Morning Scan

SpaceX is going public at a valuation that breaks records, quantum computing has its IPO moment, and Benchmark abandoned a philosophy it held for two decades. Capital markets are doing a lot of work this Friday.

$15.6B — Quantinuum priced above range and upsized its IPO, making it the largest quantum computing public offering to date. (Bloomberg)

Connected World

SpaceX IPO to Be Largest Ever at $135 Share Price (paywall)

Priced to exceed Saudi Aramco's 2019 record — whether you wanted in or not, your index fund probably bought some. (NYT)

Quantinuum Raised $1.68B in an Upsized IPO (paywall)

Selling 28M shares at $60 against a marketed range of $53–$55 is about as clean an "investors wanted more" signal as it gets. (Bloomberg)

Benchmark Raises Its First-Ever Growth Fund as Part of $2B Capital Haul

Twenty-plus years of staying small and disciplined, gone — which tells you something about where the pressure is in venture right now. (TechCrunch)

SpaceX Wins Property Tax Exemption for Its Planned $55B Terafab Chip Facility in Texas (paywall)

Local opposition didn't move the needle; the exemption clears the path for what would be one of the largest chip manufacturing bets in US history. (Financial Times)

Connected World

Meta Gets Back Into Face Recognition

The Connections feature for Ray-Ban glasses revives the category Meta shelved after the DeepFace backlash — this time worn on your face in public. (Wired)

Meta Is Considering $200/Month for Its Planned "Hatch" AI Agent Tool

Internal docs suggest tiered pricing that mirrors OpenAI's operator tier, signaling Meta is serious about enterprise AI revenue, not just consumer reach. (The Information)

Nvidia Acquired Enterprise AI Startup Kumo for $400M+

Kumo builds predictive AI for enterprises — adding software margin to a hardware giant is the oldest playbook, and Nvidia keeps running it. (The Information)

Apple's Overhauled Siri Will Reportedly Run on Nvidia's Blackwell Chips via Google

Apple leaning on Google's Nvidia fleet for its most important product relaunch is a strange sentence, and yet. (MacRumors)

AI CEOs Sign Open Letter Urging Bioweapons Tracking Laws

Altman, Amodei, and Hassabis — rivals on nearly everything — found common ground on synthetic DNA traceability, which is either reassuring or alarming depending on your priors. (Wired)

“Incompetence and unprofessionalism in the new management have wreaked havoc.” — Scott Pelley, on leaving 60 Minutes

Connected World

MacBook Neo Is So Popular That Apple Reportedly Doubled Production

Ming-Chi Kuo says Apple went from 5M to 10M units for 2026 — at some point "supply chain ramp" stops being a qualifier and starts being the headline. (Slashdot)

Flesh-Eating Screwworm Confirmed in South Texas — First Case Since the 1960s

The USDA is calling it an isolated case; the livestock industry is calling it a very bad Friday. (Ars Technica)