Elon Musk

SpaceX reset its IPO valuation to 'at least $1.8 trillion' after earlier talk of exceeding $2 trillion, as institutional feedback forced a reality check. The company is seeking to raise up to $75 billion in what would be history's largest IPO, nearly three times Saudi Aramco's record. The S-1 filing shows $4.28 billion losses in Q1 2026 alone despite $18.7 billion revenue, while Musk retains 85% voting control. At current pricing, SpaceX would trade at roughly 96 times sales, testing how far public markets will stretch for the merged space-plus-AI story.

Musk has pre-wired his grip on SpaceX through supervoting shares and mandatory arbitration before going public later this year. The filing shows he controls 83.8% of voting power while holding just 42.5% of equity, using Texas corporate law and shareholder proposal restrictions to cement his authority. Governance experts call it highly restrictive, but investors may accept the tradeoffs for access to a company worth $400 billion. The timing matters because public market scrutiny of Musk's leadership style has intensified across his empire.

The newly redesigned rocket was fueled and seconds from launch when SpaceX called a halt, marking another setback for a system the company has spent $15 billion developing. Friday's attempt represents the third-generation architecture and a crucial test for SpaceX's broader commercial strategy, which the company warned is highly dependent on Starship's success. The scrub follows a pattern of delays that have pushed back deployment timelines for Starlink's larger satellites and NASA's lunar missions.

Musk's intergalactic ambitions run on terrestrial internet subscriptions, with Starlink's 6 million users generating the bulk of SpaceX's record revenue and $5.7 billion gross profit. The satellite internet service has evolved from beta to global utility, with projections of 35 million subscribers by 2040 and potential $120 billion annual revenue according to Morgan Stanley. Business plans start at $55 monthly with premium tiers reaching $250, creating recurring cash flow that funds Starship development and Mars colonization research. The model transforms SpaceX from a launch company into a platform play with telecom-like margins.

SpaceX submitted a confidential S-1 targeting a $1.75 trillion valuation that would dwarf Saudi Aramco's $29 billion record, but Musk retains 85% voting power despite a lower economic stake through super-voting shares. The filing shows SpaceX remains unprofitable despite multi-billion revenue from Starlink subscriptions and Falcon launches, with losses attributed to Starship development and satellite deployment costs. Public shareholders get exposure to the AI infrastructure boom through Starlink connectivity demand, but zero influence over a CEO who controls Tesla, xAI, Neuralink, and now public SpaceX simultaneously.

Delaware's Court of Chancery voided Elon Musk's $55.8 billion Tesla compensation package, finding that he was a 'controlling stockholder' despite owning just 21.9 percent of the company due to his founder status and board influence. The 200-page ruling ordered rescission of the 2018 award even though Tesla shareholders re-approved it with 77 percent support in June 2024 after enhanced disclosure. Chancellor McCormick ruled the ratification vote couldn't cure the original fairness violations, creating uncertainty for founder-led companies about Delaware's corporate governance standards. Tesla responded by seeking reincorporation in Texas, signaling that leading tech companies may abandon Delaware if they view its courts as hostile to large founder incentive packages. The case challenges the traditional deference given to shareholder-approved executive pay and raises questions about what constitutes 'control' in modern corporate structures.

Elon Musk's nonprofit law expert told an Oakland courtroom that OpenAI Foundation deserves "a lot more" than $200 billion in assets. David Schizer argued OpenAI's evolution from charity to $850 billion corporation violated nonprofit customs, with Musk seeking $150 billion in damages to be redirected to charitable purposes. The judge questioned whether the damages figures were "pulled out of thin air," but the trial's real stakes lie in precedent. A Musk victory could force a structural unwinding that would chill AI investments and reshape how tech nonprofits transition to for-profit models.

OpenAI president Greg Brockman told a San Francisco federal court that Elon Musk demanded 62.5% control of the company in 2017, prompting a confrontation where Brockman feared physical attack. The testimony came during Musk's $157 billion lawsuit seeking to unwind OpenAI's for-profit structure, with Brockman describing Musk's anger after the board rejected his control bid. Text messages showed Musk threatening that Brockman and Sam Altman would become 'the most hated men in America' if settlement talks failed. The case exposes the power struggle that split Silicon Valley's most influential AI founders just as the technology reaches commercial scale.

Elon Musk's $150 billion lawsuit against OpenAI opened Tuesday with his attorney calling Sam Altman a thief who "stole a charity." The trial in Oakland federal court hinges on OpenAI's 2019 pivot from nonprofit to for-profit structure, which Musk claims violated the founding mission he funded with $38 million. OpenAI counters that Musk supported the transition and sued only after failing to become CEO. With explosive testimony expected from Musk, Altman, and Microsoft's Satya Nadella, the outcome could reshape how founder disputes over mission drift get resolved.

Intel stock gained after Musk confirmed his planned Terafab facility will use Intel's most advanced manufacturing processes. The endorsement provides Intel with a marquee customer for its foundry ambitions, crucial as the company fights TSMC for AI chip production contracts. Musk's public backing could help Intel win other hyperscaler customers who have been skeptical of its foundry capabilities. The partnership also gives Tesla direct access to cutting-edge chip production, reducing dependence on NVIDIA's supply chain for AI hardware.