SpaceX (NASDAQ: SPCE) closed its first week of public trading with a market capitalization of $2.1 trillion, overtaking Elon Musk’s other publicly traded company, Tesla (NASDAQ: TSLA).
Tesla’s market cap stood at $1.52 trillion as of Friday’s market close, leaving it behind its fellow Musk-led enterprise by a considerable margin.
SpaceX now ranks as the sixth most valuable U.S.-listed company, sitting behind Nvidia, Apple, Alphabet, Microsoft, and Amazon.
The two companies could be on a path toward a merger, with new language in SpaceX’s S-1 document drawing significant attention from investors and analysts.
Senior reporter Sean O’Kane identified an additional sentence in the filing that reads, “We may issue a significant amount of equity in connection with future transactions.”
SpaceX president and COO Gwynne Shotwell added momentum to merger speculation during an opening-day interview with CNBC, saying a combination “might make Elon’s life a little easier.”
On the automotive front, a source familiar with GM’s operations told senior reporter Tim De Chant that a foreign supplier is providing lithium-iron-phosphate cells for the 2027 Chevrolet Bolt.
That foreign supplier has been previously identified as Chinese battery manufacturer CATL, though De Chant heard that GM is beginning LFP production at an Ultium plant in the coming weeks, with those cells earmarked for energy-storage systems made by LG Energy Solution.
Executive turbulence is also hitting EV maker Lucid Motors, where top executive Emad Dlala has departed just months after being elevated to a leading role at the company.
Dlala’s exit marks the first major executive departure since Lucid Motors appointed Silvio Napoli as its new CEO in April, with further departures potentially on the horizon.
In a notable deal, Waymo acquired a 5,500-acre proving ground in Arizona previously owned by Route 14 Investment Partners LLC, a Delaware shell company associated with Apple, for $220 million.
The acquisition further confirms Apple has fully stepped away from autonomous vehicle ambitions, with the asset purchase signaling Waymo’s continued push to scale its operations.
Among other funding activity, Irish fleet safety firm CameraMatics raised 49 million euros from a consortium led by U.K. investment firm Blume Equity, the Ireland Strategic Investment Fund, and Goodbody Capital Partners.
Hybrid RV startup Evotrex closed a $30 million Series A round backed by a consortium of Chinese and Hong Kong-based firms including GSR United Capital, Forebright Concerto Capital, TTGG Ventures, and Pegasus Capital.
General Motors announced plans to sell a commercial energy-storage system targeting AI data centers and the grid, partnering with energy-storage startup Peak Energy to develop a new sodium-ion battery chemistry for grid-scale deployments.
Rivian began deliveries of its highly anticipated R2 SUV, while Waymo launched a monthly loyalty program called Waymo Premier, offering perks to frequent riders for $29.99 per month.
Wing, the Alphabet-owned autonomous drone delivery company, expanded its Walmart partnership into seven additional U.S. cities, underscoring how drone delivery is moving past novelty status in select markets.
