Happy Tuesday.
The build this week: the county-level bid.
Grimes County voted 4-1 to give SpaceX a 100% property-tax abatement for a semiconductor fab with a stated build as high as $119 billion. The State Department cleared a $1.98B Anduril counter-drone sale to Kuwait. NextEra moved to buy Dominion in a deal valuing the combined utility at roughly $120B. DOE committed $850M to coal plant modernization and export capacity. And Helion raised $465M at $15.5B for fusion.
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The Lead
The Grimes County Commissioners Court voted 4-1 to grant SpaceX a reinvestment-zone designation and a 100% property-tax abatement for Terafab, a vertically integrated semiconductor plant SpaceX wants to build at the former Gibbons Creek Reservoir site, roughly 90 miles northeast of Austin. SpaceX puts the initial spend at $55 billion and the all-phase total as high as $119 billion, among the largest manufacturing investments ever proposed in the United States and far above the $20 billion Elon Musk floated when the project first surfaced. The ten-year abatement, 2027 through 2036, covers buildings and equipment.
The number that matters most is not the headline capex but the denominator. The county’s analyst, PERC, projected that Terafab’s 1,800 promised jobs would equal more than 10% of the county’s entire workforce: a single private facility large enough to reset the labor market of the place it lands in. The build is so large that it does not slot into a regional economy so much as become one, and the deciding venue is a county commissioners court trading a decade of property-tax base for payroll and supplier formation it could not otherwise attract. Terafab is making chips for Tesla products and, eventually, for AI compute SpaceX intends to fly in orbit.
The abatement is also the live political seam. Residents packed the June 2 hearing to object, and a 100% ten-year abatement on a $55-119 billion asset ranks among the most generous a Texas county has extended for a single project. Grimes County is betting that a $5 billion floor by 2030, 1,800 jobs by 2035, and the supplier base that follows a fab outweigh a decade of forgone property tax on equipment most rural counties will never otherwise host. The state and county are no longer competing for distribution centers; they’re competing for the silicon supply chain itself, and paying frontier prices to win it.
Defense & Space
Anduril won a $1.98B foreign military sale of counter-UAS systems to Kuwait, including Roadrunner-Munition and Anvil-Kinetic interceptors, days after Iran’s June 3 drone strike on Kuwait International Airport.
Lockheed Martin secured an $842M foreign military sale of 200 AGM-158B JASSM-ER cruise missiles to Denmark for its F-35A fleet, with range exceeding 925 km.
Kongsberg took a $241M Air Force award for Lot 2 production of the Joint Strike Missile for F-35A internal carriage, with work in Norway through November 2028.
Semiconductors & Electronics
SIA reported global semiconductor sales hit $110.5B in April, up 94% year-over-year, and endorsed a WSTS forecast projecting the market will reach $1.5 trillion for full-year 2026.
Broadcom guided Q3 AI chip revenue to roughly $16B, missing the $17.2B Wall Street expected, triggering a 10.4% single-session drop in the SOX index and erasing more than $1 trillion in semiconductor market cap.
Energy & Materials
The Department of Energy committed $350M to modernize and restart coal plants across Alaska, West Virginia, Puerto Rico, and Maryland, adding roughly 3,565 MW, plus a separate $500M in Defense Production Act funds for 12 additional coal projects and the $75M West Gateway Terminal export facility in Oakland.
American Battery Technology won reinstatement of a $115M DOE grant for a commercial-scale lithium refinery producing 5,000 tonnes per year of battery-grade lithium hydroxide at its Tonopah Flats project in Nevada.
Google and Intersect Power broke ground on the Meitner Energy Center, a co-located data center and 1+ GW generation complex in the Texas Panhandle combining wind, solar, battery, and gas firming as part of Google's $40B Texas infrastructure commitment.
Manufacturing & Automation
Misumi launched Misumi Americas with a $1B global investment in AI-powered digital manufacturing, with U.S. facilities in California, Illinois, and Ohio serving factory automation, robotics, aerospace, and defense customers.
EnergyX and Wildcat Discovery announced a $230M joint venture to build a 15,000-metric-ton-per-year lithium iron phosphate cathode manufacturing facility in Hooks, Texas, creating roughly 150 permanent jobs.
Blue Origin committed $600M to expand its Rocket Park campus in Merritt Island, Florida with an 830,000-square-foot upper-stage manufacturing facility and 500 jobs.
Maritime & Shipbuilding
House authorizers adopted an amendment requiring the Navy to report by March 2027 on how the nuclear-powered Trump-class battleship program will avoid negative impacts on Ford-class carrier construction, after a separate amendment to strip $1B in advance procurement failed 26-30.
BlueForge Alliance received a $400M contract modification to expand planning and uplift work across the Submarine Industrial Base, with performance running through September 2027.
Detyens Shipyard won a $13.4M award for a 90-day post-shakedown availability on the expeditionary fast transport USNS Point Loma.
Supply Chain & Freight
BNSF won Barstow City Council approval for the $4B Barstow International Gateway, the first fully integrated rail yard, intermodal facility, and logistics park in the U.S. spanning 4,500 acres, with construction expected late 2026 and an estimated 20,000 jobs.
Port NOLA and New Orleans Public Belt Railroad deployed AI-powered rail clearance technology with UTC Transoceanic and Palantir Foundry, cutting the time to plan oversized cargo rail moves from months to near-instant feasibility answers.
Ray-Mont Logistics was named exclusive transloading provider at the CANXPORT facilities at Prince Rupert, with Phase I launching in July and initial export capacity of 350,000 TEU for grain, forestry products, and plastic resins bound for Asia.
Dealbook
SpaceX launched a $75B IPO roadshow at a fixed price of $135 per share and a roughly $1.75T valuation, targeting a June 12 Nasdaq listing under ticker SPCX in what would be the largest public offering in history.
NextEra Energy moved to acquire Dominion Energy in an all-stock deal valuing Dominion at roughly $120B; the combined utility would serve 10 million customers with a combined project pipeline of about 130 GW, much of it tied to data-center load.
Google will pay SpaceX $920M per month for access to roughly 110,000 Nvidia GPUs at the Colossus data center through June 2029, a deal worth approximately $30B over 32 months disclosed in SpaceX's S-1 filing.
Applied Aerospace & Defense raised $650M in its NYSE IPO at $20 per share, the first major defense-industrial listing of 2026, manufacturing flight-critical assemblies for aircraft, satellites, launch vehicles, and missiles across 11 facilities.
Helion raised a $465M Series G at a $15.5B post-money valuation led by Thrive Capital, taking the Everett, Washington fusion developer past $1.5B in total funding.
Generalist AI raised $400M at a roughly $2B valuation led by Radical Ventures with Nvidia's NVentures and Bezos Expeditions, to scale the robot foundation model behind its GEN-1 system.
Back Thursday.
