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ChatGPT’s model picker is back, and it’s complicated | TechCrunch

ChatGPT’s model picker is back, and it’s complicated | TechCrunch

When OpenAI launched GPT-5 last week, the company said the model would simplify the ChatGPT experience. OpenAI hoped GPT-5 would act as a sort of “one size fits all” AI model with a router that would automatically decide how to best answer user questions. The company said this unified approach would eliminate the need for users to navigate its model picker — a long, complicated menu of AI options that OpenAI CEO Sam Altman has publicly said he hates.

But it looks like GPT-5 is not the unified AI model OpenAI hoped it would be.

Altman said in a post on X Tuesday that the company introduced new “Auto”, “Fast”, and “Thinking” settings for GPT-5 that all ChatGPT users can select from the model picker. The Auto setting seems to work like GPT-5’s model router that OpenAI initially announced; however, the company is also giving users options to circumnavigate it, allowing them to access fast and slow responding AI models directly.

Alongside GPT-5’s new modes, Altman said that paid users can once again access several legacy AI models — including GPT-4o, GPT-4.1, and o3 — which were deprecated just last week. GPT-4o is now in the model picker by default, while other AI models can be added from ChatGPT’s settings.

“We are working on an update to GPT-5’s personality which should feel warmer than the current personality but not as annoying (to most users) as GPT-4o,” Altman wrote in the post on X. “However, one learning for us from the past few days is we really just need to get to a world with more per-user customization of model personality.”

ChatGPT’s model picker now features several options (Credit: openai/maxwell zeff)

ChatGPT’s model picker now seems to be as complicated as ever, suggesting that GPT-5’s model router has not universally satisfied users as the company hoped. The expectations for GPT-5 were sky high, with many hoping that OpenAI would push the limits of AI models like it had with the launch of GPT-4. However, GPT-5’s rollout has been rougher than expected.

The deprecation of GPT-4o and other AI models in ChatGPT sparked a backlash among users who had grown attached to the AI models’ responses and personalities in ways that OpenAI had not anticipated. In the future, Altman says the company will give users plenty of advance notice if it ever deprecates GPT-4o.

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GPT-5’s model router also appeared to be largely broken on launch day. That caused some users to feel the AI model wasn’t as performant as previous OpenAI models, and forced Altman to address the problem in an AMA session on Reddit. However, it seems that GPT-5’s router may still not be satisfying for all users.

“We’re not always going to get everything on try #1 but I am very proud of how quickly the team can iterate,” wrote OpenAI’s VP of ChatGPT, Nick Turley, in a post on X Tuesday.

Routing prompts to the right AI model is a difficult task that requires aligning an AI model to a user’s preferences, as well as the specific question they’re asking. The router then has to make a decision on which AI model to send the prompt to in just a split second — that way, if a prompt goes to a fast responding AI model, the response can still be fast.

More broadly, some people exhibit preferences for AI models that go beyond fast or slow responses. Some users may like the verbosity of one AI model, while others might appreciate the contrarian answers of another.

Human attachment to certain AI models is a relatively new concept that isn’t well understood. For example, hundreds of people in San Francisco recently held a funeral for Anthropic’s AI model, Claude 3.5 Sonnet, when it was taken offline. In other cases, AI chatbots seem to be contributing to mentally unstable people going down psychotic rabbit holes.

It seems OpenAI has more work to do around aligning its AI models to individual user preferences.



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#ChatGPTs #model #picker #complicated #TechCrunch

Import records show that Valve’s distribution partner Ceva offloaded nearly 32 metric tons of “Virtual Reality Devices” on Valve’s behalf — or roughly 13 tons of actual product, after you subtract the roughly 3,700 kilogram weight of five 40-foot shipping containers.

Speaking of the Steam Machine, Valve’s stockpile may now have grown to 141 metric tons, as that’s roughly how much “Game Consoles” product has arrived in 12,600kg containers since April 23rd.

And it looks like Valve probably received three shipments of Steam Deck handhelds in May, two on May 18th and one on May 30th, judging by how those containers had the higher gross weight of 14,500kg. That’s generally how heavy Valve’s “Game Console” containers were before the Steam Machine was announced.

13 tons isn’t actually a lot of VR headsets, of course, but perhaps more of them fit into a container than the Steam Machine console. They each weigh 654g (roughly 1.44lb) with a pair of wand controllers; back-of-the-napkin math suggests we’re probably talking about fewer than 20,000 units right now.

There might not be that many Steam Machines in the US yet, either: 141 metric tons could easily be fewer than 50,000 units at their higher 2.6kg weight per console, not counting any controllers or cables.

Valve confirmed days ago that both the Steam Machine and Steam Frame will launch this summer, and has signaled that it had to rethink prices because of RAMageddon. Even if they’re pricey, though, they may sell out quickly.

#Valve #imported #tons #headsets #dayGaming,News,PC Gaming">Valve just imported 13 tons of VR headsets in one dayOn June 10th, the German container ship Posen docked in Los Angeles after a two-week voyage from Shanghai. As Valve watcher Brad Lynch notes, it was almost certainly carrying the first mass production shipments of the Steam Frame, Valve’s new gaming headset.Import records show that Valve’s distribution partner Ceva offloaded nearly 32 metric tons of “Virtual Reality Devices” on Valve’s behalf — or roughly 13 tons of actual product, after you subtract the roughly 3,700 kilogram weight of five 40-foot shipping containers.Speaking of the Steam Machine, Valve’s stockpile may now have grown to 141 metric tons, as that’s roughly how much “Game Consoles” product has arrived in 12,600kg containers since April 23rd.And it looks like Valve probably received three shipments of Steam Deck handhelds in May, two on May 18th and one on May 30th, judging by how those containers had the higher gross weight of 14,500kg. That’s generally how heavy Valve’s “Game Console” containers were before the Steam Machine was announced.13 tons isn’t actually a lot of VR headsets, of course, but perhaps more of them fit into a container than the Steam Machine console. They each weigh 654g (roughly 1.44lb) with a pair of wand controllers; back-of-the-napkin math suggests we’re probably talking about fewer than 20,000 units right now.There might not be that many Steam Machines in the US yet, either: 141 metric tons could easily be fewer than 50,000 units at their higher 2.6kg weight per console, not counting any controllers or cables.Valve confirmed days ago that both the Steam Machine and Steam Frame will launch this summer, and has signaled that it had to rethink prices because of RAMageddon. Even if they’re pricey, though, they may sell out quickly.#Valve #imported #tons #headsets #dayGaming,News,PC Gaming

Valve watcher Brad Lynch notes, it was almost certainly carrying the first mass production shipments of the Steam Frame, Valve’s new gaming headset.

Import records show that Valve’s distribution partner Ceva offloaded nearly 32 metric tons of “Virtual Reality Devices” on Valve’s behalf — or roughly 13 tons of actual product, after you subtract the roughly 3,700 kilogram weight of five 40-foot shipping containers.

Speaking of the Steam Machine, Valve’s stockpile may now have grown to 141 metric tons, as that’s roughly how much “Game Consoles” product has arrived in 12,600kg containers since April 23rd.

And it looks like Valve probably received three shipments of Steam Deck handhelds in May, two on May 18th and one on May 30th, judging by how those containers had the higher gross weight of 14,500kg. That’s generally how heavy Valve’s “Game Console” containers were before the Steam Machine was announced.

13 tons isn’t actually a lot of VR headsets, of course, but perhaps more of them fit into a container than the Steam Machine console. They each weigh 654g (roughly 1.44lb) with a pair of wand controllers; back-of-the-napkin math suggests we’re probably talking about fewer than 20,000 units right now.

There might not be that many Steam Machines in the US yet, either: 141 metric tons could easily be fewer than 50,000 units at their higher 2.6kg weight per console, not counting any controllers or cables.

Valve confirmed days ago that both the Steam Machine and Steam Frame will launch this summer, and has signaled that it had to rethink prices because of RAMageddon. Even if they’re pricey, though, they may sell out quickly.

#Valve #imported #tons #headsets #dayGaming,News,PC Gaming">Valve just imported 13 tons of VR headsets in one day

On June 10th, the German container ship Posen docked in Los Angeles after a two-week voyage from Shanghai. As Valve watcher Brad Lynch notes, it was almost certainly carrying the first mass production shipments of the Steam Frame, Valve’s new gaming headset.

Import records show that Valve’s distribution partner Ceva offloaded nearly 32 metric tons of “Virtual Reality Devices” on Valve’s behalf — or roughly 13 tons of actual product, after you subtract the roughly 3,700 kilogram weight of five 40-foot shipping containers.

Speaking of the Steam Machine, Valve’s stockpile may now have grown to 141 metric tons, as that’s roughly how much “Game Consoles” product has arrived in 12,600kg containers since April 23rd.

And it looks like Valve probably received three shipments of Steam Deck handhelds in May, two on May 18th and one on May 30th, judging by how those containers had the higher gross weight of 14,500kg. That’s generally how heavy Valve’s “Game Console” containers were before the Steam Machine was announced.

13 tons isn’t actually a lot of VR headsets, of course, but perhaps more of them fit into a container than the Steam Machine console. They each weigh 654g (roughly 1.44lb) with a pair of wand controllers; back-of-the-napkin math suggests we’re probably talking about fewer than 20,000 units right now.

There might not be that many Steam Machines in the US yet, either: 141 metric tons could easily be fewer than 50,000 units at their higher 2.6kg weight per console, not counting any controllers or cables.

Valve confirmed days ago that both the Steam Machine and Steam Frame will launch this summer, and has signaled that it had to rethink prices because of RAMageddon. Even if they’re pricey, though, they may sell out quickly.

#Valve #imported #tons #headsets #dayGaming,News,PC Gaming
SpaceX has captured the attention of media, investors, and the public for years now — interest propelled by the company’s reusable rocket launches, the rise of its Starlink satellite network, and of course, for its founder and CEO Elon Musk.

But in its 24-year history, nothing quite compares to this initial public offering. Everyone seems to be interested, and perhaps it’s because of the sheer size of this IPO. The company priced its 555.6 million shares at $135 each to raise $75 billion, making it the largest IPO in history. At this price, the deal also looks set to make Musk the world’s first trillionaire.

TechCrunch has followed SpaceX’s start, struggles, and successes from the early days. And we’re here for what happens next too. This article will be continually updated with all of the latest SpaceX IPO news.

The latest on the SpaceX IPO

SpaceX shares opened at $150 on the Nasdaq public exchange, an 11% pop for the most anticipated debut in history. And it has continued to rise. The shares keep rising too (which we will update here). In midday trading, SpaceX shares soared 30%. SpaceX shares closed at $160.95, up 19%.

There has been heavy trading volume, as expected. Robinhood said it has seen “record-breaking traffic on its trading platform in the hours after SpaceX’s historic public markets debut.

SpaceX COO Gwynne Shotwell was interviewed by CNBC on Friday and among the many interesting comments she made, here is one that might get the attention of Tesla shareholders. At one point in the interview, Shotwell said a “merger between SpaceX and Tesla might make Elon’s life a little easier.”

Among the winners are the banks, which have brought in about $500 million in total fees. The big winners are Goldman Sachs and Morgan Stanley, per the WSJ.

Musk took to X, the social media company he owns, to share his appreciation of SpaceX employees as the stock rose. “I love the incredible people of SpaceX beyond words,” he wrote Friday afternoon. He also reposted a number of SpaceX IPO related posts, including a photo of insiders all wearing green shoes in what appears to be a nod to “the green shoe option.” This is a provision in an IPO underwriting agreement that lets underwriters to sell up to 15% more shares than originally planned if demand is strong.

To get a deeper look into what happened today, and all the far-ranging implications of SpaceX now being a publicly traded company, Senior Reporter Sean O’Kane and AI Editor Russell Brandom sat down for a special episode of our Equity podcast, which you can listen to right here or via your podcast player of choice, or queue it up on YouTube here.

How to track the SpaceX IPO

With an offering this large, there is a lot of financial machinery operating behind the scenes — so the first question is just when the stock makes it to the market to start trading. SpaceX is debuting on Nasdaq and you can see the official Nasdaq listing here, which will have the price of record as soon as there is one. Nasdaq also has video of the SpaceX crew ringing the bell, if that’s your thing.

But the price is just part of the picture. For the most up-to-the-minute information, your best bet is still financial press outlets like Bloomberg and CNBC, both of which have liveblogs running and will have close coverage of any hiccups that happen in getting the stock to market.

The SpaceX IPO, by the numbers

Here we look at some of the bigger numbers, the consequential figures, and the eyewatering amounts that make up the company’s S-1 form. 

For instance, SpaceX lost $4.9 billion on revenues of over $18 billion in 2025. That’s only a fraction of the more than $37 billion lost since SpaceX’s inception. 

As CEO, Elon Musk holds about 85.1% of the company’s voting power. You can read more about that in the next section “Who wins and who doesn’t” — and we’ll continue to drop interesting numbers in here.

Here is another figure that caught our attention… 4,400. That’s the number of SpaceX employees who could become millionaires, according to the NYT.

Elon Musk can’t hear you over the sound of his $1.75 trillion IPO: The Equity podcast weighs in on the IPO.

Who wins and who doesn’t

SpaceX is the world’s largest IPO in history and means a big payday for some investors, employees, and of course, Elon Musk.

Elon Musk becomes the world’s first trillionaire after SpaceX’s historic IPO: The SpaceX IPO has boosted Musk’s paper wealth to more than $1,000,000,000,000 at a time when he is more hated — and powerful — than ever.

How Elon Musk will increase his power through the SpaceX IPO: Musk, who will have more than 50% of the voting power, will have a monarchical grip over the publicly traded version of SpaceX — control that goes far beyond what other tech founders enjoy.

Who will benefit most from SpaceX IPO? Mostly Elon — and a few from his inner circle: Elon Musk has the largest stake in SpaceX by billions of shares, but others also stand to win. Here’s the rundown of who owns what.

SpaceX SPV investors won’t know their true holdings until post-IPO lock-ups lift: After SpaceX makes its public debut, lower-tier SPV investors face hidden fees, lengthy payout delays, and the risk of outright fraud.

What’s in the S-1

The S-1 registration document gave the world an unprecedented look inside SpaceX, including its financials and its various businesses. The S-1 continued to be amended as the IPO date approached, and we were on it. Here is what we found.

The SpaceX IPO filing is filled with AI bets, Starship dreams, and Elon Musk at the center: The contents of the SpaceX IPO details a business dominated by its Starlink satellite internet offering, more than $37 billion in losses, and future business prospects through its xAI division.

Starship’s path to reusability looks murky after SpaceX’s S-1: SpaceX’s IPO and Starship rocket test flight delivered two big data points that offer a realistic vision for the coming years — and one that may disappoint both the company’s boosters and its critics.

SpaceX warns investors of future dilution, adding fuel to Tesla merger rumors: The company added new language to its S-1, a warning to prospective investors that a major dilution could be in the cards after it goes public.

Pre-IPO deals and events

Leading up to the IPO, SpaceX locked in a string of deals, mostly selling off compute to improve its balance sheet.

Anthropic will pay xAI $1.25B per month for compute: Initial coverage of the Anthropic deal on May 20.

How long is Anthropic’s lease with SpaceX? Opinions vary: Elon Musk keeps downplaying the duration of SpaceX’s contract with Anthropic.

Google will pay SpaceX $920M per month for compute: A Google representative described the deal as a short-term deal addressing unexpected demand for its recently launched AI products.

This article originally published at 10 am ET, June 12, 2026. It has been updated with new coverage of the SpaceX IPO, share price, and other related events.

When you purchase through links in our articles, we may earn a small commission. This doesn’t affect our editorial independence.

#SpaceX #IPO #Live #updates #TechCrunchElon Musk,IPO,SpaceX,spacex ipo">SpaceX IPO: Live updates on everything you need to know | TechCrunch
SpaceX has captured the attention of media, investors, and the public for years now — interest propelled by the company’s reusable rocket launches, the rise of its Starlink satellite network, and of course, for its founder and CEO Elon Musk. 

But in its 24-year history, nothing quite compares to this initial public offering. Everyone seems to be interested, and perhaps it’s because of the sheer size of this IPO. The company priced its 555.6 million shares at 5 each to raise  billion, making it the largest IPO in history. At this price, the deal also looks set to make Musk the world’s first trillionaire.







TechCrunch has followed SpaceX’s start, struggles, and successes from the early days. And we’re here for what happens next too. This article will be continually updated with all of the latest SpaceX IPO news.

The latest on the SpaceX IPO

SpaceX shares opened at 0 on the Nasdaq public exchange, an 11% pop for the most anticipated debut in history. And it has continued to rise. The shares keep rising too (which we will update here). In midday trading, SpaceX shares soared 30%. SpaceX shares closed at 0.95, up 19%.

There has been heavy trading volume, as expected. Robinhood said it has seen “record-breaking traffic on its trading platform in the hours after SpaceX’s historic public markets debut. 

SpaceX COO Gwynne Shotwell was interviewed by CNBC on Friday and among the many interesting comments she made, here is one that might get the attention of Tesla shareholders. At one point in the interview, Shotwell said a “merger between SpaceX and Tesla might make Elon’s life a little easier.”

Among the winners are the banks, which have brought in about 0 million in total fees. The big winners are Goldman Sachs and Morgan Stanley, per the WSJ.


Musk took to X, the social media company he owns, to share his appreciation of SpaceX employees as the stock rose. “I love the incredible people of SpaceX beyond words,” he wrote Friday afternoon. He also reposted a number of SpaceX IPO related posts, including a photo of insiders all wearing green shoes in what appears to be a nod to “the green shoe option.” This is a provision in an IPO underwriting agreement that lets underwriters to sell up to 15% more shares than originally planned if demand is strong.

To get a deeper look into what happened today, and all the far-ranging implications of SpaceX now being a publicly traded company, Senior Reporter Sean O’Kane and AI Editor Russell Brandom sat down for a special episode of our Equity podcast, which you can listen to right here or via your podcast player of choice, or queue it up on YouTube here.

How to track the SpaceX IPO

With an offering this large, there is a lot of financial machinery operating behind the scenes — so the first question is just when the stock makes it to the market to start trading. SpaceX is debuting on Nasdaq and you can see the official Nasdaq listing here, which will have the price of record as soon as there is one. Nasdaq also has video of the SpaceX crew ringing the bell, if that’s your thing.







But the price is just part of the picture. For the most up-to-the-minute information, your best bet is still financial press outlets like Bloomberg and CNBC, both of which have liveblogs running and will have close coverage of any hiccups that happen in getting the stock to market.

The SpaceX IPO, by the numbers

Here we look at some of the bigger numbers, the consequential figures, and the eyewatering amounts that make up the company’s S-1 form. 

For instance, SpaceX lost .9 billion on revenues of over  billion in 2025. That’s only a fraction of the more than  billion lost since SpaceX’s inception. 

As CEO, Elon Musk holds about 85.1% of the company’s voting power. You can read more about that in the next section “Who wins and who doesn’t” — and we’ll continue to drop interesting numbers in here.

Here is another figure that caught our attention… 4,400. That’s the number of SpaceX employees who could become millionaires, according to the NYT.

Elon Musk can’t hear you over the sound of his .75 trillion IPO: The Equity podcast weighs in on the IPO.

Who wins and who doesn’t

SpaceX is the world’s largest IPO in history and means a big payday for some investors, employees, and of course, Elon Musk. 

Elon Musk becomes the world’s first trillionaire after SpaceX’s historic IPO: The SpaceX IPO has boosted Musk’s paper wealth to more than ,000,000,000,000 at a time when he is more hated — and powerful — than ever.How Elon Musk will increase his power through the SpaceX IPO: Musk, who will have more than 50% of the voting power, will have a monarchical grip over the publicly traded version of SpaceX — control that goes far beyond what other tech founders enjoy.







Who will benefit most from SpaceX IPO? Mostly Elon — and a few from his inner circle:  Elon Musk has the largest stake in SpaceX by billions of shares, but others also stand to win. Here’s the rundown of who owns what.

SpaceX SPV investors won’t know their true holdings until post-IPO lock-ups lift: After SpaceX makes its public debut, lower-tier SPV investors face hidden fees, lengthy payout delays, and the risk of outright fraud.

What’s in the S-1

The S-1 registration document gave the world an unprecedented look inside SpaceX, including its financials and its various businesses. The S-1 continued to be amended as the IPO date approached, and we were on it. Here is what we found.

The SpaceX IPO filing is filled with AI bets, Starship dreams, and Elon Musk at the center: The contents of the SpaceX IPO details a business dominated by its Starlink satellite internet offering, more than  billion in losses, and future business prospects through its xAI division.

Starship’s path to reusability looks murky after SpaceX’s S-1: SpaceX’s IPO and Starship rocket test flight delivered two big data points that offer a realistic vision for the coming years — and one that may disappoint both the company’s boosters and its critics.

SpaceX warns investors of future dilution, adding fuel to Tesla merger rumors: The company added new language to its S-1, a warning to prospective investors that a major dilution could be in the cards after it goes public. 

Pre-IPO deals and events

Leading up to the IPO, SpaceX locked in a string of deals, mostly selling off compute to improve its balance sheet.

Anthropic will pay xAI .25B per month for compute: Initial coverage of the Anthropic deal on May 20.







How long is Anthropic’s lease with SpaceX? Opinions vary: Elon Musk keeps downplaying the duration of SpaceX’s contract with Anthropic.

Google will pay SpaceX 0M per month for compute: A Google representative described the deal as a short-term deal addressing unexpected demand for its recently launched AI products.

This article originally published at 10 am ET, June 12, 2026. It has been updated with new coverage of the SpaceX IPO, share price, and other related events. 
When you purchase through links in our articles, we may earn a small commission. This doesn’t affect our editorial independence.#SpaceX #IPO #Live #updates #TechCrunchElon Musk,IPO,SpaceX,spacex ipo

$160.95, up 19%.

There has been heavy trading volume, as expected. Robinhood said it has seen “record-breaking traffic on its trading platform in the hours after SpaceX’s historic public markets debut.

SpaceX COO Gwynne Shotwell was interviewed by CNBC on Friday and among the many interesting comments she made, here is one that might get the attention of Tesla shareholders. At one point in the interview, Shotwell said a “merger between SpaceX and Tesla might make Elon’s life a little easier.”

Among the winners are the banks, which have brought in about $500 million in total fees. The big winners are Goldman Sachs and Morgan Stanley, per the WSJ.

Musk took to X, the social media company he owns, to share his appreciation of SpaceX employees as the stock rose. “I love the incredible people of SpaceX beyond words,” he wrote Friday afternoon. He also reposted a number of SpaceX IPO related posts, including a photo of insiders all wearing green shoes in what appears to be a nod to “the green shoe option.” This is a provision in an IPO underwriting agreement that lets underwriters to sell up to 15% more shares than originally planned if demand is strong.

To get a deeper look into what happened today, and all the far-ranging implications of SpaceX now being a publicly traded company, Senior Reporter Sean O’Kane and AI Editor Russell Brandom sat down for a special episode of our Equity podcast, which you can listen to right here or via your podcast player of choice, or queue it up on YouTube here.

How to track the SpaceX IPO

With an offering this large, there is a lot of financial machinery operating behind the scenes — so the first question is just when the stock makes it to the market to start trading. SpaceX is debuting on Nasdaq and you can see the official Nasdaq listing here, which will have the price of record as soon as there is one. Nasdaq also has video of the SpaceX crew ringing the bell, if that’s your thing.

But the price is just part of the picture. For the most up-to-the-minute information, your best bet is still financial press outlets like Bloomberg and CNBC, both of which have liveblogs running and will have close coverage of any hiccups that happen in getting the stock to market.

The SpaceX IPO, by the numbers

Here we look at some of the bigger numbers, the consequential figures, and the eyewatering amounts that make up the company’s S-1 form. 

For instance, SpaceX lost $4.9 billion on revenues of over $18 billion in 2025. That’s only a fraction of the more than $37 billion lost since SpaceX’s inception. 

As CEO, Elon Musk holds about 85.1% of the company’s voting power. You can read more about that in the next section “Who wins and who doesn’t” — and we’ll continue to drop interesting numbers in here.

Here is another figure that caught our attention… 4,400. That’s the number of SpaceX employees who could become millionaires, according to the NYT.

Elon Musk can’t hear you over the sound of his $1.75 trillion IPO: The Equity podcast weighs in on the IPO.

Who wins and who doesn’t

SpaceX is the world’s largest IPO in history and means a big payday for some investors, employees, and of course, Elon Musk.

Elon Musk becomes the world’s first trillionaire after SpaceX’s historic IPO: The SpaceX IPO has boosted Musk’s paper wealth to more than $1,000,000,000,000 at a time when he is more hated — and powerful — than ever.

How Elon Musk will increase his power through the SpaceX IPO: Musk, who will have more than 50% of the voting power, will have a monarchical grip over the publicly traded version of SpaceX — control that goes far beyond what other tech founders enjoy.

Who will benefit most from SpaceX IPO? Mostly Elon — and a few from his inner circle: Elon Musk has the largest stake in SpaceX by billions of shares, but others also stand to win. Here’s the rundown of who owns what.

SpaceX SPV investors won’t know their true holdings until post-IPO lock-ups lift: After SpaceX makes its public debut, lower-tier SPV investors face hidden fees, lengthy payout delays, and the risk of outright fraud.

What’s in the S-1

The S-1 registration document gave the world an unprecedented look inside SpaceX, including its financials and its various businesses. The S-1 continued to be amended as the IPO date approached, and we were on it. Here is what we found.

The SpaceX IPO filing is filled with AI bets, Starship dreams, and Elon Musk at the center: The contents of the SpaceX IPO details a business dominated by its Starlink satellite internet offering, more than $37 billion in losses, and future business prospects through its xAI division.

Starship’s path to reusability looks murky after SpaceX’s S-1: SpaceX’s IPO and Starship rocket test flight delivered two big data points that offer a realistic vision for the coming years — and one that may disappoint both the company’s boosters and its critics.

SpaceX warns investors of future dilution, adding fuel to Tesla merger rumors: The company added new language to its S-1, a warning to prospective investors that a major dilution could be in the cards after it goes public.

Pre-IPO deals and events

Leading up to the IPO, SpaceX locked in a string of deals, mostly selling off compute to improve its balance sheet.

Anthropic will pay xAI $1.25B per month for compute: Initial coverage of the Anthropic deal on May 20.

How long is Anthropic’s lease with SpaceX? Opinions vary: Elon Musk keeps downplaying the duration of SpaceX’s contract with Anthropic.

Google will pay SpaceX $920M per month for compute: A Google representative described the deal as a short-term deal addressing unexpected demand for its recently launched AI products.

This article originally published at 10 am ET, June 12, 2026. It has been updated with new coverage of the SpaceX IPO, share price, and other related events.

When you purchase through links in our articles, we may earn a small commission. This doesn’t affect our editorial independence.

#SpaceX #IPO #Live #updates #TechCrunchElon Musk,IPO,SpaceX,spacex ipo">SpaceX IPO: Live updates on everything you need to know | TechCrunch

SpaceX has captured the attention of media, investors, and the public for years now — interest propelled by the company’s reusable rocket launches, the rise of its Starlink satellite network, and of course, for its founder and CEO Elon Musk.

But in its 24-year history, nothing quite compares to this initial public offering. Everyone seems to be interested, and perhaps it’s because of the sheer size of this IPO. The company priced its 555.6 million shares at $135 each to raise $75 billion, making it the largest IPO in history. At this price, the deal also looks set to make Musk the world’s first trillionaire.

TechCrunch has followed SpaceX’s start, struggles, and successes from the early days. And we’re here for what happens next too. This article will be continually updated with all of the latest SpaceX IPO news.

The latest on the SpaceX IPO

SpaceX shares opened at $150 on the Nasdaq public exchange, an 11% pop for the most anticipated debut in history. And it has continued to rise. The shares keep rising too (which we will update here). In midday trading, SpaceX shares soared 30%. SpaceX shares closed at $160.95, up 19%.

There has been heavy trading volume, as expected. Robinhood said it has seen “record-breaking traffic on its trading platform in the hours after SpaceX’s historic public markets debut.

SpaceX COO Gwynne Shotwell was interviewed by CNBC on Friday and among the many interesting comments she made, here is one that might get the attention of Tesla shareholders. At one point in the interview, Shotwell said a “merger between SpaceX and Tesla might make Elon’s life a little easier.”

Among the winners are the banks, which have brought in about $500 million in total fees. The big winners are Goldman Sachs and Morgan Stanley, per the WSJ.

Musk took to X, the social media company he owns, to share his appreciation of SpaceX employees as the stock rose. “I love the incredible people of SpaceX beyond words,” he wrote Friday afternoon. He also reposted a number of SpaceX IPO related posts, including a photo of insiders all wearing green shoes in what appears to be a nod to “the green shoe option.” This is a provision in an IPO underwriting agreement that lets underwriters to sell up to 15% more shares than originally planned if demand is strong.

To get a deeper look into what happened today, and all the far-ranging implications of SpaceX now being a publicly traded company, Senior Reporter Sean O’Kane and AI Editor Russell Brandom sat down for a special episode of our Equity podcast, which you can listen to right here or via your podcast player of choice, or queue it up on YouTube here.

How to track the SpaceX IPO

With an offering this large, there is a lot of financial machinery operating behind the scenes — so the first question is just when the stock makes it to the market to start trading. SpaceX is debuting on Nasdaq and you can see the official Nasdaq listing here, which will have the price of record as soon as there is one. Nasdaq also has video of the SpaceX crew ringing the bell, if that’s your thing.

But the price is just part of the picture. For the most up-to-the-minute information, your best bet is still financial press outlets like Bloomberg and CNBC, both of which have liveblogs running and will have close coverage of any hiccups that happen in getting the stock to market.

The SpaceX IPO, by the numbers

Here we look at some of the bigger numbers, the consequential figures, and the eyewatering amounts that make up the company’s S-1 form. 

For instance, SpaceX lost $4.9 billion on revenues of over $18 billion in 2025. That’s only a fraction of the more than $37 billion lost since SpaceX’s inception. 

As CEO, Elon Musk holds about 85.1% of the company’s voting power. You can read more about that in the next section “Who wins and who doesn’t” — and we’ll continue to drop interesting numbers in here.

Here is another figure that caught our attention… 4,400. That’s the number of SpaceX employees who could become millionaires, according to the NYT.

Elon Musk can’t hear you over the sound of his $1.75 trillion IPO: The Equity podcast weighs in on the IPO.

Who wins and who doesn’t

SpaceX is the world’s largest IPO in history and means a big payday for some investors, employees, and of course, Elon Musk.

Elon Musk becomes the world’s first trillionaire after SpaceX’s historic IPO: The SpaceX IPO has boosted Musk’s paper wealth to more than $1,000,000,000,000 at a time when he is more hated — and powerful — than ever.

How Elon Musk will increase his power through the SpaceX IPO: Musk, who will have more than 50% of the voting power, will have a monarchical grip over the publicly traded version of SpaceX — control that goes far beyond what other tech founders enjoy.

Who will benefit most from SpaceX IPO? Mostly Elon — and a few from his inner circle: Elon Musk has the largest stake in SpaceX by billions of shares, but others also stand to win. Here’s the rundown of who owns what.

SpaceX SPV investors won’t know their true holdings until post-IPO lock-ups lift: After SpaceX makes its public debut, lower-tier SPV investors face hidden fees, lengthy payout delays, and the risk of outright fraud.

What’s in the S-1

The S-1 registration document gave the world an unprecedented look inside SpaceX, including its financials and its various businesses. The S-1 continued to be amended as the IPO date approached, and we were on it. Here is what we found.

The SpaceX IPO filing is filled with AI bets, Starship dreams, and Elon Musk at the center: The contents of the SpaceX IPO details a business dominated by its Starlink satellite internet offering, more than $37 billion in losses, and future business prospects through its xAI division.

Starship’s path to reusability looks murky after SpaceX’s S-1: SpaceX’s IPO and Starship rocket test flight delivered two big data points that offer a realistic vision for the coming years — and one that may disappoint both the company’s boosters and its critics.

SpaceX warns investors of future dilution, adding fuel to Tesla merger rumors: The company added new language to its S-1, a warning to prospective investors that a major dilution could be in the cards after it goes public.

Pre-IPO deals and events

Leading up to the IPO, SpaceX locked in a string of deals, mostly selling off compute to improve its balance sheet.

Anthropic will pay xAI $1.25B per month for compute: Initial coverage of the Anthropic deal on May 20.

How long is Anthropic’s lease with SpaceX? Opinions vary: Elon Musk keeps downplaying the duration of SpaceX’s contract with Anthropic.

Google will pay SpaceX $920M per month for compute: A Google representative described the deal as a short-term deal addressing unexpected demand for its recently launched AI products.

This article originally published at 10 am ET, June 12, 2026. It has been updated with new coverage of the SpaceX IPO, share price, and other related events.

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