Space X: $2.2T Valuation, New Lawsuit, & Acquisitions
A Defining Week for SpaceX: Wall Street Debut, DOJ Intervention, and Its Play to Win the AI Race.
Hey,
Spotted: SpaceX is making trillion-dollar headlines while buying Cursor, the DOJ is stepping in to defend its AI ambitions, Nvidia is borrowing billions despite being awash in cash, and Meta is still cutting jobs as Zuckerberg admits the AI pivot has been messy. Basically, everyone is spending, suing, buying, or restructuring in the race to dominate AI, and no one seems interested in slowing down.
We have also released our newest podcast called the Haystack Huddle!! Check it out with the button below.
SpaceX debuted on the Nasdaq at a $2.2 trillion valuation and $160.95 a share, despite losing over $9 billion, with analysts warning the rally is driven more by hype than fundamentals.
The NAACP sued xAI for illegally running unpermitted methane turbines at its Memphis data centers, and the DOJ moved to dismiss the case by claiming Grok is now a national security asset actively used by the military.
The move is aimed to close the gap on Anthropic and OpenAI in the coding tools market despite Cursor's market share already falling from 41% to 26% in the past year.
Aimed not to increase cashflow, but to fund the share buybacks and dividends after committing to return 50% of its free cashflow to shareholders, while refinancing older cheaper debt now that it generates $49 billion in free cash flow per quarter.
Acknowledging that reshaping a company of 78,000 people around a technology still being figured out was never going to go perfectly, Zuckerberg reportedly will attempt to find new positions for employees reassigned to train AI models.
🧠 Quick Brain Teaser!
A woman shoots her husband, then holds him underwater for five minutes. Twenty minutes later they go out for dinner together. How?
Answer at the bottom of the newsletter!
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📚 What We’re Reading:
And the answer is…… 🥁🥁🥁🥁
📸 She took a photo of him and developed it in a darkroom. “Shooting” him meant taking his picture, and holding him underwater refers to the development process where photos are submerged in chemical solution.
Goodbye, see you next week.
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