Apple formally initiated legal proceedings against artificial intelligence (AI) firm OpenAI on July 10, alleging the unauthorized use of its core hardware technology secrets. This lawsuit has intensified the battle for technological sovereignty among tech giants and triggered a fresh public and capital clash between SpaceX CEO Elon Musk and OpenAI CEO Sam Altman.
In response to the legal filing, Musk publicly challenged Altman on social media. Musk not only shared negative commentary about Altman but also accused him of having "started by stealing from an open-source AI charity" and now attempting to appropriate all of Apple's mobile phone technology.
Altman swiftly countered Musk's allegations. He retorted that Musk is promoting a so-called "short-term space data center concept" to public market investors, a move intended to obscure the significant energy consumption challenges inherent to AI infrastructure. Furthermore, Altman showcased OpenAI's latest technological achievements, emphasizing that various industry benchmark tests have proven its "5.6 sol" model is currently the world's highest-performing large language model.
Underlying Dispute Over Capital and Valuation
Industry analysts suggest the fundamental driver behind this heated exchange is a deep-seated contest for influence over public capital and the valuation narrative for large AI models. Musk's SpaceX completed its U.S. stock market listing on June 12, achieving a record-breaking fundraising round and closing its first trading day with a market capitalization nearing $2 trillion. Unlike traditional large-scale IPOs, SpaceX allocated approximately 20% of its offering to retail investors globally. However, views on Wall Street are divided; investment research firm CFRA initiated coverage with a "Sell" rating, citing excessive valuation and an overly aggressive strategy, while Morningstar's asset valuation estimates remain significantly below the stock's initial trading price.
OpenAI's IPO Ambitions
Concurrently, Altman's OpenAI is accelerating its own initial public offering (IPO) process. The company confirmed in June that it has confidentially submitted a draft registration statement to the U.S. Securities and Exchange Commission (SEC), with market expectations for its valuation exceeding $1 trillion. However, internal financial executives indicate that due to macroeconomic volatility, the specific timing for the listing could face adjustments, potentially delaying it until late 2026 or 2027.
Ongoing Legal Tensions
Previous legal disputes between the parties continue to unfold. In May, a U.S. federal court jury dismissed a lawsuit from Musk against Altman and OpenAI for allegedly abandoning its non-profit founding principles, citing that Musk had missed the optimal statute of limitations. Musk has stated his intention to appeal this decision. Market analysis suggests that as these two trillion-dollar-level tech giants move closer to public markets, the narrative surrounding AI technology pathways and space-based computing capital will directly impact the asset allocation of global retail investors and the valuation trajectory of the tech industry.
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