The Information

The SpaceX IPO is like buying a car that doesn’t work yet, Co-Executive Editor @mvpeers says. “It’s almost as if you were… like buying a car, you pay a huge amount for the car and it won’t work immediately.” “But at some point in the future it will work.”

Exclusive: DeepSeek is seeking roughly $7.35 billion in fresh funding as rising computing costs push the once research-focused lab toward commercialization. Read more: thein.fo/4uYVFPn

Luxury home sales above $5 million hit a record in San Francisco this year as AI wealth reshapes the city’s real estate market. Full story: thein.fo/4wPE6mU

Microsoft says it blocked a Databricks integration over reliability concerns. Rivals see something else: an effort to keep customers inside Microsoft’s own AI and data stack as agents threaten traditional business software. thein.fo/4dqZ7wn

Companies are adding AI escape clauses to software contracts, giving them a way out if vendors miss their promises. Full story: thein.fo/4tNU2TS

SpaceX reported $4.7 billion in first-quarter revenue and a $4.3 billion loss. Its AI spending is reshaping the company’s financial story before it goes public. Full story: thein.fo/3RqVE8v

Microsoft blocked a Databricks feature that helped Power BI customers connect data more easily, escalating a fight over who controls the infrastructure behind AI agents. The clash shows how semantic layers are becoming one of the most strategic battlegrounds in enterprise software. thein.fo/4dqZ7wn

SpaceX’s IPO filing shows a company leaning hard into AI infrastructure. A $40 billion Anthropic deal could lift growth, but either side can walk away with 90 days’ notice. thein.fo/3RqVE8v

AI is giving customers new leverage over software providers. Companies are pushing for shorter contracts, steeper discounts and written promises tied to automation. Full story: thein.fo/4tNU2TS

Exclusive: OpenAI averaged roughly 905 million weekly active users in the first quarter, short of its earlier goal of reaching 1 billion users by the end of last year. Full story: thein.fo/4uIXOiN

Analog Devices is in advanced talks to buy AI power chip startup Empower Semiconductor for about $1.5 billion, according to people familiar with the discussions. The deal would deepen Analog’s push into the booming market for AI infrastructure. Read more: thein.fo/43ogw2N

Businesses are forcing software vendors to prove their AI tools will deliver. Some are negotiating opt-out clauses if promised features fall short. Read more: thein.fo/4tNU2TS

Alexander Lurie has become one of the most connected brokers in San Francisco tech circles, representing buyers from OpenAI, Anthropic, Google and Sequoia as luxury home prices hit record highs. Full story: thein.fo/4wPE6mU

SpaceX, OpenAI and Anthropic are all racing toward IPOs that could value each company near or above $1 trillion. The timing could force Wall Street to choose how much capital it can put behind three cash-hungry tech giants at once. Read more in this week's Dealmaker newsletter: thein.fo/4a0Ent6

Google is betting developers will trade some model performance for lower AI costs. At I/O, it positioned Gemini 3.5 Flash and its coding agent Antigravity as cheaper alternatives to Anthropic’s increasingly expensive coding models. Full story: thein.fo/4wIbjQQ

Exclusive: OpenAI’s revenue surged in the first quarter as Codex and ChatGPT subscriptions gained traction. At the same time, Anthropic’s growth accelerated so quickly that it may soon overtake OpenAI by revenue. Full story: thein.fo/4uIXOiN

OpenAI’s accelerated IPO plans could set up a showdown with Anthropic and SpaceX as Wall Street braces for a wave of trillion-dollar tech listings. The timing may determine which company gets to define the AI narrative for public investors. Read more: thein.fo/4dvwOvq

Venture investors are betting that Wall Street will embrace the massive spending demands of AI and space companies the same way private markets already have. Read more from our Deep Research report: thein.fo/4dXBXxP

Microsoft has allocated more Nvidia servers and new Azure clusters to Anthropic as the AI startup ramps up demand for computing power. Full story: thein.fo/4nFtGBU

Companies spending more on Anthropic and OpenAI are trying to claw back budget from traditional software vendors through shorter deals and tougher contract terms. Read more: thein.fo/4wCuMmd

SpaceX, OpenAI and Anthropic IPOs could unleash billions in cash returns for firms like Sequoia, Thrive and Founders Fund. Read more from our Deep Research report: thein.fo/4dXBXxP