SpaceX’s Imminent $75 Billion IPO, Meta's $375M Fine In New Mexico, OpenAI Retreats from Video AI & Huel's Billion Dollar Exit
- Dipo Owolabi
- Mar 25
- 5 min read
Updated: Mar 26
SpaceX is racing toward what could be the largest IPO in history, aiming to raise over $75 billion and cement its position as a trillion-dollar space-and-AI powerhouse. At the same time, Meta Platforms is staring down a $375 million legal blow over user safety, signaling intensifying regulatory pressure on social media giants. Meanwhile, OpenAI is pulling back from its high-profile video ambitions, shutting down Sora and ending its partnership with The Walt Disney Company to refocus on more practical AI applications. From blockbuster IPO ambitions to courtroom consequences and strategic pivots, all this and more in today’s Read It And Eat! |
Markets Around The World
Markets as of 24th March 2026. Cells in RED mean that the value is down, cells in Green mean the value is up.
MAJOR HEADLINES
SpaceX Aims To File For IPO As Soon As This Week
Elon Musk's SpaceX is preparing to file a prospectus for an initial public offering as soon as this week, in what could become the largest stock market debut in history, according to the Information, a US technology news outlet known for well-placed industry sources.
The company could seek to raise more than $75 billion (€69 billion), the publication reported, citing a person with direct knowledge of the plans significantly more than the $50 billion (€46 billion) raise previously anticipated ahead of a potential summer listing. That earlier figure alone would have shattered the record set by Saudi Aramco's $29.4 billion (€27.1bn) offering in 2019. Ahead of a rumoured mid-June debut, SpaceX is expected to be marketed to investors as a platform business targeting a valuation of about $1.5 trillion (€1.38tn), or roughly 94 times its 2025 revenue, according to Morningstar. The Information puts the potential valuation even higher, at more than $1.75 trillion (€1.61tn).
The IPO narrative also encompasses two highly aspirational capital deployment targets, including data centres in space and Moonbase Alpha, a self-sustaining lunar city, though analysts note the latter has no clear revenue pathway. SpaceX's path to market has grown more complex following its acquisition of Musk's artificial intelligence company xAI in February, structuring it as a wholly owned subsidiary in an all-share deal that valued the combined entity at about $1.25 trillion (€1.15tn). While the move broadened the company's narrative as an AI and space infrastructure platform, it adds business integration complexity that is difficult for investors to underwrite. Yahoo.Finance
Meta Ordered To Pay $375 Million In New Mexico Trial Over Child Exploitation
A New Mexico jury on Tuesday found Meta Platforms violated state law in a lawsuit brought by the state attorney general, who accused the company of misleading users about the safety of Facebook, Instagram and WhatsApp and of enabling child sexual exploitation on those platforms.
After deliberating less than a day, the jury found that Meta violated New Mexico's consumer protection law and ordered the company to pay $375 million in civil penalties. The verdict marks the first time a jury has ruled on such claims against Meta, as the company faces a wave of lawsuits over how its platforms affect young people's mental health. “We respectfully disagree with the verdict and will appeal," a Meta spokesperson said in a statement. "We work hard to keep people safe on our platforms and are clear about the challenges of identifying and removing bad actors or harmful content."
In a statement, New Mexico Attorney General Raúl Torrez, a Democrat, called the verdict "a historic victory for every child and family who has paid the price for Meta’s choice to put profits over kids’ safety." "The substantial damages the jury ordered Meta to pay should send a clear message to big tech executives that no company is beyond the reach of the law," he said. In a second phase of the trial in May, Torrez said his office will ask the court to order Meta to make changes to its platforms to protect children and to impose additional financial penalties. Meta shares were up 0.8% in after-hours trade following the verdict. The state had asked the jury to award more than $2 billion in damages. Yahoo.Finance
OpenAI has shut down its artificial intelligence (AI) video-generation app Sora less than two years after its launch made headlines for creating realistic clips based on simple prompts. At the same time OpenAI will also wind down its content partnership with entertainment giant Disney.
OpenAI told the BBC on Wednesday that it has discontinued Sora so that it can focus on other developments, such as robotics "that will help people solve real-world, physical tasks." A spokesperson for The Walt Disney Company said "we respect OpenAI's decision to exit the video generation business and to shift its priorities elsewhere". Disney will engage with other AI platforms to find ways to responsibly use the technology without infringing on intellectual property rights, a spokesperson said. OpenAI said it is shutting down both its Sora consumer app and the internet-based platform that professional install to generate videos.
OpenAI plans to apply the same technology used to teach AI how to produce realistic videos to training robots. Image-making tools on ChatGPT have not been affected by Sora's closure, OpenAI said. Sora launched in 2024 to huge interest around the world due to the high quality of its AI-generated videos that looked as if a professional studio had produced them. In December, Disney became the first major studio to license intellectual property (IP) to OpenAI to use in its AI video tools. The three-year deal allowed Sora users to create AI videos with Disney characters like Mickey Mouse and Yoda from Star Wars. BBC |
High Protein Drink Maker Huel Is Acquired For Over $1 Billion
Danone has agreed to acquire Huel for close to 1 billion euros ($1.15 billion), two sources close to the matter said on Monday, as the French food group expands further into health-focused nutrition. Danone said earlier it had entered into a definitive agreement to buy the British maker of products ranging from powdered and ready-to-drink meals to high-protein snacks.
Huel's range and digital capabilities with its global reach and nutritional expertise. Huel’s positioning “fully resonates” with the group’s focus on health through food, as it seeks to build scale in higher-growth categories, Chief Executive Antoine de Saint-Affrique said. Founded in 2014, Huel sells plant-based meal replacements marketed as nutritionally complete, targeting time-poor and health-conscious consumers through a direct-to-consumer model as its retail presence grows in Europe and the United States. The deal will allow the brand to expand into new markets using Danone's infrastructure, distribution and research and development capabilities, Huel CEO James McMaster said.
The market for complete nutrition products was estimated to be worth $5.9 billion in 2025, according to Future Market Insights, and projected to have a CAGR of 6.5% over the next 10 years. Danone is one of the world’s largest food companies, with operations spanning dairy and plant-based products, bottled water and specialised nutrition, and more than 27 billion euros in annual sales. Reuters
Minor Headlines
JPMorgan is offering clients a new way to hedge AI debt risk Bloomberg
Apollo and Ares are the latest to limit private credit withdrawals Bloomberg
The U.S. government balance sheet show its total liabilities are now almost eight times the value of its reported assets Yahoo.Finance
Revolut profit soars to record $2.3 billion in 2025, plans UK lending Reuters
Broadcom flags supply constraints, says TSMC capacity a bottleneck Reuters
BlackRock and Fidelity buy $400M Bitcoin while selling $250M TheDefiant
Amazon’s Zoox to debut robotaxis in Austin, Miami later this year as it awaits paid ride approval CNBC
Spotify’s new SongDNA feature maps how your favorite songs are connected TechCrunch
Comments