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I won’t spend much time doing it again SpaceX IPO — every media outlet, including TechCrunch, has spilled massive amounts of digital ink on the company’s first day of trading. However, there are two important data points to note for anyone keeping a close eye on the “future of transportation” industry.
As of Friday’s market close, SpaceX has a market capitalization of $2.1 trillion, surpassing Musk’s other publicly traded company, Tesla. SpaceX is currently the sixth most valuable company listed in the US, behind Nvidia, Apple, Alphabet, Microsoft and Amazon. Tesla’s market capitalization was $1.52 trillion at market close.
These two companies could soon become one. There have been many hints and speculations. Last week, senior journalist Sean O’Kane spotted new language in SpaceX’s S-1 filing warning investors of future dilution. The additional proposal reads: “We may issue a substantial amount of equity capital in connection with future transactions.” This is not a prediction of some small-scale agreement. 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 and said a merger “might make Elon’s life a little easier.”
And if you want to read more, we’ve conveniently gathered everything together in one place, including stories about who wins (Elon Musk) and who might not (junior SPV investors).
A little bird
Senior Journalist Tim DeSand heard from a little bird familiar with GM and its inner workings that a “foreign supplier” is providing lithium iron phosphate (LFP) cells for the 2027 Chevrolet Bolt — and that the automaker doesn’t currently plan to build LFPs for its EVs.
Previously, a Wall Street Journal report said the deal with the foreign supplier — identified as Chinese battery maker CATL — was a temporary stoppage. De Chant heard that GM is starting LFP production at an Ultium plant in the coming weeks, but those cells are intended for energy storage systems made by LG Energy Solution. The automaker has yet to decide whether the LFP has a future in an EV beyond the Bolt.
Meanwhile, EV manufacturer Lucid Motors going through a little disruption at the executive level. Emad DlalaLucid’s top executive, has left the company just months after being promoted to a leadership role, according to TechCrunch. Dlala’s exit is the first major executive departure since the Lucid Motors brand Silvio Napoli as its 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 it Apple car. Yes, I know that particular project closed in 2024. But now there’s further evidence that Apple has moved far beyond self-driving cars.
After a tip and some document cleaning, 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 associated with 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 got more attention…
CameraMaticsan Irish company using AI-powered video telematics to help make fleets safer; collected 49 million euros by a consortium led by UK investment firm Blume Equity, 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 shipping-focused Shipsfocus Ventures. Katapult Ocean, SGInnovate, M7 Holdings MGS Ventures and other strategic partners also participated in the round.
Evotrexa startup that develops hybrid RV travel trailers, has raised $30 million in a Series A funding round. The funding came from a consortium of China- and Hong Kong-based investment firms including GSR United Capital, Forebright Concerto Capital, TTGG Ventures and Pegasus Capital, among others. Anker, the consumer electronics company, is among its investors.
Volteuma startup that developed fleet management software for electric and hybrid fleets, raised 2.5 million euros in a round led by Movens Capital. WakeUp Capital and Aidiom also participated, as well as existing backers DayOne Capital, Techstars and Nesprit.
Zeptothe Indian e-commerce startup has revealed plans for an initial public offering that could value it at around $1 billion.
Zūma startup that provides transportation services (usually in electric buses) for school children is being interviewed by banks about a possible IPO; The Information reports.
Notable reads and other items
Descartesan artificial intelligence startup, unveiled an interactive world model called Oasis 3 that can create photorealistic real-time driving environments. The startup is initially targeting autonomous vehicle companies that need to simulate rare driving scenarios at scale, and plans to expand into robotics and other natural AI applications, senior reporter Rebecca Bellan said.
General Motors it pushes deep into batteries — and not for EVs. We covered some of GM’s battery designs last week, but there’s more to share. GM announced plans to sell a commercial energy storage system for AI data centers and the grid. It is partnering with energy storage startup Peak Energy and will develop an entirely new sodium-ion battery chemistry tailored for grid-scale applications. With GM and Passage chasing energy storage — plus a slew of startups like Redwood Energy piling on — it seems everyone wants a piece of Tesla’s battery business.
Rivian has started deliveries of its all-important R2 SUV.
UberUK startups Waveand Waymo they are headed for a robot showdown in London. Here’s why.
Waymo launched a rewards program called Waymo Premier that will offer frequent robotaxi riders a host of perks in exchange for $29.99 per month. The company also released details of a new computer model it built that is designed to more accurately answer a fundamental question: How does self-driving software stack up against humans?
Wingthe Alphabet-owned autonomous drone company is pushing into seven more US cities through its partnership with Walmart. Wing isn’t the only company using drones for autonomous grocery delivery, and while it’s certainly not yet mainstream, it’s no longer a novelty in some markets.
One more thing…
Since the SpaceX With the IPO now complete, I thought I’d share some early reactions from our TechCrunch staff. Senior reporter Sean O’Kane and AI editor Russell Brandom taped a special episode of the Equity podcast on Friday to provide a first impression. I suggest you listen!
SpaceX’s IPO is finally here — here’s what TechCrunch editors think so far.
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