News & Updates
The latest news and updates from companies in the WLTH portfolio.
SpaceX plans record $75 billion IPO at $135 per share, source says
The offering would value Musk's company at $1.75 trillion, with up to 30% of shares earmarked for retail investors; proceeds are expected to fund AI computing expansion and Starlink growth, while Musk must hold his shares for at least a year Elon Musk's SpaceX plans to price its initial public offering at $135 per share, selling 555.6 million shares to raise $75 billion in what would be the largest IPO ever, a source familiar with the matter told Reuters. Reuters reported earlier on Tuesday that the rocket and satellite communications company hoped to raise at least $75 billion at a valuation of $1.75 trillion. The listing is expected to lead a wave of high-profile private companies preparing to test public markets after years of muted large-cap IPO activity. SpaceX is widely viewed as one of the most consequential offerings in recent history, alongside artificial intelligence giants OpenAI and Anthropic. The company's valuation relies on SpaceX dominating technologies and markets that do not yet exist, from Mars missions to AI data centers in space. The specific target price is highly unusual at this stage. Companies planning to go public typically set a price range before speaking to investors during a series of presentations known as a roadshow. SpaceX's roadshow begins on Thursday. A target price is usually not set until the day before a company's market debut. The roadshow is expected to be one of the most closely watched IPO marketing tours in recent years, allowing prospective investors to meet with SpaceX executives as investment bankers try to build demand for a record-breaking $75 billion order book. Reuters previously reported that SpaceX is considering allocating as much as 30% of the offering to individual investors, an unusually large retail tranche aimed at tapping into Musk's devoted following and broadening ownership of the company. Musk will be required to hold his SpaceX shares for 366 days after the IPO, the source said, in a signal to investors that he will not be selling any of his investment. Proceeds from the IPO will be used for purposes including expanding AI computing resources and SpaceX's satellite network. SpaceX merged with Musk's AI startup xAI earlier this year in a deal that valued the rocket company at $1 trillion and the developer of the Grok chatbot at $250 billion. The company has no direct peers, making its valuation subject to interpretation. Morningstar placed a $780 billion price tag on SpaceX, 48% below its current private-market valuation, according to a June 1 research note. Most of that valuation comes from its Starlink satellite communications business, which drove most of its revenue, profits and growth last year. SpaceX, however, has tied much of its growth outlook to AI. Its plans rely on unbuilt technologies for a significant portion of future revenue, including solar-powered data centers in space, as it targets a potential $28.5 trillion market, Reuters previously reported.
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.
SpaceX plans to raise $US75 billion in IPO, source says - Michael West
SpaceX plans to raise $US75 billion ($A105 billion) in its initial public offering by selling 555.6 million shares at a target price of $US135 ($A188) per share, a source familiar with the matter has told Reuters. Reuters reported earlier on Tuesday the rocket and satellite communications company hoped to raise at least $US75 billion ($A105 billion), at a valuation of $US1.75 trillion ($A2.44 trillion). The listing leads a wave of high-profile private companies preparing to test public markets after years of muted large-cap IPO activity, with SpaceX widely viewed as one of the most consequential offerings in recent history alongside artificial intelligence giants OpenAI and Anthropic. The company's valuation relies on SpaceX dominating technologies and markets that do not yet exist - from Mars missions to AI data centres in space. The specific target price is extremely unusual at this stage because companies planning to go public typically set a price range before talking to investors in a series of presentations called a roadshow. SpaceX's roadshow begins on Thursday. Usually a specific target price is not set until the day before the debut. The roadshow -- expected to be one of the most closely watched IPO marketing tours in recent years -- will allow prospective investors to meet with SpaceX executives as investment bankers try to build demand for a record-breaking $US75 billion ($A105 billion) order book. Reuters previously reported that the company is considering allocating as much as 30 per cent of the offering to individual investors, an unusually large retail tranche aimed at tapping into Elon Musk's cult-like following and broadening ownership of the company.
Exclusive-SpaceX plans to price record-setting IPO at $135 per share, source says
NEW YORK, June 2 : Elon Musk's SpaceX plans to price its initial public offering at $135 per share, selling 555.6 million shares to raise $75 billion in the largest IPO ever, a source familiar with the matter told Reuters. Reuters reported earlier on Tuesday that the rocket and satellite communications company hoped to raise at least $75 billion, at a valuation of $1.75 trillion. The listing leads a wave of high-profile private companies preparing to test public markets after years of muted large-cap IPO activity, with SpaceX widely viewed as one of the most consequential offerings in recent history alongside artificial intelligence giants OpenAI and Anthropic. The company's valuation relies on SpaceX dominating technologies and markets that do not yet exist - from Mars missions to AI data centers in space. The specific target price is extremely unusual at this stage. Instead, companies planning to go public typically set a price range before talking to investors in a series of presentations called a roadshow. SpaceX's roadshow begins on Thursday. Usually a target price is not set until the day before the market debut. The roadshow -- expected to be one of the most closely watched IPO marketing tours in recent years -- will allow prospective investors to meet with SpaceX executives as investment bankers try to build demand for a record-breaking $75 billion order book. Reuters previously reported that the company is considering allocating as much as 30 per cent of the offering to individual investors, an unusually large retail tranche aimed at tapping into Musk's cult-like following and broadening ownership of the company. Musk will be required to hold his SpaceX shares for 366 days after the IPO, the source said, a signal to investors that he will not be selling any of his investment. Proceeds of the IPO will be used for purposes including expanding AI computing resources and SpaceX's satellite network. SpaceX merged with Musk's AI startup xAI earlier this year in a deal that valued the rocket company at $1 trillion and the developer of the Grok chatbot at $250 billion. The company has no direct peers, making valuing the company subject to interpretation. Morningstar placed a $780 billion price tag on SpaceX, 48 per cent below its current private-market valuation, according to a June 1 research note. Most of that comes from its Starlink satellite communications business, which drove most of its revenue, profits and growth last year. SpaceX, however, has tied most of its growth prospects to AI, and its plans rely on unbuilt technologies for a significant portion of future revenue, including solar-powered data centers in space, as it targets a potential $28.5 trillion market, Reuters previously reported.
SpaceX plans to raise $US75 billion in IPO, source says
SpaceX plans to raise $US75 billion ($A105 billion) in its initial public offering by selling 555.6 million shares at a target price of $US135 ($A188) per share, a source familiar with the matter has told Reuters. Reuters reported earlier on Tuesday the rocket and satellite communications company hoped to raise at least $US75 billion ($A105 billion), at a valuation of $US1.75 trillion ($A2.44 trillion). The listing leads a wave of high-profile private companies preparing to test public markets after years of muted large-cap IPO activity, with SpaceX widely viewed as one of the most consequential offerings in recent history alongside artificial intelligence giants OpenAI and Anthropic. The company's valuation relies on SpaceX dominating technologies and markets that do not yet exist - from Mars missions to AI data centres in space. The specific target price is extremely unusual at this stage because companies planning to go public typically set a price range before talking to investors in a series of presentations called a roadshow. SpaceX's roadshow begins on Thursday. Usually a specific target price is not set until the day before the debut. The roadshow -- expected to be one of the most closely watched IPO marketing tours in recent years -- will allow prospective investors to meet with SpaceX executives as investment bankers try to build demand for a record-breaking $US75 billion ($A105 billion) order book. Reuters previously reported that the company is considering allocating as much as 30 per cent of the offering to individual investors, an unusually large retail tranche aimed at tapping into Elon Musk's cult-like following and broadening ownership of the company.
Business News Live: GIFT Nifty flat, oil rises; SpaceX eyes $75 billion IPO, IndiGo suspends Manchester flights | Moneycontrol News
Business News Live: A quick catch-up of top business updates from June 2 Indian markets are likely to see stock-specific action on Wednesday amid a series of corporate announcements, regulatory developments, order wins and fundraising plans. Infosys expanded its partnership with Norway's DNB Bank to modernise financial crime operations using the NICE Actimize X-Sight platform. Vedanta said the Enforcement Directorate visited some offices of the company and subsidiary Hindustan Zinc as part of an ongoing probe. The company said it is cooperating with authorities. John Cockerill India secured an order worth Rs 1,250-1,300 crore from JSW Vijayanagar Metallics for a CRNO project, while Canara Bank approved plans to raise up to Rs 8,500 crore through Basel III-compliant bonds. Adani Ports and Special Economic Zone reported 16 percent growth in May cargo volumes at 48.3 MMT, led by liquids and containers. InterGlobe Aviation said IndiGo will suspend Manchester flight operations from August 31 due to airspace restrictions and elevated operating costs. Among pharma names, Concord Biotech received USFDA approval for Mycophenolate Mofetil oral suspension, while Bliss GVS Pharma said its Palghar facility received WHO GMP compliance clearance. In deal activity, promoter group entities sold a 1.5 percent stake in Alkem Laboratories through block deals worth over Rs 900 crore. Axis Mutual Fund sold shares worth Rs 47.56 crore in Neogen Chemicals. Other companies in focus include Dhanuka Agritech on its buyback offer, Advait Energy Transitions after signing a battery storage agreement with GUVNL, and Rajnandini Fashion India on SME listing debut.
Anthropic Expands Mythos to Global Critical Infrastructure
Agentic AI , Artificial Intelligence & Machine Learning , Critical Infrastructure Security The initial batch of 50 partners for Anthropic's Project Glasswing software defense initiative drew heavily from the technology and cybersecurity sectors in the United States. See Also: Cloud NGFW for Azure The San Francisco-based artificial intelligence giant seeks to remedy that imbalance by extending access to Claude Mythos Preview to approximately 150 new organizations based in more than 15 countries. The new cohort covers several critical infrastructure sectors not well represented in Anthropic's initial group of partners including power, water, healthcare, communications and hardware, the firm said. "What each partner has in common is that a successful attack on their codebase could be catastrophic," Anthropic wrote in an announcement Tuesday. "For most partners, we estimate that a major attack could affect more than 100 million people, with important ramifications for both global and national security." Companies first accepted to Project Glasswing back in early April included tech titans like AWS, Apple, Broadcom, Google and Microsoft as well as cyber behemoths Palo Alto Networks and CrowdStrike. That's in sharp contrast to OpenAI, which focused on financial heavyweights like Bank of America, Black Rock, BNY, Citi, Goldman Sachs and Morgan Stanley in its Trusted Access for Cyber pilot program (see: OpenAI Courts Banks in Trusted Access for Cyber Partner Push). Bringing Mythos Preview Outside the United States When Anthropic launched Claude Mythos Preview, it largely limited access to organizations based in the United States, with the United Kingdom's AI Security Institute being the only known non-U.S. group with access to the model, The Financial Times reported. A European Commission leader said in May that organizations would have to make do with "already-available advanced cyber tools" to scan systems. "They have invited us to have access and we are looking at the way the potential access would work - the conditions and so on," European Union cybersecurity agency ENISA spokesperson Laura Heuvinck told ISMG Monday. New countries to be granted access to Mythos include countries in the Five Eyes intelligence alliance such as Canada, Australia and New Zealand, the Financial Times reported. Other nations gaining access to Mythos include France, Germany, Italy, Switzerland, the Netherlands, Spain, Belgium, Sweden, India, Japan and South Korea, a person familiar with the matter told The Financial Times (see: Europe Edges Closer to Claude Mythos Access). NATO, the U.S.-led military alliance headquartered in Brussels, has also been given access, along with ENISA, people familiar with the matter told The Financial Times. In the private sector, U.S.-based identity sector vendor Okta and data protection vendor Rubrik gained access to Mythos, along with South Korean companies Samsung, SK Hynix and SK Telecom, The Financial Times reported. "While others bolted on recovery as an afterthought, we natively built a unified architecture -- with preemptive recovery as the foundation -- to provide immutable, air-gapped protection for data, identity and AI," wrote Rubrik CEO Bipul Sinha. "Claude Mythos Research Preview doesn't break our approach; it validates that the speed of discovery of software vulnerabilities is a risk that needs to be taken seriously." Okta said on May 27 that it has been granted access to Claude Mythos Preview and is evaluating Mythos with the goal of using it to further harden our security posture. Anthropic didn't respond to an ISMG request for comment. Critical Utilities No Longer Left in Cold None of the half dozen specialist OT cybersecurity companies questioned by ISMG in late April had been approached by either Anthropic or OpenAI to join Project Glasswing or Trusted Access for Cyber. None have been listed in public disclosures either. In addition to large platform providers, Trusted Access for Cyber has disclosed access to specialized code security vendors like Synk, Sempgrep and Socket (see: OT Cybersecurity Frozen Out by Frontier Labs). "None of the OT companies, none of the organizations that are most representative of that portion of the ecosystem are participating in this and are being represented," Tatyana Bolton, executive director of the Operational Technology Cybersecurity Coalition, told ISMG in late April. Within six-to-12 months, Anthropic expects many other AI companies will have Mythos-class models, and could release them without safeguards that prevent misuse. Within the first weeks of Project Glasswing, Anthropic said members began using Mythos Preview at large scale, sharing information and best practices with other partners, and working with third parties to triage the model's findings. Anthropic said it is working as quickly as it can to safely release Mythos-level capabilities in general access. To do so, Anthropic said it'll need highly robust safeguards that prevent the model's cyber capabilities from being misused, which don't yet exist. Because cybersecurity has both helpful and destructive uses, making safeguards that are both strong and precise enough is a major challenge. Future expansions of Project Glasswing will prioritizing additional essential infrastructure providers, maintainers of critical open-source software, and safety testers in the United States and overseas, according to Anthropic.
Before SpaceX goes public, a scramble to get on bandwagon
As SpaceX prepares its long-awaited stock market debut, investors everywhere are scrambling to get a piece of the action -- through investment funds, related company stocks, and even online prediction markets. "$14 billion has poured into SpaceX linked funds since Musk confirmed the IPO...The hype is unlike anything I've seen," said an X post from Gagola Value Capital, run by two British amateur investor brothers. But not everyone can get in yet. Until the IPO, which is expected on June 12, the only people who can buy SpaceX shares directly are large financial players such as banks and pension funds, or very wealthy individuals. Everyone else has to find workarounds. One option is the so-called secondary market, where employees and early investors who already own shares in SpaceX can sell them to others privately, at whatever price the two sides agree on. Another option is exchange-traded funds, or ETFs -- investment vehicles that anyone can buy on the stock market. Some of these funds have found ways to invest in SpaceX. By buying into the fund, an ordinary investor gets indirect exposure to SpaceX's performance. "We've increased assets under management by five times, and I'm fairly certain we have the largest percentage weight in SpaceX now of any ETF," said Joel Shulman, founder of ERShares, whose XVOR fund has roughly 15 percent of its holdings in SpaceX. "This is by far the most exciting IPO that we've seen," he said. But the investment in SpaceX itself is through a legal structure that holds the actual shares, a complicated mechanism that puts some investors off. - Private so long - The approaching initial public offering is meeting a lot of pent-up demand for a company that founder and CEO Elon Musk has kept in the headlines -- and out of the public markets -- for 20 years. "What is unusual about SpaceX is the scale of the enthusiasm and the fact that such a large and influential company has remained private for so long," said Ludovic Phalippou, a professor at the University of Oxford's Said Business School. "Today, investors are competing intensely to buy access to a company after much of the growth has already occurred," he added. By the time the public gets a chance to buy in, many of the biggest gains -- the kind that made early Google or Amazon investors rich -- may already be history. "The irony is that many investors appear willing to pay a premium simply for the privilege of gaining access," he added. For Phalippou, this wave -- which is driving prices through the roof -- raises questions about the valuation of SpaceX, which is targeting $1.75 trillion.
Before SpaceX goes public, a scramble to get on bandwagon
SpaceX is preparing its stock market debut -- and everyone wants a piece of the action As SpaceX prepares its long-awaited stock market debut, investors everywhere are scrambling to get a piece of the action -- through investment funds, related company stocks, and even online prediction markets. "$14 billion has poured into SpaceX linked funds since Musk confirmed the IPO...The hype is unlike anything I've seen," said an X post from Gagola Value Capital, run by two British amateur investor brothers. But not everyone can get in yet. Until the IPO, which is expected on June 12, the only people who can buy SpaceX shares directly are large financial players such as banks and pension funds, or very wealthy individuals. Everyone else has to find workarounds. One option is the so-called secondary market, where employees and early investors who already own shares in SpaceX can sell them to others privately, at whatever price the two sides agree on. Another option is exchange-traded funds, or ETFs -- investment vehicles that anyone can buy on the stock market. Some of these funds have found ways to invest in SpaceX. By buying into the fund, an ordinary investor gets indirect exposure to SpaceX's performance. "We've increased assets under management by five times, and I'm fairly certain we have the largest percentage weight in SpaceX now of any ETF," said Joel Shulman, founder of ERShares, whose XVOR fund has roughly 15 percent of its holdings in SpaceX. "This is by far the most exciting IPO that we've seen," he said. But the investment in SpaceX itself is through a legal structure that holds the actual shares, a complicated mechanism that puts some investors off. - Private so long - The approaching initial public offering is meeting a lot of pent-up demand for a company that founder and CEO Elon Musk has kept in the headlines -- and out of the public markets -- for 20 years. "What is unusual about SpaceX is the scale of the enthusiasm and the fact that such a large and influential company has remained private for so long," said Ludovic Phalippou, a professor at the University of Oxford's Said Business School. "Today, investors are competing intensely to buy access to a company after much of the growth has already occurred," he added. By the time the public gets a chance to buy in, many of the biggest gains -- the kind that made early Google or Amazon investors rich -- may already be history. "The irony is that many investors appear willing to pay a premium simply for the privilege of gaining access," he added. For Phalippou, this wave -- which is driving prices through the roof -- raises questions about the valuation of SpaceX, which is targeting $1.75 trillion. That valuation is widely seen as far from the reality of SpaceX's current business, but based on the faith that Musk will deliver on science fiction-like promises that the company will get to Mars and put data centers into space. "A great company doesn't necessarily mean a great investment," said Jay Ritter, an IPO specialist at the University of Florida. "A company can be a great company, but if the valuation is too high, eventually it's going to come down to Earth. And this is where I've got a concern about SpaceX," he added. Some are managing to get into SpaceX's orbit by buying shares in other aerospace companies. Launch company Rocket Lab has seen its market capitalization nearly triple in two months, while satellite internet specialist AST SpaceMobile has gained 78 percent in two weeks. Others are betting on Virgin Galactic, whose space tourism business model raises questions but which has the advantage of a stock ticker (SPCE) very close to SpaceX's (SPCX). Some traders are counting on a mix-up by certain investors between the two companies, which would benefit Virgin Galactic. The last and smallest entry point is prediction platforms, through which investors can place money on a hypothesis. The largest such platform, Kalshi, told AFP that $29 million have been wagered on SpaceX-related questions, from Musk's net worth at end-2026 to the possibility of a Mars landing before 2030.
VC Bill Gurley warns Anthropic is 'midwifing a deity' by 'building a species that's superior to humans'
Prominent Silicon Valley investor Bill Gurley has raised alarms over Anthropic's ambitions in artificial intelligence, suggesting the company is not merely developing software but actively working to create a superior intelligence that could reshape humanity's future. Gurley, a general partner at Benchmark Capital, shared his provocative views during a recent episode of the "All-In Podcast." After spending weeks immersed in research on the AI startup, he articulated a theory more disturbing to him than common criticisms of regulatory maneuvering. "I don't think they think they're writing software. I think they're midwifing a deity here," Gurley stated. He described this as his "Dr. Frankenstein theory," expressing greater fear over it than Anthropic's advocacy for strict AI safety rules, which some view as an effort to sideline competitors. Gurley pointed to Anthropic CEO Dario Amodei's October 2024 essay, "Machines of Loving Grace," as a key influence. In the piece, Amodei envisions scenarios where powerful AI systems fundamentally transform the economy, including possibilities of resource distribution guided by AI judgment. "He says, 'It could be a capitalist economy of AI systems which then give out resources to humans based on some secondary economy of what the AI systems think makes sense to reward in humans.' So that's envisioning a deity of sorts that's going to break ties and decide what humans do," Gurley explained, drawing directly from the essay. The venture capitalist's comments reflect broader unease about the trajectory of artificial general intelligence at leading labs. Anthropic has not publicly endorsed building an AI "deity," and a company representative declined to comment on Gurley's remarks.
Before SpaceX goes public, a scramble to get on bandwagon
SpaceX is preparing its stock market debut -- and everyone wants a piece of the action As SpaceX prepares its long-awaited stock market debut, investors everywhere are scrambling to get a piece of the action -- through investment funds, related company stocks, and even online prediction markets. "$14 billion has poured into SpaceX linked funds since Musk confirmed the IPO...The hype is unlike anything I've seen," said an X post from Gagola Value Capital, run by two British amateur investor brothers. But not everyone can get in yet. Until the IPO, which is expected on June 12, the only people who can buy SpaceX shares directly are large financial players such as banks and pension funds, or very wealthy individuals. Everyone else has to find workarounds. One option is the so-called secondary market, where employees and early investors who already own shares in SpaceX can sell them to others privately, at whatever price the two sides agree on. Another option is exchange-traded funds, or ETFs -- investment vehicles that anyone can buy on the stock market. Some of these funds have found ways to invest in SpaceX. By buying into the fund, an ordinary investor gets indirect exposure to SpaceX's performance. "We've increased assets under management by five times, and I'm fairly certain we have the largest percentage weight in SpaceX now of any ETF," said Joel Shulman, founder of ERShares, whose XVOR fund has roughly 15 percent of its holdings in SpaceX. "This is by far the most exciting IPO that we've seen," he said. But the investment in SpaceX itself is through a legal structure that holds the actual shares, a complicated mechanism that puts some investors off. - Private so long - The approaching initial public offering is meeting a lot of pent-up demand for a company that founder and CEO Elon Musk has kept in the headlines -- and out of the public markets -- for 20 years. "What is unusual about SpaceX is the scale of the enthusiasm and the fact that such a large and influential company has remained private for so long," said Ludovic Phalippou, a professor at the University of Oxford's Said Business School. "Today, investors are competing intensely to buy access to a company after much of the growth has already occurred," he added. By the time the public gets a chance to buy in, many of the biggest gains -- the kind that made early Google or Amazon investors rich -- may already be history. "The irony is that many investors appear willing to pay a premium simply for the privilege of gaining access," he added. For Phalippou, this wave -- which is driving prices through the roof -- raises questions about the valuation of SpaceX, which is targeting $1.75 trillion. That valuation is widely seen as far from the reality of SpaceX's current business, but based on the faith that Musk will deliver on science fiction-like promises that the company will get to Mars and put data centers into space. "A great company doesn't necessarily mean a great investment," said Jay Ritter, an IPO specialist at the University of Florida. "A company can be a great company, but if the valuation is too high, eventually it's going to come down to Earth. And this is where I've got a concern about SpaceX," he added. Some are managing to get into SpaceX's orbit by buying shares in other aerospace companies. Launch company Rocket Lab has seen its market capitalization nearly triple in two months, while satellite internet specialist AST SpaceMobile has gained 78 percent in two weeks. Others are betting on Virgin Galactic, whose space tourism business model raises questions but which has the advantage of a stock ticker (SPCE) very close to SpaceX's (SPCX). Some traders are counting on a mix-up by certain investors between the two companies, which would benefit Virgin Galactic. The last and smallest entry point is prediction platforms, through which investors can place money on a hypothesis. The largest such platform, Kalshi, told AFP that $29 million have been wagered on SpaceX-related questions, from Musk's net worth at end-2026 to the possibility of a Mars landing before 2030.
Dow Jones Top Company Headlines at 9 PM ET: SpaceX Eyeing Roughly $1.75 Trillion Valuation in IPO Next Week | Palo ...
SpaceX Eyeing Roughly $1.75 Trillion Valuation in IPO Next Week Banks are in line to make hundreds of millions of dollars from the offering; JPM has an additional role as party planner. ---- Palo Alto Networks Revenue Rises as Customers Beef Up Cyber Defenses Chief Executive Officer Nikesh Arora said the results should demonstrate that fears of a so-called "SaaS-Pocalypse," in which AI-native firms will come to displace legacy software incumbents, are misplaced as applied to the cybersecurity industry. ---- GameStop Posts Higher Profit, Launches $2 Billion Buyback Program The videogame retailer said sales rose to $835.3 million, driven by collectibles. ---- GitLab to Cut 14% of Workforce as Part of AI Pivot The maker of software-development tools is cutting 350 full-time employees and exiting 22 countries as part of a restructuring it floated in May. ---- Ulta Beauty Revenue Rises on Growth Across Channels, Major Categories The cosmetics and fragrances retailer's sales rose 11% in the fiscal first quarter. ---- GM's Profitable Trucks Targeted in Latest UAW Strike The dispute at a Michigan parts supplier imperils GM's Chevrolet Silverado and GMC Sierra pickups as well as midsize trucks. ---- Coinbase Founder's Longevity Startup Triples in Value Now worth $3.1 billion, NewLimit plans to test its RNA therapy in alcohol-related liver-disease patients next year. ---- Nestle Partners With Startup Helaina to Develop Infant Formula With Human Proteins The partnership comes a few months after Nestle's infant nutrition business was rocked by a tainted-ingredient crisis. ---- UniCredit Clears Key 30% Threshold in Commerzbank Takeover Bid The lender said Tuesday that shares representing around 7.6% of Commerzbank's share capital have been tendered as part of its roughly $28 billion takeover attempt. ---- Shake Shack Cuts Guidance Due to Uncertainty, Competition Shake Shack scaled back its financial guidance as the burger chain continues to face a tough environment. ---- Dollar General Is Winning Over Value-Seeking, Stressed Shoppers Dollar General's customers are feeling stressed, increasingly reining in spending on household expenses such as groceries as they face higher prices at the gas pump. ---- Genco Board Unanimously Rejects Diana Shipping's Latest Buyout Offer Dry-bulk shipping company Genco said its board reached the decision after thoroughly reviewing the offer with external advisers and determining its value was below its net asset value and didn't include a control premium. ---- Philip Morris to Post $500 Million Impairment on Canada Affiliate Philip Morris International said it is booking a roughly $500 million impairment charge in the second quarter to reduce the carrying value of its investment in Canadian affiliate Rothmans Benson & Hedges, or RBH. ---- Bra Sales Power Victoria's Secret Turnaround and Shares Soar The lingerie and apparel retailer swung to a $47.7 million profit in the first quarter from a loss a year earlier, and raised its full-year outlook. ---- British American Tobacco Cuts Cigarette Outlook But Expects Lift in New-Category Revenue The company said global industry volumes in its traditional cigarette market would likely be lower than previously expected this year. ---- STMicroelectronics Shares Rally After Chip Maker Raises Data-Center Revenue Target Paris-listed shares jumped 8.2%, adding to a rally that has led the stock to nearly triple its value since the start of the year. ---- Nvidia's Huang Says Marvell May Join $1 Trillion Club Jensen Huang says Marvell Technology could be the next chip firm to join the trillion-dollar club, predicting a surge in demand for AI hardware fueled by the emergence of autonomous models. (END) Dow Jones Newswires June 02, 2026 21:15 ET (01:15 GMT) Copyright (c) 2026 Dow Jones & Company, Inc.
Anthropic to expand Mythos access to more than 15 countries including India
Artificial intelligence (AI) company Anthropic will provide access to its Mythos AI model to 150 organisations across more than 15 countries, significantly widening the availability of its advanced cyber security software beyond the United States and the United Kingdom. Mythos is an AI model designed to identify cyber security vulnerabilities. Anthropic has previously described the technology as too powerful and potentially risky for unrestricted public release. According to a report by the Financial Times, the company announced on Tuesday that it would expand "Project Glasswing", an industry initiative that uses Mythos to detect and patch security vulnerabilities. The programme will now include companies and institutions across more than 15 countries. Which countries have been granted access to Mythos? India is among the countries newly granted access to the AI model, reported Financial Times, citing sources. The expansion also includes members of the "Five Eyes" intelligence alliance, namely Canada, Australia and New Zealand. Other countries joining the initiative include France, Germany, Italy, Switzerland, the Netherlands, Spain, Belgium, Sweden, Japan and South Korea, the Financial Times reported, citing people familiar with the matter. Also Read India becoming global template for AI at scale, says Puneet Chandokpremium Why India needs cheaper finance to fight the rising cost of heatwaves Instagram travel influencer? MakeMyTrip to reward engagement, not followers Living in a flat without occupation certificate? Maintenance fees may apply Why India's UPI boom has not stopped cash in circulation from rising The military alliance North Atlantic Treaty Organisation (Nato), headquartered in Brussels, has also been granted access to the technology. Which organisations are part of the expanded programme? Among the companies receiving access are US identity and access management company Okta and South Korean technology groups Samsung Electronics, SK Hynix and SK Telecom. The expansion also includes major financial market infrastructure providers such as Euroclear, Intercontinental Exchange and international payments network SWIFT. In addition, the European Union's cyber security agency, ENISA, is among the new participants, according to people familiar with the matter. Anthropic said the latest batch of organisations includes operators of critical infrastructure spanning financial services, cyber security and technology. The company added that the expanded group also covers sectors that were underrepresented in the initial phase of the programme, including power, water, healthcare, communications and hardware. Why is Anthropic widening access to Mythos? Explaining its selection criteria, Anthropic said all participating organisations share a common characteristic: a successful cyber attack on their software systems could have severe consequences. "What each partner has in common is that a successful attack on their codebase could be catastrophic," the company said. Anthropic estimated that, for most participating organisations, a major cyber attack could affect more than 100 million people, with significant implications for both national and global security. The company also said it plans to broaden Project Glasswing further by prioritising additional essential infrastructure providers, maintainers of critical open-source software and safety-testing organisations worldwide. The announcement comes a day after Anthropic filed for an initial public offering (IPO) that could value the company at more than $1 trillion. Anthropic launched Claude Mythos Preview in April but initially restricted access to roughly 50 predominantly US-based organisations. The company cited the model's advanced coding capabilities and the possibility that it could be misused for hacking. The limited rollout had prompted concern among non-US organisations, including banks, regulators and governments, many of which sought access to Mythos or requested briefings on the vulnerabilities the company had identified. Before the latest expansion, technology companies such as Microsoft, Apple and Oracle had already been granted access. The programme also included major US financial institution JPMorgan Chase and cyber security company CrowdStrike. More From This Section Apple's WWDC 2026 teaser points to possible Siri redesign: What we know IIT Guwahati develops semiconductor for solar cell, neuromorphic computing Demand for forward deployed engineers surges as companies adopt AI Meta fixes Instagram AI support flaw that let hackers take over accounts India's tablet market grows despite rising prices and smartphone slowdown
Before SpaceX goes public, a scramble to get on bandwagon
As SpaceX prepares its long-awaited stock market debut, investors everywhere are scrambling to get a piece of the action -- through investment funds, related company stocks, and even online prediction markets. "$14 billion has poured into SpaceX linked funds since Musk confirmed the IPO...The hype is unlike anything I've seen," said an X post from Gagola Value Capital, run by two British amateur investor brothers. But not everyone can get in yet. Until the IPO, which is expected on June 12, the only people who can buy SpaceX shares directly are large financial players such as banks and pension funds, or very wealthy individuals. Everyone else has to find workarounds. One option is the so-called secondary market, where employees and early investors who already own shares in SpaceX can sell them to others privately, at whatever price the two sides agree on. Another option is exchange-traded funds, or ETFs -- investment vehicles that anyone can buy on the stock market. Some of these funds have found ways to invest in SpaceX. By buying into the fund, an ordinary investor gets indirect exposure to SpaceX's performance. "We've increased assets under management by five times, and I'm fairly certain we have the largest percentage weight in SpaceX now of any ETF," said Joel Shulman, founder of ERShares, whose XVOR fund has roughly 15 percent of its holdings in SpaceX. "This is by far the most exciting IPO that we've seen," he said. But the investment in SpaceX itself is through a legal structure that holds the actual shares, a complicated mechanism that puts some investors off. - Private so long - The approaching initial public offering is meeting a lot of pent-up demand for a company that founder and CEO Elon Musk has kept in the headlines -- and out of the public markets -- for 20 years. "What is unusual about SpaceX is the scale of the enthusiasm and the fact that such a large and influential company has remained private for so long," said Ludovic Phalippou, a professor at the University of Oxford's Said Business School. "Today, investors are competing intensely to buy access to a company after much of the growth has already occurred," he added. By the time the public gets a chance to buy in, many of the biggest gains -- the kind that made early Google or Amazon investors rich -- may already be history. "The irony is that many investors appear willing to pay a premium simply for the privilege of gaining access," he added. For Phalippou, this wave -- which is driving prices through the roof -- raises questions about the valuation of SpaceX, which is targeting $1.75 trillion.
Court orders Elon Musk to turn over Tesla and SpaceX emails in Apple lawsuit
United States District Judge Mark Pittman has rejected xAI's attempt to keep Elon Musk's Tesla and SpaceX emails out of discovery in the lawsuit against Apple and OpenAI. Here are the details. Musk to turn over more material for discovery Last month, the legal teams of Apple, OpenAI, X, and xAI had a hearing before United States Magistrate Judge Hal R. Ray, Jr., to address several disagreements regarding the discovery process in the lawsuit Elon Musk filed against Apple and OpenAI. The lawsuit stemmed from Musk's dissatisfaction with Grok's rankings in the App Store, which he claimed were the result of an anticompetitive collusion between Apple and OpenAI due to their partnership to have ChatGPT power parts of Siri and Apple Intelligence. In the hearing, Judge Ray accepted X and xAI's request to include Craig Federighi as a custodian, and also accepted X and xAI's request to compel Apple to turn over documents regarding its recent agreement with Google to have Gemini power the new Siri. In another decision, Judge Ray accepted OpenAI's argument that Elon Musk's Tesla and SpaceX emails should be searched for relevant material in the lawsuit. X and xAI's layers initially told the court that these documents fell outside their custody and control, because they didn't represent SpaceX or Tesla. Still, the argument didn't persuade Judge Ray. In the end, OpenAI's argument that Musk is "the CEO of all of these companies, and these are accounts that he clearly uses for business for all of these companies" won out, partially helped by the fact that there were "internal documents where his own CFO at X.AI is emailing him about X.AI business at his SpaceX account." Yesterday, the X and xAI legal teams filed an objection in an attempt to reverse Judge Ray's decision. They also filed a request to pause the order pending the court's decision on the objection. Today, Judge Pittman, who had referred those discovery disputes to Judge Ray (a common practice in federal litigation), overruled X and xAI's request, affirmed Judge Ray's findings, and, as a result, also denied X and xAI's motion to stay the decision. In his order, Judge Pittman wrote: Here, because there is reason to believe Musk may be conducting X and/or xAI business on his SpaceX and Tesla business email accounts, the emails are discoverable and should be produced. Those pieces of evidence coupled with Musk's ownership and high-level roles in these companies compel the Court to this holding. And As mentioned, the record also provides specific reasons to believe Musk may be Plaintiffs' conducting business on his other email accounts. For example, xAI's CFO sent xAI financial updates to Musk's SpaceX email address. That alone is sufficient to compel discovery here because X and xAI have the right to obtain documents when a CEO uses non-company email accounts to conduct company business -- whether those are personal email accounts or not is not dispositive. Judge Pittman didn't establish a deadline for the production of these emails. During the May 13 hearing, Judge Ray asked X and xAI's lawyers how long they would take to produce these emails, to which the legal team replied they didn't know exactly, adding that "it would take a little bit of time, but we'd move as quickly as possible, if so ordered." Worth checking out on Amazon
South Korea secures access to Anthropic's Mythos AI model, Science Ministry says
The ministry said it gained access to Mythos through participation in Anthropic's Project Glasswing alongside major South Korean companies. SEOUL - South Korea's Science Ministry said on June 3 that the Korea Internet & Security Agency (KISA) had secured access to Anthropic's cybersecurity AI model, Mythos, through participation in the company's Project Glasswing alongside major South Korean companies. The Ministry of Science and ICT said in a statement it had been working continuously with Anthropic and confirmed KISA's participation in the initiative, which is aimed at using frontier AI models to identify and help fix cybersecurity vulnerabilities. The confirmation followed a Financial Times report that Anthropic would expand access to Mythos to about 150 organisations in more than 15 countries, including South Korea, and that Samsung Electronics, SK Hynix and SK Telecom were among the companies included in the expansion. Samsung Electronics declined to comment, while SK did not immediately respond to a request for comment. The ministry said South Korea would continue efforts to improve its cybersecurity capabilities, including by using various frontier AI models and strengthening domestic AI-based information security technologies. REUTERS
SpaceX targets $75 billion in planned IPO | News.az
SpaceX plans to raise $75 billion in its initial public offering by selling 555.6 million shares at a target price of $135 per share, a source familiar with the matter told Reuters. SpaceX is planning to raise approximately $75 billion through its initial public offering by selling 555.6 million shares at a target price of $135 per share, according to a source familiar with the matter, News.az reports. If completed as planned, the offering would rank among the largest IPOs in history and could significantly reshape the global space industry investment landscape. The company, founded by Elon Musk, has become a dominant player in commercial space launches, satellite communications and spacecraft development through its Starlink and launch services businesses. Details of the offering have not yet been officially confirmed by SpaceX. Investors will be closely watching for further information on the timing of the IPO and the company's financial performance ahead of the share sale.
Exclusive-SpaceX plans to raise $75 billion in IPO at $135 per share, source says
NEW YORK, June 2 : SpaceX plans to raise $75 billion in its initial public offering by selling 555.6 million shares at a target price of $135 per share, a source familiar with the matter told Reuters. Reuters reported earlier on Tuesday that the rocket and satellite communications company hoped to raise at least $75 billion, at a valuation of $1.75 trillion. The listing leads a wave of high-profile private companies preparing to test public markets after years of muted large-cap IPO activity, with SpaceX widely viewed as one of the most consequential offerings in recent history alongside artificial intelligence giants OpenAI and Anthropic. The company's valuation relies on SpaceX dominating technologies and markets that do not yet exist - from Mars missions to AI data centers in space. The specific target price is extremely unusual at this stage because companies planning to go public typically set a price range before talking to investors in a series of presentations called a roadshow. SpaceX's roadshow begins on Thursday. Usually a specific target price is not set until the day before the debut. The roadshow -- expected to be one of the most closely watched IPO marketing tours in recent years -- will allow prospective investors to meet with SpaceX executives as investment bankers try to build demand for a record-breaking $75 billion order book. Reuters previously reported that the company is considering allocating as much as 30 per cent of the offering to individual investors, an unusually large retail tranche aimed at tapping into Elon Musk's cult-like following and broadening ownership of the company.
Japanese and UK banks look to OpenAI as Anthropic denies Mythos access
By becoming a member, I agree to receive information and promotional messages from Cyber Daily. I can opt out of these communications at any time. For more information, please visit our Privacy Statement. "This is a version of GPT‑5.4 which lowers the refusal boundary for legitimate cyber security work and enables new capabilities for advanced defensive workflows, including binary reverse-engineering capabilities that enable security professionals to analyse compiled software for malware potential, vulnerabilities and security robustness without needing access to its source code." Now, the company has offered UK and Japanese banks access to the next iteration, GPT-5.5 Cyber, for use in cyber defence, an offer that Japan has taken the company up on. Japan's Finance Minister Satsuki Katayama said the offer was accepted after talks in Tokyo with OpenAI chief strategy officer Jason Kwon, adding that early access to the model will allow them to gain a hold against cyber criminals using advanced strategies and AI technology. While Katayama did not name the financial institutions involved, she said that the move was "a big step forward in strengthening Japanese financial institutions' ability to defend against cyber attacks". That being said, Katayama also said that both the Japanese government and the nation's financial institutions expected to gain access to Mythos. OpenAI also offered GPT-5.5 access to nine major UK banks, as Anthropic denied them access to Mythos. Banks include Lloyds Banking Group, HSBC, and Nationwide. Existing agreements mean that Santander and NatWest already have access. Former UK chancellor and senior OpenAI executive George Osborne said the AI firm did not want to hide GPT-5.5 away but maintained it would not be available to all. "The key things with these tools is that they need to be in the hands of the right people," he said. "We want to make sure that the forces that are establishing order in our democracies have these tools, and the forces that want to disrupt us or commit crime, do not." While the Bank of England governor warned that UK banks still lacked Mythos access, an Anthropic spokesperson told media that the company was working hard to expand Mythos access, adding that they believe that Mythos has greater capabilities with GPT-5.5 and that this needs to be handled more carefully. However, the AI Security Institute, which has tested both GPT-5.5 and Mythos, said they reached "a similar level of performance" in the benchmarking tests it ran. Anthropic has provided Mythos access to 42 companies to date, most of which are other US tech firms, while OpenAI has provided access to EU and Canadian banks, and now the UK and Japan.
Altucher Breaks Down What Happens Next For SpaceX
With a Nasdaq listing targeted for June 12, the longtime early stage technology investor walks through the timeline investors are watching. Baltimore, MD, June 01, 2026 (GLOBE NEWSWIRE) -- After more than two decades as a private company, SpaceX has made its financials part of the public record for the first time. In a new free presentation, James Altucher, one of the top tech experts in the entire country, walks through what the filing actually reveals and why he believes the window to act is closing fast. The Numbers That Came Out of the Filing The prospectus confirms what many in the industry had been expecting for months. Starlink brought in $11.4 billion in revenue in 2025, up roughly 50% from the year before, and made up 61% of SpaceX's total revenue of $18.7 billion. The subscriber base has now crossed 10.3 million globally. The profitability numbers are also hard to ignore. Starlink posted an adjusted profit of $7.17 billion in 2025, growing 86% in a single year. Altucher's presentation breaks down those figures in plain terms and explains why he believes Starlink is the real story driving the valuation, not rockets or artificial intelligence. Get the latest news delivered to your inbox Sign up for The Manila Times newsletters By signing up with an email address, I acknowledge that I have read and agree to the Terms of Service and Privacy Policy. A Growth Curve That Is Difficult to Ignore Few numbers in the filing stand out quite like the subscriber growth. Starlink had 2.3 million paying customers in 2023. By the end of 2024 that had doubled to 4.4 million. By the end of 2025 it had doubled again to 8.9 million. That number has since climbed past 10.3 million. Advertisement The filing also notes a trade off worth paying attention to. The average amount each subscriber pays per month dropped roughly 18% between 2023 and 2025 as Starlink pushed into lower priced international markets. Growth in total customers is doing the heavy lifting on revenue while the per subscriber numbers keep softening. What Comes Next Trading is set to begin as early as June 12 on the Nasdaq under the ticker SPCX. SpaceX is targeting a valuation between $1.75 trillion and $2 trillion and is looking to raise approximately $75 billion. If those numbers hold, this listing would generate more value than every venture backed public offering of the last decade combined. Worth noting as well: SpaceX plans to allocate up to 30% of shares to everyday investors. That is roughly three times the typical amount set aside in most public offerings. Advertisement As Altucher puts it in the presentation: "This is one of the biggest market stories of my career... and you won't want to miss it." About the Presentation James Altucher's presentation is now available online for free. In it, Altucher shares the name and ticker symbol of a stock he believes is directly tied to Starlink's expansion and could represent one of the biggest opportunities ahead of the June 12 listing. No email address, no credit card, and no sign up required. To view the presentation click here. About James Altucher and Paradigm Press Advertisement James Altucher is the host of The James Altucher Show, which has been downloaded more than 70 million times and has featured conversations with some of the most well known names in business, finance, and technology. He is also a longtime venture capitalist and a Wall Street Journal best selling author. His research is published by Paradigm Press, an independent financial research firm. The publisher maintains a 4.8 star rating on Google across more than 1,900 public reviews from readers who follow its research and commentary.
