SpaceX Rockets Past Tesla in Market Value

Welcome back to TechCrunch Mobility, your hub for the future of transportation and now, more than ever, how AI is playing a part. To get this in your inbox, sign up here for free — just click TechCrunch Mobility ! The SpaceX IPO has garnered significant attention, but two key data points stand out for those closely watching the 'future of transportation' industry.

As of market close Friday, SpaceX has a market cap of $2.1 trillion, surpassing Musk's other publicly traded company, Tesla. SpaceX is currently the sixth most valuable U.S.-listed company, behind Nvidia, Apple, Alphabet, Microsoft, and Amazon. Tesla's market cap was $1.52 trillion as of market close.

There have been hints and speculation that these two companies could soon become one. A new sentence in SpaceX's S-1 document warns investors of future dilution, reading, 'We may issue a significant amount of equity in connection with future transactions.' This likely means Tesla. On opening day, SpaceX president and COO Gwynne Shotwell seemed open to the idea of a merger, saying it 'might make Elon's life a little easier.' Senior reporter Tim De Chant heard from a source familiar with GM that a 'foreign supplier' is providing lithium-iron-phosphate (LFP) cells for the 2027 Chevrolet Bolt — and that the automaker currently has no plans to make LFPs for its EVs.

A Wall Street Journal report identified the foreign supplier as Chinese battery manufacturer CATL. GM is starting production of LFP at an Ultium plant in the coming weeks, but those cells are destined for energy-storage systems made by LG Energy Solution. EV maker Lucid Motors is experiencing executive-level disruption.

Emad Dlala, a top executive at Lucid, has left the company just months after being promoted to a leading role. Dlala's exit is the first major executive departure since Lucid Motors named Silvio Napoli as its new CEO in April. Waymo acquired a 5,500-acre proving ground in Arizona owned by Route 14 Investment Partners LLC, a Delaware shell company associated with Apple, for $220 million.

The acquisition is the latest evidence that Waymo is trying to scale up its operations. CameraMatics, an Irish company that uses AI-powered video telematics to help make fleets safer, raised €49 million from a consortium led by U.K. investment firm Blume Equity.

Clear Robotics, an Indian tech company developing autonomous ships, raised a $1.75 million pre-Series A funding round. Evotrex, a startup developing hybrid RV travel trailers, raised $30 million in a Series A funding round. Volteum, a startup that developed fleet management software for electric and mixed fleets, raised €2.5 million in a round led by Movens Capital.