The SpaceX IPO countdown has begun

Author

Jackson Berger
December 11, 2025

TL;DR. SpaceX is targeting a $1.5T IPO that could make it the most valuable listing in history, while Disney is turning its iconic characters into generative AI assets through a $1B OpenAI deal. Meanwhile, Sam Altman declares “code red” at OpenAI as the chatbot war heats up.

SpaceX reportedly planning 2026 IPO with $1.5T valuation target

SpaceX is reportedly preparing for a 2026 IPO that could value the company at $1.5T, making it the largest listing in history. The move is driven by Starlink's rapid growth, federal contracts, and ambitions to build space-based data centers. A recent $800B valuation through a secondary sale signals mounting investor confidence and would make the company the largest private company once again.

Disney invests $1B in OpenAI to bring its characters to Sora videos and GPT image generation

Disney will invest $1B in OpenAI and allow its characters, including Mickey Mouse and Darth Vader, to be used in Sora and ChatGPT Images. The partnership marks a strategic AI shift for Disney as it navigates copyright challenges and explores generative tools for content creation, internal use, and Disney+ integrations.

Sam Altman declares 'code red' as ChatGPT competition mounts

Facing pressure from rivals like Google and Anthropic, Sam Altman declared “code red” in a company-wide memo at OpenAI, pausing other product rollouts to improve ChatGPT. Gemini 3 and Claude 4.5 are outperforming ChatGPT in benchmarks, threatening OpenAI's lead as it targets $200B in revenue by 2030 and scales data infrastructure.

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Quick Takes

Pulse check. From stealth-mode seeds to massive growth-stage rounds, this week’s funding pulse highlights the rising bets shaping the AI and energy landscape. Whether you're tracking next-gen compute, climate-aligned infra, or developer-first tools, these fundings spotlight where capital is flowing and which categories are heating up fast.

More notable fundings this week

Harvey: $160M at $8B valuation – Legal AI startup Harvey raised another $160M from Andreessen Horowitz, pushing its valuation to $8B. With backing from Sequoia, Kleiner Perkins, and EQT, Harvey is cementing its role as the dominant force in legal automation.

Airwallex: $330M Series G at $8B valuation – Global fintech platform Airwallex secured $330M to expand its cross-border payment services. The company is doubling down on U.S. growth, naming San Francisco its second headquarters.

Harness: $240M Series E at $5.5B valuation – AI DevOps platform Harness raised a $240M round led by Goldman Sachs to close the “after-code” gap in enterprise software development. The company now boasts over $250M in ARR.

Unconventional AI: $475M seed at $4.5B valuation – The former head of AI at Databricks raises one of the largest seed rounds ever to build a new energy-efficient computing platform for AI workloads. The company aims to rethink the architecture behind modern AI chips.

Fal: $140M Series D at $4.5B valuation – AI infra startup Fal, which hosts image, video, and audio models for devs, raised $140M in a round led by Sequoia. The raise tripled its valuation in just months, signaling strong demand for multi-modal model platforms.

Fervo Energy: $462M to scale geothermal for data centers – Texas-based Fervo secured $462M, led by B Capital, to build out Cape Station, a 500MW geothermal site in Utah. Backed by Google, the company is positioning geothermal to serve two-thirds of U.S. data center energy demand.

Boom Supersonic: $300M to power Crusoe data centers – Known for aircraft innovation, Boom is now entering the energy space with a $300M raise to produce stationary turbines for Crusoe’s data centers. Crusoe has committed $1.25B to buy 29 units generating over 1GW.

Port: $100M Series C at $800M valuation – Port is taking on Spotify’s open-source Backstage with a turnkey internal developer portal, now upgraded to support AI agent management. The round was led by General Atlantic, with Accel and Bessemer also participating.

Cheerio! Until next week.
-Jack