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Top stories today:
- SpaceX targets world’s largest IPO, seeking $75B at $1.77T valuation
- Alphabet upsizes AI funding raise to $84.75B from $80B
- Google’s Gemma 4 12B open model debuts for on-device AI
- Lila Sciences said to seek $2B Series B at $10.5B valuation
- OpenAI diverges from Trump on AI safety reviews
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
Listen to our AI-generated podcast summarizing today’s newsletter (beware of hallucinations):
1. SpaceX targets world’s largest IPO, seeking $75B at $1.77T valuation
555.6M shares at $135 each are set to be offered by the Elon Musk-led company, per a Wed. filing.
Jun. 11: share sale begins, and SpaceX is expected to start trading the following day.
Proceeds are expected to fund AI expansion, rocket launches, and satellite infrastructure.
The IPO would surpass Saudi Aramco’s record $29.4B listing in 2019.
SpaceX would rank behind only six S&P 500 companies by market value at $1.77T valuation.
Separately, 10 Trump officials disclosed $9.9M+ in SpaceX and xAI holdings ahead of the IPO.
SpaceX’s planned $55B Texas chip facility has secured a tax break for its despite local opposition.
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3. Alphabet upsizes AI funding raise to $84.75B from $80B
Alphabet’s stock closed -1% Wed.:
$35B in underwritten public offerings, up from the planned $30B.
~75 investors were reportedly contacted before the raise was announced Mon., with more expressing interest afterward.
Employee equity tax obligations will account for ~40% of the AI funding raise.
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5. Google’s Gemma 4 12B open multimodal model debuts for on-device AI
Gemma 4 12B delivered performance near Gemma 4 26B MoE on benchmarks used by Google:
