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Welcome to the Tech Brew Rent home for Thursday, April 2nd, 2026. I'm Brian McCullough. Today, SpaceX is officially kicking off the year of the biggest IPOs ever. More job cuts and more signs AI is the cause of them. In one way or another, Microsoft makes its first public moves to divorce itself from OpenAI when it comes to AI models and a billion dollar company with only two employees. You guessed it, AI is Y. Here's what you missed today in the world of tech SpaceX has reportedly filed confidentially for an IPO, putting it on track for a June listing. And it could seek around a $1.75 trillion valuation and would reportedly raise, if they did that, around $75 billion. Quoting Bloomberg, the filing puts it on track for a June listing, which would make SpaceX the first of what could be a trio of mega IPOs ahead of OpenAI and Anthropic. SpaceX could seek evaluation in the IPO of more than $1.75 trillion. People familiar with the matter have said. The company acquired Elon Musk's artificial intelligence startup Xai in a deal that valued the enlarged entity at 1.25 trillion. In a confidential filing, companies can receive feedback from the regulators and make changes before the information becomes public. Details of the offering, including the number of shares to be sold and the price range, are expected to be disclosed in a later filing. A listing for SpaceX would raise as much as $75 billion, Bloomberg News reported. At that size, it would dwarf the current record holder, Saudi Aramco's $29 billion debut in 2019. SpaceX is telling prospective IPO investors to expect briefings from company executives this month. People familiar with the matter have said the so called testing the waters investor meetings would potentially include more detail that would support its valuation target. The company has lined up bank of America, Citigroup, Goldman Sachs, JP Morgan and Morgan Stanley for senior roles on the ipo. People familiar with the matter have and has added more banks to the lineup. SpaceX is also working with international banks who are looking after taking IPO orders in specific regions with Citigroup coordinating their roles, people familiar with the matter have said. Barclays is in charge of the UK and Deutsche bank and UBS are working on European orders, they said. Royal bank of Canada is managing share orders from Canada, Mizu Financial Group is working on Asia orders and Macquarie Group is focused on Australia, Bloomberg News has reported. The company is considering a dual class structure in the listing that would potentially give insiders such as Elon Musk extra voting power to dominate decision making. The IPO is expected to have a large retail component, with SpaceX potentially allocating as much as 30% of the offering to small investors, a person familiar with the matter has said. The company's rocket launch program and Starlink satellites generate the majority of revenue approaching $20 billion in 2026, with XAI likely to generate less than $1 billion, according to Bloomberg. End quote. Sources say that Oracle has cut around 10,000 jobs in India, or around 20% of its Indian workforce, as part of a restructuring that reportedly affects 30,000 Oracle employees globally, quoting the Times of London. The first staff to be affected were told by email on Tuesday, according to Business Insider, reports suggested that as many as 30,000 roles could be axed. The company, which employed 162,000 people as of May 2025, did not immediately respond to a request for comment posting on LinkedIn. Michael Shepard, a senior operations manager at Oracle, said the company had conducted a significant reduction in force and clarified that the cuts were not performance based. He said that senior engineers, architects, operations leaders, program managers and technical specialists had been let go. In December, Oracle said that capital expenditure, which includes data center spending, would hit $50 billion in the year to May of 2026, a $15 billion increase on the company's estimates in September. Oracle's free cash flow turned sharply negative in the three months to May 2025, and the company burned $24.7 billion in the 12 months to the end of February. In January, analysts at TD Cohen estimated that cutting 20 to 30,000 employees could lead to 8 to $10 billion in incremental free cash flow. The layoffs were widely expected then. Oracle recently announced that it was setting aside an extra $500 million this fiscal year to cover restructuring costs, making a total of 2.1 billion. So with Oracle specifically here, these job cuts are AI related in the sense that they need to free up that cash flow to do AI capex spending, though there is also the specter of AI taking the sort of outsourced IT jobs that India is known for. But I will also note this quoting Bloomberg Layoff announcements at technology companies continue to mount in March, leading other industries in overall AI US job cut plans as investment in artificial intelligence catalyzes leaner staffing levels, Employers in the technology sector announced 18,720 job cuts, up more than 24% from March 2025, according to outplacement firm CH. That brought the industry total to more than 52,000 so far this year, the most first quarter cuts since 2023. Overall, U.S. based employers announced 60,620 job cuts last month, up more than 25% from February. For all industries, AI accounted for a quarter of layoff announcements. Companies are shifting budgets toward AI investments at the expense of jobs, andy Challenger, the company's chief revenue officer, said in a statement. The actual replacing of Roya can be seen in technology companies where AI can replace coding functions. Other industries are testing the limits of this new technology, and while it can't replace jobs completely, it is costing jobs. Total layoff announcements were down 78% in March from the same month last year. The report Thursday, though, showed that hiring intentions almost tripled from the previous month. Still, hiring plans so far this year are down from the same period in 2025, consistent with software labor demand. Data out Wednesday from ADP Research showed payrolls at U.S. companies increased by 62,000 in March after a similar increase a month earlier. While AI topped the list of reasons for layoff announcements, employers also cited closings and restructurings, as well as market and economic conditions, according to Challenger. End quote. This is really interesting. Cloudflare has launched M Dash, an MIT licensed typescript based CMS built on Astro, designed as a serverless what they call spiritual successor to WordPress, available right now on GitHub. Quoting TechRadar, the company explained an overwhelming majority around 96% of WordPress vulnerabilities come from plugins which have full access to the database and file system and run in the same environment as the core code without any isolation. To tackle this, Cloudflare is putting each EM Dash plugin in an isolated sandbox called Dynamic, workers with plugins having to declare exactly which permissions it needs up front. In its announcement, Cloudflare criticized the fact that existing WordPress plugins must be trusted and that their availability on centralized plugin marketplaces serves to give them a good reputation. WordPress.org currently manually reviews and approves every plugin for the platform, and there's a queue of around 800 plugins right now that need to be verified. Instead of this trust, M Dash plugins must be secure by design. And because developers can ship plugins with any license running independently of M Dash that run in secure sandboxes, Cloudflare is able to do away with the marketplace lock in it criticizes. Better still, M Dash is built to the scale to zero principle, meaning that it only bills for CPU time when it's actually operating. It scales back down to zero if there are no requests, the company wrote. For the front end. Mdash is powered by Astra, which allows users to build themes of pages, layouts, components, styles, and more. Finally, Cloudflare describes EM Dash as an AI native CMS that includes agent skills, CLI and built in MCP servers. Users wishing to migrate from WordPress can either import their WXR file or do so by, funnily enough, installing a plugin called M Exporter. End quote.
