Those who build rockets are poised to swallow the entire IPO market, while those who write algorithms select audit targets for the IRS. With insufficient electricity for AI, someone is sending GPUs into space.
1｜SpaceX Targets $75 Billion IPO, Aims to Devour the Entire Tech Listing Market
SpaceX has filed a prospectus with the SEC, targeting a $75 billion fundraising at a valuation of $1.75 trillion. The largest IPO in human history, it is 2.5 times the $29.4 billion record set by Saudi Aramco and exceeds the total IPO fundraising in the U.S. for 2024 and 2025 combined. Underwritten by Morgan Stanley and Goldman Sachs, it aims to list in June.
Following the acquisition of xAI, SpaceX is simultaneously a satellite internet provider (Starlink with 9 million users and profits exceeding $8 billion), a defense contractor, and an AI infrastructure company. Its valuation has surged 38-fold in six years, from $46 billion to $1.75 trillion.
Following SpaceX are OpenAI and Anthropic. The $75 billion fundraising scale raises the question of how much market liquidity it will absorb and what valuations the queued AI unicorns can still secure—issues potentially larger than SpaceX itself.
(Sources: Bloomberg / Axios / The Information / Barron’s)
2｜New Dimension in AI Infrastructure Race: Space GPUs, European Borrowing, 7.5GW Wind Power Frozen
Starcloud completed a $170 million Series A at an $11 billion valuation, becoming YC’s fastest unicorn ever, just 17 months after Demo Day. Using $3 million in seed funding, the company launched its first satellite equipped with H100 GPUs, aiming for an orbital data center network of 88,000 satellites. With Earth’s electricity insufficient, some are starting to send GPUs into space.
Mistral borrowed $830 million from seven banks to build a Paris data center, equipped with 13,800 GB300 GPUs, set to launch in Q2. European AI funding comes not from VCs, but from banks.
In the U.S., the Pentagon has frozen military approvals for 30 wind projects, totaling 7.5 gigawatts. The Clean Power Association has given the Defense Department until April 8 to respond, or face a lawsuit. AI companies are rushing to build data centers, while power approvals are stuck in paperwork.
(Sources: TechCrunch / SpaceNews / Reuters / Axios / U.S. Clean Power Association)
3｜Palantir Selects Audit Targets for IRS, AI Enters Core of Federal Law Enforcement
Documents obtained by Wired reveal that the IRS paid Palantir $1.8 million last year to enhance a custom tool called SNAP, which screens for “highest-value” audit, tax collection, and potential criminal investigation targets from legacy systems. The tool extracts key information on contracts, vehicles, and suppliers from unstructured data, replacing over 700 outdated screening systems the IRS has operated for decades.
A larger project is the “mega API.” Palantir is collaborating with IRS engineers to build a unified data interface layer, aiming to become the “read center for all IRS systems.” Democratic senators have demanded Palantir explain this “searchable super-database” plan, calling it a “surveillance nightmare.”
Since 2018, Palantir has received over $180 million from the IRS across 26 contracts. The same company tracks immigrants for ICE, screens audit targets for the IRS, and integrates government data for DOGE—a federal government data hub is being built by a private company with a market cap exceeding $100 billion.
(Sources: Wired / Tax Notes / U.S. Senate Finance Committee)
4｜Day 31 of Iran War: Trump Says “Seize Oil,” Marines Already Deployed
Trump publicly stated he would invade Iran to “seize oil,” calling opponents “fools.” The 31st and 11th Marine Expeditionary Units have arrived in the Middle East, with the 82nd Airborne Division en route. The Washington Post reports the Pentagon is preparing for “weeks of ground operations,” including seizing the Kharg Island oil hub. The war narrative has shifted from “retaliation” to “resource control.”
The IAEA confirmed Iran’s heavy-water reactor is no longer operational. Oil prices rose to $116 per barrel, up over 50% since the war began. EIA data shows Strait of Hormuz flows plummeted from a pre-war 20 million barrels per day, forcing Gulf countries to cut production by tens of millions of barrels daily.
Macquarie analysts believe Trump is following a “TACO” timeline (Trump Always Chickens Out), expecting a conclusion within six weeks—now in the fifth week. Economic cost: $1 billion daily expenditure, over 3,000 deaths. (Continued from yesterday’s report)
(Sources: Al Jazeera / Fortune / CNN / The Washington Post / Military.com / EIA / IAEA)
Also Worth Knowing ↓
DeepSeek experienced its longest outage since launch, affecting 355 million users for 7 hours. China’s most popular AI chatbot suffered its most severe service disruption since the R1 launch in January 2025. The cause of the outage was not disclosed. (Sources: Bloomberg / Reuters)
Dell built a $25 billion AI infrastructure business from scratch within two years. The “outdated PC maker” whose stock fell by a third in 2022 achieved a record total revenue of $113.5 billion in 2025 and is guiding Wall Street to expect AI server sales of $50 billion next year. NVIDIA isn’t the only one selling picks and shovels in the AI infrastructure gold rush. (Source: Fortune)
Huayan Robotics rose 8.24% on its Hong Kong stock debut, with its public offering oversubscribed 5,000 times. Listed on the Hong Kong stock exchange at an issue price of HK$17 and a market cap of HK$9 billion, it secured nearly $100 million in cornerstone investments from Hillhouse, GF Fund, Morgan Stanley, and others. The embodied intelligence capital fever is spilling over from the primary to the secondary market. (Source: 36Kr)
The Ethereum Foundation made a one-time staking of $42 million worth of ETH. On-chain data shows this is the foundation’s largest single staking operation to date. Previously, the foundation largely avoided staking, making this strategic shift noteworthy. (Sources: CoinDesk / The Block)
Chinese cloud providers achieve scaled profitability for the first time, with AI demand reversing industry losses. Tencent Cloud turned profitable for the first time in 2025, while Kingsoft Cloud posted adjusted profits for two consecutive quarters. Cloud providers’ bargaining power is rising in the AI era, potentially ending the history of low-price competition. (Sources: 36Kr / Shanghai Securities News)
