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I won’t spend too much time rehashing the SpaceX IPO — every media outlet, including TechCrunch, has spilled enormous amounts of digital ink on the company’s first day of trading. But there are two important data points to note for anyone who closely watches the “future of transportation” industry.
As of market close Friday, SpaceX has a market cap of $2.1 trillion, rocketing past Musk’s other publicly traded company, Tesla. SpaceX is currently the sixth most valuable U.S.-listed company, behind Nvidia, Apple, Alphabet, Microsoft, and Amazon. Tesla’s market cap was $1.52 trillion as of market close.
These two companies could soon become one. There have been plenty of hints and speculation. Last week, senior reporter Sean O’Kane spotted new language in SpaceX’s S-1 document that warns investors of future dilution. The additional sentence reads, “We may issue a significant amount of equity in connection with future transactions.” This isn’t a forecast of some small-scale deal; it likely 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 do want to read more, we have conveniently packed everything together in a single spot, including stories on who wins (Elon Musk) and who might not (lower-tier SPV investors).
A little bird
Senior reporter Tim De Chant heard from a little bird who is 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 currently has no plans to make LFPs for its EVs.
Previously, a Wall Street Journal report said the arrangement with the foreign supplier — identified as Chinese battery manufacturer CATL — was a temporary stopgap. De Chant heard that GM is starting production of LFP at an Ultium plant in the coming weeks, but those cells are destined for energy-storage systems made by LG Energy Solution. The automaker hasn’t yet decided whether LFP has a future in an EV beyond the Bolt.
Meanwhile, EV maker Lucid Motors is going through a bit of executive-level disruption. Emad Dlala, a top executive at Lucid, has left the company just months after being promoted to a leading role, TechCrunch has learned. Dlala’s exit is the first major executive departure since Lucid Motors named Silvio Napoli as its new CEO in April. And we hear there may be more coming.
Got 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.
Deals!
We can officially say goodbye to the Apple car. Yeah, I know that special project was shut down in 2024. But now there is further proof that Apple has moved well beyond autonomous cars.
After a tip and some document scouring, we found that 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 up its operations.
Other deals that got more attention …
CameraMatics, an Irish company that uses AI-powered video telematics to help make fleets safer, raised €49 million from a consortium led by U.K. investment firm Blume Equity, the Ireland Strategic Investment Fund, and Goodbody Capital Partners.
Clear Robotics, an Indian tech company developing autonomous ships, raised a $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 joined the round.
Evotrex, a startup developing hybrid RV travel trailers, raised $30 million in a Series A funding round. Funding came from a consortium of Chinese and Hong Kong-based investment firms, like GSR United Capital, Forebright Concerto Capital, TTGG Ventures, and Pegasus Capital, among others. Anker, the consumer electronics company, is among its seed investors.
Volteum, a startup that developed fleet management software for electric and mixed fleets, raised €2.5 million in a round led by Movens Capital. WakeUp Capital and Aidiom, as well as existing backers DayOne Capital, Techstars, and Nesprit also participated.
Zepto, the Indian quick-commerce delivery startup, unveiled plans for an initial public offering that could be valued at about $1 billion.
Zūm, a startup that provides transportation services (typically in electric buses) for school-age children, is interviewing banks about a possible IPO, The Information reported.
Notable reads and other tidbits
Decart, an AI startup, unveiled an interactive world model called Oasis 3 that can generate photorealistic driving environments in real time. 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 physical AI applications, senior reporter Rebecca Bellan reported.
General Motors is pushing deep into batteries — and not for EVs. We covered some of GM’s battery plans last week, but there is 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 be developing an entirely new sodium-ion battery chemistry tailored for grid-scale deployments. With GM and Ford chasing energy storage — plus a number of startups like Redwood Energy piling in — it seems like everyone wants a piece of Tesla’s battery business.
Rivian started deliveries of its all-important R2 SUV.
Uber, U.K. startup Wayve, and Waymo are headed toward a robotaxi showdown in London. Here’s why.
Waymo launched a loyalty program called Waymo Premier, which will offer frequent robotaxi riders a number of perks in exchange for $29.99 per month. The company also released details on a new computer model it created that is designed to more accurately answer a fundamental question: How does its autonomous driving software stack up against humans?
Wing, the Alphabet-owned autonomous drones company, is pushing into seven more U.S. cities through its partnership with Walmart. Wing isn’t the only company using drones to autonomously deliver groceries, and while it’s certainly not mainstream yet, it isn’t a novelty anymore in certain markets.
One more thing …
Since the SpaceX IPO has just wrapped, I thought I would share some initial reactions from our TechCrunch staff. Senior reporter Sean O’Kane and AI editor Russell Brandom recorded a special episode of the Equity podcast Friday to give first impression. I suggest a listen!
The SpaceX IPO has finally arrived — here’s what TechCrunch editors think so far.
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