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Sources say that SpaceX made about $8 billion profit in the last year before its IPO.
SpaceX made an $8 billion profit on $15 billion to 16 billion dollars in revenue last year. This is according to two people who are familiar with the company's financial results. The people who spoke to the media declined to be identified to discuss confidential conversations. SpaceX and Musk's artificial-intelligence company, xAI are also in 'talks about a merger, according to a report on Thursday. SpaceX has not responded to a comment request immediately. Profit was defined as earnings before taxes, depreciation, and amortization. This is a key measure for operating performance. Musk's "satellite internet system Starlink" is the primary revenue generator, accounting for 50% to 80% of total revenues, according to the people. SpaceX is now the largest satellite operator in the world, with more than 9 million broadband internet users. Starlink, Starshield and government contracts have generated revenue that has been used to fund the development of a next-generation Starship rocket, which Musk hopes to use to launch more powerful Starlinks. The company purchased wireless spectrum rights worth $19 billion from EchoStar last yea, as it expanded Starlink to the direct-to device market. Mobile?phones will be able to connect directly with Starlink Satellites without the use of a Starlink User Terminal. Musk is celebrating his 55th birthday on June 28. The company plans to float 'the largest IPO in history, near Musk's 55th. Musk anticipates that Starship will begin launching payloads into space in this year, after 11 test launches since 2023. The billionaire hopes to launch space-based AI centers using Starship, a risky but nascent endeavor tied to xAI's merger proposal.
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US FAA bans drones in 30 miles of Super Bowl LX stadium
The U.S. Federal Aviation Administration announced on Friday that drones would be banned at Levi's Stadium, Santa Clara in California. Additional restrictions will also be placed in downtown San Francisco in the days leading up to the National Football League's Championship Game. The Super Bowl is only one of a handful of events that the FBI protects against drones. Drones are prohibited from flying within a 30 mile radius of the stadium, up to 18,000 ft. during the Super Bowl. U.S. officials are increasingly concerned about the possibility that drones could be used to attack major events in the future, such as the 2026 World Cup. The FBI provides counter-drone security at the 'Super Bowl, one of only a few events. In 2024, it was used at only 0.05% out of 90,000 occasions. Both the FBI and FAA have personnel on full-time duty to identify drone activity. Drone operators who violate restricted airspace can face fines up to $75,000. They may also be subjected to drone confiscation and criminal charges. Homeland Security Department announced earlier this month that it would spend $115 million on counter-drone security measures in order to boost the security surrounding the World Cup and America’s 250th anniversary celebrations. Since the war in Ukraine, drone attacks have become more common. Recent drone incidents at both European and U.S. Airports are also causing concern. Federal Emergency Management Agency had announced earlier that it would be granting $250 million to 11 States hosting World Cup matches for the purchase of counter-drone technology. Kathy Hochul, the Governor of New York in the summer of 2016, called on Trump for federal assistance to defend against drone attacks. A number of incidents have involved sporting events. In June 2025, a man pleaded guilty after being charged with violating defence airspace for flying a drone above the American Football Conference Championship game in Baltimore. In September 2024, Boston man paid a $5,000 fine to forfeit his drone. He was charged with illegally flying a Drone near the finish line for the Boston Marathon in April 2024. This prompted law enforcement officers to land and seize the drone mid-air. (Reporting and editing by David Shepardson, Washington)
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Forecast demand on the largest US grid is expected to be close to winter records
The PJM Interconnection region, which covers one fifth of Americans, is experiencing an unusually cold and prolonged winter. PJM is responsible for the electricity flow in 13 Mid-Atlantic and Midwest states. Prices on the market impact the bills of approximately 67 million consumers. Grid operator predicted a demand of 141 gigawatts for Friday. The continued Arctic weather is likely to keep electricity usage high until February 2. PJM has managed to survive a'snowstorm' and 10 days of freezing temperatures without requiring any rolling blackouts. The grid operator stated that it continues to prepare for cold operating conditions with its transmission and generation owners. Generators and power transporters scrambled to keep the PJM System running as icy, windy conditions increased demand and limited the supply of natural 'gas fuel sources. On Friday, the expected generation outages were 15 gigawatts or 11% of all committed capacity. PJM data shows that generation outages topped 22.2 GW on Monday. According to its forecast, outages were expected for the weekend to range between 11 GW and 14 GW. PJM forecasted earlier this week that its all-time record for winter demand would be smashed by Friday. They predicted 148 GW in electricity consumption. PJM set its record for the winter season in January 2025, with 143.7 GW. PJM lowered its forecasts because temperatures in certain parts of the territory weren't as cold as expected. The U.S. Department of Energy also encouraged data centers to use backup generators in order to 'ease the strain on PJM resources. PJM has had its performance closely monitored, in part because it is a large concentration of data centres, whose energy consumption increases faster than the grid, contributing to higher electricity prices. Spot wholesale energy?prices were around $173 per MWh in PJM on Friday. This was far below the spikes earlier in this week, which reached $3,000 per MWh. PJM, the electric grids in New York and New England and PJM themselves have all had to deal with congested high voltage lines across their respective territories. This week, temperatures hovering around 0 degrees Fahrenheit have led to power line overloads due to an increase in electricity demand. The cold weather has also reduced the capacity of power stations in PJM territory. (Reporting by Tim McLaughlin, Laila Kearney and David Gregorio; Editing Emelia Sithole Matarise)
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Azul, a Brazilian company, has raised $1.37 billion through a five-year bond issue
Brazilian airline 'Azul' secured $1.37billion in a bond issuance, the company said in a filing on Friday. This is a crucial step towards exiting Chapter 11 bankruptcy proceedings. The firm stated that the coupon for the secured notes due in 2031 was set at 9,875%. It added that the issue is expected to be completed on February 6. The transaction exceeded the $1.21 billion that was initially anticipated, with a demand of more than $9 billion. Two sources who are familiar with this matter also said that the yield on the issue was 10.125%. Azul announced last week that it will issue secured notes in order to provide exit funding in connection with its restructuring plans, which were approved by an American court in December. The carrier said it was aiming to repay its outstanding principal amount for its debtor in possession (DIP), and with any remaining money, support its restructuring, and improve its liquidity position. Azul filed Chapter 11 bankruptcy in New York on May 20, 2025. Its goal was to 'cut its debt and increase the resilience of their business against market challenges such as fluctuations in fuel prices or currency exchange rates. The airline expects to emerge from bankruptcy in February.
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Canada says that jet disputes can be resolved following the fall in Bombardier shares on Trump's threat
Canadian officials have said that they are working to resolve the dispute with the?U.S. After President Donald Trump threatened to decertify private jets and impose tariffs on Canada made aircraft,?shares? of Bombardier fell 5% at midday trading. Trump said that sanctions would be applied unless Canada's transport regulator approved the latest business jets produced by U.S. competitor Gulfstream. A White House official said that Trump did not suggest decertifying Canadian planes in use, but his warning of Thursday night sparked confusion and alarm for airline workers, aviation analysts and aerospace workers as well as buyers and owners private jets. Melanie Joly, Canadian Industry Minister, told Canadian broadcaster CBC that the country's Transport minister is in touch with U.S. officials. Joly stated, "We think that this problem can be solved." The certification process has been well underway, and the certification requirements were very recent. BROADER TENSIONS This dispute is part of a larger conflict between neighboring countries, after Canadian Prime Minister Mark Carney last week, citing U.S. Trade Policy, called on nations to accept that the rules-based world order?that Washington once championed, was over. A source with knowledge of the situation said that he thought Trump's threats had to do with these tensions and not the loss of business for Gulfstream in Canada's small private aviation market. Officials in the industry said that any delays by Canada in certifying Gulfstream’s flagship G700 and G800 jets for large cabins would not be a barrier to sales. Ehsan.Monfared, a Toronto aviation attorney at YYZ Law, said: "I've not seen any issue that would deter?purchasing behaviour." He explained that a Canadian who wants to purchase a Gulfstream aircraft could place it in an American non-citizens trust and register it there while waiting for certification from Transport Canada. Monfared stated that he didn't believe the regulator would punish U.S. aircraft. Gulfstream Savannah, a General Dynamics division, and its parent company declined to comment. Transport Canada has not responded to a comment request. Aircraft and aerospace components have largely avoided the brunt of Trump’s U.S. led trade war. Canadian-made planes, which comply with the USMCA agreement, continue to be exported south?of the border. Trump announced Thursday night that he would "decertify their Bombardier Global Expresses and all Aircraft Made in Canada" until Gulfstream planes are certified. In a Truth Social post, Trump stated that if the situation was not corrected immediately, he would charge Canada a tariff of 50% on all aircraft imported into the United States of America. If this threat is carried out, it would have a dramatic impact on U.S. carriers such as American Airlines and Delta Air Lines, who rely heavily on Canadian-made aircrafts for their regional services. This confusion also spread to buyers and operators in the United States - the largest market for business aviation in the world. Amanda Applegate of Soar Aviation Law, an American specialist in business aviation laws, stated on Friday that the post had prompted questions from clients who owned, or wanted to buy, Bombardier aircraft. POLITICAL WEAPON Decertifying aircraft is dangerous and can lead to job losses. Bombardier employs 3,000 people in the U.S. The IAM stated that "Aircraft certification is not meant to be used as a weapon of political or economic influence, but to ensure safety." Cirium, a data provider, has reported that there are 150 Global Express planes registered in the U.S. and operated by 115 operators. There are also 5,425 different types of aircraft made in Canada registered in the U.S.
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Olympics-Controversial Cortina cable car still unfinished a week before Winter Games start
There are growing doubts about whether Cortina’s cable car is ready for the women’s Olympic alpine ski events at the Dolomites Resort. The infrastructure has not been completed a week before Games begin. The Apollonio Socrepes Gondola is one the most controversial projects for the Winter Olympics in Cortina, and Milan from 6-22 February. The construction of the cable car that will take tourists from the centre to the slopes has been delayed. Some residents are concerned about safety, as the project is taking place in an area prone to landslides. Two people familiar with the situation said that the 50 cabins had not been installed yet and the safety tests - which were originally scheduled to take place the last week before the Games began - have still to be performed. Simico, a state-backed agency responsible for the project, has repeatedly stated that the cable car will be delivered on schedule. It said in a Friday statement that the work was proceeding according to plan. The agency stated that "the pulling of cable is complete and the splicing will begin as soon as Saturday." They added that the alignment of rollers at three stations and 10 pylons would be checked over the weekend. The mechanical and hydraulic work is expected to be finished early next week. After that, the technical safety inspections will begin. Simico?added that the lift will be ready once these works are completed. The first race is scheduled for the 9th of February at the Tofane Alpine skiing centre in Cortina. One of those involved said that if it wasn't finished by then, opening the cable car would be delayed by a few more days. The Games organizers have limited the number of tickets available due to uncertainty about whether the cable cars will be ready for the Games. A spokesperson for the Milano Cortina 2026 organizing committee stated that they had?released so far a number tickets in accordance with the capacity guaranteed through road transport. Cortina, located in the Dolomites in northern Italy, is one of the most popular winter resorts in Italy. It hosted the 1956 Olympic Games, but the town has no railway station, and the main road can be slow during peak hours. Cortina is also hosting curling as well as bobsleighs, luges and skeleton events. (Reporting and editing by Giselda Vangnoni, Christian Radnedge and Sara Rossi)
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Sources: German Minister to travel to Saudi Arabia with Siemens Energy and Thyssenkrupp CEOs
Four people with knowledge of the situation said that the CEOs from Siemens Energy and Thyssenkrupp would join Economy Minister Katherina Riege on a trip to Saudi Arabia. The top European economy is looking to diversify its supply of energy. Reiche will travel to Saudi Arabia between February 1 and 3 to expand the economic relationship, according to a spokesperson from her ministry. This comes just days after Reiche stressed the importance of new alliances due to rising geopolitical tensions. The focus of the trip will be energy. This is a crucial issue for Germany, which is?Saudi Arabia’s most important economic ally in the European Union. Germany has seen its costs rise after losing access to cheap gas from Russia. Sources say that Christian Bruch, CEO at Siemens Energy, and Miguel 'Lopez of industrial conglomerate Thyssenkrupp will be part the business delegation traveling with Reiche. They added that Uniper CEO Michael Lewis, EnBW's Georg Stamatelopoulos, and Egbert Lage, who is in charge of Sefe Group will all be attending. Thyssenkrupp EnBW Sefe have confirmed that their CEOs will be attending. Siemens Energy and Uniper have declined to comment. A spokesperson for the ministry said that a number memorandums would be signed during the trip. "The focus will be on energy projects and innovation, deep tech, artificial intelligence and particularly in'start-ups. From February 4 to 6, German Chancellor Friedrich Merz will travel to Saudi Arabia and the United Arab Emirates to highlight the importance of the region to Berlin. A government spokesperson stated that both the Gulf States' investments in Germany and efforts to diversify the energy supply?are on agenda. Berlin hopes "to see increased activity in investment". Qatar is one of the largest shareholders in Germany, with stakes in Volkswagen, RWE, and Deutsche Bank. (Reporting and editing by Hugh Lawson and Kirsten Donovan; Reporting by Christoph Steitz, Andreas Rinke)
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FAA finalizes 25 hour cockpit voice recording rule
The Federal Aviation Administration finalized on Friday a rule that will require cockpit voice recorders in all new passenger aircrafts to retain 25 hours of data by 2027, compared to the current 2-hour loop. Since 2018, the National Transportation Safety Board (NTSB) has been advocating for the change. The United States, however, is lagging behind many other countries in terms of the requirements for commercial planes. The voice recorder records transmissions, sounds and voices in the cockpit. This includes the pilots' and engine noises. It can be vital in determining why plane crashes happen. The FAA rule that was proposed in 2023 takes effect immediately, but some smaller aircraft have up to three years to comply. Congress passed legislation in 2024 requiring all passenger planes to be retrofitted by 2030 with 25-hour recording devices. Reporting by David Shepardson, Washington; editing by Chizu Nomiyama
Olympic bus surcharges leave 11-year old stranded on the snow
His 'family' said that an 11-year old schoolboy, who didn't have enough money to pay the bus fare surcharge for the Winter Olympics in Milano Cortina, was forced by sub-zero temperatures and snowy conditions to walk home?6 km (3.8 miles).
Corriere della sera, Italy's largest circulation daily, has featured the story of Riccardo on its front page, amid concerns about price gouging during the Games from February 6-22.
Dolomiti Bus, a local transport company, has increased the daily fare on a 'bus route' to Cortina d'Ampezzo (one of the Olympic venues) to 12 euros in exchange for more frequent service during the Olympics as well as the Paralympics from March 6-15.
Bus fare surcharges, which run from January 23 to March 17 affect occasional users such as Riccardo. However, they do not affect those with annual, monthly or Winter Games accreditation passes.
The boy was on his way back from school?on Tuesday when he boarded the bus with a bundle regular 2.5-euro fares, but the driver pushed him away after he couldn't come up with enough cash to pay the higher fare.
The driver said that if he did not have money, he would have to walk home. He wouldn't let him pay for his tickets with just four.
Balbinot is an attorney who has filed a complaint with the local prosecutor for the crime child abandonment.
She said that her grandson was traumatised, wet and freezing after walking along an icy path near the main road. However, he is now fine.
The bus company said it had established a commission that would "rigorously examine" what had happened and that the subcontractor's driver had been suspended.
Balbinot stated that there is a larger issue?about locals having to pay extra costs due to the Olympics.
"It is difficult to understand why residents who are caught in Olympic traffic should be charged extra."
(source: Reuters)