Starlink earned $4.4B while xAI burned $6.4B at SpaceX

Anthropic just hit $965B on recycled money and pushed profits to 2028

Samsung, SK Hynix, and Micron just became shareholders in Anthropic at a near-trillion-dollar valuation, which means the three companies that make the memory chips Claude runs on are now financially locked in to Claude winning the AI race. Anthropic raised what looks like sixty-five billion at a nine hundred sixty-five billion dollar valuation, but fifteen billion of that was recycled hyperscaler money from deals like Amazon's April commitment, so the actual new cash is closer to fifty billion. The wildest part is the valuation went up two-and-a-half times in three months while Anthropic pushed its profitability target back to 2028, and almost no one is pointing out that those two facts happening at the same time is completely insane.

Warsh blamed low rates for 2021 inflation then echoed Trump rate cuts

The 30-year Treasury hit 5% nine days before Kevin Warsh was sworn in as Fed Chair at the White House, not the Fed building, with Trump literally demanding lower rates during the ceremony while claiming he wants total independence. The bond market just priced in political capture risk before Warsh has chaired a single meeting, and it's a bear steepener, meaning long rates are rising even as traders expect short-term cuts for political reasons. Warsh's play is probably the balance sheet, not rate cuts, because slashing into a 5% long bond during an oil shock would be an instant credibility collapse the market would punish in real time.

Starlink earned $4.4B while xAI burned $6.4B at SpaceX

Elon Musk just filed to take SpaceX, Starlink, xAI, and X public together at a two trillion dollar valuation, and the math only works because Starlink made four point four billion in profit last year while xAI lost six point four billion. The S-1 buries a four point two seven billion dollar quarterly loss and gives Musk eighty-three percent voting control with mandatory arbitration and class-action waivers, meaning if you buy shares you get zero ability to vote, sue, or propose anything. Existing SpaceX investors are calling the xAI and X acquisitions bailouts, but nobody can see the exchange ratios or valuations because the filing doesn't disclose them.

Greg Brockman's $30B OpenAI stake just surfaced in court

A jury in Oakland just cleared OpenAI to go public at a trillion-dollar valuation after rejecting Elon Musk's lawsuit in under two hours, and now two rival AI companies might hit the market within weeks of each other. Musk wanted 134 billion dollars and tried to unwind OpenAI's entire for-profit shift, but the jury ruled he waited too long to sue—he knew about the restructuring back in 2017 but didn't file until 2024. The wild part nobody's talking about: OpenAI still burns cash despite 20 billion in revenue, Greg Brockman's stake is worth 30 billion dollars, and xAI could beat them to Nasdaq as soon as June 12.

The $40B unsecured bridge loan matures in Q1 2027 forcing an OpenAI IPO

SoftBank just reported the biggest profit in Japanese corporate history and basically all 32 billion dollars of it is an unrealized gain on OpenAI shares that can't actually be sold because the company is still private. They funded the whole thing with a 40 billion dollar bridge loan that expires in about 12 months, which means OpenAI's IPO isn't happening when Sam Altman feels like it anymore—it's happening on SoftBank's lenders' timeline or this entire structure starts to unravel. They sold off massive chunks of T-Mobile and NVIDIA to go all-in on a single private AI bet they're now considering using as margin collateral, and if that sounds like Archegos with extra steps, that's because it kind of is.