Musk pitches Terafab chip venture to ASML staff as SpaceX IPO set to price

Musk Addresses ASML Employees Ahead of SpaceX IPO Amid Chip Push

Elon Musk on Thursday virtually addressed employees of Dutch semiconductor equipment maker ASML at the company’s annual internal technology conference, pitching his Terafab chip manufacturing initiative on the same day SpaceX’s record-breaking initial public offering is expected to price.

The appearance, confirmed by ASML and first reported by Bloomberg, comes at a pivotal moment for Musk, who is poised to become the world’s first trillionaire when SpaceX begins trading on the Nasdaq on June 12 under the ticker SPCX.bloomberg

Terafab and ASML

According to Reuters, Musk presented his vision for artificial intelligence, robotics, space exploration, and semiconductor production during the closed-door event, which ASML characterized as “an internal event for employees only.” The company said the invitation was made “in the context of the Terafab project, which is highly relevant to the semiconductor industry.”reuters

Terafab is envisioned as a joint venture between SpaceX and Tesla to produce cutting-edge chips for robotics, AI, and space applications, with ASML and Intel as potential manufacturing partners. The project carries an estimated price tag exceeding $20 billion.cryptobriefing

The invitation was not without controversy. Some ASML employees threatened to boycott the event, arguing that Musk’s politics clash with the company’s values, according to Dutch Brief, a publication that first reported the internal backlash.dutchbrief

SpaceX’s Record IPO

SpaceX is set to price its IPO later Thursday at $135 per share, selling roughly 555.6 million shares to raise approximately $75 billion — the largest stock market debut in history. The offering would value the company at about $1.77 trillion.straitstimes

The IPO prospectus identifies AI as SpaceX’s largest addressable market opportunity, following the company’s February merger with Musk’s xAI venture. The filing puts SpaceX’s total addressable market at $28.5 trillion, with the vast majority attributed to AI-related enterprise applications.profgmedia

Musk’s Wealth in Flux

Musk’s net worth, currently estimated by Forbes at roughly $826 billion, stands to vault past $1 trillion once SpaceX shares begin trading. He holds approximately 42% of SpaceX’s common shares plus 350 million stock options.cnbc

However, Tesla’s stock has declined in recent sessions, falling about 4% on Tuesday amid concerns about capital rotation into the SpaceX offering and broader tech-sector weakness. Shares traded around $381 on Wednesday, down from above $435 in late May. Barclays maintained a Hold rating on Tesla with a $360 price target, while analysts debated whether SpaceX’s listing could draw investment away from its sibling company.yahoo