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SpaceX IPO raises concerns over European capital outflows and telecom competition

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SpaceX’s planned initial public offering could pose significant challenges for the German and broader European economies, with concerns mounting over potential capital outflows and growing competitive pressure on Europe’s telecommunications sector.

The record-breaking IPO, scheduled for June 12, is expected to raise $75 billion and value the company at $1.75 trillion.

Unlike most previous US listings, the offering has been structured to give German and European retail investors particularly attractive access, raising concerns about a potential drain of capital from Europe.

At the same time, SpaceX subsidiary Starlink is emerging as a potential threat to the traditional terrestrial mobile communications market due to its low-latency satellite network.

That development could affect companies such as Deutsche Telekom and its subsidiary T-Mobile.

Fears of an “inflated valuation”

The financial data underpinning the record valuation, however, provide numerous reasons for skepticism.

Of SpaceX’s three current business segments — its rocket division, the Starlink satellite business and artificial intelligence company xAI, which also includes social media platform X — only the satellite business is profitable.

While SpaceX’s revenues are rising, so are its losses. In 2025, the company generated approximately $18.7 billion in revenue, up by one-third from the previous year, but also recorded losses approaching $5 billion.

In the first quarter of 2026 alone, the company posted roughly $4.7 billion in revenue while losses reached approximately $4.3 billion.

xAI created a significant drag on results, recording an operating loss of $2.47 billion.

As a result, a Danish pension fund blacklisted SpaceX, arguing that the company’s valuation was “generously inflated” and that pricing was being driven more by “Musk’s narratives than economic realities.”

SpaceX is tying much of its growth outlook to artificial intelligence, and its revenue projections depend heavily on technologies that have yet to be developed, including solar-powered data centres in space.

According to Reuters, the company is targeting a potential $28.5 trillion market in artificial intelligence.

Berenberg warns of capital flowing to the US

In a departure from the norm for US public offerings, participation by retail investors from Germany and across Europe has been made easier.

Berlin-based fintech company Trade Republic announced that European customers would be able to subscribe directly to SpaceX shares through its app.

That development threatens to create challenges for the European economy. Holger Schmieding, chief economist at Berenberg Bank, warned that capital is increasingly being drawn toward the United States.

“These enormous IPOs absorb capital through valuations heavily influenced by speculation. That makes it more difficult to finance investments in Europe,” Schmieding said.

At the same time, investors from China, including Hong Kong, have reportedly been barred from participating in the IPO for security-related reasons.

Because the United States applies regulatory and compliance restrictions to the export of critical technologies, lead underwriters were instructed not to accept orders from Chinese investors.

Starlink puts pressure on German telecom giants

Meanwhile, SpaceX’s recent global expansion, particularly in Europe, is creating uncertainty within the traditional communications industry, especially at Deutsche Telekom.

Satellite communications existed long before SpaceX and Starlink, but they faced a fundamental limitation: satellites typically orbited Earth at altitudes of around 35,000 kilometres.

At those distances, signals took relatively long to return to Earth. Latency could reach half a second or more, making video streaming and seamless internet browsing impractical.

Starlink fundamentally changed that model by deploying more than 10,000 satellites into low Earth orbit at altitudes of between 340 and 550 kilometres, reducing signal transmission times to around 20 milliseconds.

By comparison, modern 5G networks in Germany operated by Deutsche Telekom, Vodafone and Telefónica typically achieve latency of between 15 and 25 milliseconds.

Starlink has also received approval from the US Federal Communications Commission (FCC) to deploy an additional 15,000 satellites.

That has led many observers to believe SpaceX ultimately intends to become a mobile network operator itself and displace established providers.

German telecom companies see cooperation as the only option

Deutsche Telekom Chief Executive Timotheus Höttges said he views the development as a challenge for his company.

“I can certainly confirm that Starlink is a first-class technology company. If you cannot fight the dragon, ride the dragon,” he said.

Höttges intends to continue Telekom’s existing cooperation with Starlink as a network operator. The partnership is one of 35 Starlink collaborations currently spanning six continents.

The Deutsche Telekom chief executive hopes Starlink will never be able to replace terrestrial networks. However, market figures suggest SpaceX may ultimately be capable of much more than its leading European rival.

SpaceX is valued at $1.75 trillion, compared with an estimated $150 billion valuation for Deutsche Telekom and $209 billion for T-Mobile.

T-Mobile shares have already fallen by around 10%, with the stock declining from approximately $210 per share a year ago to around $190 today.

Starlink has meanwhile already submitted a bid for mobile spectrum in the United States. If the company secures a lasting position in the sector, T-Mobile’s growth prospects in the US could come under pressure.

That would directly increase risks for Deutsche Telekom, which derives roughly three-quarters of its market value from US operations.

Momentum builds behind a German Starlink rival

Efforts to establish a European competitor to Starlink are gathering pace.

As SpaceX prepares for its IPO, Germany’s Federal Cartel Office approved a planned satellite joint venture between defence and technology companies Rheinmetall and OHB.

The two companies intend to bid for a multibillion-euro Bundeswehr contract to build a military communications satellite network comparable to Starlink.

OHB will be responsible for satellite manufacturing and ground station deployment, while Rheinmetall will build the networks and produce end-user devices.

The Franco-German Airbus Group, which had initially competed against the Rheinmetall-OHB venture, will also be included in the project.

Although the new three-way alliance effectively removes competition and creates a monopoly structure, it allows the Bundeswehr project to move forward quickly and helps avoid potential legal disputes that could arise if the contract were awarded to a single bidder.

Musk says orbital data centres are not a difficult challenge

As SpaceX prepared for its major IPO this week, Chief Executive Elon Musk said on Monday that building artificial intelligence data centres in orbit was not a particularly difficult engineering challenge.

The billionaire entrepreneur said much of the required technology already exists within the current Starlink network.

“One of the things we want to convey here is that there is no kind of magic required that does not actually exist,” Musk said in a video interview released by the company.

“Most of this consists of technologies we have already developed for Starlink V3 satellites. We do not think this is a very difficult problem compared with what we are already doing.”

The remarks came as investors scrutinised SpaceX’s plans for orbital AI data centres.

Those plans form a key component of the company’s long-term growth strategy ahead of an IPO expected to value the company at approximately $1.75 trillion.

Plans unveiled for AI satellites

Musk and SpaceX engineer Ian Dahl outlined plans for solar-powered AI satellites designed to function as computing nodes in orbit and cooled through the dissipation of heat into space.

The company argues that moving computing infrastructure into orbit could help overcome some of the power constraints increasingly faced by terrestrial AI data centres.

According to the presentation, the first proposed AI satellite would generate roughly 150 kilowatts of peak power and provide 120 kilowatts of continuous computing capacity.

Musk said that was broadly comparable to a single Nvidia GB300 AI server rack, which typically consumes around 140 kilowatts at peak load.

SpaceX said the satellites would rely heavily on technologies already being introduced with next-generation Starlink V3 satellites, including solar panels and thermal management systems.

Musk said he expects SpaceX’s AI satellite factory in Bastrop, Texas, to achieve meaningful production volumes by the end of next year.

The orbital computing initiative forms part of a broader strategy aimed at positioning SpaceX not only as a launch and satellite communications company, but also as a major provider of artificial intelligence infrastructure as it enters the public markets.

Diplomacy

Trump meets regional leaders as tensions over Iran and Gaza mount

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US President Donald Trump met leaders from Egypt, the Gulf, Jordan, Lebanon, Syria, and Türkiye on the sidelines of the UN General Assembly.

Trump described the countries represented as “friends, allies, and partners of the United States.” Speaking about peace and prosperity in the Middle East, Trump said:

“It is an honour for me to be here with some of America’s greatest and closest friends, allies, and partners, to continue our efforts towards a safer and more prosperous Middle East. This is a special place, and it has become even more special in the time since I entered politics… I have many great friends sitting at this table. They are all magnificent people, and we are ensuring that their lives go well.”

Adding that every country around the table was “extraordinary”, Trump thanked them for US investments originating from these nations totalling approximately $21 trillion since he took office in January 2025.

In particular, he spoke of his close relationship with President Recep Tayyip Erdoğan, with whom he has forged a close friendship since his first term in office. Thanking Erdoğan, he described him as a “great man” and a “tough cookie”.

The US president also noted that a recent meeting held between US and Iranian representatives had been productive.

Trump observed humorously that the region was filled with high energy, though he noted this sometimes meant “too high energy.”

Trump said there was “great momentum” towards reaching an agreement with Iran. A few hours before this statement, speaking from the rostrum of the UN General Assembly, he had asserted that the US could either make a deal with Tehran or “destroy” it.

In his address of approximately 35 minutes to world leaders earlier on Tuesday, Trump said: “I have a big decision to make. Will a deal be made with Iran that will allow them to rebuild the country and make it much greater than before, perhaps one of the greatest countries in the Middle East or even the world? Or will I destroy the Islamic Republic, and do it quickly, without ever giving them the chance to kill and destroy people and countries again?”

Stating that the US aims “to completely isolate Iran financially”, Trump added: “I hope they do the right thing quickly before it is too late; you know that one day it will be too late, and we will have no chance left to allow their survival as a nation.”

Trump also addressed Iran’s nuclear programme, stating that preventing Tehran from acquiring a nuclear weapon remains one of the primary objectives of the US campaign.

Trump continued:

“A large part of what we did, perhaps 99%, was to ensure Iran did not obtain a nuclear weapon; those facilities were blown up. We might have to blow up one more, Mount Kazma. We do not see much activity there, but if we do, we will blow it up immediately.”

Asked by Al-Monitor whether there was a consensus on a roadmap forward, the US Ambassador to Türkiye and Special Envoy for Syria and Iraq, Tom Barrack, said: “There is a consensus that we need a roadmap forward; that is the only consensus.”

In a separate development, King Abdullah of Jordan told Al-Monitor that the meeting went “very well”.

Asked by a reporter about the meeting with Iran, Witkoff replied: “I feel very good right now.”

Gulf states are attempting to keep diplomatic channels with Iran open while the conflict continues. On Sunday, UAE presidential adviser Anwar Gargash told Al-Monitor that talks between Washington and Tehran must be accompanied by a parallel regional dialogue.

Gargash said: “We need a new mindset that these kinds of discussions about what kind of region we all want, what kind of stability we pray for, and what core elements of development we need: which are very closely linked to stability: can take place at an Iran-US level, but must also take place at an Iran-Arab level.”

At the UN General Assembly, regional leaders took a sharp line against Israel. King Abdullah II of Jordan highlighted the Palestinian issue during his address at the 81st UN General Assembly in New York, stating that Israel was a “regional threat” acting with “frightening impunity”.

On the opening day of the event, he delivered a passionate speech referencing a “unique moment in history” where “the scale of information and the speed of change are unprecedented.”

The King added: “Every day, a new crisis, a new tragedy, a new emergency arises demanding our attention. Every generation believes that the challenges it faces are unique; perhaps for us, this is true.”

Hussein continued:

“If anyone has any doubt that a crisis in this part of our world will remain confined solely to this region, let them look at the energy and grocery bills of ordinary families from Mumbai to Madrid and Minnesota. The Iran war has demonstrated how quickly instability can disrupt trade, investment, and the lives of people outside the region.”

Recalling that he has warned at the UN for years about the dangers of leaving the Palestinian-Israeli conflict unresolved, the King argued that the international community has chosen to “manage” the conflict rather than confront and resolve it, questioning the value and legitimacy of international law in light of “one of the longest-running occupations in the world.”

The King of Jordan continued:

“If international law can be ignored for decades, then what exactly is the value of this law? And how can we enforce it if we do not even name its violations? In Gaza, the evidence is stark: at least 300 Palestinian children were killed in the first 300 days of the so-called ceasefire.”

The King condemned the Israeli government for “changing the rules”, continuing attacks and the destruction of civilian infrastructure in Gaza, and refusing to withdraw from the war-torn Palestinian territory.

Stating that Israeli actions in the West Bank must be regarded as a policy of forced displacement, Hussein called on the international community to treat Gaza and the West Bank as integral parts of a single whole belonging to the Palestinian people.

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Finkelstein says US campus clampdown has surpassed McCarthyism

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Appearing as a guest on the online programme hosted by American journalist and television presenter Tucker Carlson, political scientist, academic, and author of “The Holocaust Industry” Norman Finkelstein evaluated post-October 7 developments in Gaza, Israel’s military operations, free-speech crises across American universities, and the historical background of Gaza.

Responding to Carlson’s question regarding conditions in Gaza prior to the October 7 actions, Finkelstein stated that the roots of the issue trace back to 1948.

“Gaza became Gaza in 1948”

Explaining that the current demographic structure of the Gaza Strip was shaped by the forced displacement of 1948, Finkelstein said:

“Gaza became Gaza in 1948 as a result of Israel expelling approximately 750,000 Palestinian Arabs from the lands it incorporated into its borders. Around 300,000 of those 750,000 expelled individuals were sent to Gaza, and this population constituted roughly 80% of Gaza’s inhabitants. The indigenous population was overwhelmed by this massive influx of refugees. At that time, Gaza was part of Mandate Palestine under British rule.”

Finkelstein noted that conditions in the territory, which fell under Egyptian administration after 1948, drew the attention of international observers from the earliest years.

Recalling that United Nations officials serving in Gaza as early as the 1950s explicitly compared the territory to a concentration camp, Finkelstein cited historical accounts from the era:

“In July 1967, Al Gore Sr., then a senator from Tennessee, visited Gaza. Describing what he witnessed upon his return to the US Congress, he characterised Gaza as a concentration camp established on sand. Consequently, this has been the common terminology used by external observers visiting the region since 1948.”

Drawing attention to statements by Giora Eiland, former head of Israel’s National Security Council, Finkelstein noted that Eiland does not project a pro-peace profile, continues to advise the current Israeli government, and has publicly stated that he would welcome the outbreak of epidemics in southern Gaza.

Finkelstein continued:

“During a 2004 meeting with senior American officials, Giora Eiland described Gaza as a huge concentration camp. Eiland was an Israeli, a Jew, and head of the Israeli National Security Council. He naturally understood very well the historical gravity of designating a piece of land a concentration camp. The most painful aspect is that those days were Gaza’s best days.”

“A concentration camp kept on the brink of starvation”

Finkelstein recounted that former US President George W. Bush’s administration forced Palestinians into holding elections in 2006 as part of its democracy promotion agenda, noting that Hamas initially hesitated to participate on grounds that it would legitimise the 1993 Oslo Accords.

Hamas won the election backed by public support reacting against corruption within the Palestinian Authority, Finkelstein recalled, citing former US Secretary of State Hillary Clinton’s subsequent remarks expressing regret over the outcome. Observing that former US President Jimmy Carter monitored the process on the ground and described the balloting as completely free and fair, Finkelstein offered the following evaluation:

“Immediately after the elections, Israel, followed by the US and the European Union, imposed an almost medieval blockade on Gaza. Lengthy lists were drafted for items prohibited from entering Gaza. The entry of chocolate, chicks, potato crisps, spices, musical instruments, and notebooks was barred. Official documents were later exposed; they declared that they would keep the population of Gaza at a bare minimum humanitarian nutritional level. This was the diplomatic cover for keeping people living on the edge of starvation. Their objective was to induce the public to overthrow Hamas by keeping Gaza’s economy on the brink of collapse. When Salvador Allende’s government took power in Chile in 1971, the US had said it would make the economy scream. Israel did precisely that in Gaza.”

Finkelstein noted that former UN High Commissioner for Human Rights Mary Robinson observed during a 2008 visit that an entire civilisation was being destroyed, adding that prior to October 7, 2023, international bodies had described Gaza as a sinking ship and a toxic slum.

Pointing out that Israel for years termed its recurring military campaigns under the metaphor of mowing the lawn, Finkelstein stressed that this phrase assumes a horrifying dimension in light of the fact that half of Gaza’s population consists of children.

“Targeting children is an indicator of genocide”

Finkelstein described Operation Cast Lead in 2008, Operation Pillar of Defence in 2012, and Operation Protective Edge in 2014 as waves of high-tech slaughter.

Citing former International Committee of the Red Cross President Peter Maurer, who visited the territory following the 2014 assault and stated that he had never in his life seen destruction on the scale present in Gaza, Finkelstein illustrated the gulf between past attacks and the current situation with figures:

“During Operation Protective Edge, 18,000 homes were destroyed or severely damaged. Around 2.5 million tonnes of rubble were left behind. Since October 7, however, the number of destroyed dwellings has exceeded 325,000. Accumulated debris in Gaza has reached 61 million tonnes. While the 2014 devastation was considered unprecedented, it is no longer even a footnote alongside the current picture.”

Turning to the scale of casualties in Gaza, Finkelstein highlighted that in addition to those killed by direct bombardment and artillery fire, children have lost their lives to starvation and collapsed immune systems.

Noting the difficulty of establishing an exact figure, Finkelstein addressed the matter within the framework of debates over genocide:

“The United Nations’ latest report on child fatalities treats the direct targeting of children as a primary indicator in distinguishing whether a conflict constitutes a war or a genocide. According to Gaza Ministry of Health data, children account for roughly 30% of those killed. Out of the 6 million Jews who died in the Nazi Holocaust, 1.5 million were children; this proportion corresponded to roughly 25%. If we all agree that the Nazi slaughter was a genocide and 25% of its victims were children, the fact that 30% of those slaughtered in Gaza are children provides powerful evidence that this is a genocide.”

Responding to Carlson, who noted that the International Holocaust Remembrance Alliance’s working definition of antisemitism prohibits comparing Israeli policies to those of the Nazis, Finkelstein pointed out that Israeli politicians have historically and continually equated their adversaries with Adolf Hitler.

Recalling that Gamal Abdel Nasser, Saddam Hussein, Iranian leaders, and Hamas have all been compared to Hitler by the Israeli leadership itself, Finkelstein pointed to the contradiction in barring critics of Israeli actions from making such comparisons.

“The goal is not just genocide, but emptying Gaza entirely”

Emphasising that the destruction in Gaza has been denser and more devastating than even the World War II bombing of Dresden, Finkelstein explained that 97% of schools have been flattened, while hospitals, medical personnel, United Nations staff, and journalists have faced unprecedented targeting.

Finkelstein explained Israel’s primary intent in the following terms:

“I do not believe Israel’s primary objective is to commit direct genocide. Israel’s fundamental goal is to empty Gaza completely. They want to carry out ethnic cleansing. The method they use is to destroy the people of Gaza until they abandon their land. Because the borders are shut and neighbouring states refuse to accept them, they will continue this slaughter until their goal is attained. They are resolved to solve the Gaza problem once and for all. For them, solving this problem means entirely expelling the population. They regard committing genocide as the only means of convincing the people to leave and forcing neighbouring countries to take them in.”

Noting that international legal experts, Human Rights Watch founder Aryeh Neier, the organisation’s former executive director Kenneth Roth, Israeli human rights group B’Tselem, and the International Court of Justice have evaluated Israel’s actions within the framework of genocide, Finkelstein shared striking demographic data:

“Between 30% and 40% of American Jews believe that Israel is committing genocide. This is extraordinarily striking. We are talking about an educated community that has been inculcated from childhood with unconditional affection for Israel, learning this loyalty in synagogues as a condition of belonging. That these people, who cannot be easily duped, have reached such a conclusion constitutes a historic stance.”

“Unprecedented assault on academic freedom”

Finkelstein stated that defending Israeli conduct openly grew difficult after October 7, noting that dual-citizen soldiers serving in the Israeli military posted their own deeds on social media, rendering the horror impossible to conceal, at which point financial leverage was deployed.

Asserting that billionaire donors blackmailed university administrations, Finkelstein addressed presidential resignations at Harvard, the University of Pennsylvania, and Columbia:

“Figures such as Bill Ackman targeted university leaderships publicly. They announced they would withhold alumni donations unless student encampments supporting Gaza were dismantled. Even at institutions with immense endowments like Harvard, where a single alumnus donates between $50 million and $300 million, this pressure proved effective. Harvard President Claudine Gay, University of Pennsylvania President Elizabeth Magill, and Columbia University President Minouche Shafik were removed from office. When Magill stepped down, she uttered only two words to a close acquaintance of mine: ‘Money talks.'”

Stating that a pervasive climate of fear has been erected across universities, hospitals, and cultural institutions, Finkelstein said healthcare professionals have lost employment over social media postings, while New York libraries and arts institutions have fallen into silence because of financial dependence.

Drawing on his background as a scholar who has examined historical eras of academic suppression across the US, Finkelstein compared the current landscape:

“Nothing like this has ever been seen in our country’s history. There has never been an attack on academic freedom of this brazen magnitude, including the Red Scare of the early twentieth century or the McCarthy era. All three ousted university presidents were women, and two belonged to minorities. Despite possessing every progressive cultural safeguard, none could preserve her post. Outlets such as The New York Times remained silent. This wave of terror persists. Since the spring of 2024, I have received invitations to speak at only two universities across the entirety of the US. As someone who formerly delivered lectures and conference addresses at 40 different institutions annually, I have not been invited to a single institution in New York, where I live.”

Describing how students have had their faces projected onto mobile billboard trucks branding them terrorists, even facing public exposure in their family neighbourhoods, Finkelstein noted that he personally read Harvard University’s 312-page report on antisemitism.

Asserting that the report contained no concrete incidents and instead lumped Israeli students feeling alienated into the category of antisemitism, Finkelstein recalled that Harvard President Alan Garber was forced to concede that the vast majority of claims in the report amounted merely to political criticisms of the state of Israel.

Pointing out that US Supreme Court precedent establishes constitutional protection under free speech even for burning the American flag or advocating the violent overthrow of the government, Finkelstein argued that attempts to criminalise the slogan “From the river to the sea” lack any legal foundation.

“Netanyahu is a perfect reflection of Israeli society”

Answering questions regarding the personal political future of Israeli Prime Minister Benjamin Netanyahu, Finkelstein dismissed claims that Netanyahu is poised to fall from power.

Recalling that Netanyahu is the longest-serving prime minister in Israeli history, Finkelstein characterised the politician’s connection to the public:

“It is constantly claimed that Netanyahu will be ousted, that he will be erased from politics because of corruption trials, but that never happens. The sole reason for this is that Netanyahu is a perfect reflection of Israeli society. He embodies an arrogant, self-righteous Jewish supremacist. When Israeli society looks at him, it sees its own reflection. The corruption allegations or personal scandals surrounding him simply do not matter to the Israeli public.”

Finkelstein recounted that he was barred from entering Israel in 1989 and 2004 while travelling to the occupied Palestinian territories, noting that numerous Jewish intellectuals who opposed the occupation, including Noam Chomsky, were placed on Israeli blacklists.

Stating that he placed the search for justice at the core of his life from his youth and has always remained prepared to pay the price, Finkelstein turned to the obstructions he encountered throughout his academic career.

Disclosing that he remained entirely unemployed for 13 years after his tenure bid at DePaul University was rejected in 2007 following outside pressure and intervention by academic Alan Dershowitz, Finkelstein described the ordeal:

“From 2007 until 2020, I could not find a single job. I was completely unemployed. The rhythm of people’s lives is determined by external obligations; you go to work, you have responsibilities. I had to wake up every morning and invent a purpose for my existence. It was a dark chapter of my life. Later, I taught adjunct courses at institutions such as Hunter College and Brooklyn College. As a scholar of 40 years, I experienced humiliating situations, going weeks without receiving my salary and being treated as an hourly contract lecturer. Yet all I loved was engaging with young minds and teaching them to think.”

Contending that classrooms must not serve as venues for political indoctrination, Finkelstein recalled British philosopher Bertrand Russell’s observation that in every great debate, strong arguments exist on both sides.

He stressed that an academic’s primary duty is to teach students how to weigh evidence rather than imposing one’s personal convictions.

Describing how, as a graduate student, he conducted months of archival work systematically exposing demographic fabrications in Joan Peters’ book, which claimed that Palestinian lands had been largely uninhabited and settled by incoming Arab migrants, Finkelstein recalled that academic doors closed to him one after another following that period, despite earning the endorsement of Noam Chomsky.

“Not a shred of evidence confirms systemic sexual violence on Oct 7”

Responding to Carlson’s inquiries regarding his new book, “Gaza’s Gravediggers”, Finkelstein stated that while he does not deny that Hamas and other armed factions committed grave crimes on October 7, claims of systemic rape are unsupported by physical evidence.

Stating that he devoted the opening chapter of his volume to scrutinising these allegations, Finkelstein noted that he examined in detail the 300-page report released by the Israeli civil commission headed by Dr Cochav Elkayam-Levy:

“The commission announced that it possessed 10,000 photographs and video recordings from October 7. They indicated that reviewing this material would take a single investigator working eight hours a day more than seven months. They stated they had amassed footage from dashcams, helmet cameras, security cameras, and mobile phones. Yet across that vast archive, there is not a single frame of footage showing Hamas members committing rape or sexual violence. Amnesty International has likewise not confirmed the existence of such visual evidence. They justified the lack of forensic proof by citing the rapid burial of corpses according to religious rites. However, that not a single digital recording has emerged defies credulity.”

Pointing to inconsistencies in the report’s testimonies, Finkelstein argued that claims by the primary witness, who hid inside a windowless caravan and purported to hear sounds from a distance, lack legal validity.

Noting that none of the victims named in the report, including released hostage Amit Soussana, provided direct testimony that they had been raped, Finkelstein sharply criticised the documentary produced by former Meta executive Sheryl Sandberg:

“Sandberg is an intelligent Harvard graduate who studied economics, so she understands evidentiary standards well. Yet throughout her film, she looks at a mobile phone pretending to be horrified. While no footage substantiating the claims exists, they turned this into an instrument of propaganda. Facts no longer matter; all that counts for them is keeping their ideological cause alive at all costs.”

“The US supplied 70% of the weapons”

Asked by Carlson whether accountability proceedings would ever commence before international tribunals, Finkelstein asserted that judicial mechanisms cannot function when an entire society is complicit in crime.

Arguing that the Israeli leadership will never be held accountable, Finkelstein concluded:

“The US would never permit it. A fear of a domino effect prevails. If Israeli officials were placed in the dock, what would happen to Joe Biden and Antony Blinken? The US itself supplied 70% of the weapons used in the genocide in Gaza. Washington was the sole power capable of severing the arms flow, yet it refused to do so. In 1964, they staged the Gulf of Tonkin incident to justify entering the Vietnam War on the ground; at least they devised a pretext. In Israel’s recent direct strikes against Iran, they did not even bother seeking such a cover. From the United Nations Security Council, not a sound emerged. Indeed, through Resolution 2803, the Security Council effectively surrendered governance of Gaza to Donald Trump. My sole purpose in writing my new book is to transmit an unvarnished record of the historic evil inflicted upon the people of Gaza to future generations, knowing that no one will ever be brought to justice.”

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Israel pledges full Greek control over Achilles’ Shield source code

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Israel has said it will transfer technical know-how to Greek companies taking part in the Achilles’ Shield air defence shield project.

The Israeli Ministry of Defence made the statement to Euractiv in response to reports alleging that Israel would retain control over the system.

The ministry stated that Israel will provide Greece with all the necessary technical know-how to enable Athens to develop its own source code for the much-debated Achilles’ Shield air defence system.

Israel noted that under the agreement, the Israeli Ministry of Defence and the Greek Ministry of National Defence agreed on the transfer of Israeli expertise to Greek firms participating in the programme.

A spokesperson for the Israeli Ministry of Defence said:

“The Greek source code developed under the programme, along with any modifications and additions made to it, will remain exclusively under Greek control and will be tailored to Greece’s operational requirements.”

Israel’s stance contradicts media reports suggesting that the system’s source code would belong to Tel Aviv rather than Athens, thereby effectively granting Israel full control over the platform.

Those reports had prompted a strong reaction from the opposition PASOK party, which called for transparency on the matter.

The system will integrate Greece’s existing capabilities, such as Patriot air defence systems and unmanned platforms, with Israeli systems covering various ranges, including Rafael’s SPYDER.

Türkiye reacted to the growing military cooperation between Greece and Israel, claiming that the two countries are attempting to encircle it strategically.

Athens, for its part, stated that its objective is solely to enhance its deterrence.

Meanwhile, former diplomat Vassilis Bornovas argued that the Achilles’ Shield project and Greece’s broader rise in defence spending are directed against “Russian aggression from the north” rather than Türkiye, which is also a NATO member.

Greece and Israel signed an agreement for the 3 billion euro project at the end of August. On the same day, Türkiye announced a mutual defence pact with Saudi Arabia and Pakistan, a development received with caution in Athens.

US foreign policy expert Ian Lesser told Euractiv that such regional defence arrangements were “not surprising” following the war in Iran.

“Countries are looking for new ways to diversify their security partnerships,” Lesser said, adding that while NATO’s collective defence relies on trust, that trust “has been eroding for years”.

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