The morning briefing.
While you slept: SpaceX prepares for a historic $1.77 trillion IPO, OpenAI acquires an AI agent startup, and China pushes for 6G leadership.
Capital and IPOs. SpaceX is poised for a historic public listing today, with an anticipated valuation of $1.77 trillion, marking it as the world's largest ever IPO. This monumental event follows years of internal debate regarding public offering timing, as revealed by COO Gwynne Shotwell in an exclusive interview. Beyond this major debut, the market also saw Germany's NEURA Robotics secure up to €1.2 billion in Series C funding to advance its Physical AI platform, signaling robust investment in hardware-centric AI. Additionally, India's Aum Ventures launched an $80 million India Innovation Fund II, targeting deep-tech and IP-led startups.
AI Development and Governance. OpenAI has acquired Ona, a startup specializing in AI agents and secure cloud development environments, to enhance its Codex for long-running, autonomous coding tasks. This acquisition underscores the drive towards more capable AI. Meanwhile, Google has initiated legal action against a Chinese cybercrime network for using its Gemini AI in a "massive" scam operation, highlighting growing concerns over AI misuse and the need for robust security. Anthropic's new Claude Fable 5 model, initially restricted, is creating new hurdles for Chinese AI labs, even after a partial rollback of its enforcement plan following global research community backlash.
Global Tech Landscape. China's chip design software industry is rallying behind Huawei's ambitious new architecture, aiming to produce chips that can rival leading global products, though analysts note a significant uphill battle against established US rivals. Separately, China has become the first country to approve its first 6G trial spectrum, with GSMA forecasting the nation to lead global 6G deployment by 2035 with 60% penetration. This push for technological self-reliance and innovation is mirrored by a shift in Chinese regulatory enforcement, signaling a more neutral approach compared to the heavy-handed 2021 tech crackdown.
SpaceX to list on US stock market at historic $1.77tn valuation
Elon Musk’s company is set to become publicly traded on Friday with an initial public offering (IPO) that could value it at $1.77 trillion, making it the world’s largest ever IPO. Executives are slated to ring the bell on Wall Street, marking the rocket ship maker's historic stock market debut after nearly two and a half decades as a private company.
Germany’s NEURA Robotics raises up to €1.2 billion in Series C round to build Physical AI from Europe
Metzingen-based NEURA Robotics, a cognitive robotics startup, has secured up to €1.2 billion ($1.4 billion) in Series C funding. This investment, with participation from Tether, Qualcomm, Amazon, and NVIDIA, aims to build the world’s leading Physical AI platform.
OpenAI buys Ona to push Codex toward long-running, autonomous coding tasks
OpenAI is acquiring Ona, a startup previously known as Gitpod, which specializes in AI agents and secure cloud development environments. This acquisition is intended to advance OpenAI's Codex for more complex and autonomous coding tasks.
Equal AI raises $30 Mn Series B round led by Prosus and Tomales Bay Capital
Consumer AI startup Equal AI has successfully raised $30 million in a Series B funding round, co-led by Prosus Ventures and Tomales Bay Capital. This investment will enable the company to expand its AI assistant offerings beyond calls.
Google sues Chinese scammers using Gemini AI for fraud
Google has filed a lawsuit against a Chinese cybercrime network, alleging that the group used its Gemini AI in a "massive" scam operation. The legal action seeks an injunction to combat the fraudulent activities.
Anthropic’s Claude Fable 5 curbs to create new hurdles for China’s AI labs
Anthropic's decision to restrict access to its Claude Fable 5 model is expected to create new challenges for Chinese artificial intelligence labs. This comes despite the US firm walking back part of its enforcement plan following backlash from the global AI research community.
Pokémon Go data trained AI that could assist military drones in war zones
An AI model, trained on location scans collected from users of the augmented reality game Pokémon Go, could potentially help military drones find their location in war zones. This application highlights the unexpected military utility of consumer data.
Siri won’t be your AI girlfriend
Apple executives have clarified that the new Siri AI is designed to avoid the sycophantic behavior seen in some rival chatbots, stating, "that's not what I'm here for." The company emphasizes Siri's focus on privacy and utility rather than engagement-driven interactions.
ChatGPT hits a billion monthly app users despite souring public AI sentiment
ChatGPT reached a significant milestone in May, achieving one billion monthly app users, indicating continued widespread adoption. This growth occurred despite increasing public unease regarding the ethical and environmental impacts of AI.
China’s chip software firms back Huawei’s new scaling law. But can they catch US rivals?
China’s chip design software industry is supporting Huawei Technologies’ new architecture, which aims to produce chips competitive with global leaders. Analysts caution that local players face a steep challenge to overcome the market dominance of US rivals.
TSMC 3nm capacity still tight, prices seen rising 15% in second half of 2026
TSMC's 3nm monthly capacity, despite ramping up to 160,000–175,000 wafers in Q2, remains insufficient to meet strong customer demand and order backlogs. Industry insiders anticipate another 15% price increase for 3nm foundry services in the second half of 2026.
Aum Ventures launches $80 Mn India Innovation Fund II
Aum Ventures, an early-stage venture capital firm, has launched its second fund, the India Innovation Fund II, with a target corpus of approximately $80 million. The fund will primarily invest in pre-seed and seed-stage Indian startups focused on deep-tech and IP-led innovation.
China Approves First 6G Trial Spectrum, GSMA Forecasts China to Lead Global 6G Deployment
China has become the first country to approve 6G trial frequencies, positioning itself as a global leader in 6G deployment. GSMA research predicts China will achieve 60% 6G penetration by 2035.
PDD Holdings Plants a Flag in Xiong'an, Signaling Pinduoduo's Industrial Internet Pivot
PDD Holdings, parent company of Pinduoduo, has established a wholly-owned technology subsidiary in Xiong'an New Area with 500 million RMB in registered capital. This move signals a strategic shift from consumer e-commerce to industrial internet services.