SpaceX Strengthens Manufacturing Base with Hexagon Purus Aerospace Deal
Elon Musk
Tesla engineers deflected calls from Apple on a daily basis while the tech giant was developing its now-defunct electric vehicle program, known as "Project Titan."
In 2022 and 2023, Apple was secretly developing an EV, aiming for a 2028 launch with full autonomy. However, Apple abandoned the project in early 2024, citing unrealistic expectations and a lack of industry expertise.
Apple's EV cancellation sparked mixed reactions in the tech industry. Initially, Apple planned for a 2028 launch with "limited autonomous driving," but this seemed like a concession given their unpreparedness to compete with industry giants like Tesla.
Wedbush's Dan Ives noted that Apple's EV landscape was challenging, and most Project Titan engineers are now focused on AI.
Apple attempted to poach Tesla talent, offering double the compensation without an interview. Musk revealed that Tesla engineers "unplugged their phones" to avoid Apple's relentless recruiting calls.
Despite Apple's efforts, Tesla took no legal action against Apple's poaching attempts, unlike its action against Rivian in 2020.
Some Tesla bulls predict the company could reach a $100 trillion market cap, especially with its expansion into AI and robotics. However, this valuation seems almost ridiculous compared to the top ten most valuable companies, which are worth around $26 trillion.
Cathie Wood of ARK Invest supports this, citing Tesla's proprietary data and industry ambitions. Musk believes all his companies are converging, and SpaceX's acquisition of xAI is a step towards a unified empire.
SpaceX's Falcon Heavy launch with Elon Musk's Tesla Roadster in 2018 was a bold statement of ambition and risk-taking. Seven years later, SpaceX and Tesla have achieved remarkable success.
Today, Tesla is the world's most valuable automaker, with a market cap of $1.54 trillion. The Model Y is the best-selling car globally, and Tesla's autonomy technology is advanced. Optimus, a humanoid robot program, is a potential game-changer.
SpaceX's Falcon 9 has become the industry's workhorse, with over 600 missions and 560 successful landings. Starlink now dominates satellite communications, and Starship is under active development for multiplanetary travel.
In hindsight, the Roadster launch was a signal of SpaceX and Tesla's willingness to think big and take risks, setting them apart from traditional aerospace companies.
