Space
Mars sample-return mission gets boost from Trump’s 2021 budget request
On Monday, Feb. 10, the White House released its 2021 federal budget request, and in it, the administration identified NASA’s Mars sample return plans as a top priority. It also earmarked funding for a future mission to map out where ice is located on Mars.
The request asks for $25.2 billion for NASA, which is roughly a 12% boost over what the agency’s current budget is.
Of that $25.2 billion, Trump has designated $233 million for “Mars Future Missions” — one of which hopes to transport pristine pieces of the Red Planet to Earth, sometime around the 2031 time frame.
“Mars Future supports the development of the Mars Sample Return (MSR) mission that is planning to enter formulation (Phase A) as early as the summer of FY 2020,” NASA officials wrote in a description of the agency’s proposed 2021 allocation.
“In FY 2021, MSR formulation activities include concept and technology development, and early design and studies in support of the Sample Return Lander and the Capture/Containment and Return System,” they added. “Mars Future also supports a study of the facility required for handling of returned samples.”
The samples NASA is referring to will be collected by NASA’s next Mars rover, which is scheduled to launch in July. Dubbed the Mars 2020 rover, the six-wheeled robot will land on Mars in Feb. 2021, touching down inside Jezero Crater. It’s goal: to look for signs of life, and to collect samples of Mars for future return to Earth.
The rover, which will receive an official name sometime in March, will bag and tag samples of rocks and dirt, sealing them in canisters for eventual return to Earth. Once they arrive here, scientists all around the world will be able to study the samples and better understand our celestial neighbor.
The sample return part of the mission is a collaboration between NASA and the European Space Agency (ESA). It will be a multi-step process, which includes the launch of NASA’s Sample Return Lander (SRL) followed by ESA’s Earth Return Orbiter (ERO).
The logistics are still being finalized as NASA is looking for a director to lead the program. But a rough outline of the planned return can be broken down as follows:
NASA’s sample return vehicle will carry a small rocket called the Mars Ascent Vehicle (MAV) along with an ESA-built rover, called the Sample Fetch Rover (SRF). The SRF will seek out the samples collected by the 2020 rover, and haul them to the MAV.
From there, the MAV will then launch the samples into orbit around Mars; there they’ll be picked up by the ERO, and the craft will head back toward Earth. Once in close proximity to Earth, the ERO will jettison the container, and it will land in the Utah desert. NASA expects this to all happen around 2031, although none of the dates are official at this point.
Also outlined in the budget is a need for a Sampling Receiving Facility, where the precious bits of Mars will be handled with the utmost care. In the facility, scientists will catalog the samples, and make sure that there’s no cross-contamination with Earth particles. (And to ensure that if there is life on Mars, no little Martian microbes will get out into the environment.)
But that’s not all, the “Mars Future Missions” budgetary line also allows for a collaboration with Canada to create the Mars Ice Mapper. Detailed information on this project is scarce at the moment as it’s in its very early stages.
“The Mars Ice Mapper is a remote sensing mission under study intended to map and profile the near-surface (3-15 meters) water ice, particularly that which lies in the mid-latitude regions, in support of future science and exploration missions,” NASA officials wrote in the budget document.
The Mars Ice Mapper could be a preliminary step in the effort to put humans on Mars, a goal NASA aims to accomplish sometimes in the 2030’s.
The 2021 budget request allocates more money to future Mars missions than previous budgets have, lining up with NASA’s overall goal of sending astronauts to both the moon and Mars.
If this budget request is any indication, the “Mars Future Missions” programs could set their budgets steadily increased as the years progress. But it’s not set in stone. The request is just that, a request. Congress has the ultimate approval and could choose to fund everything as it, or shuffle things around. Let’s hope it’s the latter so valuable programs, like STEM engagement, Earth science missions, and an incredible telescope are not cancelled.
Elon Musk
Why SpaceX just made a $60 billion bet on AI coding ahead of historic IPO
SpaceX has secured an option to acquire Cursor AI for $60 billion ahead of its historic IPO.
SpaceX announced today it has struck a deal with AI coding startup Cursor, securing the option to acquire the company outright for $60 billion later this year, while committing $10 billion for joint development work in the interim. The announcement described the partnership as building “the world’s best coding and knowledge work AI,” and comes just days after Cursor was separately reported to be raising $2 billion at a valuation above $50 billion.
The move makes strategic sense given where each company currently stands. Cursor currently pays retail prices to Anthropic and OpenAI to the same companies competing directly against it with Claude Code and Codex. That means every dollar of revenue Cursor earns partially funds its own competition. With SpaceX bringing computational infrastructure to the Cursor platform, that could reduce Cursor’s dependence on OpenAI and Anthropic’s Claude AI as its providers. Access to SpaceX’s Colossus supercomputer, with compute equivalent to one million Nvidia H100 chips, gives Cursor the infrastructure to run and train its own models at a scale it could never afford independently. That one change restructures the entire unit economics of the business.
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Cursor’s $2 billion in annualized revenue and enterprise reach across more than half of Fortune 500 companies gives SpaceX something its xAI subsidiary currently lacks, which is a proven, fast-growing software business with real enterprise distribution.
For Cursor, SpaceX’s $10 billion in joint development funding is transformational. Cursor raised $3.3 billion across all of 2025 to reach that $2 billion in revenue. A single $10 billion commitment from SpaceX, even as a development payment rather than an acquisition, dwarfs everything Cursor has raised in its entire existence. That capital accelerates product development, enterprise sales infrastructure, and proprietary model training simultaneously.
The timing is deliberate. SpaceX filed confidentially with the SEC on April 1, 2026, targeting a June listing at a $1.75 trillion valuation, in what would be the largest public offering in history. The company is expected to begin its roadshow the week of June 8, with Bank of America, Goldman Sachs, JPMorgan, and Morgan Stanley serving as underwriters. Adding Cursor to the portfolio before that roadshow gives IPO investors a concrete enterprise software revenue story to price in, alongside rockets and satellite internet.
The deal also addresses a weakness that became visible after February’s xAI merger. Several xAI co-founders departed following that acquisition, and SpaceX had already hired two Cursor engineers, signaling where its AI talent strategy was heading. Cursor, for its part, faces a pricing disadvantage competing against Anthropic’s Claude Code.
Whether SpaceX exercises the full acquisition option before its IPO or after remains the open question. Either way, this deal reshapes what investors will be buying into when SpaceX goes public.
Elon Musk
How much of SpaceX will Elon Musk own after IPO will surprise you
SpaceX’s IPO filing confirms Musk will maintain his voting power to make key decisions for the company.
Elon Musk will retain dominant voting control of SpaceX after it goes public, according to the company’s IPO prospectus that was filed with the SEC. The filing reveals a dual-class equity structure giving Class B shareholders 10 votes each, concentrating power with Musk and a handful of other insiders, while Class A shares sold to public investors carry one vote.
Musk holds approximately 42% of SpaceX’s equity and controls roughly 79% of its votes through super-voting shares. He will simultaneously serve as CEO, CTO, and chairman of the nine-member board after the listing. Beyond that, the filing includes provisions that may limit shareholders’ influence over board elections and legal actions, forcing disputes into arbitration and restricting where they can be brought.
The case for Musk holding this level of control is grounded in SpaceX’s actual history. The company’s most important bets, from reusable rockets to a global satellite internet constellation, were decisions that ran against conventional aerospace thinking and would likely have faced resistance from a board accountable to investor gains. Fully reusable rockets were considered economically irrational by established industry players for years. Starlink, which now generates over $4 billion in annual operating profit, was widely dismissed as financially unviable when it was proposed. The argument for concentrated founder control seems straightforward, and the decisions that built SpaceX into what it is today required someone willing to ignore consensus and absorb years of losses.
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For context, Musk’s position is significantly more dominant than Zuckerberg’s at Meta. The comparison with Tesla is also worth noting. When Tesla did its IPO in 2010, it did not issue dual-class shares. Musk has only recently pushed for enhanced voting protection, proposing at least 25% control at Tesla in 2024 after selling shares to fund his Twitter acquisition left him with around 13%.
SpaceX has clearly learned from that experience and structured the IPO differently by planning to allocate up to 30% of shares to retail investors, roughly three times the typical norm for a large offering. The roadshow is expected to begin the week of June 8, with a Nasdaq listing rumored to be a $1.75 trillion valuation and a $75 billion raise.
Elon Musk
ARK’s SpaceX IPO Guide makes a compelling case on why $1.75T may not be the ceiling
ARK Invest breaks down six reasons SpaceX’s $1.75 trillion IPO valuation may be justified.
ARK Invest, which holds SpaceX as its largest Venture Fund position at 17% of net assets, has published a detailed investor guide to why a SpaceX IPO may be grounded in a $1.75 trillion target valuation.
The financial case starts with Starlink, SpaceX’s satellite internet constellation, which has surpassed 10 million active subscribers globally as of early 2026, with 2026 revenue projected to exceed $20 billion. ARK’s research puts the total satellite connectivity market opportunity at roughly $160 billion annually at scale, and Starlink is adding customers faster than any telecom network in history. That growth alone would justify a substantial valuation.
Additionally, ARK notes that SpaceX has reduced the cost per kilogram to orbit from roughly $15,600 in 2008 to under $1,000 today through reusable Falcon 9 hardware. A fully operational Starship targeting sub-$100 per kilogram would represent a significant cost decline and open markets that do not currently exist. SpaceX executed a staggering 165 missions in 2025 and now accounts for approximately 85% of all global orbital launches. That infrastructure position took decades to build and would be nearly impossible to replicate at comparable cost.
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The February 2026 merger with xAI added a layer to the valuation that straightforward financial models struggle to capture. ARK argues that at sub-$100 launch costs, orbital data centers could deliver compute roughly 25% cheaper than ground-based alternatives, without power grid delays, permitting friction, or land constraints. Musk has stated a goal of deploying 100 gigawatts of AI computing capacity per year from orbit.
The $1.75 trillion figure itself is not a conventional earnings multiple. At roughly 95x trailing revenue, it prices in Starlink’s adoption curve, Starship’s cost trajectory, and the orbital compute thesis together. The public S-1 prospectus, due at least 15 days before the June roadshow, will give investors their first complete look at the financials to test those assumptions. ARK’s position is that the track record earns the benefit of the doubt. Fully reusable rockets were considered unrealistic for years. Starlink was considered financially unviable. Both happened on timelines that surprised skeptics.
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