Rocket builders are set to swallow the entire IPO market, while algorithm writers help the IRS select audit targets. There's not enough electricity for AI, so someone is sending GPUs into space.
1| SpaceX Aims for $75 Billion IPO, Set to Swallow the Entire Tech Listing Market
SpaceX has filed its prospectus with the SEC, targeting a $75 billion fundraising round at a valuation of $1.75 trillion. This would be the largest IPO in human history—2.5 times the size of Saudi Aramco's $29.4 billion record—and exceeds the total IPO fundraising in the U.S. for 2024 and 2025 combined. Morgan Stanley and Goldman Sachs are underwriting the offering, with a target listing date in June.
After acquiring xAI, SpaceX is now a satellite internet provider (Starlink has 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.
OpenAI and Anthropic are next in line. The $75 billion fundraising scale raises a bigger question than SpaceX itself: how much market liquidity will it absorb, and what valuations will the queued AI unicorns be able to secure?
(Source: Bloomberg / Axios / The Information / Barron's)
2| New Dimensions in the AI Infrastructure Race: Space GPUs, European Debt Financing, and 7.5GW of Frozen Wind Power
Starcloud has completed a $170 million Series A round, reaching an $1.1 billion valuation and becoming Y Combinator'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 GPU, aiming to build an orbital data center network of 88,000 satellites. With Earth's electricity in short supply, someone is starting to send GPUs into space.
Mistral has borrowed $830 million from seven banks to build a data center in Paris, equipped with 13,800 GB300 GPUs, set to go online in Q2. In Europe, AI funding isn't coming from VCs; it's coming from banks.
In the U.S., the Pentagon has frozen military approvals for 30 wind power projects, totaling 7.5 gigawatts. The American Clean Power Association has given the Defense Department until April 8th to respond, or face a lawsuit. While AI companies scramble to build data centers, power approvals are stuck in paperwork.
(Source: TechCrunch / SpaceNews / Reuters / Axios / American Clean Power Association)
3| Palantir Selects IRS Audit Targets, AI Enters the Core of Federal Law Enforcement
Documents obtained by Wired show the IRS paid Palantir $1.8 million last year to improve a custom tool called SNAP, which sifts through legacy systems to select "highest-value" targets for audits, tax debt collection, and potential criminal investigations. The tool extracts key information on contracts, vehicles, and suppliers from unstructured data, replacing over 700 outdated screening systems the IRS has used for decades.
A larger project is the "mega API." Palantir is working with IRS engineers to build a unified data interface layer, aiming to become the "read center for all IRS systems." Democratic senators have already demanded Palantir explain this "searchable super-database" plan, calling it a "surveillance nightmare."
Palantir has received over $180 million from the IRS since 2018 across 26 contracts. The same company that tracks immigrants for ICE, selects audit targets for the IRS, and integrates government data for the DOGE is building the federal government's data hub—a private company with a market cap exceeding $100 billion.
(Source: Wired / Tax Notes / U.S. Senate Finance Committee)
4| Day 31 of the Iran War: Trump Says "Seize the Oil," Marine Corps Already Deployed
Trump has publicly stated he would invade Iran to "seize the oil," calling opponents "fools." The Marine Corps' 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 has confirmed Iran's heavy-water reactor is no longer operational. Oil prices have risen to $116 per barrel, up over 50% since the war began. EIA data shows flow through the Strait of Hormuz has plummeted from a pre-war 20 million barrels per day, forcing Gulf countries to cut production by millions of barrels per day.
Macquarie analysts believe Trump is following a "TACO" timeline (Trump Always Chickens Out), expecting the conflict to end within six weeks—now in its fifth week. The economic cost: approximately $1 billion per day in spending, with over 3,000 deaths. (Continued from yesterday's report)
(Source: Al Jazeera / Fortune / CNN / The Washington Post / Military.com / EIA / IAEA)
Also Worth Knowing ↓
DeepSeek experiences 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. (Source: Bloomberg / Reuters)
Dell built a $25 billion AI infrastructure business from scratch in two years. The "outdated PC maker," whose stock fell by a third in 2022, reached 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 gold rush. (Source: Fortune)
Huayan Robotics rose 8.24% on its Hong Kong listing debut, with its public offering oversubscribed by 5,000 times. The company listed on the Hong Kong Stock Exchange at an issue price of HK$17 and a market cap of HK$9 billion, securing nearly $100 million in cornerstone investments from Hillhouse, GF Fund, Morgan Stanley, and others. The embodied intelligence capital frenzy is spilling over from the primary to the secondary market. (Source: 36Kr)
Ethereum Foundation makes a one-time stake of $42 million worth of ETH. On-chain data shows this is the Foundation's largest single staking operation to date. The Foundation had long avoided staking, making this strategic shift noteworthy. (Source: CoinDesk / The Block)
Chinese cloud providers achieve scaled profitability for the first time, as AI demand reverses industry losses. Tencent Cloud turned a profit for the first time in 2025, and Kingsoft Cloud reported positive profits for two consecutive quarters after adjustments. Cloud providers' pricing power is increasing in the AI era, potentially ending the history of low-price competition. (Source: 36Kr / Shanghai Securities News)
