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I won’t spend too much time rehashing SpaceX IPO — Every media outlet, including TechCrunch, poured out a ton of digital ink on the company’s first day of trading. However, there are two important data points that anyone watching the “future of transportation” industry closely should take note of.
As of Friday’s market close, SpaceX had a market capitalization of $2.1 trillion, surpassing Musk’s other publicly traded company, Tesla. SpaceX is currently the sixth most valuable publicly traded U.S. company, behind Nvidia, Apple, Alphabet, Microsoft, and Amazon. Tesla’s market capitalization is $1.52 trillion as of market close.
These two companies could soon become one. There have been many hints and guesses. Senior Reporter Last Week Sean O’Kane New language has been discovered in SpaceX’s S-1 document warning investors of a future decline in value. An additional sentence reads: “We may issue a significant amount of equity in connection with future transactions.” This is not a prediction for small transactions. You probably mean Tesla.
On opening day, SpaceX President and COO Gwynne Shotwell added fuel to the speculative fire. In an interview with CNBC, Shotwell seemed open to the idea and said a merger “could make Elon’s life a little easier.”
If you’re interested in reading more, we’ve put it all in one convenient place, including stories about who’s winning (Elon Musk) and who can’t (sub-SPV investors).
dickey
senior reporter team song From a little birdie familiar with GM and its inner workings, we’ve heard that a “foreign supplier” is providing lithium-iron-phosphate (LFP) cells for the 2027 Chevrolet Bolt, and that the automaker has no current plans to make LFP for EVs.
The Wall Street Journal previously reported that the deal with a foreign supplier identified as Chinese battery manufacturer CATL was a temporary stopgap measure. De Chant said GM plans to begin LFP production at its Ultium plant in the coming weeks, but the cells will be used in an energy storage system made by LG Energy Solutions. The automaker has yet to decide whether LFP has a future in EVs beyond the Bolt.
Meanwhile, EV makers Lucid Motors We are experiencing some confusion at the management level. Mothers DelalaTechCrunch has learned that Lucid’s chief executive has left the company just months after being promoted to a key role. Dlala’s departure marks the first major executive departure from Lucid Motors since it was founded. Silvio Napoli He was appointed as the new CEO in April. And I hear there may be more to come.
Do you have any tips? Email Kirsten Korosec. kirsten.korosec@techcrunch.com Or send my Signal to kkorosec.07 or email Sean O’Kane. sean.okane@techcrunch.com.
Special price!
We can officially say goodbye apologize automobile. Yes, I understand that the special project ends in 2024. But now there’s further evidence that Apple has gone far beyond self-driving cars.
After some tips and article research, we found it. waymo It has acquired a 5,500-acre test site in Arizona owned by Route 14 Investment Partners LLC, a Delaware shell company affiliated 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 up its business.
Other deals that received more attention…
CameraMaticsan Irish company that uses AI-powered video telematics to make vehicles safer, has raised €49 million from a consortium led by British investment firm Blume Equity, Ireland Strategic Investment Fund and Goodbody Capital Partners.
clear roboticsan Indian technology company developing autonomous ships, has raised $1.75 million in a pre-Series A funding round led by maritime-focused Shipsfocus Ventures. Katapult Ocean, SGInnovate, M7 Holdings MGS Ventures and other strategic partners also joined this round.
Evotrexa startup developing 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 such as GSR United Capital, Forebright Concerto Capital, TTGG Ventures and Pegasus Capital. Consumer electronics company Anker is one of the seed investors.
timea startup developing fleet management software for electric and mixed fleets, has raised €2.5 million in a round led by Movens Capital. WakeUp Capital and Aidiom, as well as existing sponsors DayOne Capital, Techstars, and Nesprit, also participated.
jeptoan Indian quick commerce delivery startup, has revealed plans for an initial public offering (IPO) worth about $1 billion.
zooma startup that provides transportation services (typically electric buses) for school-age children, is interviewing with banks about a possible IPO, The Information reported.
Notable Reads and Other Useful Information
DescartesAI startup has unveiled Oasis 3, an interactive world model that can create photorealistic driving environments in real time. The startup is initially targeting self-driving car 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 motors We are deeply involved in batteries, not EVs. We covered some of GM’s battery plans last week, but we have more to share. GM announced plans to sell commercial energy storage systems for AI data centers and grids. In partnership with energy storage startup Peak Energy, we will develop an entirely new sodium-ion battery chemistry suitable for grid-scale deployment. with GM ford A slew of startups like Redwood Energy are chasing energy storage, and everyone seems to want a piece of Tesla’s battery business.
rivian We have begun deliveries of our all-important R2 SUV.
uberUK startup waveand waymo We’re heading towards the robotaxi showdown in London. Here’s why:
waymo We launched a loyalty program called Waymo Premier. This program offers a variety of benefits to frequent robotaxi users in exchange for $29.99 per month. The company also revealed details about a new computer model designed to provide more accurate answers to a fundamental question: How does self-driving software compare to humans?
flightAlphabet-owned autonomous drone company is expanding into seven additional U.S. cities through a partnership with Walmart. Wing isn’t the only company using drones to deliver groceries autonomously, and while it’s not yet mainstream, it’s no longer new in certain markets.
One more thing…
since SpaceX The IPO has just concluded. I thought I’d share some initial reactions from TechCrunch staff. Senior reporter Sean O’Kane and AI editor Russell Brandom recorded a special episode of the Equity podcast on Friday to give their first impressions. I encourage you to listen!
The SpaceX IPO has finally arrived. Here’s what TechCrunch editors think so far:
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