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How AI broke the smart home in 2025 

How AI broke the smart home in 2025 

This morning, I asked my Alexa-enabled Bosch coffee machine to make me a coffee. Instead of running my routine, it told me it couldn’t do that. Ever since I upgraded to Alexa Plus, Amazon’s generative-AI-powered voice assistant, it has failed to reliably run my coffee routine, coming up with a different excuse almost every time I ask.

It’s 2025, and AI still can’t reliably control my smart home. I’m beginning to wonder if it ever will.

The potential for generative AI and large language models to take the complexity out of the smart home, making it easier to set up, use, and manage connected devices, is compelling. So is the promise of a “new intelligence layer” that could unlock a proactive, ambient home.

But this year has shown me that we are a long way from any of that. Instead, our reliable but limited voice assistants have been replaced with “smarter” versions that, while better conversationalists, can’t consistently do basic tasks like operating appliances and turning on the lights. I want to know why.

I’m still waiting on the promise of voice assistants that can seamlessly control my smart home.
Photo by Jennifer Pattison Tuohy / The Verge

This wasn’t the future we were promised.

It was back in 2023, during an interview with Dave Limp, that I first became intrigued by the possibilities of generative AI and large language models for improving the smart home experience. Limp, then the head of Amazon’s Devices & Services division that oversees Alexa, was describing the capabilities of the new Alexa they were soon to launch (spoiler alert: it wasn’t soon).

Along with a more conversational assistant that could actually understand what you said no matter how you said it, what stood out to me was the promise that this new Alexa could use its knowledge of the devices in your smart home, combined with the hundreds of APIs they plugged into it, to give the assistant the context it needed to make your smart home easier to use.

From setting up devices to controlling them, unlocking all their features, and managing how they can interact with other devices, a smarter smart home assistant seemed to hold the potential to not only make it easier for enthusiasts to manage their gadgets but also make it easier for everyone to enjoy the benefits of the smart home.

Fast-forward three years, and the most useful smart home AI upgrade we have is AI-powered descriptions for security camera notifications. It’s handy, but it’s hardly the sea change I had hoped for.

It’s not that these new smart home assistants are a complete failure. There’s a lot I like about Alexa Plus; I even named it as my smart home software pick of the year. It is more conversational, understands natural language, and can answer many more random questions than the old Alexa.

While it sometimes struggles with basic commands, it can understand complex ones; saying “I want it dimmer in here and warmer” will adjust the lights and crank up the thermostat. It’s better at managing my calendar, helping me cook, and other home-focused features. Setting up routines with voice is a huge improvement over wrestling with the Alexa app — even if running them isn’t as reliable.

Google’s new Gemini for Home AI-powered smart home assistant won’t fully launch until next spring, when its new smart speaker arrives.

Google’s new Gemini for Home AI-powered smart home assistant won’t fully launch until next spring, when its new smart speaker arrives.
Photo by Jennifer Pattison Tuohy / The Verge

Google has promised similar capabilities with its Gemini for Home upgrade to its smart speakers, although that’s rolling out at a glacial pace, and I haven’t been able to try it beyond some on-the-rails demos. I was able to test Gemini for Home’s feature that attempts to summarize what’s happened at my home using AI-generated text descriptions from Nest camera footage. It was wildly inaccurate. As for Apple’s Siri, it’s still firmly stuck in the last decade of voice assistants, and it appears it will stay there for a while longer.

The problem is that the new assistants aren’t as consistent at controlling smart home devices as the old ones. While they were often frustrating to use, the old Alexa and Google Assistant (and the current Siri) would generally always turn on the lights when you asked them to, provided you used precise nomenclature.

Today, their “upgraded” counterparts struggle with consistency in basic functions like turning on the lights, setting timers, reporting on the weather, playing music, and running the routines and automations on which many of us have built our smart homes.

I’ve noticed this in my testing, and online forums are full of users who have encountered it. Amazon and Google have acknowledged the struggles they’ve had in making their revamped generative AI-powered assistants reliably perform basic tasks. And it’s not limited to smart home assistants; ChatGPT can’t consistently tell time or count.

Why is this, and will it ever get better? To understand the problem, I spoke with two professors in the field of human-centric artificial intelligence with experience with agentic AI and smart home systems. My takeaway from those conversations is that, while it’s possible to make these new voice assistants do almost exactly what the old ones did, it will take a lot of work, and that’s possibly work most companies just aren’t interested in doing.

Basically, we’re all beta testers for the AI.

Considering there are limited resources in this field and ample opportunity to do something much more exciting (and more profitable) than reliably turn on the lights, that’s the way they’re moving, according to experts I spoke with. Given all these factors, it seems the easiest way to improve the technology is to just deploy it in the real world and let it improve over time. Which is likely why Alexa Plus and Gemini for Home are in “early access” phases. Basically, we’re all beta testers for the AI.

The bad news is it could be a while until it gets better. In his research, Dhruv Jain, assistant professor of Computer Science & Engineering at the University of Michigan and director of the Soundability Lab, has also found that newer models of smart home assistants are less reliable. “It’s more conversational, people like it, people like to talk to it, but it’s not as good as the previous one,” he says. “I think [tech companies’] model has always been to release it fairly fast, collect data, and improve on it. So, over a few years, we might get a better model, but at the cost of those few years of people wrestling with it.”

The Alexa that launched in 2014 on the original Echo smart speaker isn’t capable enough for the future Amazon is working toward.

The Alexa that launched in 2014 on the original Echo smart speaker isn’t capable enough for the future Amazon is working toward.
Image: Amazon

The inherent problem appears to be that the old and new technologies don’t mesh. So, to build their new voice assistants, Amazon, Google, and Apple have had to throw out the old and build something entirely new. However, they quickly discovered that these new LLMs were not designed for the predictability and repetitiveness that their predecessors excelled at. “It was not as trivial an upgrade as everyone originally thought,” says Mark Riedl, a professor at the School of Interactive Computing at Georgia Tech. “LLMs understand a lot more and are open to more arbitrary ways to communicate, which then opens them to interpretation and interpretation mistakes.”

Basically, LLMs just aren’t designed to do what prior command-and-control-style voice assistants did. “Those voice assistants are what we call ‘template matchers,’” explains Riedl. “They look for a keyword, when they see it, they know that there are one to three additional words to expect.” For example, you say “Play radio,” and they know to expect a station call code next.

“It was not as trivial an upgrade as everyone originally thought.”

— Mark Riedl

LLMs, on the other hand, “bring in a lot of stochasticity — randomness,” explains Riedl. Asking ChatGPT the same prompt multiple times may produce multiple responses. This is part of their value, but it’s also why when you ask your LLM-powered voice assistant to do the same thing you asked it yesterday, it might not respond the same way. “This randomness can lead to misunderstanding basic commands because sometimes they try to overthink things too much,” he says.

To fix this, companies like Amazon and Google have developed ways to integrate LLMs with the APIs at the heart of our smart homes (and most of everything we do on the web). But this has potentially created a new problem.

“The LLMs now have to compose a function call to an API, and it has to work a whole lot harder to correctly create the syntax to get the call exactly right,” Riedl posits. Where the old systems just waited for the keyword, LLM-powered assistants now have to lay out an entire code sequence that the API can recognize. “It has to keep all that in memory, and it’s another place where it can make mistakes.”

All of this is a scientific way of explaining why my coffee machine sometimes won’t make me a cup of coffee, or why you might run into trouble getting Alexa or Google’s assistant to do something it used to do just fine.

So, why did these companies abandon a technology that worked for something that doesn’t? Because of its potential. A voice assistant that, rather than being limited to responding to specific inputs, can understand natural language and take action based on that understanding is infinitely more capable.

“What all the companies that make Alexa and Siri and things like that really want to do is chaining of services,” explains Riedl. “That’s where you want a general language understanding, something that can understand complex relationships through tasks and how they’re conveyed by speech. They can invent the if-else statements that chain everything together, on the fly, and dynamically generate the sequence.” They can become agentic.

“The question is whether … the expanded range of possibilities the new technology offers is worth more than a 100 percent accurate non-probabilistic model.”

— Dhruv Jain

This is why you throw away the old technology, says Riedl, because it had no chance of doing this. “It’s about the cost-benefit ratio,” says Jain. “[The new technology] is not ever going to be as accurate at this as the non-probabilistic technology before, but the question is whether that sufficiently high accuracy, plus the expanded range of possibilities the new technology offers, is worth more than a 100 percent accurate non-probabilistic model.”

One solution is to use multiple models to power these assistants. Google’s Gemini for Home consists of two separate systems: Gemini and Gemini Live. Anish Kattukaran, head of product at Google Home and Nest, says the aim is to eventually have the more powerful Gemini Live run everything, but today, the more tightly constrained Gemini for Home is in charge. Amazon similarly uses multiple models to balance its various capabilities. But it’s an imperfect solution that has led to inconsistency and confusion in our smart homes.

Riedl says that no one has really figured out how to train LLMs to understand when to be very precise and when to embrace randomness, meaning even the “tame” LLMs can still get things wrong. “If you wanted to have a machine that just was never random at all, you could tamp it all down,” says Riedl. But that same chatbot would not be more conversational or able to tell your kid fantastical bedtime stories — both capabilities that Alexa and Google are touting. “If you want it all in one, you’re really making some tradeoffs.”

These struggles in its deployment in the smart home could be a harbinger of broader issues for the technology. If AI can’t turn on the lights reliably, why should anyone rely on it to do more complex tasks, asks Riedl. “You have to walk before you can run.”

But tech companies are known for their propensity to move fast and break things. “The story of language models has always been about taming the LLMs,” says Riedl. “Over time, they become more tame, more reliable, more trustworthy. But we keep pushing into the fringe of those spaces where they’re not.”

Riedl does believe in the path to a purely agentic assistant. “I don’t know if we ever get to AGI, but I think over time we do see these things at least being more reliable.” The question for those of us dealing with these unreliable AIs in our homes today, however, is are we willing to wait and at what cost to the smart home in the meantime?

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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.

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

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