Billionaire, on SpaceX earnings call, says ‘special committees’ exploring idea but no agreement reached yet

As SpaceX released its second-ever public earnings report Tuesday, Elon Musk declared his support for combining the aerospace and AI company with his electric vehicle company, Tesla. He said both companies had created special committees to explore a potential merger, but have not reached any agreement on terms of a transaction.

“Both SpaceX and Tesla have formed special committees to discuss this idea at the request of shareholders and these special committees are, uh, consist of independent directors,” Musk said on the call. “Because I’m a conflicted party, I can’t actually be in the discussions of the special committees.”

Guillaume Faury writes to Andy Burnham warning him against choosing US firm Lockheed Martin to build Skynet satellites

The boss of Airbus has told Andy Burnham that choosing its US rival Lockheed Martin to manufacture military satellites could cost the UK a key role in the European space industry, intensifying a last-minute lobbying effort for the £2.4bn contract.

It is understood that Guillaume Faury, the chief executive of France-headquartered Airbus, has written to the prime minister suggesting that the choice of provider of the Skynet system could have effects for decades to come on the UK’s strength in military satellites in Europe, in an effort to tip the contract away from its US rival.

The Tesla Roadster 2 drove up a curved ramp before using SpaceX rocket thrusters to fly, flip and land

Elon Musk has revealed Tesla’s latest model, which he claims will be the world’s first flying car, using technology from his aerospace company SpaceX to “basically fly like a rocket”.

The billionaire, who hosted a demonstration of the Tesla Roadster 2 at the SpaceX rocket development and testing facility in Texas, said the sports car could go from 0 to 60mph in a record time of less than a second and had thrusters.

While the UK and Italy are making progress, France and Germany’s joint venture came to nothing, and the prospect of more countries pulling together seems way off

When the former European Central Bank president and Italian prime minister Mario Draghi laid out a plan for Europe to catch up economically with the US and China, collaborating on defence was one of the prescriptions. No more should each country in Europe try to make its own version of a boat, tank or jet but instead share costs and technologies between allies.

Europe appears to have fallen at the first hurdle. The German chancellor, Friedrich Merz, and the French president, Emmanuel Macron, were forced to cancel the joint future combat air system in June, after fraught efforts to work together since 2018.

Isar Aerospace plans rapid expansion amid race to capitalise on expanding satellite-launch market

A German startup has launched the first commercial rocket to reach orbit from continental Europe, a milestone for Europe’s efforts to secure independent access to space.

Isar Aerospace said on Sunday that it would rapidly ⁠expand satellite deployments after the ⁠first orbital launch of ​its uncrewed Spectrum rocket from Arctic Norway, marking a ⁠breakthrough for a region where several countries are seeking a foothold in the fast-growing market for satellite launches.

Inspections ordered by US regulator will affect about 470 aircraft, after reported problems in earlier models

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The US aviation regulator has ordered inspections of the fuselages of Boeing 737 Max planes for possible cracks in a component.

The Federal Aviation Administration airworthiness directive will affect an estimated 471 aircraft and follows reports of cracks in earlier Boeing models.

Such technology solves problem of longer, thinner, energy-saving wings not fitting in airports around the world

Airbus has said it will test folding wings for the next generation of its bestselling planes, as the world’s largest planemaker races to work out the shape of future commercial aircraft by the end of the decade.

Longer, thinner wings made of light but strong composite materials offer the promise of energy savings but present a problem for manufacturers because they will not fit in airports around the world, many of which are already at or near full capacity.

Vertical Aerospace says government has given £10m backing, taking its total investment in the project to £48m

British flying taxi startup Vertical Aerospace has said the UK government has expressed interest in buying a military variant of its aircraft as it races to gain approval for flights with paying passengers.

Vertical also welcomed another £10m grant from the government, taking its total UK state funding to £48m.

The aerospace giant is seeking UK government support for its re-entry into the huge narrowbody jet market

In a 100-year-old hangar at Rolls-Royce’s factory in Derby, aircraft engines lie on their noses as technicians strip them down after a couple of years circling the world.

Cranes lift and flip the engines, before engineers separate different modules to be cleaned, treated in acid baths if necessary, repaired or replaced. The acrid smell of kerosene signals the part of the factory where engineers handle the metre-diameter core of the engine, in which fuel and air combine at high pressure to drive the turbines and propel 200-tonne planes through the air.

Initial public offering for aerospace and AI company made Musk the world’s first trillionaire as share prices jumped

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SpaceX made the biggest stock market debut in history on Friday after nearly two and a half decades as a private company. Public trading began around midday with a starting share price of $150, which quickly jumped by a double digit percentage and sent the company’s valuation above $2tn, where it remained through market close. The company’s initial public offering made the company’s CEO, Elon Musk, the world’s first trillionaire.

“It is certainly hard to believe that a little company that started in a warehouse in El Segundo is now going public with the largest IPO ever,” Musk said in an address at SpaceX’s headquarters Friday morning. He reiterated the company’s mission to “make humanity multiplanetary” and “take the fiction out of science fiction”.

Paris and Berlin conclude firms involved unable to agree on way forward in blow to Europe’s common defence push

France and Germany have concluded that the companies involved in building a joint fighter jet will not be able to reach an agreement and have abandoned the project, officials in Berlin have said in a blow to Europe’s common defence efforts.

The French president, Emmanuel Macron, and the German chancellor, Friedrich Merz, had “reached the shared assessment that the companies will not be able to come together”, an official told Agence France-Presse. “They acknowledge this reality.”

IPO could raise up to $75bn, giving SpaceX market value of $1.77tn as it sets up Musk for extraordinary wealth

Space X is seeking to raise about $75bn (£55bn) through its imminent stock market listing, the company has said, which would make it the largest initial public offering ever.

If the stock market launch – primed for next week – goes as planned, founder Elon Musk, the world’s wealthiest person, could be poised to make history as the first trillionaire.

Elon Musk’s rocket and satellite operations company, with extensive contracts with US, to go public next month

SpaceX unveiled its plans to list publicly on the US stock market Wednesday, disclosing its investor prospectus and revealing details about its financials for the first time. Elon Musk’s rocket and satellite operations company will go public on the Nasdaq exchange at a valuation of about $1.75tn under the symbol SPCX, likely on 12 June. It is seeking up to $80bn in investment.

The company, which is the world’s most prominent rocket maker and which has extensive contracts with the US government, confidentially filed for an IPO last month. The filing allowed for a period of regulatory review before the details became public.

Tufan Erginbilgiç says decision is for the government but German participation remains a possibility

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The boss of Rolls-Royce has said he would welcome Germany helping to build Britain’s next-generation fighter jet, arguing it would bring in more business for the project.

The aircraft, designed to replace the Eurofighter Typhoon, is a joint effort between the UK, Italy and Japan. Rolls-Royce is building the engine for the jet, which has attracted fresh attention as plans for a rival Franco-German warplane edge towards collapse.

FCAS, which also involves Spain, is imploding at a high-stakes moment for Europe, as threat rises from Russia

France and Germany’s plan to build a fighter jet of the future, planned to come with a swarm of drones and a “combat communications cloud”, is collapsing.

Friedrich Merz, the German chancellor, said this week that the €100bn programme no longer worked for him. He insisted it was “not a political dispute”, but a technical one. France needs a jet that can carry nuclear weapons and launch from aircraft carriers, while Germany does not. However, the problems go back much further.

Aerospace firm proposes two separate warplanes amid dispute over who leads €100bn project

Airbus has suggested splitting Europe’s faltering future fighter jet programme into two separate warplanes, amid a dispute between manufacturers over who leads the €100bn (£87bn) project.

The company’s defence arm – which represents Germany and Spain – and the French partner, Dassault Aviation, are locked in a battle over the jet part of the Future Combat Air System (FCAS), a wide-ranging project that will also include autonomous drones and a futuristic “combat communications cloud”.

Merger with loss-making xAI looks to some investors more like a bailout than a rocket trip to the future

• Elon Musk merges SpaceX with xAI at $1.25tn valuation

To Elon Musk’s fanclub, there is nothing to see apart from more evidence of the great man’s visionary genius. SpaceX, the rocket firm, is buying xAI, the artificial intelligence developer, and the combination of these two Musk-controlled entities is being valued at $1.25tn (£910bn). Feel the positive vibes ahead of a stock market debut due in June! The most valuable private company in history! The largest ever transaction!

Or, as Musk described it, he is creating “the most ambitious, vertically integrated innovation engine on (and off) Earth, with AI, rockets, space-based internet, direct-to-mobile device communications and the world’s foremost real-time information and free-speech platform”.

Nato chief has glibly dismissed prospect of coping without US support, but in the age of Trump the case for autonomy is growing

The Nato secretary general, Mark Rutte, was typically blunt when he met members of the European parliament this week. From the dais of the blond-wood committee room in Brussels, he was clear: “If anyone thinks that the European Union, or Europe as a whole, can defend itself without the US, keep on dreaming. You can’t. We can’t.”

And if Europe wanted to supplant the US nuclear deterrent, existing spending commitments would have to double, he added – “so hey, good luck!”

Relations between French company Dassault and the German unit of Airbus are reportedly ‘very strained’

The leaders of France and Germany have a “strong willingness” to build a new fighter jet together despite bitter internal rivalries, according to the chief executive of engine manufacturer Safran.

A row over who should lead between French aerospace company Dassault and the German unit of Airbus has threatened to break apart the countries’ efforts to make a next-generation fighter jet.