UPDATED SpaceX priced its blockbuster initial public offering at $135 a share on Friday, raising $75 billion and valuing Elon Musk's rocket biz at roughly $1.78 trillion. Retail investors piled in to get a handful of Musk's magic beans, sending shares up 19% on the first day, valuing the company at over $2.1 trillion, and turning the South African native into the world's first trillionaire based on his stakes in both SpaceX and Tesla. The haul for the space exploration and satellite company could rise to about $86 billion if underwriters exercise their option to buy more stock, making it the largest IPO in US history. The company confirmed [PDF] that 555.6 million shares of Class A common stock were sold in the offering, with another 83.3 million available to underwriters. SpaceX is a loss-making company. In its Form S-1, filed with the US Securities and Exchange Commission, it divided operations into Space (Falcon 9 and the like), Connectivity (Starlink), and AI. Only the Connectivity segment is turning a profit, to the tune of $4.4 billion in 2025, while the others continue to rack up losses. Making a profit from AI continues to elude many companies – SpaceX is not the only entity where investment exceeds revenue, and Starship remains a work in progress. In the company's Form S-1, SpaceX reported a net loss of $4.9 billion on revenue of $18.7 billion in 2025. The IPO values the company at more than 90 times that revenue. According to The Financial Times, the IPO was heavily oversubscribed – orders exceeded the number of shares on offer by more than three times. Retail investors also ordered more than $100 billion of shares, and were allocated between 20 and 25 percent of the shares sold. The record-breaking IPO reflects investor appetite for AI-related companies, as well as a bet that SpaceX's estimate of a $28.5 trillion total addressable market, including $22.7 trillion in "Enterprise Applications," proves realistic. Skeptics may recall that promises and assurances associated with Elon Musk rarely survive contact with reality. In addition to his trillion-dollar net worth, Musk may also be in line for a vast Tesla payout if the carmaker hits targets including a sharp rise in valuation and the delivery of a million robots over the next decade. ®

BORK!BORK!BORK! Windows swings for a six but smacks the stumps instead as the baleful glow of a Blue Screen of Death (BSOD) adorns Worcestershire County Cricket Club. We were worried that, with recent editions of Windows, the traditional white monospaced text on a blue background of a BSOD was becoming a thing of the past. Thankfully, Worcestershire County Cricket Club, founded in 1865, is keeping the old ways alive with a BSOD to bring a tear to many a system administrator's eye. Spotted by Register reader Rhodri Howell, Windows has been felled by a DRIVER_POWER_STATE_FAILURE, probably due to a bit of hardware not waking up when Windows asked it to, or the driver experiencing an unexpected teatime. The screens on top of the club's sign are usually there to beam messages at attendees, but in this case, it looks like at least one is a bit poorly, which might have contributed to Windows throwing in the towel or, to use cricket terminology, conceding. For the uninitiated, cricket is a team sport in which a ball is thrown at an individual called a "batter'" who defends several sticks in the ground called a "wicket." The sport is notable for a variant called a "test," which can last for several days, involve multiple games, and still end up in a draw. Windows, on the other hand, is an operating system more than capable of knocking an administrator for six and lobbing the odd googly or two at the unwary. The word "test" is also something that doesn't seem to trouble Microsoft so much these days, at least if what the company has delivered in recent months is anything to go by. No amount of shin pads or even the toughest of boxes is sufficient to ward off an eyewatering Windows update. Microsoft's current CEO, Satya Nadella, is a fan of the sport, and so the sight of Windows disgracing itself above Worcestershire County Cricket Club's signage (and the three black pears of the county's emblem) is doubly distressing. As the saying goes: "It's just not cricket." ®