The SpaceX IPO is here, and it’s more than just an historic public offering that could make Elon Musk the world’s first trillionaire. It also reveals more ways in which Elon Musk’s companies interact and overlap with each other, shuffling money around in ways that are often difficult to keep track of.
Technology
In SpaceX’s IPO, Elon Musk is a risk factor
This is evident in ways that are both obvious and less so. A CTRL-F search for “Tesla” yields 87 results, xAI is mentioned 356 times, and X 267 times. Even the Boring Company (7 times) and Neuralink (3) get a few mentions. Throughout its 330 pages of rocket launches and interplanetary wishes, you can trace the network of ways in which Musk’s companies deal with each other.
It’s also evident in the ways Musk’s companies are shareholders in other Musk companies, further intertwining their fates in the process. Based on the Form S-1 filing, Tesla owns nearly 19 million shares of SpaceX’s Class A common stock, which is less than 1 percent of the total outstanding stock. Tesla’s stake in xAI was converted to SpaceX shares after Elon Musk merged his AI company with his space company in February.
The filing also reveals SpaceX bought $131 million worth of Cybertrucks “at manufacturer’s suggested retail price from Tesla.” A Bloomberg report earlier this year suggested that SpaceX bought 1,279 Cybertrucks in the fourth quarter of 2025, but the IPO suggests it has probably acquired a few more than that. As Electrek notes, without these purchases, Cybertruck registration numbers likely would have gone down year over year.
Tesla’s Megapacks, the company’s giant stationary storage batteries, are used to stabilize SpaceX’s Colossus I and II data centers in Memphis, TN, during peak demand. The rocket company purchased $697 million worth of Megapacks from Tesla in 2024 and 2025.
SpaceX’s relationship with Musk’s Boring Company is much more quaint in comparison. The tunneling venture has paid about $1.2 million in office leases to SpaceX. And SpaceX spent about $1 million for the Boring Company to dig a tunnel at its headquarters in Bastrop, Texas.
SpaceX was valued at $1.25 trillion earlier this year after merging with xAI, Musk’s AI company that also owns X, formerly Twitter. The tie-up means investors will be buying in at a historically high price — but Musk combined the companies at great cost to himself, and also SpaceX. The filing showed that the rocket company directed about 60 percent of its capital spending in 2025 toward xAI, or about $20 billion. But as TechCrunch notes, xAI lost billions of dollars last year on revenue that grew by only 22 percent year over year.
When going public, companies are required to list their risk factors, under the assumption that investors should know about all the skeletons in the closet before putting their money down. For SpaceX, the biggest risk is also the biggest asset: Elon Musk.
For SpaceX, the biggest risk is also the biggest asset: Elon Musk.
While any company, especially one as complex as SpaceX, would be expected to include a long list of risk factors in its S-1, SpaceX’s is unique in that it includes its own CEO. The filing explicitly states that SpaceX is “highly dependent on the continued services of Mr. Musk,” noting that his leadership, vision, and technical expertise are critical to the company’s future.
Like other Musk-owned companies, SpaceX acknowledges that Musk isn’t always 100 percent focused on SpaceX. And it admits that Musk’s intersecting businesses may end up cannibalizing each other in some way. Conflicts could arise. And if they do, Musk is not “restricted” from doing something that directly competes with his other companies, including SpaceX.
Conflicts of interest could arise in the future between us, on the one hand, and Mr. Musk and entities owned by or affiliated with him, on the other hand, concerning among other things, business transactions, potential competitive business activities or other opportunities…. Furthermore, Mr. Musk and other businesses owned by or affiliated with him may now, or in the future, directly or indirectly, compete with us for investment or business opportunities.
The S-1 goes on to enumerate the ways in which Musk’s extensive entanglements could result in financial loss for SpaceX. The company is completely dependent on his leadership, and yet could also incur big losses as a result of said leadership. (See: Tesla in 2025.)
For instance, Mr. Musk currently serves as Technoking and Chief Executive Officer of Tesla and is involved in other emerging technology ventures, including Neuralink and The Boring Company. Mr. Musk has also previously served as Senior Advisor to the President of the United States. Any such loss or reduced involvement in our business could result in a material adverse effect on our business, financial condition, results of operations, and future prospects.
The pull between risk and reward is a running theme throughout the filing.
We, Mr. Musk, and other companies Mr. Musk is affiliated with frequently receive an immense amount of media attention. The actions and statements of Mr. Musk and his affiliated ventures, whether or not directly relating to us, may draw significant public attention and scrutiny to us and could potentially have a positive or negative impact on our business, relationships with customers and regulators, or stock price.
These are not statements you find in your average S-1 filing, but SpaceX is not your typical IPO. Musk stands to make billions if SpaceX establishes a “permanent” colony on Mars with “at least” a million inhabitants. He’s also a shit magnet that could do serious damage to SpaceX’s reputation. Musk’s companies do business with and are deeply entangled with each other in ways laid bare by the filing. They buy each other’s stuff, compete with each other for RAM, AI chips, and other ultra valuable components that are increasingly in short supply.
Occasionally, his shareholders push back. In 2024, several Tesla shareholders sued Musk over claims he was knowingly diverting talent and resources away from the company and directing it toward, xAI. That lawsuit is still pending.
Technology
Google’s NotebookLM can sum up your research in a TikTok-style clip
Google’s NotebookLM is adding a new way to catch up on your notes: TikTok-style AI videos. The new feature is rolling out to Google AI Ultra and Pro subscribers, allowing NotebookLM to generate 60-second vertical AI clips based on the sources you upload to the app.
The example shared by Google details Australia’s unsuccessful war on emus, pairing paper cutout-style AI art of emus with narration. It adds to some of the other ways NotebookLM lets you interact with your research, including by generating AI podcasts, cinematic videos, and visual explainers.
To generate a 60-second clip, head to NotebookLM on the web or app, select a notebook, and then choose “Video” from the Studio column on the right side of the screen. From there, select “Short,” choose the topic you’d like NotebookLM to focus on (or enter your own), and then hit the “Generate” button.
The feature is rolling out in English only for now, with support for free users coming “soon.”
Technology
The trick to smoother streaming at home and on the road
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Ever settle in for movie night, hit play, and thirty seconds later, the picture dissolves into a blurry mess of pixels? You restart the app. You restart the router. You’re paying for a fast internet plan, so what gives?
Before you spend forty minutes on hold with your provider, there’s something you should know: the problem might not be your connection speed at all. It m
ight be your internet provider putting the brakes on certain types of traffic.
The good news is that one tool may help, especially when your provider is slowing down streaming traffic that it can recognize.
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TRAVEL MISTAKE PUTS PHONE, LAPTOP AND STREAMING ACCOUNTS AT RISK
Buffering during streaming may not always be caused by slow internet speeds. ISP bandwidth throttling could be reducing video quality, and a VPN may help in some cases. (Photo by Marcus Brandt/picture alliance via Getty Images)
Why your streaming keeps buffering
Internet service providers handle enormous amounts of traffic. When their networks get congested, they look for ways to manage the load. One of the handiest tools in their bag is a technique called bandwidth throttling. It means deliberately slowing down certain types of traffic to ease the pressure on their infrastructure. Streaming video is one of the first things they may target because it eats up a lot of bandwidth fast.
Here’s the part that most people don’t realize: your ISP can often see what kind of traffic you’re sending and receiving. When they detect a steady stream of traffic flowing from a streaming platform, they may put a speed limit on that traffic specifically, even while your overall connection seems fine. You won’t always get a warning, but you will notice a dip in video quality.
That’s why you can load a webpage in a blink but still have to sit through buffer wheels before your show even gets going. The issue may not be your speed. It may be what your ISP does with it once they know how you’re using it.
Travelers can run into an additional wrinkle. Hotel networks and public connections are often shared across dozens or hundreds of people at once. When everyone is streaming, browsing and video calling at the same time, the network slows to a crawl and your video quality pays the price. What worked fine at home suddenly stutters and stalls on the road.
The fix most people don’t know about
A VPN, or virtual private network, is usually thought of as a privacy and security tool, but it may also help with some throttling problems. It runs quietly in the background while you stream.
When you connect to the internet through a VPN, your traffic gets encrypted before it leaves your device. Your ISP can still see that you’re using data, but it can no longer easily see what kind. Streaming traffic looks like encrypted data passing through, which means there’s no obvious streaming target to throttle. The result can be a more consistent connection, fewer interruptions and less of that infuriating mid-episode quality drop.
And there’s an extra benefit for travelers: Your traffic is encrypted on hotel, airport and café Wi-Fi. That can help protect what you’re doing online, though it won’t magically fix a network that’s overloaded. A good VPN can help keep your connection more stable across the unpredictable variety of networks you encounter while traveling, not to mention help protect you from public Wi-Fi hackers.
Just keep in mind that some streaming services may limit or block VPN connections, so you may need to switch servers or check the service’s rules.
NETFLIX CO-CEO CLARIFIES STREAMING GIANT’S LIVE SPORTS STRATEGY AMID NFL LINEUP EXPANSION, FEDERAL SCRUTINY
A VPN can encrypt your internet traffic, making it harder for internet providers to identify and selectively throttle streaming services. (Photo by Grichka BEYSSON-LEANDRI / Hans Lucas / AFP via Getty Images)
What to look for in a VPN for streaming
There’s no shortage of VPN options out there, but for streaming, a few things matter more than others.
Speed is king when it comes to video. A VPN that encrypts your traffic but slows your connection defeats the whole purpose. Look for a provider with a large network of fast servers and a proven track record with high-definition and 4K content.
Device support matters too. Your streaming life doesn’t live on just one screen. It’s also on your phone, your smart TV, your tablet and your laptop. A good VPN covers all of them under one subscription and will let you run it on multiple devices simultaneously.
Our top VPN pick checks all these boxes and is more than fast enough for high-quality streaming.
For the best VPN software, see my expert review of the best VPNs for browsing the web privately on your Windows, Mac, Android & iOS devices at Cyberguy.com
A few more tricks to keep in mind
Before blaming throttling, test your speed with the VPN on and off, restart your router, move closer to Wi-Fi, use a 5 GHz or 6 GHz network when available and try Ethernet for your main TV. If everything else is fast but streaming keeps dropping quality, throttling becomes a more likely suspect. Pair a VPN with these tips, and buffering becomes a rare event instead of a nightly battle.
1) Connect before you open the app
Turn on your VPN first, then launch your streaming service. It’ll save you the hassle of reconnecting in the middle of the episode.
2) Choose a nearby server
In general, the closer the server, the lower the lag. A server in your home city usually delivers the best balance of speed and stability.
3) Check your home router
If streaming still struggles with a VPN running, an outdated router might be your weakest link. A dual-band or Wi-Fi 6 model makes a noticeable difference on busy home networks. Looking to upgrade your home setup? Check out our guide to the Top 5 routers for best security in 2026 at Cyberguy.com
4) Download before you go
Most major streaming apps let you save content for offline playback. Load up a few episodes on your home connection before a long trip, and you might not need to stream at all for the first leg of your journey.
INSTANTLY UPGRADE YOUR STREAMING: AT HOME AND WHEN TRAVELING
Travelers using hotel or public Wi-Fi may benefit from a VPN’s added privacy, though it cannot overcome an overloaded network. (Photo by Alex Pantling/Getty Images)
Kurt’s key takeaways
Buffering isn’t something you have to accept, and your internet plan may not be the issue. Your provider could be managing your traffic when it recognizes what you’re watching. A reliable VPN can make it that much harder, whether you’re on your couch or in a hotel room across the country. Remember: the trick to smoother streaming isn’t always paying for faster speed. It’s making sure the speed you’re already paying for actually reaches your device.
Are you using a VPN for streaming, or have you found another workaround that does the job? Let us know by writing to us at Cyberguy.com
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Technology
After a great start, DC’s new cinematic universe is already slowing down
Though hopes were high for Supergirl, the movie has turned out to be a bit of a dud. Critics have been rather down on the project, and its lackluster box office performance has it on track to lose WBD somewhere between $100–120 million. Films flop all the time, and Supergirl not resonating with audiences probably wouldn’t be a huge deal if we knew that DC Studios had more exciting things coming down the pike. But Supergirl feels like it could be an early sign that Gunn’s grand plan for the DCU is falling apart before it even really gets off the ground.
Loosely based on Tom King and Bilquis Evely’s Supergirl: Woman of Tomorrow comic miniseries, the new Supergirl film follows Superman’s cousin Kara (Milly Alcock) as she embarks on an interstellar bender that culminates in her dog being poisoned by crew of sex-trafficking pirates. Unlike Superman (David Corenswet), Supergirl doesn’t really have a problem with killing her enemies — especially when they’re trying to stop her from saving Krypto. But with an orphaned girl (Eve Ridley) tagging along for the adventure, Kara tries to set a good (read: no murdering) example.
Supergirl struggles to make its titular heroine feel distinct from Superman
Though Supergirl comes from director Craig Gillespie and writer Ana Nogueira, everything about this movie — from its focus on animals in distress to its needle drops — makes it feel a lot like some of Gunn’s previous work. Supergirl’s drunken brawls in alien bars and scenes of her schlepping around space in a junky starship look like they could have been ripped from any one of Marvel’s Guardians of the Galaxy features. You can hear Nogueira channeling Gunn’s spiky sense of humor as the movie introduces new faces like unhinged bounty hunter Lobo (a distracting Jason Momoa in comics-accurate garb). Momoa’s presence is a constant reminder of how the DCEU fell apart, but Lobo isn’t really what drags Supergirl down.
As refreshing as it was to see Superman gloss over Clark Kent’s oft-repeated tragic backstory, Supergirl spends much of its runtime rehashing the details of Krypton’s destruction. Flashbacks to Kara’s past are meant to help us understand the grief she’s been living with, and to see why her sense of morality is very different from her cousin’s. But rather than unpacking Kara’s emotions in any meaningful way, the movie makes light of her substance abuse while sending her on a by-the-numbers adventure that’s generally lacking when it comes to intrigue or visual spectacle.
One of Supergirl’s more glaring issues is the way it struggles to find organic ways to make its titular heroine feel distinct from Superman. Aside from her relative brutality and moody outlook, she’s just another indestructible alien who periodically needs to recharge her powers by basking in yellow sunlight. The movie tries to give itself some stakes by constantly putting Kara in situations where she’s left without her abilities. But by the second sequence in which Kara’s getting punched out by a bunch of dudes, you get the sense that DC Studios never really locked in on a plan to make this story pop.
That’s somewhat surprising given the way Gunn has previously insisted that DC Studios would “never put a half-assed script in production” simply because the project had already been announced. Half-assed is the perfect description of Supergirl’s entire vibe, and it being the studio’s second major feature doesn’t exactly bode well for the DCU’s future. Supergirl needed to demonstrate that Gunn had a solid plan to build a new universe on the backs of some of DC’s lower profile characters. Though we’ve already seen some of how that could work in HBO’s Peacemaker series, it was less clear whether the studio could pull it off on the big screen. The entire point of rebooting WBD’s superhero movies was to put DC Studios in a better position to compete with Marvel — which is on the verge of its own major reset. But whereas Marvel has a few reliable aces like the X-Men and a new Spider-Man movie up its sleeve, DC is essentially starting from scratch.
Some of Supergirl’s problems might not be so readily apparent if there had been more time before it and Superman’s theatrical debuts. The two movies coming out so close to one another emphasizes their characters’ general similarities, and makes it seem like DC might be a little too comfortable putting out iterative projects. This calls into question Gunn’s decision to prioritize a series about the Green Lanterns and a Clayface film before introducing new versions of more well-known heroes like Batman and Wonder Woman. WBD still plans to put out a sequel to Matt Reeves’ The Batman that won’t technically be part of the DCU, but the Gotham of it all may get audiences primed to see a new Bane / Deathstroke movie that the studio is reportedly prioritizing in the wake of Supergirl’s underperformance.
All of these B-tier projects and alternate realities give the nascent DCU a whiff of the same messiness that has plagued Sony’s universe of Spider-Man spinoffs since its inception. And when you factor in WBD’s impending merger with Paramount Skydance, it seems very possible that the DCU might not come together the way Gunn originally intended. Though it’s possible that next year’s Man of Tomorrow could steer things in a stronger direction, what feels more likely right now is DC putting out another Super-movie that feels a little too similar to what we’ve seen before. It wouldn’t be the first time that WB found itself on the ropes with a comics-related crisis, but it might be the last chance the studio has to get this stuff right.
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