Fortune: Live updates from SpaceX IPO debut: SpaceX valuation at $2.1 trillion as stock closes at $161.11 following record first day of trading

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Live updates from SpaceX IPO debut: SpaceX valuation at $2.1 trillion as stock closes at $161.11 following record first day of trading

Catherina Gioino

By 

Catherina Gioino

News Editor

June 12, 2026, 10:42 AM ET

Updated June 12, 2026, 4:52 PM ET

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Live updates from what could be the biggest IPO in stock market history.

Live updates from what could be the biggest IPO in stock market history.TIMOTHY A. CLARY / AFP via Getty Images

Friday marked one of the biggest days in stock market history as SpaceX, the most hotly anticipated stock market debut ever, blew past expectations in its first day of trading. Elon Musk’s rocket, satellite, and AI empire made its long-awaited debut on both the Nasdaq Global Select Market and Nasdaq Texas under the ticker SPCX, capping a 24-year run as the most valuable, and most scrutinized, private company in the world. SpaceX opened at just above $150 a share (up 11.11% from the $135 IPO price) just after 11:46AM. Trading turnover exceeded $11.4 billion at open.

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The valuation surged Musk’s net worth above $1 trillion and SpaceX’s valuation to more than twice that—with the company’s market cap reaching $2.1 trillion.

The official trading start was delayed due to intense order matching activity, in which investors who refreshed brokerage accounts on Friday morning saw that SPCX was public, but there were no trades.

At noon Friday, the stock was hovering between $162 and $165. By 1PM, it soared to $175, up nearly 30% from its target price, before settling at above $169. An hour later, SpaceX traded more than 360 million shares, 10 times the total volume that 2026’s second-largest IPO, Cerebras, posted in its first day of trading.

Thirty minutes before market close, the stock remained steady at just over $162, and more than 172 million shares were traded on Nasdaq alone, taking over a record previously held by Nokia, which became the second-most active stock on the exchange.

SpaceX closed at $161.11, marking its historic first day of public trading on the Nasdaq with a surge of nearly 20%.

By midafternoon, SpaceX’s merch store began selling eight new items to honor their IPO. They include a $45 tote bag and a $15 sticker reading the SPCX ticker, as well as two separate t-shirts reading “The future is public.”

Musk addresses SpaceX employees at Nasdaq before debut

Ahead of the debut, the rocket, satellite and AI company’s CEO Elon Musk addressed Nasdaq in Texas, reiterating the company’s extraterrestrial goals. “SpaceX wants to be able to take you to the moon,” Musk said. “I am confident at this point that with the incredible team that we have here at SpaceX, that we will do that for you.”

He told the crowd of SpaceX employees at Nasdaq’s Starbase, Texas location that at first, he didn’t have high hopes for the company that today, could potentially make him the world’s first trillionaire. “I gave SpaceX less than a 10% chance of succeeding at all.”

Still, he said, after more than two decades of prototypes, failed launches and eventual success that has culminated in the Falcon 9 Block 5—the world’s most reliable rocket—Musk said that his initial out-of-this-world fascination still remains at the company.

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“That’s what SpaceX is all about, is take science fiction and create an exciting, inspiring future for everyone,” Musk said. “We want to be able to take anyone who wants to go to the moon, anyone who wants to go to Mars… not just a few astronauts, I mean, you, literally you.”

“There are always problems on Earth,” he concluded, moments before Elton John’s ‘Rocket Man’ started playing. “But there also have to be things that get you excited about the future, that make you glad to wake up in the morning, because you can’t wait to see what happens next.”

At New York’s Nasdaq, SpaceX CEO Gwynne Shotwell rang the opening bell, with SpaceX employees wearing green shoes in a nod to the IPO’s “greenshoe” overallotment option. Fortune’s Shawn Tully explained how this mechanism allows underwriters to sell additional shares in an IPO to ensure stability while responding to the increase in investor demand.

Speaking at the Times Square ceremony after ringing the opening bell, Shotwell said, “Today, we make history again, and we have a history of making history. We’re about 22,000 strong, and thanks go to all of you for hanging in there, for keeping a straight spine as the doubters doubt, to achieve historic things every day.”

The offering priced Thursday afternoon—which was announced in a free-writing prospectus filed with the SEC just after 3 p.m. ET, while markets were still open—was at $135 a share for 555.6 million shares, raising the $75 billion the company targeted and valuing it at $1.77 trillion. Underwriters hold a 30-day option to purchase up to 83.3 million additional shares, which would lift the total raise to $86.25 billion.

That valuation makes it the largest IPO in stock market history: the raise is nearly triple the previous record, set when Saudi Aramco collected $25.6 billion on Riyadh’s exchange in December 2019 at a $1.71 trillion valuation. (One caveat for the record books: in inflation-adjusted terms, Aramco raised the equivalent of $33.2 billion at a $2.21 trillion valuation—so by that measure, the Saudi oil giant’s crown isn’t fully relinquished.) The offering covers only about 4% of SpaceX’s roughly 13.08 billion shares outstanding, making the company worth more today than Tesla was the day it became the world’s most valuable automaker.

The $1.77 trillion price tag instantly makes SpaceX the sixth-most valuable company in the U.S. and seventh-most valuable worldwide, ahead of Meta and Tesla—despite posting a $4.9 billion net loss in 2025 on $18.7 billion in revenue, the vast majority of it from Starlink. At the IPO price, investors are paying roughly 94 times trailing revenue for a company whose combined entity with xAI has racked up an accumulated deficit of $41.3 billion.

And unlike most newly public companies, SpaceX won’t have to wait long for index money to find it. Don’t look for it in the S&P 500: the benchmark requires sustained profitability, which SpaceX doesn’t have. But under a Nasdaq rule change that took effect in May, megacap debuts can join the Nasdaq-100 in as little as 15 trading days rather than the usual three months, and FTSE Russell and other index providers have agreed to fast-track inclusion as well—meaning trillions of dollars in passive retirement and pension money could soon hold SpaceX whether savers chose it or not.

How people are reacting to the debut

Sen. Bernie Sanders, a long time vocal opponent of the billionaire class who has sometimes publicly shared some words with the SpaceX founder, called it an “absurdity” for the world’s first trillionaire to pay the same in taxes as someone who makes less than $200,000 a year.

“Today, Elon Musk, a trillionaire, pays the same amount into Social Security as someone making $184,500,” the Vermont senator said on X, owned by Musk. “If we end that absurdity and lift the cap on taxable income, we can make Social Security solvent for 75 years and expand benefits by $2,400. My Social Security bill does that.”

Sanders’ colleague Sen. Elizabeth Warren also expressed concern with Musk’s wealth.

“Elon Musk just became the world’s first trillionaire,” Warren wrote on X. “The typical American household would have to work more than 11 MILLION years to make Elon Musk’s level of wealth.”

Fortune’s Eva Roytburg was on scene outside Nasdaq before the stock opened on Friday, where supporters of Musk and the company were spotted wearing astronaut costumes and discussing their potential ownership of the stock. A few blocks away, about two dozen protesters were outside the JP Morgan Chase headquarters chanting “shame, shame, shame” at Musk’s new trillionaire status.

A16Z general partner Katherine Boyle on X repeated a line from Musk’s address to employees and added “Only in America. Congratulations to @elonmusk @SpaceX. This is the American Dream.”

New York City Mayor Zohran Mamdani used Musk’s new decimal place to bring it back to one of his campaign promises. “Reason #1,000,000,000,000 why we should tax the rich,” the Democratic-socialist mayor posted on X.

The road to Wall Street

After more than a decade of fueling fanfare over the possible public offering of his company, Musk would often dangle a possible IPO just to dismiss it almost immediately afterwards. For the most part of the last 14 years, a SpaceX IPO became a running joke among investors: Musk would repeatedly promise a public offering at a later date, just for that date to arrive and for Musk to call those claims speculative at best. In 2012, he told Bloomberg there was “a good chance that SpaceX goes public next year.” A few years later, he said the company would only go public after the Mars Colonial Transporter, the precursor to Starship, began shuttling humans to Mars.

In 2019, he told SpaceX employees in an email it would “make sense to take Starlink public in about three years or so,” and in 2020, he promised again an IPO, “but only several years in the future when revenue growth is smooth and predictable. Public market does not like erratic cash flow.” Musk was still playing defense in 2024, after SpaceX ran a $112-a-share insider tender that valued the company at roughly $210 billion (up from $180 billion in a tender just months earlier). He pointed to the litigation over his Tesla pay package as a reason SpaceX should remain private, posting that “the legal load and pressure for short-term results for a public company are very high.” 

It may be that very rationale that changed his mind when reports of yet another will-he-or-won’t-he with regard to a SpaceX IPO resurfaced last year. The rise of orbital AI compute, coupled with Starship’s maturation to the point where demands for capital would dwarf whatever private markets would be able to cleanly supply, could be the reason why Musk finally chose to file an S-1 on April Fools’.

The public S-1 dropped on May 20, and the subsequent road show launched on June 4, a week earlier than expected as the SEC completed its review ahead of schedule. The roadshow—where a company’s executives and underwriters pitch their stock offering to institutional investors—drew $250 billion in orders and was underwritten by a 21-bank syndicate, led by Goldman Sachs and with Morgan StanleyBank of AmericaCitigroup and JPMorgan rounding out the top five.

There’s one big concern hanging over the debut: Starship, the vehicle at the center of SpaceX’s most ambitious projections, is currently grounded while the FAA conducts a mishap investigation into its most recent test flight.

An unconventional man whose ideas are out of this world

Musk founded SpaceX in 2002 as a means to answer what many children eventually grow out of the habit of asking: what’s out there on the red planet? Now, the IPO could make the man with extraterrestrial sights the first trillionaire in history.

Using $100 million of his PayPal proceeds, Musk visited Russia three times to buy refurbished Intercontinental Ballistic Missiles (ICBMs) for a Mars greenhouse stunt. Upon his return, he realized rocket materials accounted for roughly 2% of a typical launch cost, and he decided to build some himself. Throughout the years, he launched several liquid-fueled rockets—some fell, and some fell flat—and would eventually call for data centers and even communes on Mars. 

However, the 300-plus-page IPO prospectus itself claims a total addressable market of $28.5 trillion, a figure the company calls the largest in human history, even as it acknowledges the speculative and “improbable” nature of its Mars timeline.

The IPO is as unconventional as the man behind it. Usually, most companies set a price range and let the book-building process find the clearing price. In this case, SpaceX simply told investors what the stock would cost, fixing $135 a share before the roadshow even began, and making Thursday night’s pricing a formality. It also reserved roughly 30% of shares for retail investors, about three times the typical allocation for an offering of this size.

As a result, it’s close to four times oversubscribed: investors placed more than $250 billion in orders, roughly three and a half to four times the shares on offer, meaning many buyers will receive a fraction of what they requested, or nothing at all. Post-offering, Musk will retain control through a multi-class share structure that, according to a letter from New York’s state and city comptrollers and the head of CalPERS, gives him as much as 85% of voting power despite owning about 42% of the equity. As the pension officials put it, removing the company’s most powerful officer would, as a mathematical matter, require his own vote, making him effectively unfireable without his consent.

Morningstar, the market’s most prominent bear, pegs SpaceX’s fair value at $780 billion, or roughly 55% below the IPO valuation. It argued that neither a rapidly reusable Starship nor commercially competitive orbital data centers has been demonstrated, and that retail investors will likely find better entry points after listing.

History is written by the victors

The hype surrounding SpaceX’s debut left analysts wondering ahead of Friday whether the stock could possibly live up to it. Historically, among the largest public offerings on record, the odds of a company posting negative returns in its first three months are roughly a coin flip.

Take Saudi Aramco, the previous record holder: it rose 10% on its first day in December 2019, briefly pushing its valuation to about $1.88 trillion and past Apple as the world’s most valuable listed company. Within months, amid the oil crash and COVID selloff, it had fallen below its offer price. 

You can blame oil markets for that one, but the tech-growth story powering SpaceX is the same one that plagued Facebook’s May 2012 debut. The social network fell nearly 50% in its first three months and traded below its $38 offer price for more than a year before becoming one of the best-performing mega-cap IPOs ever. Internationally, SoftBank Corp dropped 14.5% on its first day in Tokyo in December 2018 and spent years below its offer price. 

Other companies thrived in the months following their IPO, and even eked out a path to secure strong market domination during some of the economy’s worst years. Six months before Lehman Brothers collapsed, Visa raised $17.9 billion in March 2008 and thrived through the Great Recession. The largest U.S. IPO previously belonged to Alibaba, which raised $21.8 billion in 2014 and earned the company a $231 billion market cap at listing. 

SpaceX is the first of a hotly anticipated “IPO summer.” Anthropic filed its confidential S-1 on June 1; OpenAI followed a week later, targeting a September debut at an $852 billion valuation. If both land before year’s end, 2026 will close as the year public markets finally had to price artificial general intelligence.

The Fortune 500 Innovation Forum will convene Fortune 500 executives, U.S. policy officials, top founders, and thought leaders to help define what’s next for the American economy, Nov. 16-17 in Detroit. Apply here.

About the Author

Catherina Gioino

By Catherina GioinoNews Editor

Catherina covers markets, the economy, energy, tech, and AI.

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Medvedev … Celebrating Russia Day

https://twitter.com/MedvedevRussiaE/status/2065330156651061430/video/1

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Iran Observer. Reaching agreement or at least near to a Deal

Iran’s Foreign Minister on State TV explaining the upcoming the Deal:

“The situation in the Strait of Hormuz and Iran’s frozen assets are all part of the upcoming deal

Payment of fees are required to use the Strait of Hormuz.

As part of the deal and the ceasefire in Lebanon, Israel will withdraw from Lebanon.

If these and other obligations are not met, negotiations on a Final Deal will not take place”

·

73.6K Views

https://twitter.com/IranObserver0/status/2065519586556903840/video/1

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The Rundown Tech: Amazon’s awfully thirsty data centers


💧 Amazon’s awfully thirsty data centers
Image source: Amazon
The Rundown: Amazon disclosed for the first time that its data centers used 2.5B gallons of water worldwide last year — 5% of what metro Seattle uses annually — a number it’s framing as proof it cools server farms better than the competition.
The details:
Water use fell 2% from 2024 despite a bigger footprint, hitting 0.12 liters per kilowatt-hour — sevenfold better than the industry average, Amazon claims.However, it excludes colocation sites — a fifth of Amazon’s 2024 computing power — and the water burned generating its electricity.Amazon says it will be “water positive” by 2030 and claims it’s 75% of the way there; 26 data centers already run on reclaimed water, with projects underway.Amazon is the last of the big four to disclose water levels — Google, Meta, and Microsoft have reported the numbers since at least 2020.
Why it matters: The numbers land in the middle of a politically charged fight over data center resource use, with Amazon’s hometown of Seattle now weighing moratoriums on new construction. Researchers say, too, that only granular, site-level data will reveal what these facilities actually cost the communities around them.
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John Nosta, Psychology Today: AI Can Build the Science, But Not the Scientist


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AI Can Build the Science, But Not the Scientist

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John Nosta via Psychology Today <noreply@psychologytoday.com> UnsubscribeWed, Jun 10, 8:40 PM (2 days ago)
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A note from John

Discovery is key in science. But what will AI do to the person making the discovery? Read it. You might discover something about yourself. John AI Can Build the Science, But Not the Scientist

Discovery changes the discoverer in ways algorithms cannot replicate.

John NostaBy John Nosta

KEY POINTS:AI accelerates discovery, but the struggle to discover is what forms the scientist. Judgment can’t be transferred, but built through curiosity, error, and revision.The greatest invention may be the mind that makes invention possible.Image by David from Pixabay.
Source: Image by David from Pixabay.

Nikola Tesla once described a curious and remarkable habit. Before building a machine, he would build it in his mind. He would run it, test it, and find flaws without ever touching a physical prototype. The alternating current motor that would eventually help electrify our modern world existed first as an act of Tesla’s mental construction.

What interests me isn’t whether this was actually true in every detail. What interests me is the possibility that the process itself was the point. The motor wasn’t simply an invention waiting to be revealed. The time Tesla spent imagining and refining it may have been spent developing something else at the same time.

Tesla himself.

A recent article in Noema argued that human intuition remains essential to scientific discovery even as AI becomes increasingly capable. I agree. But the argument may stop one step short. The deeper question for me isn’t just if intuition helps produce discoveries. It’s whether the process of discovery helps produce the kind of mind capable of discovering anything at all. We tend to think of knowledge—the theory, the experiment, the breakthrough—as the primary output of science. Yet scientific work produces something else that rarely appears in journals or textbooks. It shapes the minds engaged in the pursuit. A researcher who spends years toiling with a difficult problem develops more than expertise; they develop judgment.

A feel for which intuitions deserve trust and which fail under closer scrutiny. They become, in ways that are hard to measure and easy to undervalue, different people than they were when they began.We may be misreading the role of difficulty. Confusion gets treated as the cost, and the answer as the reward. But patience and humility don’t arrive after the struggle; they emerge from it. Being wrong may not simply precede understanding; it might be the mechanism through which understanding and the individual form.

Imagine Tesla with access to modern simulation tools. The motor arrives sooner. Design flaws are caught instantly. And years of effort compressed into weeks. From the standpoint of productivity, it’s an obvious improvement. But would Tesla have developed his extraordinary capacity for mental simulation if the tools had done the simulating? Would the mind that produced those answers have formed in the same way if the answers had arrived more easily and earlier?

Knowledge and judgment are not the same thing. Knowledge can be transferred, but judgment must be cultivated. One can be delivered while the other must be developed through the very human constellation of curiosity, ambiguity, error, and revision.AI can generate science. That’s the good news and the bad news. What it can’t do is spend years toiling with a problem, getting it wrong, and then becoming someone capable of getting it right. That remains ours. ReferencesGenerative AI lacks the human creativity to achieve scientific discovery from scratch. Scientific Reports. Nature.
A. Wenxuan Ding et al. March 2025. John Nosta John NostaThe Digital SelfTechnology, Transformation and the Future You
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GZERO Europe: Is Putin running out of options in Ukraine. War in Ukraine now longer than WW1

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🪓 Scoop: How Pulte tried to fire Gabbard
 
Tweet by Donald J. Trump (blue check) on a white card against a purple background, accusing Democrats of holding national security hostage and naming William Pulte as acting DNI.
Via Truth Social
 
Tulsi Gabbard, the outgoing director of national intelligence, got an unexpected call Tuesday from her controversial successor, Bill Pulte. “Today is your last day,” he said.

Gabbard was surprised. She had announced she was leaving at month’s end, not Tuesday.

“I need to hear it from the president or the White House,” Gabbard told Pulte, two officials briefed on the discussion told Axios.

Why it matters: The call, unreported until now, was the latest flashpoint in the intelligence wars that erupted last week in D.C. after President Trump picked Pulte as Gabbard’s temporary replacement.📱 After the conversation with Pulte, Gabbard reached Trump, who didn’t request her immediate resignation. “What day works best for you?” the president asked, according to one of the sources.

Gabbard said June 19, and Trump then posted on Truth Social her new exit date.Keep reading.
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Belfast savage attack on Stephen Ogilve … enough to light the embers of the Troubles. 1998 The Good Friday Peace Agreement was signed. Nobody wants protests but then Government must listen to the people and what they have to say about migrants entering the country especially the North of Ireland.

The Conversation12 June 2026Global Edition
The ugly scenes coming out of Belfast this week had very recent echoes; just a week earlier, anti-immigrant hatred and violence flared in the English town of Southampton, also in relation to a violent stabbing incident.

But in Northern Ireland, the sight of masked men torching cars and houses evokes deeper-held memories, too. Belfast-based researcher Brendan Ciarán Browne has interviewed dozens of families displaced in “the Troubles” – the decades-long period of sectarian violence in Northern Ireland. Many of those families were “burned out” of their homes, in a similar fashion to what occurred in Belfast over the last few days.

He attributes the recent outpouring of xenophobia to a “drip-feed effect” from social media that has led to “a horrible outpouring of racist, targeted attacks against people who live in these communities: Doctors, nurses, hospitality workers, colleagues and students.

Our friends.”He adds: “Those who were responsible for Tuesday’s attacks would do well to become more aware, to educate themselves on the causes of division, to get out of the social media echo chamber. They could also listen to the stories of those who were ‘burnt out’ in the past.“And in case you weren’t aware, the FIFA World Cup is now underway.

The Conversation has been busy in recent weeks covering all aspects of the tournament. But during this first weekend of games, I’ll be paying special attention to Haiti, who takes on Scotland on Saturday in their first game in the tournament since 1974. The Haitian team, like others at the World Cup, tells the tale of global migration and diaspora politics

.Matt WilliamsSenior International Editor – New YorkTop story

Protesters burned vehicles, businesses and homes in Belfast. Sipa US/Alamy Live NewsBelfast violence: an uncomfortable reminder of the innocent people ‘burnt out’ during the Troubles Brendan Ciarán Browne, Trinity College Dublin. Families fled burning homes as violence flared in the city.
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Forbes: Abridge wants to be the operating system medicine – Nvidia and Eli Lilly are helping to build it

Startups & VentureHealth

Abridge wants to be the operating system for medicine—and NVIDIA and Eli Lilly are helping build it

Lily Mae Lazarus

By 

Lily Mae Lazarus

Reporter, News

June 11, 2026, 2:39 PM ET

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Dr. Shiv Rao speaks

Abridge has raised approximately $830 million to date, and has a $5.3 billion valuation.JIM WATSON—AFP/Getty Images

On Thursday morning in New York City, Dr. Shiv Rao stood before a room of health system executives and made a case that ambient AI—a technology that began largely as a transcription tool—was ready to do something far more consequential than writing a doctor’s notes.

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A More Potent Pipeline

Abridge, the startup Rao cofounded in 2018, announced a strategic investment from drugmaker Eli Lilly and what it is calling the first AI-native clinician intelligence platform: a system that both documents the patient-clinician conversation and uses it as the foundation for billing, clinical decision support, payer adjudication, and pharmaceutical trial screening. More than 300 health systemsincluding Northwestern Medicine, Emory Healthcare, and Johns Hopkins—are already live on the platform, supporting upward of 100 million clinical conversations annually and serving more than 250 million patients.

The company’s platform captures conversation between patients and doctors in real time and automatically generates the clinical note, billing codes, and patient summary before the doctor has left the hallway. What’s new is everything that flows from that moment. 

Before the visit, Abridge surfaces care gaps and prior clinical context for the clinician. During the encounter, the tech suggests discussion topics and surfaces relevant clinical guidelines without requiring the physician to switch applications. After the visit, it generates the documentation, flowsheets, and orders—all grounded in the actual words spoken.

“We’ve known all along we wanted to be able to connect the dots across the main stakeholders in healthcare, because the only thing that matters, I think, in terms of AI’s impact on healthcare is business model innovation.” Rao told Fortune. “If we can’t actually improve how healthcare is delivered, how it’s experienced, and how it’s paid for, then we haven’t really moved the needle on the problem.”

Behind the platform expansion is a war chest and a set of strategic bets. Abridge has raised approximately $830 million to date, most recently closing a $316 million Series E extension in April 2026 at a $5.3 billion valuation. NVentures, NVIDIA’s venture arm, is among its backers. 

On Thursday, NVIDIA announced it’s also co-developing with Abridge the first foundation model for clinical conversations: an AI model trained on the specific dynamics of doctor-patient dialogue, not a general large language model adapted for medicine.

Rao also announced a partnership with Artisight—an NVIDIA-backed smart hospital company that uses computer vision to automate patient monitoring and nursing workflows inside hospital rooms. Together, the two platforms give care teams a continuous feed of room sensor data and ambient documentation across an entire hospital stay.

Eli Lilly’s bet tracks closely with its own AI ambitions. The pharma giant is simultaneously building what it has called the industry’s most powerful AI supercomputer in partnership with NVIDIA, and Abridge’s new life sciences module—which can surface clinical trial eligibility from within the clinical conversation itself—represents the kind of patient-facing pipeline Lilly needs to accelerate enrollment for next-generation therapies.

“For us, the most important first priority that we would love to explore, that we are working to explore with them, is around clinical trials,” Rao said.

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The ambient clinical intelligence mark Abridge is chasing was valued at $7.24 billion in 2025 and is projected to reach $56.61 billion by 2035Microsoft, which acquired speech-recognition company Nuance for $19.7 billion in 2022, is the dominant enterprise incumbent. Ambience Healthcare, Suki, and Nabla are all also well-capitalized challengers. But the field is expected to consolidate within the next 12 to 18 months. The question is whether Abridge’s expansion into payments and life sciences creates a defensible moat, or simply a larger target.

“Now the priority is how much impact can we create, and speed is everything, so I think for the foreseeable future we’re just going to focus on the algorithm,” Rao told Fortune. 

The platform’s ambition is also its risk surface. Recording protected health conversations requires updated security assessments, state-specific patient consent, and business associate agreements governing how audio is stored. And AI-generated notes that slip past physician review become part of the permanent medical record—a liability that compounds as the platform moves from documentation into billing codes and clinical orders.

Beneath it all is a deeper governance question. Abridge is now positioning itself as neutral infrastructure connecting providers, payers, and life sciences companies through some of the most sensitive data in medicine: the conversation between a sick person and their doctor.

Whether that trust holds, at scale, is an untested hypothesis.

Subscribe to Fortune Gulf Brief. Every Tuesday, this new newsletter delivers clear-eyed, authoritative intelligence on the deals, decisions, policies, and power shifts shaping one of the world’s most consequential regions, written for the people who need to act on it. Sign up here.

About the Author

Lily Mae Lazarus

By Lily Mae LazarusReporter, News

Lily Mae Lazarus is a news reporter at Fortune.

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The Harvard Gazette: Constitution was made to be amended. So what’s stopping us?

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Jill Lepore
Jill Lepore.Photo by Richard Renaldi.

Nation & World

Constitution was made to be amended. So what’s stopping us?

Jill Lepore argues in her new Pulitzer-winning history that it desperately needs update, traces emergence of roadblocks

June 10, 2026 long read

Excerpted from “We the People: A History of the U.S. Constitution” by Jill Lepore, David Woods Kemper ’41 Professor of American History and Professor of Law at Harvard Law School.

We the People. The Constitution of the United States is made of things that are born, live, thrive, decay, and die: insects, animals, plants, ideas. In order to form a more perfect Union. Each of its elements began, long ago, in the loamy earth, hatching and creeping or slipping, slick and squealing, from the womb of the mind. Establish justice, ensure domestic tranquility. The text is written on parchment made from sheep, fleeced, their hides soaked in lime, stretched and dried. Provide for the common defense. The ink came from the buds of oak leaves, swollen to the size of musket balls by the eggs of wasps. Promote the general welfare. Its words were shaped by quills fashioned from the feathers of molting geese. Secure the blessings of liberty. Its lofty, momentous ideas came from the minds of men, long since dead, and from the books they read. To ourselves and our posterity. Of the nearly 200 written constitutions, the Constitution of the United States — the most influential constitution in the world — is also among the oldest, a relic, as brittle as bone, as hard as stone. Do ordain and establish.

But the U.S. Constitution is neither bone nor stone. It is an explosion of ideas. Parchment decays and ink fades, but ideas endure; they also change. The Constitution attempted to solve ancient problems having to do not only with the people and their rulers, the structure of government, and the nature of rights, but also with the knowability and endurance of law. Ingeniously, it accounted for the passage of time.

“But the U.S. Constitution is neither bone nor stone. It is an explosion of ideas.”

The U.S. Constitution was intended to be amended. “The whole purpose of the Constitution,” Supreme Court Justice Antonin Scalia once said, “is to prevent a future society from doing whatsoever it wants to do.” This is not true. One of the Constitution’s founding purposes was to prevent change. Another was to allow for change without violence. Amendment is so essential to the American constitutional tradition, so methodical and so entire a conception of endurance through adaptation, that it can best be described as a philosophy.

That philosophy has structured American constitutional and political development for two and a half centuries. It has done so in a distinctive, halting pattern of progression and regression in which constitutional change by way of judicial interpretation, in the form of opinions issued by the U.S. Supreme Court, alternates with formal amendment as a means of constitutional revision. This pattern has many times provided political stability, with formal amendment and judicial interpretation as the warp and weft of a sturdily woven if by now fraying and faded constitutional fabric. But this pattern, which features, at regular intervals, the perception by half the country that the Court has usurped the power of amendment, has also undermined the idea of representative government, increased the polarization of American politics, contributed to political violence, and led to the underdevelopment of the U.S. Constitution.

With only 27 amendments, the U.S. Constitution has one of the lowest amendment rates in the world. But since 1789, Americans have submitted nearly 10,000 petitions and countless letters, postcards, and phone and email messages to Congress calling for or opposing constitutional amendments, and they have introduced and agitated for thousands more amendments in the pages of newspapers and pamphlets, from pulpits, at political rallies, on websites, and over social media. Some 12,000 amendments have been formally introduced on the floor of Congress. During the era of rising polarization that began around 1968, members of Congress all but stopped bothering even to propose amendments. The more conservative the Court, the smaller the number of amendments proposed by members of Congress. Instead of arguing for amendments, legislators, lobbyists, and other advocates pursued different means of either securing or thwarting constitutional change: influencing the nomination and confirmation of Supreme Court justices and altering the method those justices use to interpret the Constitution.

“With only 27 amendments, the U.S. Constitution has one of the lowest amendment rates in the world.”

That only 27 amendments have ever been ratified is not because Americans are opposed to amending constitutions. Every U.S. state has its own constitution; these have been frequently revised and even replaced. One delegate to a 19th century constitutional convention in Missouri suggested that a state constitution ought to be rewritten every 14 years because every seven years “every bone, muscle, tissue, fibre, and nerve matter” — every cell in the human body — is replaced, and surely, in twice that time, every constitution ought to be amended, too. And that has nearly proven to be the case. Since 1776, the states have held some 250 constitutional conventions and have adopted 144 constitutions, or about three per state. Every state constitution
currently in place has an amendment provision. For most of American history, the states have been exceptionally busy holding constitutional conventions, but like the practice of amending the U.S. Constitution, the practice of holding state constitutional conventions has stagnated. (No U.S. state has held one since 1986.) Nevertheless, the practice of amendment by popular vote thrives in the states, where revision is exponentially easier to achieve. Since 1789, of more than 10,000 amendments formally proposed in the states, nearly 7,000 — well more than two out of three — have been ratified.

The difficulty of amending the federal constitution has had profound consequences. The U.S. Constitution is older than modern democracy and is burdened with all manner of vestigial provisions. Over time, both the U.S. states and other nation-states have amended their constitutions to replace aristocratic provisions. In the American federal government, such provisions — the Electoral College, the malapportionment of the Senate, and life tenure for Supreme Court justices — cannot be changed without first amending the Constitution and, in the case of the Senate, first amending Article V itself. (Article V places equal suffrage in the Senate effectively beyond amendment.) This impasse leaves Americans subject to what political scientists have called the “tyranny of the minority.” The Fifth Article was meant as a constitutional door, open to the people. After 1971, that door slammed shut.

The year 1971, the last time the U.S. Constitution was meaningfully amended, marked a turning point in the history of American constitutionalism. That year a method of constitutional interpretation that became known as originalism was put forward by a distinguished legal scholar, Yale law professor Robert Bork. The word originalism did not enter the English language until 1980, and it had virtually no currency before 1987, when Ronald Reagan nominated Bork to a seat on the U.S. Supreme Court. But it was in 1971 — just when formal amendment was becoming impossible — that Bork first advanced his theory that the only way to read the Constitution is to determine the original intentions of its framers and that every other method of interpretation amounts to amendment by the judiciary.

Originalism rose from the ashes of Article V. Originalists argued that if the Constitution requires changing, it ought to be done by the democratic method of Article V amendment rather than by nine unelected judges. This is an argument that, in earlier eras, liberals had made, too. (As with earlier progressives and midcentury liberals, conservatives’ objections to judicial power did not last past their acquisition of that power.) A problem with this argument, and it is not a small problem, is that Article V hasn’t worked since 1971. Scalia, asked in 2013 if he considered any part of the Constitution to be a flaw, pointed to Article V. It was “not originally a flaw,” he said, but it had become one because “the country has changed so much.” He said he’d run the numbers and concluded that, “if you picked the smallest number necessary for a majority in the least populous states, something like less than 2 percent of the population can prevent a constitutional amendment.” That is not a constitutional door. That is a constitutional barricade.

Bork’s method of constitutional interpretation came to be called “original intent originalism,” to distinguish it from “original meaning originalism” and “original understanding originalism.”

Notwithstanding the semantic schisms among originalists and the Senate’s rejection of Bork’s nomination, originalism steadily gained ground. “The Constitution means what the delegates of the Philadelphia Convention and the state ratifying conventions understood it to mean, not what we judges think it should mean,” said Supreme Court Justice Clarence Thomas in 2001. By then,
originalism had become not only the prevalent mode of interpretation on the federal bench but also strikingly familiar to the public, where, according to public opinion surveys, nearly half of Americans had come to see it as the only way to interpret the Constitution. Its outcomes mapped onto the policy agenda of conservatives, but as the liberal Supreme Court nominee Elena Kagan said during her Senate Judiciary Committee confirmation hearings in 2010, “We are all originalists.” By the 2020s, the dominance of originalism was so overwhelming that the constitutional scholar Cass Sunstein was left to ask, “If we are not originalists, what might we be?”

Originalists have not often agreed on what originalism is; it is also, perhaps surprisingly, quite changeable. The term is also confusing, since it is used to apply both to a serious and important set of arguments about constitutional interpretation and to a form of popular constitutionalism driven by views that range from patriotism and earnest admiration for the nation’s founding to xenophobia and white nationalism. As a method of constitutional interpretation, a great deal that has gone by the name of originalism is perfectly ordinary, unsurprising, and indispensable. All interpretation of the Constitution, like the interpretation of any piece of writing, involves a close inspection of a document’s text, meaning, purpose, and structure. These methods have been used since even before the death of the last surviving delegate to the 1787 Constitutional Convention, James Madison, in 1836. What was new about originalism as it emerged in the last decades of the 20th century — when the Fifth Article lay dormant — was its insistence that the only way to interpret the Constitution is to read it the way a probate judge reads a dead man’s last will and testament. Madison is that dead man.

Originalists deny that originalism is a method of constitutional change, insisting that it is, instead, a method of constitutional restoration. But originalism is a method of constitutional change; it provides a path to change by way of a new method of constitutional interpretation. That method is not original.

To interpret the Constitution — whether to determine the framers’ original intent, the document’s original meaning, or the public’s understanding of it — originalists consult the Constitution, Madison’s notes from the Philadelphia convention, the records of the ratifying conventions, and the Federalist Papers, 85 essays written in support of ratification by Madison, Alexander Hamilton, and John Jay, in 1787 and 1788. None of these sources were widely read in the 18th century, nor were they even widely available. The Federalist essays originally appeared only in New York newspapers. Madison’s notes were not published until 1840. Nineteenth-century law offices did not generally contain these materials. Before the 20th century, consulting sources like 18th-century dictionaries or the records of the ratifying conventions would have been impossible for most lawyers in the United States. Not until the 1980s, when many key historical collections began to be digitized, could these sources be extensively searched with ease, and not until the 21st century could they be searched at the stroke of a key by anyone with a laptop and access to the internet.

“The framers believed the Constitution to be not merely a text, words woven together, but also a set of unstated principles, no more material than a sunbeam or a shaft of light.”

At any rate, Madison himself did not endorse this method. The framers believed the Constitution to be not merely a text, words woven together, but also a set of unstated principles, no more material than a sunbeam or a shaft of light. They also warned against deference to the past. “Is it not the glory of the people of America,” a young Madison asked in 1787, “that, whilst they have paid a decent regard to the opinions of former times and other nations, they have not suffered a blind veneration for antiquity, for custom, or for names, to overrule the suggestions of their own good sense, the knowledge of their own situation, and the lessons of their own experience?”

Madison, the chief keeper of the records of the Constitutional Convention, did not believe those records had any bearing on the interpretation of the Constitution. “Whatever veneration might be entertained for the body of men who formed our Constitution,” he said, “the sense of that body could never be regarded as the oracular guide in expounding the Constitution.” He also warned against relying on the Federalist Papers, given, as he remarked, rather understating the case, that its authors had been “sometimes influenced by the zeal of advocates.” Late in his life, when both he and the Constitution were older — and when Madison sought specific political outcomes — he would on occasion urge deference to 1787. This isn’t evidence that Madison was an originalist; it’s evidence that both the meaning of the Constitution and the methods of discovering that meaning, far from being fixed, established, and beyond dispute, have never been anything other than changeable, contingent, and contested.

How James Madison, Thomas Jefferson, Alexander Hamilton, and John Quincy Adams came to their view of constitutionalism, and how Robert Bork, Antonin Scalia, and Clarence Thomas came to a very different view in the late 20th century, which they nonetheless claimed to belong to the late 18th century, is one of the stranger paradoxes of American constitutional history.

Copyright (c) 2025 by Jill Lepore. Used with permission of the publisher, Liveright Publishing Corporation/The Countryman Press, a division of W. W. Norton & Company, Inc. All rights reserved.

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