SpaceX to Raise $75 Billion | Rewire News Nightly

The rocket builder is set to devour the entire IPO market, while the algorithm writer is picking audit targets for the IRS. There's not enough power for AI, as someone sent GPUs into space.

1｜SpaceX Aims for $75 Billion IPO, Looking to Swallow Whole Tech Listing Market

SpaceX has submitted its IPO filing to the SEC, aiming to raise $75 billion at a valuation of $1.75 trillion. The largest IPO in human history, surpassing the $294 billion record of Saudi Aramco by 2.5 times, exceeds the total U.S. IPO funding for 2024 and 2025 combined. Morgan Stanley and Goldman Sachs are underwriting, targeting a June debut.

Following the acquisition of xAI, SpaceX is now a satellite internet provider (Starlink: 9 million users, over $8 billion profit), a defense contractor, and an AI infrastructure company. Its valuation has surged 38x in six years, from $46 billion to $1.75 trillion.

Following SpaceX are OpenAI and Anthropic. How much market liquidity will the $75 billion raise absorb, and what valuation will the AI unicorns queuing behind receive, pose a bigger question than SpaceX itself.

(Source: Bloomberg / Axios / The Information / Barron's)

2｜New Dimensions in AI Infrastructure Race: Space GPUs, Euro Debt, 7.5GW Wind Power Frozen

Starcloud closes $170 million Series A, valued at $11 billion, becoming YC's fastest unicorn, just 17 months after Demo Day. The company, with $3 million seed funding, launched its first satellite carrying the H100 GPU, aiming to build an orbital data center network of 88,000 satellites. With Earth's power insufficient, GPUs are now being sent to space.

Mistral borrows $830 million from seven banks to build a Paris data center, equipped with 13,800 GB300 GPUs, set to go live in Q2. European AI funding doesn't come from VCs; it comes from banks.

On the U.S. front, the Pentagon has frozen military approval for 30 wind projects, totaling 7.5 GW. The Clean Power Association has given the Defense Department until April 8 to respond, or face litigation. AI companies are rushing to build data centers, with power approvals stuck in a pile of paperwork.

(Source: TechCrunch / SpaceNews / Reuters / Axios / American Clean Power Association)

3｜Palantir Picks Audit Targets for IRS, AI Enters Federal Law Enforcement Core

Documents obtained by Wired show that the IRS paid Palantir $1.8 million last year to enhance a custom tool named SNAP, which triages “high value” audit, tax collection, and potential criminal investigation targets from legacy systems. The tool extracts key information about contracts, vehicles, and vendors from unstructured data, replacing over 700 legacy screening systems the IRS had been running for decades.

The larger effort is the “mega API.” Palantir is working with IRS engineers to build a unified data interface layer that aims to be the “read center for all IRS systems.” Democratic senators have asked Palantir to explain this “searchable super database” plan, referring to it as a “surveillance nightmare.”

Palantir has received over $180 million from the IRS since 2018, involving 26 contracts. The same company tracks immigrants for ICE, screens audit targets for the IRS, and integrates government data for the DOGE, as the federal government’s data hub is being built by a privately held company with a market cap of over a trillion dollars.

(Source: Wired / Tax Notes / U.S. Senate Committee on Finance)

4｜Iran War Day 31: Trump Says “Take the Oil,” Marine Expeditionary Units in Place

Trump publicly stated intent to invade Iran to “take the oil,” calling opponents “fools.” Marine Expeditionary Units 31st and 11th have arrived in the Middle East, with the 82nd Airborne en route. The Washington Post reports the Pentagon is preparing for “weeks-long ground operations,” including seizing the oil hub of Kharg Island. The war narrative has shifted from “retaliation” to “resource control.”

IAEA confirms Iran’s heavy water reactor is no longer operational. Oil prices surge to $116/barrel, up over 50% since the start of the war. EIA data shows flow through the Strait of Hormuz plummeting from pre-war 20 million barrels/day, with Gulf states forced to cut production by millions of barrels/day.

Macquarie analysts believe Trump is following the “TACO” timetable (Trump Always Chickens Out), with expectations to wrap up in six weeks, now in the fifth week. Economic tally: $1 billion daily expenditure, over 3000 deaths. (Continued from yesterday)

(Source: Al Jazeera / Fortune / CNN / The Washington Post / Military.com / EIA / IAEA)

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Ethereum Foundation stakes $42 million worth of ETH in a single transaction. On-chain data shows this to be the largest single stake operation by the Foundation to date. Previously refraining from staking for an extended period, the change in strategy is worth noting. (Source: CoinDesk / The Block)

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