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Rubio distances himself from Netanyahu’s Gaza plan

Rubio distances himself from Netanyahu’s Gaza plan

NewsFeed House Democrats question US Secretary of State Marco Rubio about the lack of progress on Trump’s 20 point Gaza plan, and Israeli Prime Minister Benjamin Netanyahu’s order to seize 70 percent of territory. Published On 4 Jun 20264 Jun 2026 Click here to share on social media share-nodes Share googleAdd Al Jazeera on Googleinfo Adblock test (Why?)

UK far-right accused of exploiting killing of Henry Nowak

UK far-right accused of exploiting killing of Henry Nowak

NewsFeed UK Prime Minister Keir Starmer has accused right-wing figures of exploiting the killing of Henry Nowak for political gain, after they argued his treatment by police was evidence of so-called ‘two-tier policing’. Published On 4 Jun 20264 Jun 2026 Click here to share on social media share-nodes Share googleAdd Al Jazeera on Googleinfo Adblock test (Why?)

Elon Musk’s SpaceX eyes $1.77tn valuation ahead of historic IPO

Elon Musk’s SpaceX eyes .77tn valuation ahead of historic IPO

Elon Musk’s rocket company SpaceX is targeting a valuation of nearly $1.77 trillion in its blockbuster initial public offering (IPO), paving the way for the largest stock market debut in history. In a filing with the US Securities and Exchange Commission on Wednesday, SpaceX said that it plans to sell 555.6 million shares at $135 apiece, raising approximately $75bn. Recommended Stories list of 4 itemsend of list The eye-popping valuation would make SpaceX the world’s seventh-largest company by market capitalisation, ahead of Musk’s electric vehicle maker Tesla and social media giant Meta, and just behind Taiwanese chipmaker TSMC. It would also eclipse energy giant Saudi Aramco’s 2019 debut, which raised $26bn at a valuation of $1.7 trillion. Musk, who holds a roughly 42 percent stake in SpaceX, is poised to become the world’s first trillionaire upon the public offering next week. SpaceX shares are expected to trade on the New York-based Nasdaq stock exchange from June 12. Despite the public listing, Musk will retain effective control of SpaceX with more than 82 percent of voting rights, the result of a dual-class stock structure that grants certain shares 10 votes instead of one. The Texas-based firm’s decision to set a specific share price ahead of its IPO marks a break from usual practice. Companies preparing for a public listing usually announce a preliminary price range that can be adjusted based on investor interest. “The genuine surprise is that SpaceX fixed a price before the investor roadshow began,” Fabien Yip, a market analyst at online trading and investment company IG Group, told Al Jazeera. Advertisement “To me, this reflects Musk’s control over the deal terms and his confidence that the book will fill.” Elon Musk departs after a welcome ceremony with US President Donald Trump and China’s President Xi Jinping at the Great Hall of the People, in Beijing, China, on May 14, 2026 [Mark Schiefelbein/AP] Founded by Musk in 2002, SpaceX is best known for designing and launching rockets, spacecraft and reusable launch vehicles on behalf of NASA and private companies. The company also provides internet services and artificial intelligence models through its Starlink and xAI divisions. Musk has outlined lofty ambitions for SpaceX, including to establish a “self-sustaining” city on Mars, “make life multiplanetary”, and “extend the light of consciousness to the stars”. SpaceX’s listing will be a test of investors’ confidence in Musk’s vision, which has yet to translate into profits at the company. SpaceX reported a net loss of $4.9bn on revenue of 18.7bn in 2025, followed by a $4.3bn loss in the first quarter of this year. Jay R Ritter, an emeritus professor at the University of Florida who specialises in IPOs, said the SpaceX IPO differs from Saudi Aramco’s blockbuster listing as the state-owned oil company had a track record of generating large revenues and profits. “SpaceX, in contrast, has trailing annual revenue of less than $20bn, and is not profitable,” Ritter told Al Jazeera. “So, one company’s valuation was – and is – based on its demonstrated profitability, while the other company’s valuation is based on potential.” “With SpaceX, there is a risk that cash flows will be used to send hundreds of thousands of people to Mars, at a loss,” Ritter added. Despite SpaceX’s lack of profitability, market sentiment is strong, said IG’s Yip, noting that buyers of investment products linked to the listing are pricing the company’s end-of-first-day market capitalisation at $2.2 trillion. “The Tesla parallel is perhaps worth drawing: It debuted in 2010 as a loss-making company and largely tracked the S&P 500 for years, only breaking away decisively once it turned profitable for the first time in Q1 2013,” Yip said, referring to the benchmark stock index on Wall Street. “SpaceX investors are making a similar bet on future growth, with the added complexity that SpaceX’s addressable market – rockets, satellite internet, AI – is considerably broader than Tesla’s was at listing.” SpaceX’s debut is the first of three mega-IPOs expected this year, along with AI startups OpenAI and Anthropic. The listings are poised to add trillions of dollars in value to the US stock market, which is already hovering at record highs on the back of the AI boom. Advertisement Adblock test (Why?)