SpaceX
The biggest IPO of all time is inching closer, with Bloomberg reporting that the company has lowered its target valuation to $1.8 trillion (previously thought to be over $2 trillion). This has however been denied by Musk himself on X.
Fundraise amount: SpaceX may attempt to raise up to $75 billion.
Timeline: Formal marketing could begin next Friday (June 4th) and a price could be fixed by June 11th.
As of February, in addition to its rocket and satellite businesses, SpaceX owns xAI, the company which holds Grok and X (formerly Twitter).
For the domain name x.com, it marks the next stage of a remarkable journey. Musk originally co-founded an online bank in 1999, which was known simply as X.com. This business merged with what later became PayPal and the domain fell into disuse shortly thereafter.
Musk had wanted to rebrand PayPal as X.com. Instead, he was fired as the CEO and replaced by Peter Thiel.
Many years later, Musk bought x.com back from the business which had fired him.
Prior to his purchase of Twitter, the website only had a single line of content on it: the letter x. It reminded me of the basic websites I had been taught to make in first-year computer science classes, containing text and little else.
So this domain has been through a lot - but soon it will be at the centre of the biggest IPO in the history of the world.
Iran deal
Negotiations between President Trump and Tehran are ongoing and may now be nearing a peaceful conclusion, although as I write this, it remains to be confirmed.
In a post on Truth Social this Friday afternoon, Trump has reiterated his demands:
Iran must agree it will never have a nuclear weapon or bomb.
Enriched material to be unearthed and destroyed.
Hormuz Strait to open fully with no tolls and all mines removed.
In return, the US will lift its naval blockade.
He says that “No money will be exchanged, until further notice”.
That is a sticking point for Iran, which is waiting for $24 billion in frozen assets to be returned to it. Iranian media say that their government wants $12 billion returned as part of any interim…
