Moonshots and Musk's Billions SpaceX's record-breaking debut on the Nasdaq is a triumph of spectacle over substance. Its financials deserve far more scrutiny than the fanfare they are receiving. CHUPPALA NAGESH BHUSHAN HYDERABAD, June 12th 2026 When Elon Musk's SpaceX began trading on the Nasdaq on Friday, pricing 555m shares at $135 apiece and raising over $75bn, Wall Street responded with the breathless enthusiasm it reserves for spectacles of this magnitude. The offering dwarfs Saudi Aramco's $29.4bn debut in 2019 — itself a record that stood for seven years — and values SpaceX at just under $1.8trn, placing it in the rarefied company of America's ten largest listed firms. A trillionaire, if share prices hold, could soon exist. Whether the underlying business deserves such a valuation is a rather more interesting question. The answer, on sober inspection, is: not yet, and perhaps not ever without extraordinary luck. SpaceX generated $18.7bn in...
World Model: Mind over matter AI companies want to build machines that understand the physical world. If they succeed, it will be the most consequential leap in the technology since the transformer. CHUPPALA NAGESH BHUSHAN | Jun 12th 2026 | HYDERABAD I MAGINE asking someone for directions in an unfamiliar city. If they know the place, they can improvise, reroute around a closed street and adapt on the fly. If they are merely repeating a memorised script, a single detour leaves them helpless. Today's AI systems, for all their dazzling fluency, are closer to the second kind of navigator. A new generation of research aims to produce the first. The idea goes by the name of a world model . In its simplest form, it is an internal simulation of reality: a mental map of how objects move, how causes produce effects and how actions ripple through an environment. Humans and animals build such models continuously; they are why you do not need to stub your toe t...