America
SpaceX files for historic IPO targeting $2 trillion valuation and $80 billion in capital
SpaceX filed for an initial public offering on Wednesday in a move that could mark the largest IPO in history, with the company targeting a $2 trillion valuation and seeking to raise as much as $80 billion.
In a prospectus submitted to the Securities and Exchange Commission, SpaceX stated it has identified the “largest TAM [total addressable market] in human history,” though it notably excluded China and Russia from this projection.
The company’s projected TAM of $28.5 trillion includes a $26.5 trillion artificial intelligence market, $1.6 trillion in connectivity services, and $370 billion in space solutions.
Following the acquisition of xAI, the artificial intelligence startup founded by Elon Musk—who also owns the social media platform X, formerly known as Twitter—SpaceX has evolved beyond its origins as a rocket launch and satellite operator. Its business interests now span artificial intelligence, space, telecommunications, and social media. All of these sectors are subject to strict oversight by Beijing and sit at the forefront of the technological competition between the US and China.
According to Wednesday’s filing, SpaceX’s Starlink satellite internet service was operational in 164 countries as of March 31. China is not among them, as Beijing has not granted any licenses to foreign satellite broadband operators.
The filing also warned investors that China may represent one of the company’s most significant threats.
In the risk factors section of the document, SpaceX wrote: “Certain competitors are investing significant capital to develop and deploy satellite constellations and related infrastructure that compete directly with our offerings. Additionally, companies located in China and other jurisdictions may benefit from state support, favorable regulatory environments, or strategic national priorities.”
The Chinese government has indeed placed a high policy priority on space. The commercial aviation sector has been included in Beijing’s annual work report for two consecutive years, and regulators have reopened a fast-track listing channel for companies in the sector on the Nasdaq-style STAR Market.
Despite this, the Musk-owned company remains ahead of its rivals in commercializing rocket launches and satellite connectivity.
SpaceX reported that Starlink revenue reached $11.4 billion in 2025, a 50% increase year-on-year, and it concluded the year with $4.423 billion in operating income.
In its launch operations, the company recorded $4.1 billion in revenue for 2025, a 7.6% increase over 2024, though it ended the year with an operating loss of $657 million.
Meanwhile, several leading rocket and satellite startups in China are also preparing for initial public offerings, though none approach SpaceX’s revenue or reach a break-even point.
For example, the rocket startup LandSpace plans to raise 7.5 billion yuan ($1.1 billion) on the Shanghai Stock Exchange. In its filings, the company reported 2024 revenue of 4.28 million yuan, an 8.5% increase from the previous year, but it closed the year with a net loss of 916 million yuan.
Concurrently, SpaceX is pitching investors on the concept of building a solar-powered artificial intelligence infrastructure. This represents another capital-intensive venture that will increase AI-related expenditures.
The company spent $12.7 billion on AI capital expenditures in 2025 and $7.7 billion on AI-related capital expenditures in the first quarter of 2026.
SpaceX noted in the filing that one reason for constructing data centers for AI in space is that while US electricity generation grew at less than 3% annually between 2023 and 2025, China’s growth rate was approximately double that during the same period.
The company stated it could deploy AI computing satellites into orbit as early as 2028.
America
Trump intervention prompts FIFA to lift suspension of US striker Balogun ahead of Belgium clash
US President Donald Trump intervened with FIFA to request a review of a red card suspension handed to US footballer Folarin Balogun, leading the global governing body to unexpectedly lift the ban, it has emerged.
Belgian football authorities have reportedly been granted the right to appeal the FIFA decision, which overturned a one-match suspension given to Balogun, a striker for the US Men’s National Team.
The two teams are scheduled to face each other tonight at 03:00 Turkish time (TRT) in a Round of 16 fixture. The winner of the match will advance to the quarterfinals to play either Portugal or Spain.
Trump welcomed the decision by FIFA, which enables the 25-year-old Balogun to play in tonight’s match against Belgium in Seattle despite receiving a red card during Wednesday’s 2-0 victory over Bosnia and Herzegovina.
“Thank you to FIFA for doing the right thing and correcting a major injustice!” Trump wrote on his Truth Social account.
According to a report by The Athletic, the Royal Belgian Football Association (RBFA) has been granted the right to formally appeal the decision.
Sources told the publication that to avoid any conflict of interest, Belgium’s appeal will be evaluated by a member of the FIFA Appeal Committee who does not represent any federation from Europe or the Americas.
UEFA, the governing body of European football, is expected to issue a statement on the matter later today.
On Wednesday, Balogun received a controversial red card for a foul, resulting in the top US goalscorer being sent off during his team’s 2-0 victory against Bosnia and Herzegovina.
The red card carried an automatic, immediate one-match suspension, which traditionally allowed no right of appeal.
However, for the first time in more than 60 years of World Cup match history, FIFA announced it would allow Balogun to play in the subsequent fixture.
“The automatic match suspension imposed on the US player Folarin Balogun is suspended for a probationary period of one (1) year,” FIFA said in a statement on Sunday.
Citing Article 27 of its disciplinary code, FIFA stated: “The judicial body may decide to suspend the implementation of a disciplinary measure fully or closely.”
The New York Times, citing three people familiar with the conversation, reported that Trump called FIFA President Gianni Infantino on Wednesday to request a review of Balogun’s suspension.
Sports broadcaster Ben Jacobs first reported that the White House had contacted Infantino for this purpose.
MS NOW confirmed that Trump called the FIFA president. Citing a US official, MS NOW reported that during the call, Trump sought to better understand why Balogun was shown the red card and why it resulted in a suspension.
The official said the US government submitted “additional evidence” to FIFA, and the federation’s Disciplinary Committee utilized this information in the process that led to the lifting of Balogun’s suspension.
According to officials, the government focused on the fact that referees reviewed slow-motion replays before the red card was shown.
“Ultimately, a correct and appropriate result was achieved,” the official told MS NOW.
The Royal Belgian Football Association stated it was “astonished” by FIFA’s change of stance regarding Balogun’s suspension and argued that the move violated FIFA’s written regulations.
The federation said it was “exploring all possible options.”
Trump has been heavily involved in the tournament, which the US is co-hosting alongside Mexico and Canada. The president maintains a close relationship with FIFA President Infantino.
Trump’s 2025 financial disclosure, made public last week, revealed that Infantino gifted Trump 10 tickets worth $15,000 for the FIFA Club World Cup final held last July at MetLife Stadium in New Jersey.
Trump attended the match, in which Chelsea defeated Paris Saint-Germain 3-0, and appeared on the pitch alongside Infantino to present the trophy.
America
US military takes delivery of radar-less F-35 fighter jets
The US military has begun taking delivery of F-35 fighter jets without radar systems after Northrop Grumman was unable to manufacture the aircraft’s new AN/APG-85 radar quickly enough for installation on upgraded Lockheed Martin jets leaving the production line.
The aircraft are being delivered without the radars, each valued at about $9 million, which are considered essential for combat operations and battlefield effectiveness.
According to The Bunker, six US Marine Corps F-35s have already been delivered without radar systems.
An unspecified number of F-35s destined for the US Air Force and US Navy will also be delivered without radars. The new radar systems are not expected to be available before 2028.
The current radar cannot be fitted into the upgraded F-35 configuration.
One reason the approximately $196 million F-35 carries such a high price tag is its complex shape, stealth coating and integrated electronic architecture, all designed to reduce its radar signature.
According to The Bunker, the situation is comparable to “carbines without bullets, tanks without armor, ships without oceans, or nuclear weapons without the nuclear.”
The issue has become emblematic of the broader F-35 program. The $2 trillion project continues to struggle with readiness problems, in part because the Pentagon has not purchased enough spare parts to keep its fleet operational.
The radar shortfall is particularly notable because it marks a second instance in which perceived future threats have contributed to procurement complications.
A decade after the program began, then-Pentagon acquisition chief Frank Kendall said in 2012 that the initial rush to put the F-35 into production while its design was still evolving had been “acquisition malpractice.”
This time, the Pentagon says it deliberately accepted the risks of a “highly concurrent development and production program” to upgrade the F-35 so it could “maintain air superiority against future threats.”
In simple terms, “highly concurrent” means manufacturing components before the aircraft’s design has been finalized.
That approach ultimately left the aircraft without their new radar systems, repeating the same practice that Kendall criticized 14 years ago.
The radar-less F-35s will not remain grounded while awaiting the new electronic equipment.
Instead, the Pentagon now possesses a growing fleet of what has effectively become some of the world’s most expensive jet trainers.
America
Poll finds 29% of Americans open to voting for a democratic socialist candidate
A new public opinion survey in the United States suggests that nearly one-third of voters would be willing to support a democratic socialist candidate in an election.
According to the joint Economist/YouGov poll, 29% of respondents said they would be willing to vote for a democratic socialist candidate, while 45% said they would not support such a candidate. Another 26% said they were undecided.
The survey comes after democratic socialist candidates posted recent electoral successes in New York, Washington, DC, Los Angeles and the state of Colorado.
The democratic socialist movement in the US has gained significantly greater visibility, particularly since the election of New York Mayor Zohran Mamdani last year.
Independent Vermont Senator Bernie Sanders brought the modern democratic socialist movement into the mainstream of US politics during his 2016 presidential campaign, a process that was followed several years later by the election of Democratic New York Representative Alexandria Ocasio-Cortez.
The two politicians are widely regarded as the most prominent figures of democratic socialism in contemporary American politics.
In a post on social media platform X, Senator Bernie Sanders said: “When I look at the recent progressive victories in Colorado and elsewhere, and at the successful organizing campaigns taking root across the country, I believe we may be on the verge of the political revolution we have been fighting for.”
The Economist/YouGov survey also examined broader public attitudes toward the concept of socialism. It found that 32% of respondents viewed socialism “very favorably” or “somewhat favorably,” while 39% said they viewed it “somewhat unfavorably” or “very unfavorably.” Another 29% said they were undecided on the issue.
The Economist/YouGov survey was conducted between June 26 and June 29 among 1,606 respondents. The poll’s margin of error was 3.2%.
-
Middle East1 week agoQatar and Saudi Arabia acquire hundreds of millions of dollars in Israeli defense technology, report says
-
Europe1 week agoBuckingham Palace updates King’s official role to focus on securing faith in multi-faith Britain
-
America2 weeks agoVenezuela prepares record $240 billion sovereign debt restructuring
-
Asia2 weeks agoAnthropic accuses China’s Alibaba of systematic data theft targeting Claude AI model
-
Diplomacy2 weeks agoNATO draft declaration pledges €70 billion to Ukraine ahead of Ankara summit
-
Europe2 weeks agoFrance launches Defence Quantum Campus to accelerate military technology integration
-
Diplomacy2 weeks agoWhite House requests $672 million from Congress to neutralize Iran nuclear program
-
Europe1 week agoBillionaire Peter Thiel deepens ties with German and Austrian right-wing political elite
