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SpaceX IPO: A Market Milestone
I won’t spend too much time rehashing the SpaceX IPO—every media outlet, including TechCrunch, has already covered its first day of trading extensively. But two key data points stand out for anyone tracking the future of transportation.
As of market close Friday, SpaceX boasts a market cap of $2.1 trillion, surpassing Musk’s other public company, Tesla. SpaceX is now the sixth most valuable U.S.-listed firm, trailing only Nvidia, Apple, Alphabet, Microsoft, and Amazon. Tesla, by comparison, closed at $1.52 trillion.
Merger Speculation Intensifies
These two companies may soon become one. Hints and speculation have been mounting for months. Last week, senior reporter Sean O’Kane spotted new language in SpaceX’s S-1 filing, warning investors of future dilution. The added sentence reads: “We may issue a significant amount of equity in connection with future transactions.” This signals more than a small-scale deal; it likely points to a merger with Tesla.
On opening day, SpaceX president and COO Gwynne Shotwell fanned the flames. During a CNBC interview, Shotwell appeared open to the idea, noting that a merger “might make Elon’s life a little easier.”
For more coverage, TechCrunch has compiled everything in one place, including analysis on who stands to benefit (Elon Musk) and who might not (lower-tier SPV investors).
A Little Bird: GM’s Battery Strategy
Senior reporter Tim De Chant heard from a source familiar with GM’s operations that a “foreign supplier” is providing lithium-iron-phosphate (LFP) cells for the 2027 Chevrolet Bolt. The automaker currently has no plans to produce LFP cells for its EVs in-house.
Previously, a Wall Street Journal report identified the foreign supplier as Chinese battery giant CATL, calling the arrangement a temporary stopgap. De Chant’s source adds that GM will begin LFP production at an Ultium plant in the coming weeks, but those cells are destined for energy-storage systems from LG Energy Solution. GM has not yet decided whether LFP will have a role in future EVs beyond the Bolt.
Executive Shakeup at Lucid Motors
Meanwhile, luxury EV maker Lucid Motors faces executive disruption. Emad Dlala, a top executive promoted months ago, has left the company, TechCrunch has learned. Dlala’s departure marks the first major executive exit under new CEO leadership, signaling potential broader restructuring at the automaker.
via TechCrunch