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I won’t spend too much time repeating the SpaceX IPO – every media outlet, including JS, spilled copious amounts of digital ink on the company’s first day of trading. But there are two important data points to note for anyone keeping a close eye on the “future of the transportation industry.”
As of the market close Friday, SpaceX has a market cap of $2.1 trillion, surpassing Musk’s other publicly traded company, Tesla. SpaceX is currently the sixth most valuable US publicly traded company, behind Nvidia, Apple, Alphabet, Microsoft and Amazon. Tesla’s market cap was $1.52 trillion at market close.
These two companies could soon become one. There have been many hints and speculations. Last week, senior reporter Sean O’Kane new language discovered in SpaceX’s S-1 document warning investors of future dilution. The additional sentence reads: “We may issue a significant amount of equity in connection with future transactions.” This is not a prediction of a small-scale deal; it probably means Tesla.
On opening day, SpaceX President and COO Gwynne Shotwell added fuel to the speculative fire. During an interview with CNBC, Shotwell seemed open to the idea, saying a merger “could make Elon’s life a little easier.”
And if you want to read more, we’ve conveniently collected everything in one place, including stories about who’s winning (Elon Musk) and who’s not (lower-tier SPV investors).
A little bird
Senior reporter Tim De Chant learned from a little bird familiar with GM and its internal workings that a “foreign supplier” is supplying lithium iron phosphate (LFP) cells for the 2027 Chevrolet Bolt – and that the automaker currently has no plans to make LFPs for its electric vehicles.
Formerly a Wall Street Journal report said the agreement with the foreign supplier – identified as Chinese battery manufacturer CATL – was a temporary stopgap. The Chant learned that GM will begin producing LFP at an Ultium plant in the coming weeks, but those cells are destined for energy storage systems from LG Energy Solution. The automaker has not yet decided whether LFP has a future in an EV beyond the Bolt.
Meanwhile, EV maker Clear engines currently going through a bit of disruption at the executive level. Emad Dlalaa top executive at Lucid, has left the company just months after being promoted to a leadership role, JS has learned. Dlala’s departure is the first major departure of top executives since the appointment of Lucid Motors Silvio Napoli as new CEO in April. And we hear there may be more to come.
Do you have a tip for us? Email Kirsten Korosec at kirsten.korosec@techcrunch.com or my signal at kkorosec.07, or email Sean O’Kane at sean.okane@techcrunch.com.
Offers!
We can officially say goodbye to the Apple auto. Yes, I know that special project was stopped in 2024. But now there’s further evidence that Apple has gone far beyond autonomous cars.
After a tip and some document research, we found it Waymo acquired a massive 5,500-acre proving ground in Arizona owned by Route 14 Investment Partners LLC, a Delaware shell company with ties to Apple. Waymo acquired the property for $220 million, according to the filing.
The acquisition is the latest evidence that Waymo is trying to scale its business.
Other deals that received more attention…
CameraMaticsan Irish company using AI-powered video telematics to make fleets safer, €49 million raised from a consortium led by British investment company Blume Equity, the Ireland Strategic Investment Fund and Goodbody Capital Partners.
Clear roboticsan Indian technology company developing autonomous ships, raised $1.75 million pre-Series A funding round led by maritime-focused Shipsfocus Ventures. Katapult Ocean, SGInnovate, M7 Holdings MGS Ventures and other strategic partners also participated in the round.
Evotrexa startup developing hybrid travel trailers for RVs has raised $30 million in a Series A funding round. The financing came from a consortium of Chinese and Hong Kong investment firms, including GSR United Capital, Forebright Concerto Capital, TTGG Ventures and Pegasus Capital, among others. Anker, the consumer electronics company, is one of the seed investors.
Volteuma startup that developed fleet management software for electric and mixed fleets, €2.5 million raised in a round led by Movens Capital. WakeUp Capital and Aidiom, as well as existing backers DayOne Capital, Techstars and Nesprit also participated.
Zeptothe Indian fast-delivery goods startup, has unveiled plans for an initial public offering that could be valued at around $1 billion.
Zūma startup that provides transportation services (usually in electric buses) for school-age children, interviews banks about a possible IPO, The information reported.
Notable reading and other tidbits
Decartan AI startup, unveiled an interactive world model called Oasis 3 that can generate photorealistic driving environments in real time. The startup will initially target autonomous vehicle companies that need to simulate rare driving scenarios at scale and plans to expand into robotics and other physical AI applications, senior reporter Rebecca Bellan reported.
General engines penetrates deeply into batteries – and not for electric vehicles. We covered some of GM’s battery plans last week, but there’s more to share. GM announced plans to sell a commercial energy storage system for AI data centers and the power grid. It is working with energy storage startup Peak Energy and will develop an entirely new sodium-ion battery chemistry tailored for network-scale deployments. With GM and Ford on the hunt for energy storage — plus a number of startups like Redwood Energy piling in — it seems like everyone wants a piece of Tesla’s battery business.
Rivaans started delivering its all-important R2 SUV.
UberBritish startup WayveAnd Waymo are heading to a robotaxi showdown in London. This is why.
Waymo launched a loyalty program called Waymo Premier, which offers frequent robotaxi riders a number of benefits in exchange for $29.99 per month. The company also released details about a new computer model it has developed that is designed to more accurately answer a fundamental question: How does its autonomous driving software stack up against humans?
WingAlphabet’s autonomous drone company is entering seven new American cities through its partnership with Walmart. Wing isn’t the only company using drones to independently deliver groceries, and while it’s certainly not mainstream yet, it’s no longer a novelty in certain markets.
One more thing…
Since the SpaceX The IPO just closed, so I thought I’d share some early reactions from our JS staff. Senior reporter Sean O’Kane and AI editor Russell Brandom recorded a special episode of the Equity podcast on Friday to provide first impressions. I propose to listen!
SpaceX’s IPO has finally arrived — here’s what JS editors think so far.
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