Space X: $2.2T Valuation, New Lawsuit, & Acquisitions

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's Wall Street Debut Makes Elon Musk the World's First Trillionaire

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.

• DOJ Goes to Bat for SpaceX to Kill the NAACP Pollution Lawsuit

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.

• SpaceX Is Buying AI Coding Startup Cursor for $60 Billion

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.

• Nvidia Borrowing $25 Billion for the First Time Since the AI Boom Started

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.

• Zuckerberg Admits Mistakes as AI Cuts Through a Fifth of Meta's Workforce

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:

• G7 Leaders Discuss Trusted Partners Access for Cutting Edge US AI Models

• What Is Helium-3 and Could We Get It From the Moon?

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.

Haystack