A federal jury in Oakland found Sam Altman, OpenAI, and Greg Brockman not liable for Elon Musk’s claims that they unjustly enriched themselves and breached a founding contract. The verdict came after less than two hours of deliberation and rebuked Musk’s argument that Altman stole a charity through OpenAI leadership. The outcome provides OpenAI a clear path to pursue a public listing later this year at about a $1tn valuation. SpaceX is expected to list first, with an IPO on Nasdaq under the symbol SPCX around 12 June, seeking up to $80bn. SpaceX’s filing shows large capital expenditures, major investment in xAI, and significant early-2026 losses.
"A federal jury in Oakland, California, found Altman, OpenAI and its president, Greg Brockman, not liable for Musk's claims that they unjustly enriched themselves and broke a founding contract made with Musk when founding the startup. The verdict, delivered after less than two hours of deliberation, is a stark rebuke of Musk and his lawyer's claims that Altman stole a charity through his leadership of OpenAI. It also provides OpenAI with a clear path ahead to pursue going public later this year at about a $1tn valuation."
"On Wednesday, Musk revealed SpaceX's plans for its $1.75tn initial public offering. The rocket and satellite operations company will go public on the US stock market at a valuation of about $1.75tn under the symbol SPCX, likely on 12 June. It is seeking up to $80bn in investment. The disclosure on Wednesday shed light on SpaceX's usually secretive finances, showing that it is plowing billions of dollars into its AI subsidiary, xAI."
"It also showed that the company lost over $4.2bn in the first three months of 2026. SpaceX's investor prospectus lists OpenAI along with other major AI firms such as Anthropic as key competitors to its business. SpaceX's investor prospectus lists OpenAI along with other major AI firms such as Anthropic as key competitors to its business."
Read at www.theguardian.com
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