

News
SpaceX’s estimated valuation climbs to over $100 billion over Starlink’s potential
Back in July, New York-based investment bank Morgan Stanley gave Elon Musk’s private space company, SpaceX, an estimated valuation of $52 billion. But as SpaceX hits its stride by winning more government contracts and as its Starlink constellation passes 1,000 satellites, the investment firm has revised its estimated valuation for Musk’s private space company to over $100 billion.
Morgan Stanley’s estimates were noted in a research note published last Thursday titled SpaceX: Raising Valuation Scenarios Following Key Developments. The firm listed SpaceX’s recent $1.9 billion funding round and the company’s “continued momentum in winning government contracts” from NASA and the US Department of Defense as key reasons for its revised valuation, as per a report from Forbes. Interestingly enough, the Wall St. firm also gave SpaceX a “bull case” valuation of over $200 billion.
In its note, Morgan Stanley described SpaceX as “mission control” for the “emerging space economy.” This is largely due to the company’s launch capabilities, which carries satellites, humans, and instruments to space; Starlink, which is expected to provide internet connectivity across the globe through a constellation of satellites; and earth-to-earth travel, which could be a potential competitor to long-haul flights. “The pieces are coming together for SpaceX to create an economic and technology flywheel,” the firm noted.
While the investment bank mentioned SpaceX’s launch business as a key factor in its revised valuation, it is Elon Musk’s Starlink satellites that ultimately became the largest driver for Morgan Stanley’s valuation upgrade. The investment firm previously valued Starlink to be worth $42 billion on its own, but in its revised estimate, this figure was raised to an impressive $81 billion. This was based on Morgan Stanley’s adjusted estimate of Starlink’s potential subscribers from 235 million to 364 million globally.
To reach these numbers, the Wall Street firm estimates that SpaceX would have to spend about $240 billion to build out its global satellite internet network.
While undoubtedly ambitious, Starlink’s potential is recognized by Chad Anderson, a managing partner of Space Capital and CEO of Space Angels. Anderson noted that SpaceX could see future revenues from Starlink in the range of $30 billion to $50 billion per year. This means that even a conservative valuation multiple would put Starlink at about $90 billion on its own. And this, the Space Capital CEO explained, does not even count the potential of SpaceX’s deep space projects such as Starship missions to Mars.
“It’s almost impossible to put specifics on what the opportunities are,” Anderson noted.

Elon Musk
Tesla rolls out Steer-by-Wire improvements to Cybertruck

Tesla is rolling out some improvements to the Steer-by-Wire system on Cybertruck, which is one of the features exclusive to the vehicle as it is not active on any other vehicle in the company’s all-electric lineup.
Steer-by-wire is a steering system that turns the direction of wheels mechanically. It differs from vehicles with typical electric power steering systems in the way that those rely on the steering wheel column to transfer steering torque to the wheels.
There are a handful of EVs that use steer-by-wire, including the Cybertruck, Hummer EV, and Silverado EV. The latter two use a traditional steering column and only have steer-by-wire on their rear wheels, so they differ from the system the Cybertruck uses.

Credit: Tesla
The system has made the massive Cybertruck have better steering, and although its size is large, it is one of the easier Tesla vehicles to steer through tight spaces — granted you have the room.
Tesla is making an improvement to the system, according to a new update that will roll out in the 2025.8.4 Software Update as the steering wheel is now going to give more realistic feedback by adapting to road surfaces, the company said (via Not a Tesla App):
“The steering wheel now gives you more realistic feedback, adapting to different road surfaces for a better driving experience.”
This feature will work alongside another improvement as the Cybertruck’s air suspension ride height is now adjustable through the Tesla App.
Tesla Cybertruck steer-by-wire system helps avoid potential collision
The changes from the update, in terms of the more realistic feedback, will improve the overall feel of the road for drivers, making for a better driving experience.
News
Rivian startup spinoff raises $105M in funding for micro EV production
Meet Also, Rivian’s micro EV spinoff, now a full-fledged startup with $105M in funding. It’s adapting Rivian’s tech for compact EVs.

Rivian’s skunkworks program has turned into a full-blown startup called Also. The new startup, which is separate from Rivian, raised $105 million from Eclipse Ventures. Also will focus on micromobility or the development of micro electric vehicles.
Also started within Rivian, aiming to figure out if the electric vehicle company’s technology could be condensed to fit smaller EVs, including vans, trucks, and SUVs. Eventually, the skunkworks program discovered it could, indeed, fit Rivian’s technology in smaller, more compact electric vehicles, but the project was bigger than Rivian.
“We’ve been taking the Rivian technology stack and adapting it to much smaller form factors and then coming up with some incredibly exciting embodiments of that technology in these very small form factors,” Rivian CEO RJ Scaringe told Reuters.
Rivian will always be part of Also. It holds a minority stake in Also and Rivian’s VP of future programs, Chris Yu, will be the startup’s president.
According to Scaringe, Also plans to debut its first vehicle designs later this year. One of the designs seems to be a bike, as Scringe described it having a seat, two wheels, and a screen with a few computers and a battery.
Also aims to start producing its flagship product by 2026 for customers in the United States and Europe. In addition, it plans to launch consumer and commercial vehicles made for Asia and South America.
Investor's Corner
Financial Times retracts report on Tesla’s alleged shady accounting
“Turns out FT can’t do finance,” Tesla CEO Elon Musk quipped on X.

The Financial Times has issued a retraction for an article it recently published that accused the electric vehicle maker of shady accounting practices.
The FT’s retraction has been appreciated by the electric vehicle community in social media, though many highlighted the fact that the publication’s initial erroneous allegations have already been spread across numerous other media outlets.
The Allegations
In an article published on March 19, the Financial Times pointed out that if one were to compare “Tesla’s capital expenditure in the last six months of 2024 to its valuation of the assets that money was spent on,” “$1.4 billion appears to have gone astray.”
The FT article highlighted that Tesla reported spending $6.3 billion on “purchases of property and equipment excluding finance leases, net of sales” in the second half of 2024. However, in that period, the company’s property, plant, and equipment only rose by $4.9 billion. As noted by members of the r/Accounting subreddit, this appeared to be the basis of the FT‘s article, which seemed careless at best.
Unfortunately, the publication’s allegations were quickly echoed by other news outlets, many of which proceeded to accuse Tesla of implementing shady accounting practices.
The Retraction
In its retraction, the Financial Times explained that Tesla’s payments for assets already purchased and the possible disposal of depreciated property could help explain the alleged discrepancy in the company’s numbers. With these in consideration, the publication noted that the “crack we’re left with at Tesla is now small enough — just under half a billion dollars — to be filled with some combination of foreign exchange movements, non-material asset write-offs, or the sale of machinery or equipment close to its not-fully depreciated value.”
“As we sound the Alphaville bugle while lowering this particular red flag, one unavoidable conclusion is that at a certain point it’s necessary to trust the auditor’s judgment,” the publication noted.
Tesla CEO Elon Musk has responded to the Financial Times‘ retraction, commenting, “Turns out FT can’t do finance” in a post on social media platform X.
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