Morning Scan

SpaceX's IPO closed Friday at historic numbers, and the follow-on questions span policy, geopolitics, and AI export controls. Washington is rewriting the rules on who gets access to frontier AI models, and London is moving to do the same for who gets to scroll.

$2.1T — SpaceX's closing market cap after shares ended Friday up 19% at $160 — the biggest IPO in history. (The Pomp Letter / Readtrung)

Connected World

SpaceX Just Made History

SPCX opened at $150, closed at $160, and the conversation shifted immediately from whether it would IPO to what a $2T space company does to Silicon Valley's gravity. (Prof G Media)

How the SpaceX IPO Could Change Silicon Valley

The structural question is whether the IPO normalizes a new class of dual-use, founder-controlled megacap that blurs the line between private ambition and public infrastructure. (Sources News)

SpaceX & the Sentient Sun

Musk's comp package has a second vesting target above $7T valuation — which, post-IPO, is now a public benchmark rather than a private fantasy. (a16z)

Machines & Minds

White House Forces Anthropic to Disable New Frontier Models Following Abrupt Export Ban

Fable 5 and Mythos 5 are now inaccessible to all foreign nationals — a sweeping, abrupt move that blindsided even Anthropic's own team. (SiliconAngle)

Sources: Senior Anthropic Technical Staff Are in DC to Meet WH Officials and Try to Fix the Mythos 5 Dispute

Both sides are calling it fixable, but Anthropic sending engineers to Washington to negotiate model access is now the kind of thing that happens. (Axios)

The MAGA Power Struggle That Could Decide the Fate of Anthropic

The export directive is also a proxy battle inside the administration over who controls AI industrial policy. (Understanding AI)

EU Says It Is Looking at the Practical Consequences of US Restricting Anthropic's Models

Brussels flagging that access restrictions "should not be discriminatory against partners" is diplomatic language for: this is going to be a problem. (Reuters)

“The government had issued an export control directive to suspend all access to Fable 5 and Mythos 5 by any foreign national, whether inside or outside the United States.” — Anthropic, via Understanding AI

Machines & Minds

Keir Starmer Says the UK Will Ban Social Media for Under-16s in an "Australia-Plus Model"

"Australia-plus" means stricter: stranger contact on gaming apps, under-18 curfews, and livestreaming restrictions on top of the outright ban, set for spring 2027. (Reuters)

FBI Dismantles Outsider Enterprise, an AI-Powered Chinese Phishing Operation

A million phishing URLs, a joint op with Google and Black Lotus Labs, and ~$100K in seized Tether — the bureau is getting fluent in crypto-funded cyber takedowns. (BleepingComputer)

Palantir's NHS Data Deal Called In for a Second Opinion

Experts say NHS England may have left domestic health tech out in the cold by handing the contract to Palantir without properly testing the UK market. (The Register)

Oil Tumbles and Stocks Surge After Trump Announces Deal With Iran (paywall)

The Strait of Hormuz reopening pushed oil to a three-month low — markets celebrated, but analysts are managing expectations on how fast supply actually normalizes. (NYT)