The Information AM

Save 25% on an annual subscription to read the most important news about technology and business first. For even more, Save $250 on The Information Pro for unlimited access to our proprietary org charts, databases and surveys.

1.	SpaceX Sets $135 Per Share Target Price for IPO By Theo Wayt Source: The Information

SpaceX plans to sell 555.6 million shares at an expected price of $135 each when it goes public, the company said in a securities filing on Wednesday. SpaceX is expecting to raise $75 billion, more than twice as much as any other IPO in history, at a valuation of $1.77 trillion.

Setting an exact price per share at this stage is unusual. Companies usually set a range and gauge demand before deciding on an exact figure. SpaceX shares are expected to start trading late next week on Nasdaq under the ticker SPCX.

SpaceX is using a dual class share structure that will give CEO Elon Musk over 82% voting control after the IPO, according to filings. Wednesday’s filing also included a new disclosure that it purchased $269 million worth of Tesla megapack batteries in April, on top of previous purchases.

2.	Meta Looks to Charge Up to $200 a Month for Planned ‘Hatch’ AI Agent By Jyoti Mann Source: The Information

Meta Platforms is considering charging up to $200 a month for its planned consumer version of the OpenClaw AI agent tool, The Information reported, an ambitious target that would rival top tier offerings from established AI giants.

The product, currently called Hatch, could launch with tiered pricing including the $199.99 premium subscription that would include higher usage limits, according to documents reviewed by The Information and a person familiar with the matter, who noted that final pricing decisions haven’t been made.

The planned product is part of Meta Chief Executive Mark Zuckerberg’s broader effort to develop new revenue streams to help pay for its enormous investments in AI infrastructure and model development.

3.	Apple to Launch New Siri in September With Help of Google, Nvidia By Aaron Tilley Source: The Information

Apple is currently on track to launch its overhauled Siri in September, to run in part on Google’s cloud computing servers using Nvidia chips, according to people familiar with the matter.

While Apple will try to run as much as possible of the new Siri on devices such as iPhones, certain parts will require more compute power and will run on Google Cloud, as The Information has previously reported. Specifically, Apple will tap into Google’s fleet of Nvidia’s Blackwell B200 data center chips, said the people. Apple will enable Nvidia’s confidential compute feature that encrypts data as it’s being processed on the chips. This measure is supposed to ensure Apple can maintain its high security and privacy standards while running customer data in another company’s cloud servers.

The move diverges from Apple’s strategy of attempting to control all the critical ingredients to its products. It’s unclear how Apple’s previously launched server system, called Private Cloud Compute, will fit into the upcoming Siri product launch. Private Cloud Compute, which runs on Apple’s Mac-series chips, was announced two years ago as a way to offer cloud-based computing in a more private and secure fashion. Apple tried to get a modified version of Google’s Gemini–which Apple is relying on for the Siri overhaul–working on this in-house server system, but found it ran too slowly.

Apple will announce the new Siri, which is supposed to offer a more personalized and sophisticated chat experience, next week at its annual Worldwide Developers Conference. The new version of its beleaguered voice assistant was initially announced in 2024, but Apple struggled to get a working version using its own internal artificial intelligence models. Instead, over the past year Apple has been turning to outside partners like Google and its Gemini model to power the Siri revamp.

4.	Benchmark Raises $1.25 Billion Fund to Back Mature Startups By Julia Hornstein Source: The Information

Benchmark has raised two new funds, one of which will invest in later-stage startups, breaking with the firm’s tradition of exclusively backing early-stage companies. The firm will invest in those more mature companies through a $1.25 billion fund and earlier ones through a $750 million fund, according to a source familiar with the raise.

Benchmark is following in the footsteps of its peers, which have in recent months raised the largest funds in the firms’ histories. Benchmark’s strategy had long been to raise funds between $400 million and $500 million every few years, though some Benchmark partners have previously questioned whether that strategy and early-stage focus would enable the firm to generate its strongest returns.

5.	Broadcom Reports 48% Revenue Growth as AI Chip Business Expands By Martin Peers Source: The Information

Broadcom reported 48% higher revenue for its second fiscal quarter, ended May 3, as its AI chip revenue jumped 143% to $10.8 billion. Overall revenue of $22.187 billion was roughly in line with the company’s projection issued in early March.

Broadcom has benefited from growing efforts by companies such as Google and OpenAI to develop their own AI chips. That has turbocharged the semiconductor part of Broadcom’s business, dramatically accelerating its growth rate. The company projected its topline to expand 84% in the third quarter, driven by even faster growth in AI chips.

Despite the improvement, Wall Street was disappointed, as Broadcom shares fell 12% in after hours trading, suggesting analysts were expecting even stronger growth.