SpaceX's record IPO takes xAI public; Google sues over Gemini scams

SpaceX began trading on the Nasdaq under the ticker SPCX, raising about $75 billion at a valuation near $1.75 trillion — the largest initial public offering in history, and a company worth more than Tesla on its first day. The listing takes Musk's merged AI arm public: xAI, the Grok chatbot, and Starlink now sit inside one firm. SpaceX's filing disclosed that xAI lost $2.4 billion last quarter as Grok usage slid, even as rival Anthropic pays it $1.25 billion a month for data-center compute.

Google filed suit against an alleged Chinese cybercrime group it calls the Outsider Enterprise, accusing it of prompting Gemini to generate HTML for thousands of fake "gift redemption" phishing pages. The operation sent more than 2.5 million scam texts to US Android users and spun up over 9,000 fraudulent websites. It is the first time Google has taken an alleged Gemini abuser to court, and the company is coordinating with the FBI and carriers including Verizon, AT&T, and T-Mobile.

OpenAI agreed to buy Ona — the German startup formerly known as Gitpod — and fold its team into the Codex division. Ona moves AI coding agents off a developer's laptop and into persistent cloud sandboxes that keep running even after the workstation shuts down, letting agents grind on multi-day tasks without interruption. The deal sharpens OpenAI's enterprise-coding push against Anthropic's Claude Code as the two labs race for developer mindshare. Terms were not disclosed.

China's Moonshot AI released Kimi Work, a downloadable desktop agent for macOS and Windows that runs on its open-weight Kimi K2.6 model. Unlike a web chatbot, it works directly with local files and drives the user's logged-in browser through an extension, and it can fan a task out across as many as 300 parallel sub-agents. The launch lands a day after Moonshot's reported $2 billion raise, underscoring how fast Chinese labs are shipping agentic products.

Nvidia told Chinese cloud customers that its new Vera data-center CPU is now open for orders and could ship as early as August, according to Reuters. The pitch is a workaround: after US export curbs choked Nvidia's GPU sales in China, the company is leaning on standalone CPUs — which face looser restrictions — to defend the market. Nvidia's finance chief has said Vera CPU revenue could approach $20 billion in the coming fiscal year.