myth in the mainstream media and social media that insider trading law doesn't apply in the prediction markets. That is wrong," David Miller, the director of enforcement at CFTC, said during a recent talk at New York Law School. "Insider trading in the prediction markets -- where there is misappropriated information -- is precisely the kind of serious violation that we are going after vigorously." That pledge comes as the Trump administration has thrown its support behind the prediction market operators and is actively suing states that have tried to regulate them. The president's son, Donald Trump Jr., has invested in Polymarket through his venture capital firm and is a strategic advisor for Kalshi. And the CFTC has faced allegations of maintaining a friendly posture toward the industry it is meant to regulate. Still, some bets have not escaped federal scrutiny. Last week, prosecutors charged a Google engineer who allegedly used the company's 2025 "Year in Search" data, before it was published, to enter Polymarket wagers about the most searched people of last year. A spokesperson for Polymarket said the company had worked closely with the CFTC, along with federal prosecutors, ahead of the insider trading charges. Experts said Santos's own alleged actions didn't appear to meet the same threshold for insider trading, since they would not have been based on stolen information. But the bets -- coupled with his public statements -- may run afoul of other financial laws. "What he's accused of sounds a lot more like market manipulation than insider trading," said Todd Phillips, the director at Klaros Group and a former Georgia State University professor who has written extensively about prediction market regulation. The federal regulator could also bring a civil action against Santos, potentially resulting in a steep fine and a ban from trading, he noted. But the rapid rise of online betting platforms has meant there are few similar cases to draw from. "We didn't have examples of people trading on contracts involving themselves. That is new, and it allows people to change their behavior in order to profit," Phillips said. "Until pretty recently, the question of George Santos being at the State of the Union was not something that had ever been traded before." ___ Associated Press reporter Larry Neumeister in New York contributed to this report
OpenAI and Anthropic Sign Letter to Prevent AI-Developed Biological Weapons
The CEOs of several major artificial intelligence companies are urging members of Congress to adopt new laws that would make it harder for bad actors to develop biological weapons using their technology. Google DeepMind's Demis Hassabis, OpenAI's Sam Altman, Anthropic's Dario Amodei, and Microsoft AI's Mustafa Suleyman are among the signatories on a public letter calling for laws requiring companies that sell synthetic DNA and RNA to screen customers and orders to prevent the misuse of genetic material. Organized by the nonpartisan Institute for Progress and the right-leaning Foundation for American Innovation, the letter acknowledges that given the pace of AI development, "there is a real possibility that the knowledge barriers which have historically prevented bad actors from obtaining biological weapons will meaningfully erode." Scientist Arthur Kornberg was the first to successfully synthesize DNA in the 1950s. Now, the process is automated, with dozens of companies around the world using commercial synthesizers to "print" and sell custom genetic sequences that are used for scientific research, drug development, and diagnostics. Many providers sell only to qualified researchers, biotech companies, and educational institutions, but not all of them vet customers or the gene sequences they order. In 2017, Canadian researchers raised alarm when they used $100,000 worth of mail-order DNA to reconstitute the extinct horsepox virus. Critics said the same methodology could be used to construct smallpox, a closely related and deadly virus. Gene synthesis has only gotten cheaper since then. Combined with advances in AI, it's now feasible to design dangerous new toxins and pathogens using large language models, although some biology training would likely still be needed to make a functional virus from scratch. While bioterror attacks have been rare, they have the potential to cause mass casualties, public panic, and economic loss. A major concern is that an AI-designed pathogen could intentionally or unintentionally spark a global pandemic. "AI tools enable a user to very quickly identify where to turn to order sequences that will not be subject to screening," says David Relman, a microbiologist and biosecurity expert at Stanford University, who signed the letter. "If prompted appropriately, they can also tell you how to change the nature of your order, so that even those that are screening may be much less able to detect what it is you're trying to make." The signers include other scientists, national security experts, and executives from gene synthesis companies Twist Bioscience and Ansa Biotechnologies. These firms are members of the International Gene Synthesis Consortium, which formed in 2009 to implement voluntary screening practices. Many companies already use software to screen orders for "sequences of concern" that can contribute to an organism's toxicity or ability to cause disease. "If you have technology that is capable of synthesizing DNA, then you should ensure that it's used responsibly, and part of that is making sure that you understand what you're making and who you're making it for," says James Diggans, vice president of policy and biosecurity at Twist Bioscience. The company has supported implementing formal rules for years. Federal guidelines introduced during the Biden administration required scientists and companies that receive federal funding to order synthetic gene sequences from providers that screen purchases. A bipartisan bill introduced earlier this year in the Senate would require all gene synthesis providers operating in the US to screen orders and customers for bad actors or dangerous pathogens. But screening tools are not perfect. Last year, Microsoft researchers published a study showing that AI protein design tools were able to generate potentially dangerous gene sequences that slipped past companies' screening software. The models suggested new protein sequences with similar structures of ones that are known to be dangerous. Geoff Ralston, former president of Y Combinator and a partner at the Safe AI Fund, thinks AI labs with biology models should do their own screening of users. "It should be very difficult, if not impossible, to ask a model to help you do something imminently dangerous," says Ralston, who also signed the letter. Relman agrees that regulations around screening procedures is only part of the solution. "Given that the screening may fail in some cases, we must then have other points of control," he says. "That's where the AI companies are going to have to step up." The post OpenAI and Anthropic Sign Letter to Prevent AI-Developed Biological Weapons appeared first on Wired.
SpaceX fixes issue price for mega $75 billion IPO; details here - CNBC TV18
The company, officially named Space Exploration Technologies Corp., is targeting a Nasdaq listing on June 12 under the ticker symbol SPCX. Elon Musk-led SpaceX is preparing for what could become the largest initial public offering (IPO) in history, after setting an IPO price of $135 per share and outlining plans to raise as much as $75 billion through its market debut later this month. According to a filing submitted to the US Securities and Exchange Commission (SEC) on Wednesday, the company will offer 555.6 million shares, while underwriters have the option to purchase an additional 83.33 million shares. If fully exercised, the offering could generate approximately $11.2 billion in proceeds. At the proposed price, SpaceX would command a market capitalisation of roughly $1.77 trillion, placing it among the most valuable publicly traded companies in the US. The valuation would exceed that of Tesla, which is currently worth about $1.6 trillion, and rank SpaceX as the country's seventh-largest listed company by market value. The company, officially named Space Exploration Technologies Corp., is targeting a Nasdaq listing on June 12 under the ticker symbol SPCX. The valuation surge would boost Musk's personal wealth. Forbes currently estimates his fortune at $826 billion, including a SpaceX stake valued at $542 billion based on an earlier company valuation of $1.25 trillion. A jump to a $1.77 trillion valuation would add an estimated $223 billion to Musk's net worth, potentially making him the first person to surpass the $1 trillion mark in wealth. Following the IPO, Musk is expected to retain more than 82% of the company's voting power. The proposed fundraising would comfortably eclipse the record $26 billion IPO completed by Saudi Aramco in 2019. It would also surpass Alibaba's listing, currently the largest IPO ever completed in the US market. Despite investor enthusiasm surrounding SpaceX's growth prospects, the company remains deeply unprofitable. Regulatory filings show it reported an operating loss of $2.6 billion last year despite generating $18.7 billion in revenue. Losses have continued into the current year as the company expands its operations. SpaceX intends to deploy IPO proceeds toward scaling its artificial intelligence and space businesses, expanding infrastructure, and strengthening the satellite network supporting its Starlink Mobile service. Goldman Sachs is leading the offering, with Morgan Stanley, Bank of America, Citigroup and JPMorgan Chase serving as additional underwriters. Unlike most IPO candidates that initially provide a pricing range to gauge investor demand, SpaceX opted to announce a fixed share price following a series of investor meetings conducted ahead of the formal roadshow. The company said that the $1.77 trillion valuation assumes completion of the EchoStar spectrum and Cursor transactions. The latest filing also highlighted growing links among Musk's businesses. SpaceX disclosed that its AI unit, xAI, purchased $269 million worth of Tesla Megapack battery systems in April. Tesla had previously reported selling $430 million worth of Megapacks to xAI during the previous year. Musk combined SpaceX and xAI earlier this year in a transaction valuing the merged entity at $1.25 trillion. Cross-ownership remains significant among the group companies, with Tesla holding 18.99 million SpaceX shares, a stake valued at roughly $2.56 billion based on the IPO price. In the filing, SpaceX said it has historically worked with Tesla through a range of commercial, licensing and support agreements. The company first unveiled its IPO plans in a prospectus filed late last month, which revealed both its substantial losses and Musk's dominant ownership position. An amended filing submitted this week showed that up to 5% of the shares offered in the IPO could be reserved for selected employees and other eligible participants through a direct share programme. The listing comes amid increasing competition among AI-focused companies seeking access to public markets. AI startup Anthropic confidentially filed for an IPO earlier this week, while OpenAI is reportedly preparing its own filing in the near future.
Rubrik Gets Early Access To Anthropic Mythos Research Preview To Strengthen Cyber Resilience
Sydney, AUSTRALIA -- June 3, 2026 -- Rubrik (NYSE: RBRK), the Security and AI Operations Company, today announced it has been granted access to Anthropic's Mythos Research Preview as part of Project Glasswing. An important next step in the evolution of AI and cybersecurity, Rubrik is testing this advanced frontier AI defensively to identify, vet, and patch potential software vulnerabilities across the company's enterprise platform and products suites. Anthropic is giving access to Mythos Research Preview to organisations that build or maintain critical software infrastructure for the purposes of finding and fixing vulnerabilities in advance. "It's important for us to be a part of Anthropic's Glasswing project as we work to speed trusted AI transformation for our customers, which includes both trust in our software and in our ability to deliver preemptive recovery and resilience," said Bipul Sinha, CEO, Chairman and Co-founder of Rubrik. "By putting Anthropic's model to work directly on our code, we are proactively purging potential vulnerabilities before they can ever be leveraged against us." Claude Mythos Research Preview validates that the speed of discovery of software vulnerabilities is a risk that needs to be taken seriously. Anthropic is helping its partners to plan ahead, to be preemptive, which is to vet their systems and apply fixes that position them best for future recovery and resilience. For more information on Rubrik joining Anthropic's Project Glasswing, read Rubrik's blog post here. About Rubrik Rubrik (NYSE: RBRK), the Security and AI Operations Company, leads at the intersection of data protection, cyber resilience, and enterprise AI acceleration. Rubrik Security Cloud delivers complete cyber resilience by securing, monitoring, and recovering data, identities, and workloads across clouds. Rubrik Agent Cloud accelerates trusted AI agent deployments at scale by monitoring and auditing agentic actions, enforcing real-time guardrails, fine-tuning for accuracy, and undoing agentic mistakes.
Will SpaceX's IPO make Elon Musk a trillionaire?
Forbes said in early April that SpaceX's market debut, expected around June 12, would 'all but guarantee' Elon Musk's net worth rising above US$1 trillion. NEW YORK: He is already the richest man in the world, but when SpaceX finally makes its hotly anticipated stock market debut, Elon Musk could become the planet's first trillionaire. Forbes magazine on Tuesday estimated Musk's net worth at nearly US$835 billion, as compared with US$342 billion in its annual rich list in March 2025. He is far beyond Google co-founder Larry Page, who is second at US$298 billion. SpaceX's market debut, expected around June 12, will "all but guarantee his net worth rising above US$1 trillion", Forbes said in early April, when the company first filed to list on the Nasdaq. The valuation of the company, founded in 2002, is expected to range from US$1.7 trillion to US$2 trillion, up from a range that topped out at US$1.5 trillion in March. On Tuesday, platforms for trading unlisted shares valued the group at about US$1.5 trillion, with an individual share going for about US$129 on Forge Global (up from US$53 in mid-December) and US$118 on Nasdaq Private Market. The 54-year-old Musk currently holds 12% of common SpaceX shares and about 94% of Class B shares (each one retains 10 votes), according to a filing submitted to the US Securities and Exchange Commission. According to AFP calculations, after the company goes public, Musk would hold about 42% of SpaceX capital and 79% of all voting rights - or the equivalent of US$735-840 billion, given the latest valuation estimates. "Current trends are an incredible and continued centralisation and concentration of wealth" in the hands of about 3,000 billionaires, William Robinson, a professor of sociology at the University of California, Santa Barbara, told AFP. "At the top end of those billionaires, the concentration is accelerating." 'Tech oligarchy' Robinson noted that at the same time, five billion people on Earth are living below the poverty line, creating an "extreme inequality" that can spawn civil wars and other crises. He says the "new billionaire class" - more precisely, the "tech oligarchy" - holds a structural power over states, economies and society that echoes the rise of Nazism and fascism 100 years ago. In February, SpaceX took over Musk's artificial intelligence outfit xAI, which had itself absorbed the X social network (formerly Twitter) a year before. Musk also owns about 12% of electric car maker Tesla, whose market capitalisation currently sits at about US$1.58 trillion. In mid-February, Musk said his net worth was almost entirely tied up in Tesla and SpaceX shares and that less than 0.1% of his fortune was in cash. Analysts expect to see a 2027 merger of SpaceX and Tesla, which is increasingly focused on robotics, energy and autonomous transport. The two companies are already jointly developing some projects, such as the giant semiconductor manufacturing plant Terafab. "We continue to believe that SpaceX and Tesla will eventually merge into one company in 2027 with the groundwork already in place for both operations to become one organisation," said analysts at Wedbush Securities, noting that Tesla is a minor shareholder in SpaceX via its investment in xAI. Musk also holds shares in The Boring Company, a tunnel construction service, and Neuralink, which is developing implantable brain-computer interfaces. Robinson said Musk could take on an "aura of God" for some people should he become the world's first trillionaire - but might develop a bit of a god complex himself as a result. His net worth could balloon even more if he meets the criteria of the compensation plan drawn up in 2025 by Tesla's board of directors. Should he meet the numerous financial and operational benchmarks, he could pocket another roughly US$1 trillion over the course of 10 years. At SpaceX, he stands to make more than US$130 billion from two compensation plans - but one of the conditions involves establishing a permanent human colony on Mars of at least one million people.
Necessary costs for Russia to compete with ChatGPT, Anthropic may exceed $100 billion
MOSCOW, June 3. /TASS/. The minimum necessary investment to create and maintain a competitive world-class large language model in Russia would exceed $10 billion, Senior Vice President of AFK Sistema, Evgeny Chereshnev, told TASS ahead of the St. Petersburg International Economic Forum (SPIEF). According to him, the total volume of necessary investment in artificial intelligence and related infrastructure when creating such a model could reach $100 billion. According to Chereshnev's calculations, training a modern typical model with 1.7-2 trillion parameters costs developers about $100 million per cycle. If the complexity of models increases to 100 trillion parameters in the near future, the price would reach $10 billion per cycle. "Models have 2-4 major updates per year, meaning the same number of cycles, and this is a permanent process," Chereshnev emphasized. In addition to costs, the electricity consumption for one training cycle of a hypothetical 100 trillion parameter model will increase. According to AFK Sistema's estimates, it would be comparable to the annual consumption of Estonia or Slovenia. Chereshnev called international cooperation a solution to the funding problem. "Russia must unite with other countries in a similar situation of potential dependence on AI technologies from the US and China, on the terms of a fair consortium -- what is available to one is available to all. This strategy has a chance of success, but requires colossal focus, will, professionalism, and an understanding of the real scale of funding," he told TASS.
Will SpaceX IPO make Elon Musk a trillionaire?
He is already the richest man in the world, but when SpaceX finally makes its hotly anticipated stock market debut, Elon Musk could become the planet's first trillionaire. Forbes magazine on Tuesday estimated Musk's net worth at nearly $835 billion, as compared with $342 billion in its annual rich list in March 2025. He is far beyond Google co-founder Larry Page, who is second at $298 billion. SpaceX's market debut, expected around June 12, will "all but guarantee his net worth rising above $1 trillion," Forbes said in early April, when the company first filed to list on the Nasdaq. The valuation of the company, founded in 2002, is expected to range from $1.7 trillion to $2 trillion, up from a range that topped out at $1.5 trillion in March. On Tuesday, platforms for trading unlisted shares valued the group at about $1.5 trillion, with an individual share going for about $129 on Forge Global (up from $53 in mid-December) and $118 on Nasdaq Private Market. The 54-year-old Musk currently holds 12 percent of common SpaceX shares and about 94 percent of Class B shares (each one retains 10 votes), according to a filing submitted to the US Securities and Exchange Commission. According to AFP calculations, after the company goes public, Musk would hold about 42 percent of SpaceX capital and 79 percent of all voting rights -- or the equivalent of $735-840 billion, given the latest valuation estimates. "Current trends are an incredible and continued centralization and concentration of wealth" in the hands of about 3,000 billionaires, William Robinson, a professor of sociology at the University of California, Santa Barbara, told AFP. "At the top end of those billionaires, the concentration is accelerating." - 'Tech oligarchy' - Robinson noted that at the same time, five billion people on Earth are living below the poverty line, creating an "extreme inequality" that can spawn civil wars and other crises. He says the "new billionaire class" -- more precisely, the "tech oligarchy" -- holds a structural power over states, economies and society that echoes the rise of Nazism and fascism 100 years ago. In February, SpaceX took over Musk's artificial intelligence outfit xAI, which itself had absorbed the X social network (formerly Twitter) a year before. Musk also own about 12 percent of electric car maker Tesla, whose market capitalization currently sits at about $1.58 trillion. In mid-February, Musk said his net worth was almost entirely tied up in Tesla and SpaceX shares, and that less than 0.1 percent of his fortune was in cash.
Anthropic Expands Glasswing AI Cybersecurity to 150 New Partners
Anthropic is significantly scaling up its AI-powered cybersecurity initiative, Project Glasswing, by onboarding approximately 150 new organizations across more than 15 countries. These entities include providers of critical infrastructure in sectors like power, water, healthcare, and communications, marking a major stride in the fight against escalating cyber threats. The announcement, made on June 2, follows a successful pilot program involving 50 partners that uncovered over 10,000 high-severity vulnerabilities using Anthropic's Claude Mythos Preview model. Initially launched in April 2026, Project Glasswing leverages advanced AI to proactively identify and remediate software vulnerabilities before they can be weaponized. Early participants included tech giants such as Microsoft, Google, and Cisco, alongside critical infrastructure players like Broadcom and the Linux Foundation. The addition of this new cohort expands the project's global footprint and industry coverage, introducing key players in hardware manufacturing and open-source software maintenance to the initiative. The stakes are high. Anthropic estimates that a successful attack on the codebases of participating organizations could impact over 100 million people globally, with implications for both national and international security. As cheap, powerful AI models with cyber capabilities loom on the horizon, this effort is as much about defense as it is about preparing for a rapidly shifting threat environment. "Within 6 to 12 months, Mythos-class models may proliferate without the necessary safeguards," Anthropic warned, emphasizing the urgency of scaling up defensive measures. Claude Mythos Preview: AI at the Forefront of Cyber Defense At the heart of Project Glasswing is Claude Mythos Preview, a cutting-edge AI model designed to identify critical vulnerabilities and suggest fixes. Unlike traditional static analysis tools, Mythos Preview excels in penetration testing and detecting complex exploit paths, making it highly effective for securing modern codebases. Anthropic has also introduced Claude Security, a companion product built on Claude Opus 4.8, to further streamline the patching process. Participants in the initial phase of Glasswing not only scanned their systems for vulnerabilities but also began using Mythos Preview to write patches and conduct pre-release security checks. This AI-driven approach is now being scaled to the new partners, many of whom maintain software relied upon by governments and millions of end-users worldwide. Cybersecurity at a Crossroads Anthropic's expansion of Project Glasswing comes at a critical time. The cybersecurity landscape is evolving rapidly, with AI tools enabling both defenders and attackers. Glasswing aims to tip the scales in favor of the defenders by accelerating vulnerability detection and patching, while also fostering global collaboration among security teams, researchers, and open-source maintainers. One bottleneck the initiative seeks to address is the lag between discovering vulnerabilities and deploying fixes -- a delay that malicious actors could exploit. To tackle this, Anthropic is working with third parties to scale vulnerability review and patching processes, particularly for open-source software. By sharing best practices and providing advanced tools, the company aims to establish new industry standards for cybersecurity in the AI era. Looking Ahead Anthropic's ambitions don't stop here. Future expansions of Project Glasswing will prioritize additional critical infrastructure providers and open-source maintainers, with plans to broaden its geographical reach. The company is also actively developing robust safeguards to ensure that AI models like Mythos Preview are not misused -- a challenge Anthropic acknowledges has yet to be fully solved by the AI industry. As AI continues to redefine the cybersecurity landscape, Anthropic is positioning Project Glasswing as a cornerstone for global cyber defense. If successful, the initiative could provide a lasting advantage for defenders, setting new benchmarks in securing the world's most essential software systems.
SpaceX eyes world's biggest IPO at $135 per share, targets $1.75 trillion valuation: Report
People walk past a SpaceX Falcon 9 rocket displayed at a SpaceX facility in Hawthorne, California. (File/AFP) Elon Musk's SpaceX is seeking a valuation of $1.75 trillion in what could become the largest initial public offering (IPO) in history, Reuters reported on Wednesday, citing people familiar with the matter. The rocket and satellite communications company plans to sell approximately 555.6 million new shares at a target price of $135 each, aiming to raise $75 billion in fresh capital, the report said. The proposed valuation would place SpaceX among the world's most valuable listed companies and mark a watershed moment for public markets after years of subdued activity in large-cap IPOs. According to the report, the offering will be structured entirely as a primary share sale, meaning all proceeds will go directly to SpaceX. Existing shareholders, including early investors and employees, will not be permitted to sell their holdings as part of the IPO. Roadshow set to begin SpaceX is expected to launch its IPO roadshow on Thursday, allowing company executives and investment bankers to pitch the offering to institutional investors before pricing the deal. The company is targeting a valuation that reflects investor confidence not only in its existing businesses but also in future technologies and markets that remain largely untested. The specific target price of $135 per share is unusual at this stage of the IPO process. Companies typically disclose a pricing range before investor meetings and determine the final offer price only after assessing demand during the roadshow. The plans remain subject to change depending on investor feedback and market conditions, Reuters reported. A defining test for public markets The IPO is expected to be one of the most closely watched listings in recent years and could signal the return of blockbuster public offerings after a prolonged slowdown. Reuters reported that SpaceX, along with artificial intelligence firms OpenAI and Anthropic, could collectively add nearly $4 trillion in market capitalisation to public markets if their anticipated listings proceed as planned. The offering would also provide public investors with a rare opportunity to gain exposure to Musk's vision for the future of space exploration, satellite communications and artificial intelligence. SpaceX is reportedly considering allocating as much as 30 per cent of the IPO to retail investors, an unusually large share for individual buyers. Such a move could help capitalise on Musk's popularity among retail traders while broadening ownership of the company. Growth story tempered by losses While SpaceX's Starlink satellite internet business has emerged as the company's primary profit engine, Reuters reported that other parts of the business continue to consume significant amounts of capital. The company generated revenue of $4.69 billion in the quarter ended March 31, up from $4.07 billion a year earlier. However, losses widened to $1.27 per share from 18 cents per share during the same period. For full-year 2025, revenue rose to $18.67 billion from $14.02 billion, but the company swung to a net loss of $4.94 billion compared with a profit of $791 million in the previous year. Investors are expected to closely scrutinise whether Starlink's cash generation can support the company's capital-intensive ambitions, including next-generation rockets, satellite networks and potential space-based computing infrastructure. Governance concerns in focus The IPO prospectus also highlights governance arrangements that could draw investor attention. According to Reuters, SpaceX plans to maintain a dual-class share structure that would preserve significant voting control for Musk and a small group of insiders. Corporate governance experts have previously warned that such structures can limit shareholder influence, even as they allow founders to pursue long-term strategic goals without pressure from short-term market movements. SpaceX is expected to trade on the Nasdaq under the ticker symbol "SPCX", with Reuters previously reporting that the company's market debut could come as early as June 12. Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup and JPMorgan are serving as joint book-running managers for the offering.
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Live coverage: SpaceX to launch 24 Starlink satellites on Falcon 9 rocket from Vandenberg
SpaceX is set to launch a batch of its Starlink V2 Mini Optimized satellites on a Falcon 9 rocket from Vandenberg Space Force Base Wednesday morning. The Starlink 17-47 mission will add another 24 broadband internet to its low Earth orbit constellation. There are currently more than 10,000 satellites in orbit. Liftoff from Space Launch Complex 4 East is scheduled for 7:36 a.m. PDT (10:36 a.m. EDT / 1436 UTC). The Falcon 9 rocket will fly on a south-southwesterly trajectory upon leaving the pad. Spaceflight Now will have live coverage beginning about 30 minutes prior to liftoff. SpaceX will launch the mission with the Falcon 9 first stage booster with the tail number B1088. This will be its 16th flight after launching missions, like NASA's SPHEREx, Transporter-12 and NROl-126. More than eight minutes after liftoff, B1088 will target a landing on the drone ship, 'Of Course I Still Love You,' positioned in the Pacific Ocean. If successful, this will be the 200th landing on this vessel and the 619th booster landing to date.
Rubrik uses Anthropic Mythos to probe software flaws
Rubrik has gained access to Anthropic's Mythos Research Preview through Project Glasswing, a programme that gives selected operators of critical software infrastructure access to advanced AI models for vulnerability discovery and remediation. The cybersecurity company said it will use the technology to identify, assess and address potential software vulnerabilities across its enterprise platform and product portfolio. The move forms part of a broader effort to strengthen cyber resilience as AI accelerates the pace at which software flaws can be discovered and potentially exploited. Anthropic is providing access to Mythos Research Preview to organisations responsible for building or maintaining critical software infrastructure. The objective is to help participants identify and fix vulnerabilities before they can be used in attacks. Vulnerability testing Rubrik said it will apply the model directly to its codebase to help uncover potential weaknesses and support remediation efforts before vulnerabilities can be exploited. "It's important for us to be a part of Anthropic's Glasswing project as we work to speed trusted AI transformation for our customers, which includes both trust in our software and in our ability to deliver preemptive recovery and resilience," said Bipul Sinha, CEO, Chairman and Co-founder, Rubrik. "By putting Anthropic's model to work directly on our code, we are proactively purging potential vulnerabilities before they can ever be leveraged against us," said Sinha. The company said the initiative aligns with its focus on cyber resilience, data protection and recovery. Rubrik's platform is designed to secure, monitor and recover data, identities and workloads across cloud environments. Faster discovery The collaboration reflects growing concern across the cybersecurity industry about the effect of advanced AI models on vulnerability research. According to Rubrik, recent developments have demonstrated that AI systems are capable of identifying software vulnerabilities at speeds that significantly reduce the time between discovery and exploitation. In commentary accompanying the announcement, Sinha said the cybersecurity sector is entering a period where vulnerability discovery is accelerating rapidly through AI-driven analysis. He pointed to findings disclosed by Anthropic earlier this year that showed an advanced frontier model identifying thousands of software vulnerabilities across browsers and operating systems. Some of those vulnerabilities had reportedly remained undetected for extended periods. Rubrik argues that this shift is changing assumptions about incident response and recovery planning. The company believes organisations must focus on preparedness before attacks occur rather than relying solely on post-incident remediation. Recovery focus Rubrik said access to Mythos Research Preview supports its strategy of pre-emptive recovery and resilience. The company maintains that the shrinking gap between vulnerability discovery and exploitation requires organisations to strengthen recovery capabilities alongside traditional prevention measures. "Anthropic is helping its partners plan ahead, to be preemptive, to vet their systems and apply fixes that position them best for future recovery and resilience. We could not agree more with this approach," said Sinha. Rubrik said the model will help it identify vulnerabilities within its environment, strengthen platform security and reduce risk for customers. Industry sharing As a participant in Project Glasswing, Rubrik also plans to contribute findings from its testing activities back to the broader security community. The company said sharing insights from vulnerability discovery and remediation efforts could help improve preparedness across the industry as AI-assisted security research continues to develop. Rubrik views the initiative as part of a wider transition in cybersecurity, where AI technologies are increasingly used for both defensive and offensive purposes. "Anthropic has shown us the start of the next evolution in cybersecurity, one that is quickly moving. Rubrik is here, we are grateful to be part of Project Glasswing, and we are ready for resilience," said Sinha.
Will SpaceX IPO make Elon Musk a trillionaire?
Elon Musk is already by far the world's richest man, but his fortune is set to expand considerably when SpaceX goes public He is already the richest man in the world, but when SpaceX finally makes its hotly anticipated stock market debut, Elon Musk could become the planet's first trillionaire. Forbes magazine on Tuesday estimated Musk's net worth at nearly $835 billion, as compared with $342 billion in its annual rich list in March 2025. He is far beyond Google co-founder Larry Page, who is second at $298 billion. SpaceX's market debut, expected around June 12, will "all but guarantee his net worth rising above $1 trillion," Forbes said in early April, when the company first filed to list on the Nasdaq. The valuation of the company, founded in 2002, is expected to range from $1.7 trillion to $2 trillion, up from a range that topped out at $1.5 trillion in March. On Tuesday, platforms for trading unlisted shares valued the group at about $1.5 trillion, with an individual share going for about $129 on Forge Global (up from $53 in mid-December) and $118 on Nasdaq Private Market. The 54-year-old Musk currently holds 12 percent of common SpaceX shares and about 94 percent of Class B shares (each one retains 10 votes), according to a filing submitted to the US Securities and Exchange Commission. According to AFP calculations, after the company goes public, Musk would hold about 42 percent of SpaceX capital and 79 percent of all voting rights -- or the equivalent of $735-840 billion, given the latest valuation estimates. "Current trends are an incredible and continued centralization and concentration of wealth" in the hands of about 3,000 billionaires, William Robinson, a professor of sociology at the University of California, Santa Barbara, told AFP. "At the top end of those billionaires, the concentration is accelerating." - 'Tech oligarchy' - Robinson noted that at the same time, five billion people on Earth are living below the poverty line, creating an "extreme inequality" that can spawn civil wars and other crises. He says the "new billionaire class" -- more precisely, the "tech oligarchy" -- holds a structural power over states, economies and society that echoes the rise of Nazism and fascism 100 years ago. In February, SpaceX took over Musk's artificial intelligence outfit xAI, which itself had absorbed the X social network (formerly Twitter) a year before. Musk also own about 12 percent of electric car maker Tesla, whose market capitalization currently sits at about $1.58 trillion. In mid-February, Musk said his net worth was almost entirely tied up in Tesla and SpaceX shares, and that less than 0.1 percent of his fortune was in cash. Analysts expect to see a 2027 merger of SpaceX and Tesla, which is increasingly focused on robotics, energy and autonomous transport. The two companies are already jointly developing some projects, such as the giant semiconductor manufacturing plant Terafab. "We continue to believe that SpaceX and Tesla will eventually merge into one company in 2027 with the groundwork already in place for both operations to become one organization," said analysts at Wedbush Securities, noting that Tesla is a minor shareholder in SpaceX via its investment in xAI. Musk also holds shares in The Boring Company, a tunnel construction service, and Neuralink, which is developing implantable brain-computer interfaces. Robinson said Musk could take on an "aura of God" for some people should he become the world's first trillionaire -- but might develop a bit of a god complex himself as a result. His net worth could balloon even more if he meets the criteria of the compensation plan drawn up in 2025 by Tesla's board of directors. Should he meet the numerous financial and operational benchmarks, he could pocket another roughly $1 trillion over the course of 10 years. At SpaceX, he stands to make more than $130 billion from two compensation plans -- but one of the conditions involves establishing a permanent human colony on Mars of at least one million people.
Will SpaceX IPO make Elon Musk a trillionaire?
He is already the richest man in the world, but when SpaceX finally makes its hotly anticipated stock market debut, Elon Musk could become the planet's first trillionaire. Robinson said Musk could take on an "aura of God" for some people should he become the world's first trillionaire -- but might develop a bit of a god complex himself as a result. He is already the richest man in the world, but when SpaceX finally makes its hotly anticipated stock market debut, Elon Musk could become the planet's first trillionaire. Forbes magazine on Tuesday estimated Musk's net worth at nearly $835 billion, as compared with $342 billion in its annual rich list in March 2025. He is far beyond Google co-founder Larry Page, who is second at $298 billion. SpaceX's market debut, expected around June 12, will "all but guarantee his net worth rising above $1 trillion," Forbes said in early April, when the company first filed to list on the Nasdaq. The valuation of the company, founded in 2002, is expected to range from $1.7 trillion to $2 trillion, up from a range that topped out at $1.5 trillion in March. On Tuesday, platforms for trading unlisted shares valued the group at about $1.5 trillion, with an individual share going for about $129 on Forge Global (up from $53 in mid-December) and $118 on Nasdaq Private Market. The 54-year-old Musk currently holds 12 percent of common SpaceX shares and about 94 percent of Class B shares (each one retains 10 votes), according to a filing submitted to the US Securities and Exchange Commission. According to AFP calculations, after the company goes public, Musk would hold about 42 percent of SpaceX capital and 79 percent of all voting rights -- or the equivalent of $735-840 billion, given the latest valuation estimates. "Current trends are an incredible and continued centralization and concentration of wealth" in the hands of about 3,000 billionaires, William Robinson, a professor of sociology at the University of California, Santa Barbara, told AFP. "At the top end of those billionaires, the concentration is accelerating." 'Tech oligarchy' Robinson noted that at the same time, five billion people on Earth are living below the poverty line, creating an "extreme inequality" that can spawn civil wars and other crises. He says the "new billionaire class" -- more precisely, the "tech oligarchy" -- holds a structural power over states, economies and society that echoes the rise of Nazism and fascism 100 years ago. In February, SpaceX took over Musk's artificial intelligence outfit xAI, which itself had absorbed the X social network (formerly Twitter) a year before. Musk also own about 12 percent of electric car maker Tesla, whose market capitalization currently sits at about $1.58 trillion. In mid-February, Musk said his net worth was almost entirely tied up in Tesla and SpaceX shares, and that less than 0.1 percent of his fortune was in cash. Analysts expect to see a 2027 merger of SpaceX and Tesla, which is increasingly focused on robotics, energy and autonomous transport. The two companies are already jointly developing some projects, such as the giant semiconductor manufacturing plant Terafab. "We continue to believe that SpaceX and Tesla will eventually merge into one company in 2027 with the groundwork already in place for both operations to become one organization," said analysts at Wedbush Securities, noting that Tesla is a minor shareholder in SpaceX via its investment in xAI. Musk also holds shares in The Boring Company, a tunnel construction service, and Neuralink, which is developing implantable brain-computer interfaces. Robinson said Musk could take on an "aura of God" for some people should he become the world's first trillionaire -- but might develop a bit of a god complex himself as a result. His net worth could balloon even more if he meets the criteria of the compensation plan drawn up in 2025 by Tesla's board of directors. Should he meet the numerous financial and operational benchmarks, he could pocket another roughly $1 trillion over the course of 10 years. At SpaceX, he stands to make more than $130 billion from two compensation plans -- but one of the conditions involves establishing a permanent human colony on Mars of at least one million people.
S&P 7,600, SpaceX on deck
From the Associated Press (AP), Wall Street inches to more records thanks to booming AI stocks. Indeed, the S&P 500 index closed at an all-time record high above 7,609, after hitting a new all-time intraday high above 7,620. The index is up almost 11 percent for year-to-date 2026. SpaceX is on the verge of joining the party. The Wall Street Journal (WSJ) reports, SpaceX eyeing roughly $1.75 trillion valuation in IPO next week. From the Journal, SpaceX is expected to settle on a price for its shares next Thursday and open for trading on the Nasdaq stock exchange under the ticker "SPCX" next Friday, June 12. That's trillion, with a "t." SpaceX would not be eligible to join the S&P index right away, but at that valuation, it would represent one of the 10 biggest companies by market capitalization.
Will SpaceX IPO make Elon Musk a trillionaire?
He is already the richest man in the world, but when SpaceX finally makes its hotly anticipated stock market debut, Elon Musk could become the planet's first trillionaire. Forbes magazine on Tuesday estimated Musk's net worth at nearly $835 billion, as compared with $342 billion in its annual rich list in March 2025. He is far beyond Google co-founder Larry Page, who is second at $298 billion. SpaceX's market debut, expected around June 12, will "all but guarantee his net worth rising above $1 trillion," Forbes said in early April, when the company first filed to list on the Nasdaq. The valuation of the company, founded in 2002, is expected to range from $1.7 trillion to $2 trillion, up from a range that topped out at $1.5 trillion in March. On Tuesday, platforms for trading unlisted shares valued the group at about $1.5 trillion, with an individual share going for about $129 on Forge Global (up from $53 in mid-December) and $118 on Nasdaq Private Market. The 54-year-old Musk currently holds 12 percent of common SpaceX shares and about 94 percent of Class B shares (each one retains 10 votes), according to a filing submitted to the US Securities and Exchange Commission. According to AFP calculations, after the company goes public, Musk would hold about 42 percent of SpaceX capital and 79 percent of all voting rights -- or the equivalent of $735-840 billion, given the latest valuation estimates. "Current trends are an incredible and continued centralization and concentration of wealth" in the hands of about 3,000 billionaires, William Robinson, a professor of sociology at the University of California, Santa Barbara, told AFP. "At the top end of those billionaires, the concentration is accelerating." - 'Tech oligarchy' - Robinson noted that at the same time, five billion people on Earth are living below the poverty line, creating an "extreme inequality" that can spawn civil wars and other crises. He says the "new billionaire class" -- more precisely, the "tech oligarchy" -- holds a structural power over states, economies and society that echoes the rise of Nazism and fascism 100 years ago. In February, SpaceX took over Musk's artificial intelligence outfit xAI, which itself had absorbed the X social network (formerly Twitter) a year before. Musk also own about 12 percent of electric car maker Tesla, whose market capitalization currently sits at about $1.58 trillion. In mid-February, Musk said his net worth was almost entirely tied up in Tesla and SpaceX shares, and that less than 0.1 percent of his fortune was in cash.