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Industry
SpaceX alumni startup Terrafirma raises $115 million for remote construction equipment
Terrafirma, a construction technology startup founded by former SpaceX engineers, has raised $115 million, CNBC reported. Investors include Kleiner Perkins, Bain Capital Ventures, SpaceX, Anduril and Hadrian. The Austin, Texas-based company is developing technology to remotely operate construction equipment using interfaces including an Xbox controller. It says the technology reduces costs and improves safety, and its long-term goal is building infrastructure on Mars.
Crypto
SpaceX shares surge again as Musk cites $1 trillion revenue goal by 2030
SpaceX shares extended gains for a second day after its listing, pushing the company’s market value above $2.5 trillion. The rally followed comments by CEO Elon Musk that SpaceX could reach $1 trillion in annual revenue by 2030, drawing money from retail investors and cryptocurrency traders. Trading also surged in related crypto derivatives and tokenised stock products. Analysts cited a wide gap between current results and the target and differing views on valuation and capital spending.
Telecommunications & Media
SpaceX revenue mostly from Starlink, rockets and AI in the red
SpaceX’s main source of revenue is its Starlink satellite internet service rather than reusable rockets, according to results disclosed ahead of a planned IPO. Starlink-related connectivity services made up 61 percent of consolidated revenue last year and 69 percent in the first quarter. Starlink generated the largest revenue and profit, while the rocket launch business posted a loss and the AI segment recorded a larger deficit. Filings also highlighted rising regulatory, operational and geopolitical risks.