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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

SpaceX’s $1.75 Trillion Valuation Raises Questions Ahead of IPO

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SpaceX is targeting a $1.75 trillion valuation in its anticipated IPO, a figure that would place it among the most valuable companies globally and ahead of firms like Meta Platforms and Berkshire Hathaway.

Despite the scale, investor demand appears strong. The company could raise more than $75 billion, potentially setting a record for a public offering. Interest has already spilled into secondary markets, where investors are seeking early exposure.

Valuation Drivers

The primary foundation of SpaceX’s valuation is its Starlink business, which has over 10 million users and accounts for a significant share of revenue. The company’s launch division also plays a key role, with its reusable rocket program—particularly the Falcon 9—dramatically reducing launch costs and increasing frequency.

In 2025, SpaceX generated approximately $15–16 billion in revenue and about $8 billion in EBITDA, reflecting strong growth. However, much of the valuation also depends on future projects such as the Starship program and integration with AI ventures like xAI.

Stretching Traditional Metrics

Using aggressive growth assumptions, SpaceX would trade at roughly:

  • 56× price-to-revenue
  • 109× price-to-EBITDA

These multiples significantly exceed even high-growth tech companies such as Tesla and Palantir Technologies, indicating that investors are pricing in substantial future expansion.

Risks and Uncertainty

The valuation depends heavily on continued growth in Starlink and successful execution of unproven initiatives. Delays in the Starship program or slower-than-expected adoption of satellite-based data services could pressure future performance.

Additionally, unlike publicly traded peers, SpaceX lacks transparent consensus forecasts, making valuation comparisons less precise.

Market Context

The company’s dominance in low-Earth orbit satellite deployment and launch frequency gives it a structural advantage. However, competitors such as Amazon are investing heavily in rival satellite networks.

Overall, SpaceX’s valuation reflects not only current performance but also investor confidence in founder Elon Musk and the company’s long-term role in space infrastructure, global connectivity and AI-driven services.

US Moves to Ease Satellite Power Limits, Boosting Space Broadband

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The Federal Communications Commission is preparing to relax long-standing power limits on satellite spectrum usage, a move expected to significantly enhance space-based broadband services.

The proposed rule changes, scheduled for a vote on April 30, would allow more intensive use of wireless spectrum for satellite operations. According to the FCC, this could increase broadband capacity by up to seven times current levels, enabling faster speeds, lower latency and improved reliability.

The decision is seen as a major boost for companies such as SpaceX and its Starlink network, which already operates the world’s largest satellite constellation with over 10,000 satellites.

Current regulations, dating back to the 1990s, impose strict limits on transmission power. Regulators argue that these constraints are outdated and restrict the performance of next-generation satellite systems. The FCC estimates the updated framework could generate up to $2 billion in economic benefits.

The changes are particularly relevant for rural and remote areas, where satellite broadband often serves as the primary connectivity option. Higher power levels would allow stronger signals and more consistent service in underserved regions.

However, the proposal has drawn opposition from competitors such as Viasat and DirecTV, which have raised concerns about potential signal interference and orbital congestion.

SpaceX has argued that current rules unnecessarily constrain innovation and limit service quality for millions of users. The company has also been expanding its network, including approval earlier this year to deploy thousands of additional next-generation satellites.

If adopted, the regulatory shift would mark a structural change in satellite communications policy, potentially accelerating the global expansion of space-based internet services and intensifying competition in the broadband market.