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Blue Owl cashes out part of SpaceX stake

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Blue Owl Capital sold roughly half of its SpaceX investment at a $1.25 trillion valuation, locking in about a 10x return, according to co-CEO Marc Lipschultz.

Blue Owl originally invested $27 million in SpaceX equity in 2021 through one of its technology finance funds after first building ties as an early lender. The firm’s remaining stake is still significant, while the partial sale secures major realized gains ahead of SpaceX’s expected IPO later this year.

SpaceX is reportedly targeting a public debut at a potential $1.75 trillion valuation, which could make it one of the largest IPOs in history. Blue Owl’s move reflects both confidence in future upside and a strategic decision to crystallize profits at already massive private-market valuations.

The sale also gives Blue Owl additional flexibility to offset potential credit-market risks, showing how private equity positions in top-tier tech firms can serve as major portfolio stabilizers.

Musk says he missed OpenAI for-profit details

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Elon Musk testified in court that he did not read the “fine print” of a 2017 term sheet discussing OpenAI’s potential shift toward a for-profit structure, during ongoing litigation over the company’s evolution.

Under cross-examination, Musk said he focused only on headline-level information and believed assurances from Sam Altman and others that OpenAI would remain fundamentally nonprofit. OpenAI’s legal team presented emails suggesting Musk had earlier exposure to internal discussions around commercialization.

Musk’s lawsuit seeks governance changes, a return to nonprofit principles and $150 billion in damages, arguing OpenAI abandoned its founding mission. OpenAI counters that restructuring was necessary to secure capital for computing power and talent.

The trial could significantly influence OpenAI’s governance, public perception and future IPO trajectory.

Intel joins Musk’s Terafab AI chip project

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Intel has joined Elon Musk’s ambitious Terafab AI chip complex alongside Tesla and SpaceX, aiming to build next-generation processors for robotics and large-scale data center infrastructure.

The partnership focuses on producing chips to support Musk’s long-term vision across:

  • Autonomous vehicles
  • Humanoid robots
  • Space-based AI data centers

Intel stated that its manufacturing expertise will help Terafab reach a target of 1 terawatt per year of compute capacity, a scale aligned with future AI and robotics demands.

Terafab Vision and Infrastructure

The Terafab initiative includes plans for two advanced chip factories in Austin, Texas:

  • One dedicated to powering Tesla’s cars and humanoid robots
  • Another focused on AI data centers, including potential space-based computing systems

The project reflects Musk’s strategy of vertically integrating hardware, AI, and infrastructure across his companies.

Strategic Importance for Intel

For Intel, the collaboration is strategically significant. The company has struggled to keep pace with competitors like Nvidia in the AI chip market, but this deal signals renewed relevance in high-performance computing.

Key implications:

  • Validates Intel’s foundry capabilities for large-scale clients
  • Strengthens its position in AI infrastructure supply chains
  • Improves investor sentiment (shares rose after the announcement)

CEO Lip-Bu Tan described Terafab as a “step change” in semiconductor manufacturing, highlighting innovations across logic, memory, and packaging.

Turnaround Context

Intel is undergoing a major restructuring:

  • Job cuts and asset sales to stabilize finances
  • Increased investment from both government and industry partners
  • Focus on its Intel Foundry business

However, challenges remain:

  • Foundry division posted a $10.32 billion operating loss in 2025
  • Revenue growth in that segment remains limited

The company is betting on its 18A manufacturing process to attract external customers and regain competitiveness.

Broader Industry Context

The deal comes amid:

  • Explosive demand for AI compute infrastructure
  • Growing need for custom silicon tailored to specific workloads
  • Intensifying competition in advanced semiconductor manufacturing

Musk’s ecosystem—now increasingly interconnected through Tesla, SpaceX, and xAI—requires massive compute resources, making Terafab a central pillar of his long-term strategy.

Outlook

The partnership represents:

  • A validation milestone for Intel’s turnaround
  • A scaling experiment for vertically integrated AI infrastructure
  • A potential shift toward distributed and space-based computing architectures

Execution risk remains high due to:

  • Technical complexity
  • Capital intensity
  • Dependence on emerging AI and robotics adoption