SpaceX rockets past Tesla in market cap; GM turns to Chinese LFP cells for Chevy Bolt

SpaceX overtakes Tesla

In the latest TechCrunch Mobility roundup, SpaceX's IPO dominated headlines. By market close Friday, SpaceX reached a $2.1 trillion market cap, rocketing past Tesla's $1.52 trillion. It is now the sixth most valuable U.S.-listed company. A new line in SpaceX's S-1 document warns of future dilution, hinting at a possible merger with Tesla. COO Gwynne Shotwell said such a move “might make Elon’s life a little easier.”

GM's battery strategy shift

General Motors will use lithium-iron-phosphate (LFP) cells from Chinese supplier CATL for the 2027 Chevy Bolt, with no current plans to produce LFP for its own EVs. GM is starting LFP production at an Ultium plant, but those cells are destined for LG Energy Solution's energy storage systems. Separately, GM announced a commercial energy storage system for AI data centers using a new sodium-ion chemistry in partnership with Peak Energy.

Lucid loses top executive

Lucid Motors executive Emad Dlala has left the company, the first major departure since Silvio Napoli became CEO in April. More exits may follow.

Waymo buys Apple's test site

Waymo acquired a 5,500-acre proving ground in Arizona from Apple for $220 million, signaling a scaling push.

Other notable deals

• CameraMatics (Ireland) raised €49M for AI video telematics.
• Clear Robotics (India) raised $1.75M for autonomous ships.
• Evotrex raised $30M for hybrid RV trailers.
• Volteum raised €2.5M for fleet management software.
• Zepto (India) plans IPO valued at ~$1B.
• Zūm (school transport) is interviewing banks for IPO.
• Decart unveiled Oasis 3, a generative driving environment for AV simulation.
• Rivian began deliveries of the R2 SUV.
• Uber, Wayve, and Waymo head for a robotaxi showdown in London.
• Waymo launched Waymo Premier loyalty program ($29.99/month).
• Wing expands drone delivery to seven more U.S. cities with Walmart.