TNB Tech Minute: SpaceX Stock Surges Nearly 20%

**SPEAKER_1** (0:00)
Many companies are struggling to scale their AI deployments or even move them past the pilot stage. Often the problem isn't technology, but organizational misalignment around goals, processes and incentives. At the break, join Caroline Roach, a senior partner, IBM Consulting, to learn why.

**Julie Chang** (0:16)
Here's your afternoon TNB Tech Minute for Monday, June 15th. I'm Julie Chang for The Wall Street Journal. Shares of SpaceX closed up nearly 20% today. Elon Musk's company debuted on the NASDAQ last week and pulled off the largest initial public offering ever. In a press release today, SpaceX said it raised $85.7 billion in its IPO. That's up from the $75 billion that the company initially sold in its public offering on Friday. The additional proceeds come from underwriters exercising their so-called green shoe option, an over allotment of more than 83 million additional shares.
Plus, we exclusively report that Australia's richest person, Gina Rinehart, has acquired a stake in SpaceX valued at over $1 billion. This marks the largest non-iron ore investment for her company, Hancock Prospecting, which is one of the world's biggest exporters of the steelmaking commodity. In email remarks today, Rinehart expressed confidence in Musk and emphasized the need to keep investing in Western tech and innovation. Rinehart didn't specify the value of the investment, but a person familiar with it said it was valued at over $1 billion.
Finally, Bitcoin appears to be benefiting from the US-Iran peace deal. The cryptocurrency jumped to about $66,500 today, touching its highest level in nearly two weeks. That helped lift shares of companies tied to crypto, including trading platforms Coinbase and Robinhood, and the Bitcoin hoarding company, Strategy. They all closed up over 5%.
Bitcoin has been suffering this month since Strategy announced it had sold the cryptocurrency for the first time since 2022 Still, even with Monday's moves, Bitcoin is far off from a wartime high of over $82,700 reached in early May. For a deeper dive into what's happening in tech, check out Tuesday's Tech News Briefing podcast.

**SPEAKER_1** (2:16)
Scaling AI successfully requires more than the right technology. Here again is Caroline Roach, Senior Partner, IBM Consulting.

**Caroline Roach** (2:22)
The biggest thing that we were talking about a year ago is what model to use. The biggest thing that I'm talking about with my clients now is how do I drive change within my organization.

**SPEAKER_1** (2:34)
Companies able to identify correct and then avoid misalignment will be best positioned to deliver meaningful business value from AI.

**Caroline Roach** (2:40)
The organizations that are the most successful set very clear targets and have several priorities that are very clear across the enterprise. The technology is really good, but if you're not changing your organizational alignment, not incentivizing your people correctly, not looking at workflows, you're not going to see real value with it.

**SPEAKER_1** (3:01)
Visit ibm.com/think/leadership to learn how building organizational alignment can help deliver AI deployments that scale and drive growth.

**SPEAKER_4** (3:10)
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