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SpaceX Is No Longer Just a Rocket Company. Here’s What Investors Are Really Buying.


When most people hear Space Exploration Technologies (SPCX +3.73%), they probably picture a rocket blasting into space.

That’s understandable. Rockets are how SpaceX became famous. But investors who think SpaceX is simply a rocket company are missing the bigger picture, since the company is increasingly becoming a collection of businesses that reinforce one another.

And I think investors should think about it in three layers.

Image source: Getty Images.

Starlink is the economic foundation

The first layer is Starlink.

Starlink provides internet connectivity through a growing constellation of satellites orbiting Earth. Unlike Starship or some of SpaceX’s more ambitious projects, it’s no longer a promise about the future.

It’s a real business with millions of paying customers. Starlink ended the second quarter with approximately 12 million subscribers, double the number from a year earlier. Connectivity revenue rose 66% to $4.3 billion, while operating income reached roughly $1.7 billion.

That’s significant. Starlink is increasingly becoming the financial engine that allows SpaceX to pursue much larger opportunities.

And the market opportunity extends well beyond households. Starlink is expanding into aviation, maritime, enterprise, government, and mobile connectivity. Enterprise and government revenue grew 108% year over year in the latest quarter, accounting for 42% of total revenue.

If Starlink can continue to scale profitably, it will generate even more profits to fund SpaceX’s other ambitious projects.

Space Exploration Technologies Stock Quote

Space Exploration Technologies

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Artificial intelligence (AI) could become the next massive growth engine

The second layer is much newer: artificial intelligence (AI).

SpaceX’s AI-related revenue jumped 247% year over year to $2.6 billion in the second quarter. The company is rapidly building computing infrastructure to serve demand for AI workloads.

That growth is remarkable. But here’s where investors need to look beyond the headline. SpaceX spent approximately $15.8 billion on AI infrastructure during the quarter. That’s roughly 6 times the segment’s quarterly revenue.

So the important question isn’t simply whether AI revenue is growing quickly. It’s whether SpaceX can earn attractive returns on the enormous amount of capital it is investing. If it can, the opportunity could be huge.

SpaceX has already demonstrated that it can build infrastructure at a scale few companies can match. Its ability to combine that infrastructure with access to capital, engineering talent, and its own launch capabilities could give it an unusual competitive position.

Still, AI is the exciting new part of the SpaceX story, so it’s not quite as proven a business as Starlink. Investors should closely monitor the development of this business and how it complements Starlink’s existing offerings.

Rockets are the infrastructure

This is the part of SpaceX that investors could easily misunderstand. The rocket business isn’t necessarily the destination. It’s the transportation infrastructure that allows the rest of the ecosystem to exist.

Think of it this way. Falcon 9 already gives SpaceX a highly successful launch platform. But the newer Starship is designed to change the economics of space much more dramatically.

Starship is SpaceX’s next-generation reusable rocket system. The company intends for both the spacecraft and its booster to be rapidly reusable, while carrying substantially more payload than Falcon 9.

SpaceX believes Starship could eventually increase payload capacity dramatically and reduce launch costs by roughly an order of magnitude. If that happens, the implications go far beyond launching rockets.

SpaceX could deploy more Starlink satellites. It could build larger satellite networks. It could support more commercial and government missions. And it could potentially put large amounts of computing infrastructure into orbit.

That last possibility is particularly interesting.

SpaceX is already pursuing orbital AI infrastructure and has announced plans for a $100 billion Starbase Louisiana complex intended to support Starship and future AI satellite operations. That’s a remarkable investment in infrastructure for something that doesn’t yet exist at a meaningful commercial scale.

But it reveals how SpaceX thinks about the future. Starship isn’t merely a bigger rocket. It could be the platform that makes SpaceX’s next generation of businesses economically possible.

Putting the SpaceX flywheel together

Put the pieces together, and the investment thesis for SpaceX becomes much more interesting.

Starlink generates recurring revenue and profits. Those profits can help fund new infrastructure like Starship. Starship could eventually make launches dramatically cheaper. Cheaper launches could allow SpaceX to deploy more satellites, more quickly. More satellites increase Starlink’s capacity.

At the same time, growing demand for AI creates another enormous market for computing infrastructure. And if SpaceX can eventually deploy some of that infrastructure in space, it could open an entirely new market.

Each business potentially makes the others more valuable. And that’s the SpaceX story.

In short, investors aren’t simply buying rockets. They’re buying a company attempting to control multiple layers of the infrastructure connecting Earth, satellites, communications, and computing.

Few companies on the planet are positioned to do that.

Barclays Carnival Rewards Mastercard 50,000 Point Bonus


The Offer

Direct link to offer

  • The new Barclays Carnival Rewards Mastercard is offering a 50,000 point bonus after $1,000 in spend within 90 days

Card Details

  • No annual fee
  • Earn 1 Status Qualifying Star per dollar spent
  • Card earns at the following rates:
    • 3x on Carnival purchases
    • 2x on gas and grocery purchases
    • 1x on all other purchases 

Our Verdict

Looks like the standard bonus on this new card will be 20,000 points so this is probably as high as we will see the bonus on this card. Points can be redeemed for drinks/food/experiences onboard and seem to be worth roughly 1¢-2¢. 

Stars are the currency used for elite status, gold status (second level, immediately after the free level). requires 10,000 stars so the extra 1 star per $1 spent isn’t exactly generous. 

Don’t think this is a super attractive offer unless you’re a big cruiser and can get good value from the points. Because of that we won’t be adding it to our list of the best credit card bonuses, we will add it to the new credit cards of 2026 though. 

F.A.Q’s

Can points be redeemed for gift cards?

No, that’s no longer an option for this new card as per their F.A.Q’s.

Silver Lake, Dell director, sells $24.67m of Dell shares




Silver Lake, Dell director, sells $24.67m of Dell shares

Crypto.com Linked Cronos Network Claims $9.19 Million Still Unrecovered After Tectonic Exploit And Chain Rollback


Cronos, the Layer 1 network associated with Crypto.com, has released its official accounting of the August 30 attack on Tectonic. The review confirms that more than $9 million extracted during the incident remains outside the chain’s reach.

Validators later rolled the ledger back and reversed most of the damage, but assets that had already left Cronos could not be restored.

The attacker inflated the price of TONIC, Tectonic’s thinly traded governance token, then posted that inflated token as collateral.

Using the distorted valuation, the attacker borrowed about $120.4 million across nine of Tectonic’s lending markets.

The protocol’s price feed tracked the manipulated market, allowing the borrower to pull stablecoins, bitcoin, ether and other liquid assets far beyond TONIC’s real tradable depth.

Operators identified the irregular activity about 36 minutes after it started.

Validators then halted block production at height 90,907,150. After reaching consensus, they restored the chain to block 90,896,188—the last height recorded before the first malicious transactions.

That decision discarded 10,961 blocks, or one hour and 54 minutes of history.

Every transaction packed into that window, related to the exploit or not, was erased.

Balances that had remained on Cronos returned to their earlier state, reversing roughly $111.2 million of the borrowed value.

The remaining $9.19 million—about 7.6 percent of the $120.4 million total—had already been moved off the network through bridges and other outbound routes before the halt.

Those funds sit on other chains and therefore fall outside the rollback.

Cronos stated that the departed sum has not been recovered and is beyond the restoration’s reach.

The episode illustrates a hard limit of chain-level emergency measures.

A coordinated rollback can rewrite history inside one network, but it cannot reach assets once they have crossed a bridge.

Earlier on-chain estimates had placed the escaped amount closer to $6 million–$8.3 million; the official figure is now higher.

The same intervention also cancelled legitimate activity that happened to fall inside the discarded window, an unavoidable cost of resetting the entire chain rather than targeting individual addresses.

Tectonic, previously the largest lending protocol on Cronos, saw its total value locked collapse around the attack.

The network itself resumed block production later on August 30 after the pre-exploit state was restored.

Cronos has said it is coordinating with exchanges and investigators to trace the outbound transfers, but recovery of the escaped $9.19 million remains uncertain.

The case adds to a wider pattern of price-manipulation attacks against DeFi lenders that accept low-liquidity tokens as collateral.

Here, a thin TONIC market, a relatively generous collateral factor, and a price feed that followed the manipulated pool created the opening. The rapid halt limited further leakage, yet it could not close the gap left by funds that had already departed.



Biggest Financial Mistake you make in your 20s!



DON’T START A SIP WITHOUT KNOWING THIS.

Watch the whole reel to know why.

This is Episode 1 of teaching my younger sister about finances.

Ideally, you should save for your nearest goal first. But if you only focus on short-term goals, you might miss out on long-term compounding.

So, you can start an SIP for the long run with a fixed amount, say ₹5,000–₹10,000 depending on your salary. Then, save whatever is left towards your short-term goals in safer assets.

The Point is –
The closer the goal, the safer and more accessible your money should be.
For short-term goals, we choose safer assets because you don’t have much time to recover if the market falls.
For long-term goals, you can take more risk and invest in the stock market through mutual funds. Even if the market falls, you have more time for it to recover.

One exception: if your short-term goal is something important, like funding higher education, that money should also be kept in safer assets.

Stay tuned for the next episode.

[Anushka Rathod, Finance, India, Investment, Series]
#anushkarathod #finance #india #investment #series

source

Indianapolis Ends Its No-Zero Grading Policy: What It Means for College Readiness


Indianapolis Public Schools can hand out zeros again. On August 27, 2026, the Board of School Commissioners unanimously passed Resolution No. 8111 (PDF File), amending Board Policy 5421 and ending the district’s six-year-old no-zero rule for grades 1 through 12.

The policy changes exactly one thing in the grading table: the F band moves from “50-59%” to “0-59%.” That single edit reopens a debate around grade inflation nationally, and it sits behind reports that high GPAs are masking weak college-level math skills.

Under the revised policy, students who make a real attempt still earn at least 50%. A zero is reserved for work a student never attempts after repeated opportunities and documented teacher support. The resolution requires documented interventions before any zero is entered and carves out developmentally appropriate handling for K-5.

IPS chief learning officer Lela Simmons framed it as a middle ground driven largely by teacher feedback. The rest of the IPS scale is “normal”: A is 90-100%, B is 80-89%, C is 70-79%, D is 60-69%. A student at 70% in Indianapolis gets a C-, which most parents would view as a traditional grading scale.

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Why It Matters

The original no-zero policy was adopted July 30, 2020 in the middle of pandemic remote learning, when a missed week of quarantine could bury a student under unrecoverable zeros.

The math behind it is real. On a 100-point scale, a single zero costs the same as five Fs, and one blown assignment can sink a quarter grade past recovery.

Six years later, teachers reported students were using the no-zero policy as a way to pass by doing nothing. The end result of nearly six years of this has been rampant nationwide grade inflation and a cohort of freshman college students that are ill-prepared for the realities of college and the real world.

IPS Goes To Traditional Grading, While Other Districts Remain Lax

In contrast to IPS, San Diego Unified School District has continued to maintain their lax grading policies. Under AR 5121, academic grades “shall be based solely on students’ current levels of mastery of the Board-adopted standards and shall not be influenced by behavior or nonacademic measures.” And while the district themselves does not publish percentage equivalents of their lax grading scale, numerous reports have surfaced of individual campuses showing what this conversion looks like in practice.

This conversion is where the real concern lies. Dana Middle School (a school in the San Diego Unified School District) has a conversion chart that shows the following scale:

  • 4 (A) at 88-100%
  • 3 (B) at 67-87%
  • 2 (C) at 46-66%
  • 1 (D) at 25-45%
  • F below 25%.

When you compare Indianapolis to San Diego, the gap is hard to miss: 70% is a B in that San Diego classroom and a C- in Indianapolis. A 50% is a C in that San Diego classroom and an F in Indianapolis.

Neither district is wrong that letter grades are a crude instrument for measuring what a 13-year-old knows. But at the same time, passing along underprepared students just does the student a disservice. This gets magnified when a student believes they are ready for college, only to find themselves struggling and dropping out with the burden of student loan debt.

The Grade Inflation Problem

ACT research published in 2025 (PDF File) found average adjusted high school GPA climbed from 3.17 for the class of 2017 to 3.38 for the class of 2022. That is 0.21 points in five years, over a stretch when test scores did not follow.

The bigger finding is what inflation does to the signal: two students with identical 2.5 GPAs had predicted first-year college GPAs differing by 0.37 points depending on how inflated their high school was. ACT composite scores held their predictive value across the same range.

A GPA increasingly tells you which school a student attended, not what that student can do, which is part of why test-optional admissions has produced its own measurement gap.

How This Connects

The big issue here is that great inflation is creating a false sense of academic preparedness, which, in turn, is having dire financial consequences after high school graduation.

A grade that overstates academic readiness follows a student into a college, then into remedial coursework that carries full tuition and no degree credit, and into borrowing for a degree that takes five or six years instead of four. Or even worse, dropping out.

With the average cost of college rising more than 2.5% per year, every extra semester is real money. And the worst outcome is leaving college with student loan debt and no credential: the financial hit from dropping out is a loan payment attached to none of the earnings premium.

So is Indianapolis promoting accountability? Partly. Restoring the zero for work never attempted closes a loophole students had clearly learned to use, and the 50% floor for genuine effort keeps the original protection intact for kids who try and struggle. That is a defensible middle.

What it does not fix is the larger issue neither district has solved: a grade that stops meaning the same thing from students around the country. And thats why colleges nationwide are bringing back test requirements for college admissions.

The post Indianapolis Ends Its No-Zero Grading Policy: What It Means for College Readiness appeared first on The College Investor.

Peru’s monetary system would not work in Venezuela



Steve H. Hanke is a Senior Contributing Columnist at Fortune and a Professor of Applied Economics at The Johns Hopkins University. From 1995 to 1996, he was an economic advisor to President Rafael Caldera and is presently Special Adviser on Economic, Monetary, and Energy Affairs in the office of Congressman Antonio Ecarri at the National Assembly of Venezuela. His latest book, co-edited with Francisco Zalles, is La Dolarización en Ecuador: El Triunfo del Orden Espontáneo (2026). Emilio Ocampo is an Argentine economist and historian and professor at Universidad del CEMA (UCEMA) in Buenos Aires, Argentina. He is the co-author of two recent books, Dolarización: Una solución para la Argentina (2022) and Argentina dolarizada (2024).

Suno admits it obtained YouTube audio to train its AI – but challenges UMG and Sony’s standing to bring ‘stream ripping’ claim


Suno has admitted in a court filing that it obtained audio data from YouTube for use as training data.

The admission appears in the AI music company’s answer to the first amended complaint from UMG Recordings, Capitol Records, and Sony Music Entertainment.

Suno also alleges that the labels have engaged in “anticompetitive activities that extend an unlawful monopoly” over music.

And it challenges whether they have standing to bring their YouTube “stream ripping” claim.

The 26-page document was filed on September 1 in the US District Court for the District of Massachusetts and reviewed by MBW. You can read it in full here.

“Suno admits that audio data was obtained from YouTube for use as training data using YT-DLP,” the filing states in response to paragraph 49 of the labels’ complaint.

That paragraph alleges Suno used two tools, YT-DL and YT-DLP, to “circumvent YouTube’s encryption and scrape copyrighted recordings from YouTube.”

Suno‘s response names only YT-DLP.

Suno‘s second affirmative defense argues that the labels’ claims are barred in whole or in part by copyright misuse and unclean hands – language it has pleaded, word for word, since its first answer in August 2024.

“On information and belief, Plaintiffs have engaged in anticompetitive activities that extend an unlawful monopoly over the production and commercialization of music,” reads Suno‘s second affirmative defense.

“Suno admits that audio data was obtained from YouTube for use as training data using YT-DLP.”

SUNO, IN ITS ANSWER TO THE FIRST AMENDED COMPLAINT

“To the extent there is copying of copyrightable expression, that copying constitutes fair use pursuant to 17 U.S.C. § 107,” reads Suno‘s first affirmative defense. “Suno’s AI tool uses a back-end technological process, invisible to the public, in the service of creating an ultimately non-infringing new product.

“This is quintessential fair use.”


Judge F. Dennis Saylor IV granted the labels leave to bring the stream-ripping claim on August 18, under the anti-circumvention provisions of the Digital Millennium Copyright Act, as MBW reported.

Suno had asked the court to throw the claim out in October 2025, arguing that the statute bars circumventing controls on access to a copyrighted work rather than controls on copying it.

Its lawyers called the claim “a gambit to try to evade application of the fair use doctrine to Suno‘s technology development process.”

Suno argues in the answer that the labels lack standing to bring the circumvention claim, saying “one or more” of them fail the test under Article III of the US Constitution.

It says the labels are not “person[s] injured” within the meaning of Section 1203(a), and therefore cannot maintain a civil action over any alleged circumvention.

Both defenses are limited to the circumvention claim, and do not touch the two copyright infringement claims the labels also bring.

Those two defenses are the only grounds on which Suno contests the court’s subject matter jurisdiction.

Suno told the labels in May 2025 that it had downloaded audio files from YouTube, and that it had used open-source tools such as YT-DL and YT-DLP, according to Saylor‘s order.

The September 1 answer restates that disclosure as a formal admission in Suno‘s own pleading.

The answer repeats at five further points that Suno “obtained audio data from YouTube” for use as training data.

Suno denies the remaining allegations, and says others contain legal conclusions requiring no response.

Udio, the rival AI music company sued alongside Suno in 2024, filed its own answer to Sony Music on April 29.

Udio used the same wording on fair use and copyright misuse, down to the phrase “quintessential fair use.”

The two AI companies share the same legal counsel: Latham & Watkins filed both answers, with Andrew M. Gass, Brittany N. Lovejoy, and Sarang V. Damle named on each.

Udio‘s filing carries a second firm, Quinn Emanuel Urquhart & Sullivan, that does not appear on Suno‘s.

Among its 13 affirmative defenses, Suno argues that any infringement was innocent, which it says would allow the court to reduce statutory damages to as little as $200 per work.

The labels are seeking up to $150,000 per work across the 560 recordings in suit, after Saylor denied their bid to add 61,026 more without prejudice.

Suno also argues that some or all of the material the labels claim copyright over is in the public domain, that the registrations are invalid, and that they have suffered no provable injury.

Elsewhere, Suno “admits that Plaintiffs do not appear to be alleging that the outputs” of its model infringe the recordings in suit.

Suno denies that similarities between those outputs and the labels’ recordings “betray that the models were trained on the Copyrighted Recordings.”

On the technology at the center of the claim, Suno says it “presently lacks knowledge or information sufficient to form a belief” about YouTube‘s “intent in designing any particular technology.”

On the scale of its training, Suno admits that its model was built by showing the program “tens of millions of instances of different kinds of recordings gathered from publicly available sources.”

In its first answer, filed in August 2024, Suno said its training data included “essentially all music files of reasonable quality that are accessible on the open Internet.”

That filing named no source and pleaded 11 affirmative defenses, none about standing.

The new answer admits that over 12 million users have generated music files using Suno‘s product, and that its Pro and Premier plans cost $8 and $24 per month.

Warner Music Group settled its case against Suno in November 2025 and struck a licensing deal, leaving UMG, Capitol and Sony Music as the remaining plaintiffs.

Fact discovery closes on September 30, with both sides expected to move for summary judgment on the fair use question.

Suno asked the court to enter judgment in its favor, dismiss all claims with prejudice, and award its attorneys’ fees and costs.


Away from the litigation, the platform said on August 10 that it would “introduce a new generation of Suno models, developed in partnership with the music industry,” and that “all prior models will be retired” when those launch.

The Suno blog added that the models are “better than anything we’ve ever released” on “every metric we’ve ever measured,” and would “deliver higher fidelity audio.”

Suno‘s statement gave no launch date and no version number.

A video posted to Suno‘s Instagram account in early September carries the name V6 and the words “New models. Coming soon.”

Asked by an Instagram user about stems, the Suno account said “v6 has reduced bleeding and better timing on stems, plus higher fidelity overall with fewer artifacts.”

Asked about musical key, Suno said “v6 will have stronger adherence to musical key so you can call it out right in your prompt.”

MBW reported in March 2026 that no new model had launched, after Suno pledged on settling with Warner Music Group that its current models would be deprecated when licensed models arrived in 2026.

Suno signed a licensing deal with BMG on August 12, covering the company’s recorded music and publishing repertoire.

BMG says it is a participant, alongside Warner Music Group, in the creation of Suno‘s upcoming models.

BMG was not a plaintiff in the 2024 lawsuit, and says the deal settles Suno‘s prior use of its works.

Starting September 3, Suno is capping monthly downloads at 20 for Pro subscribers, 60 for Premier, and 7 in total for free users.

Suno‘s new Terms of Service, published on August 10, prohibit obtaining an output by any means other than its own download channel, and give “recording or stream ripping” as examples.Music Business Worldwide

What’s keeping bond yields and fixed mortgage rates elevated




RMG’s Bruno Valko says global deficits, inflation risks and heavy bond issuance are complicating the outlook for fixed mortgage rates.

Iberia Visa Signature® Card Review (2026.9 Update: 90k Offer)