Elon Musk’s grand plan is revealed

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SvD Näringsliv

This analysis was first published in SvD Näringsliv, in Swedish, on June 12th, 2026. This piece was translated from Swedish by Claude. Some phrasing may differ from a human translation.

SpaceX became world-leading by launching rockets. But now that the company has gone public, it’s something entirely different driving the valuation. That gives a clue as to what Elon Musk is actually building.

In the space industry, you get used to launches. Now the world was waiting for the opposite.

In October 2024, in southern Texas at the site now called Starbase, SpaceX accomplished something no one had done before: landing the part of the rocket that had just been launched.

That’s how SpaceX made their name. Enormous technical skill and extraordinary ambitions. But Friday’s stock market listing is, strangely, not about this. And things are likely to get stranger – now that the next phase of SpaceX begins.

Musk’s corporate portfolio has been tidying itself up for some time. In a long series of unusual deals, he has merged his empire, piece by piece.

A clear business logic for all the acquisitions is hard to see from the outside. They seem to have an entirely different motive: Musk wants to consolidate his power in one place.

In October 2022 he bought Twitter, which was subsequently sold to his AI company xAI in March 2025. These two companies then ended up under SpaceX, right in the middle of preparations for the IPO. Together, the banks – with Musk’s cooperation – were able to arrive at a valuation of $1.8 trillion.

How do you justify that? Well, there isn’t much to compare it to. How many other space companies are planning to build colonies on Mars while also selling AI services via data centers in space?

SpaceX is a unique asset. With a uniquely high price tag.

Reading SpaceX’s IPO prospectus, it becomes clear what a transformation the company has undergone in a short time. The part most people associate with them – the space business – is considered the smallest of the markets they are targeting. That market is worth $370 billion. Next come the telecom services via Starlink, the satellite network providing internet to hard-to-reach parts of the world. That market is considered roughly twice as large as the space segment.

Largest of all is the market for AI applications for businesses. SpaceX estimates that to be worth $22.7 trillion – roughly 32 times Sweden’s GDP. But so far, the AI business hasn’t delivered even a fraction of that.

Whether SpaceX’s AI bet will reach its full potential over time is for each person to judge. But given the scale of the operation, it has done something unfortunate: it has reduced the extraordinary achievements in the space business to a side note.

The company’s enormous valuation is based primarily on the potential of AI. Musk has gathered almost all his businesses into one company, and has now successfully taken it public. But it is no longer purely a space company – it is a jumble of Musk’s various interests. Through a kind of alchemy that almost only he can manage, he has pushed up the valuation while keeping control intact.

SpaceX has become a conglomerate for Musk’s own mind and ambitions.

I wrote that Musk has gathered almost all his companies, because for now there is still one major exception: Tesla.

There is strong reason to believe it is only a matter of time before that too is merged with SpaceX into one single giant company.

The companies are already connected in many ways, beyond Musk as their majority shareholder. Tesla is mentioned, for example, 80 times in the SpaceX prospectus. There is both cross-ownership and customer relationships between them. It would be a complex deal under normal circumstances – but it is control of the shares that is decisive. And that control belongs to Musk.

SpaceX’s IPO could have been a milestone and the starting gun for the next generation of space companies. In some ways it still is – the company’s achievements are intact regardless of what happens around them.

But it is hard to escape the fact that Musk’s power ambitions have weighed more heavily than what would have been best for SpaceX as a company. Why would a company that launches rockets and satellites want to own a social network? Or sell AI services?

Engineering has been pushed aside in favor of world domination – and the inflated valuations tied to an AI future. What made SpaceX unique has been set aside in favor of a consolidation of power.

The focus for SpaceX’s next phase will, unfortunately, probably not be about space.

The rocket in Kista: up 2,400 percent

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SvD Näringsliv

This analysis was first published in SvD Näringsliv, in Swedish, on June 9th, 2026. This piece was translated from Swedish by Claude. Some phrasing may differ from a human translation.

A small tech company in Kista has suddenly found itself at the center of a global stock market frenzy. The result: a share price increase of over 2,400 percent – and a situation the company may find impossible to manage.

The internet forum WallStreetBets on Reddit became world famous during the GameStop surge. There, ordinary investors banded together to buy shares in the gaming retailer – creating extreme market movements.

Now the same forum has found a new target: the Swedish semiconductor company Sivers Semiconductors.

In a thread about Sivers, you can read the following: “My thoughts [on Sivers] are that I’m up 100 percent and I’m waiting to be 10,000 percent up.”

With expectations like that, it’s hard to surprise positively. Sivers has ended up in a trap that may be very difficult to escape.

The underlying business at the company is like many others on the stock market. They work with advanced technology, and the hope is that a major breakthrough could put real momentum behind the company.

Looking at the share price, it looks as though they’re already there. Over the past three months, Sivers Semiconductors has surged over 2,400 percent. But no obvious breakthrough can be found.

So what is happening – why is the stock surging by thousands of percent?

Last year the company had revenues of just over SEK 300 million, and posted a loss of just under SEK 180 million. That sounds like any other early-stage tech company. It can either become something big, or fall flat at this stage.

The idea that ordinary investors have spotted something in Sivers’ products in photonics and laser technology that others have missed seems unlikely. This is highly advanced technology that is difficult to evaluate.

The information from the company during this period has also been very sparse. By normal stock market logic, there is nothing that could justify this rise. If anything, the opposite – in May the company had to correct its annual report after it turned out to contain incorrect figures. That is hardly the strongest buy signal a listed company can send.

To understand what is going on, you need to zoom out and look at the sector Sivers belongs to.

Semiconductors have had incredible tailwinds on global markets recently. Companies such as Micron, SK Hynix, and Samsung – all three enormously larger than Sivers – have also surged lately. These are companies that supply data centers and are strengthened by the prevailing AI boom.

If you missed buying these companies before they took off on the stock market, you might look around for other potential candidates. The trend works in Sivers’ favor – it’s a good time to have the word “semiconductors” in your company name.

This global macro trend is now spilling over onto a small company in Kista.

There is therefore a strong case that Sweden is now experiencing its first major and international meme stock – a stock that appears to be traded primarily on large-scale speculation. Mostly by buyers who are only trading on the momentum the stock has.

Initially, a price surge like this can look appealing. The company gets a lot of attention, and who doesn’t like it when the price goes up?

Someone who took advantage of this was CEO and insider Harish Krishnaswamy, who recently sold his entire holding for just under SEK 100 million. Several other executives are locked up until early August. If the price holds until then, they could become enormously wealthy.

So what do you do when you find yourself in the middle of this whirlwind of new shareholders suddenly flowing in from different parts of the world?

You hold on and hope it continues.

Realistically, there is no story that management can tell about Sivers Semiconductors that is better than the one others are telling for them right now. The share price is completely disconnected from the company’s actual business, and management doesn’t appear to be doing anything to calm the situation either. They even avoid media interviews.

Unfortunately, history shows that these temporary comets on the stock market eventually burn out. And that experience will not be pleasant for anyone.

One can recall another meme stock – the American entertainment company AMC. They too were caught up by individual speculators, causing their stock to shoot up in 2021. They offered free popcorn to shareholders at their movie theaters. At its peak, the share price stood at $238. Today it is $1.8. Shareholders in Sivers Semiconductors would do well to study that journey.

Normally they say the stock market takes the elevator down but the stairs up. Big falls tend to go faster than gains. In this case, Sivers has taken a rocket ship up. And like a rocket, the fall back down will likely be very fast too.

Trying to rebuild the company after such a ride risks being a very, very long staircase to climb back up on the stock market. Even if it was mostly global tailwinds that got it there in the first place.

The best savings tip has become a risk

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SvD Näringsliv

This analysis was first published in SvD Näringsliv, in Swedish, on June 6th, 2026. This piece was translated from Swedish by Claude. Some phrasing may differ from a human translation.

The tech boom has changed how you save – even if you haven’t noticed. Now two enormous IPOs could amplify that shift. The best savings advice from years past could suddenly become a major risk.

Warren Buffett wanted to make a bet, but had trouble finding a taker.

The famous billionaire had long argued that ordinary savers were best off putting their money in low-fee index funds. Now he wanted to prove his thesis with a bet that would run for ten years. Could you beat index funds over time?

Buffett found only one person willing to take the other side – hedge fund manager Ted Seides. When the results came in 2017, Buffett had trounced him: 8.5 percent annual returns versus 2.9 percent.

But the safe harbor that index funds once offered is changing significantly. And it’s ordinary savers who are hit hardest.

An index is, roughly speaking, a collection of stocks selected according to specific criteria. You look at things like size, profitability, and the volume of shares available to trade. From that, a selection is made, and some stocks in the index are rotated on a rolling basis.

Each stock’s share of the index normally varies with how its value has developed.

And that’s where something unusual – and risky – has occurred.

Global funds are no longer that global. And broad index funds have become considerably narrower.

Let’s look back ten years, at two different indices: the American S&P 500 (Buffett’s choice in the bet) and the MSCI All Country World Index (ACWI). Both are well-known, large indices that can be traded at low fees.

What has happened is an extreme increase in concentration of American tech companies within these indices. In 2016, the seven largest tech companies represented 12 percent of the S&P 500. Today it’s 37 percent. The equivalent figures in ACWI went from 5.5 percent to 20 percent. An enormous increase.

This also means global funds have become much more American. Swedish funds that track various versions of ACWI – such as SPP Aktiefond Global or AMF Aktiefond Global – have seen the share of American stocks in these funds rise from 52 percent to around 63 percent over ten years.

Given the names of both the indices and the funds, this is probably not entirely obvious to all ordinary savers. The funds aren’t doing anything wrong – they are simply following the indices, which have changed substantially.

When major AI companies like SpaceX and Anthropic are heading toward the stock market, this trend could accelerate. Under normal circumstances, it would take a long time before they could enter any index – not least because they are losing money, which can be a disqualifying criterion.

But now both Nasdaq and FTSE Russell have changed their rules to let SpaceX in faster. That would mean these companies, with their enormous valuations, would quickly find their way into many indices – and through them, many index funds and pension funds. The owners of the S&P 500, however, chose to keep their existing rules, which in practice blocks SpaceX for now.

It’s worth keeping the scale of these IPOs in mind. SpaceX will be the largest IPO in history. When Anthropic and OpenAI reach the stock market, a reasonable assumption is that these three companies alone will have a combined value equal to the entire Stockholm Stock Exchange – three times over. And this for three companies that are currently losing billions of dollars every quarter.

When The Economist looked at the numbers, they concluded that SpaceX, at first, would likely represent only 0.1 percent of the S&P 500. No immediate danger there, regardless of what you think of the valuation. But this is only the beginning of these companies’ journey through the indices. The data from the past ten years speaks clearly.

Has Warren Buffett’s savings advice aged poorly? Are index funds still the best option for ordinary savers?

It is, of course, difficult – and presumptuous – to criticize one of the world’s most successful individual investors. Index funds have delivered, and continue to deliver, good returns. But the reason for that in recent years is primarily that American tech giants have gradually taken an ever-larger share of the funds. Is it reasonable that a global fund consists of 63 percent American stocks? Do all ordinary savers understand that when they buy them?

The coming IPOs of AI companies won’t help either.

Listen to Buffett – but keep in mind that the holdings in index funds look substantially different from what they did when his advice was first given. If this trend continues, the risk is that the funds break down entirely.

The Magnificent 7 is a term for seven of the largest tech companies on the stock market: Alphabet (Google), Amazon, Apple, Meta (Facebook), Microsoft, Nvidia, and Tesla.

The sharp warning rings hollow

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SvD Näringsliv

This analysis was first published in SvD Näringsliv, in Swedish, on June 5th, 2026. This piece was translated from Swedish by Claude. Some phrasing may differ from a human translation.

Anthropic is calling for a global pause in AI development – and pressing on the industry’s most sensitive nerve. But there may be other reasons than concern for the world behind these warnings.

There is no finer way to express yourself in Silicon Valley than to write an essay.

Some have even turned it into a marketing strategy – as AI company Anthropic has.

By writing variations on doomsday essays, they have warned about AI development for many years. And raised hundreds of billions of kronor in venture capital along the way.

Reactions were strong after Anthropic on Thursday called on the outside world, and its own industry in particular, to pause AI development. “It would be good for the world to have the option to slow down or temporarily pause frontier AI development,” two employees noted in a blog post from the company.

The message presses on a sensitive nerve. Is AI becoming a kind of Terminator? Is humanity’s future threatened?

Narratives like these have defined AI development for many years. But it’s worth looking a little more closely at where they come from – and what possible motives may lie behind them, beyond concern for our shared future.

Let’s look at a timeline of what Anthropic has said previously on exactly these questions – and how they have since acted as a company.

March 2023: A blog post addresses three possible scenarios for the future. In the pessimistic version, Anthropic intends to “raise the alarm” – hoping that institutions around the world would then try to stop AI development. They also write that it may be difficult to notice when the pessimistic scenario kicks in, and that the world should assume that it has until proven otherwise.

May 2023: Anthropic raises 450 million dollars in venture capital from, among others, Google.

September 2023: Anthropic publishes a policy on “responsible scaling” – a framework for “managing catastrophic risks from advanced AI systems.”

March 2024: Amazon invests up to 4 billion dollars in Anthropic.

October 2024: Anthropic publishes guidelines for how governments can reduce “catastrophic risks.”

November 2024: Amazon increases its investment in the AI company to 8 billion dollars.

And finally – the big essay, by Anthropic’s CEO and founder Dario Amodei in January 2026. There he lists, among other things, that AI is the biggest threat to national security in a century – perhaps ever. That jobs will disappear. That AI models exhibit signs of extortion and cheating. And so on.

This could go on, but the point is hopefully already clear. These warnings are regular – yet shortly afterward, their own AI development accelerates with fresh billions in the bank. Despite, apparently, the world being on the verge of collapse.

Accelerate and brake, in turns. It looks a little strange.

In The New Republic in May, a similar tendency was noted. There you can read that it would be “easy to dismiss this as hypocrisy, but the situation is more structurally tragic than that.”

The reasoning was that on the unregulated market that exists, it wouldn’t be possible to stop development even if that was genuinely what one wanted. How would you ensure the stop? What would all the investors say? Would China stop developing AI just because the US chose to do so?

The questions are many. And despite incessant communication about how serious the risks of AI are, they haven’t received any clear – or at least realistic – answer. But positioning their company as a responsible social actor has been an extraordinarily successful strategy for Anthropic.

When the outside world reacts with alarm to these statements, it is worth remembering this context. The underlying anxiety in society seems to search for evidence of its own thesis – and what better than to hear it directly from those driving the development? They are, after all, the experts in the field.

Continuously raising the alarm about risks doesn’t necessarily mean those risks aren’t real. Nor that their concern is being used cynically. But it is a reminder that we seem to have outsourced these questions to a single party – the very largest tech companies in the world – without being able to form a qualified judgment of our own without them. That is an enormous problem we face here and now.

From the outside, it looks as though Anthropic is crying wolf. And like the boy in the famous fable, this creates a situation that ends badly in the end.

Before the wolf arrives for real, it would be better if these questions weren’t driven by someone with a stake in the outcome.

You wouldn’t ask the wolf where to keep your sheep.

Any other answer would have been a shock

SvD Näringsliv

This analysis was first published in SvD Näringsliv, in Swedish, on June 2nd, 2026. This piece was translated from Swedish by Claude. Some phrasing may differ from a human translation.

Is social media harmful to young people? Sweden’s investigators have delivered a much-anticipated answer. Anything other than the conclusion they reached would have been a shock – given how the assignment was framed. But the most important question remains unanswered.

Ask a question, get an answer. The government version of that might be: commission an inquiry, get an inquiry.

When Minister for Social Affairs Jakob Forssmed appointed a special investigator last fall to figure out how an age limit on social media could be implemented in Sweden, the assignment was crystal clear:

“Harmful content and addictive algorithms must be pushed back to strengthen the protection of children’s health, safety, and wellbeing. We are now investigating how a strict age limit on social media can be designed in Sweden.”

The question of whether social media is actually dangerous was set aside in favor of how an age limit could be implemented. But that we still got no answers on in the interim report released Tuesday.

In an op-ed in SvD, the investigators outline their findings. The legal conditions for a Swedish age limit on social media have been reviewed, and the conclusion is that it’s feasible. Legally speaking. A limit of 15 years is proposed. Snapchat, Instagram, Facebook, TikTok, and YouTube are among the platforms that would be covered.

Beyond that, the investigators were also asked to consider whether this is something that should be introduced at all. That’s a considerably bigger question. And, unsurprisingly, they concluded that the proposal both can and should be implemented.

Any other answer – given how the question was framed from the start – would have been a shock.

Public opinion on this issue is also entirely one-sided right now. As the investigators themselves note, similar proposals are already finalized in several European countries, and there are long lists of ongoing inquiries of the same kind elsewhere. Out in front is Australia, which in December 2025 became the first country in the world to introduce a ban on social media for children.

Bucking that trend would have required enormous courage. And that’s exactly why it’s particularly interesting to look at the reasoning for why this is such a good idea – beyond the fact that many other countries seem to think the same. It’s also worth examining how things have played out in Australia so far, since they’re the only country that has actually implemented such an age limit.

Let’s start with the land down under. In March, a report from the Australian government looked at exactly this. It found that around 5 million social media accounts have been removed. That sounds like a lot. But the report acknowledges that the figure doesn’t correspond to the number of young people who have lost access to social media, since the same person can have multiple accounts. And more importantly – seven in ten children still had social media accounts despite the law.

One of the goals of the age limit was to reduce bullying and harmful behavior through these channels. The Australian report shows, however, that the number of reports has not decreased since the ban was introduced. It’s still early – the law is barely six months old – but so far, the problems appear to persist.

In their op-ed, the investigators write that “the research on children’s wellbeing and their use of social media [is] clear.”

Not all researchers would agree with that claim. Developmental psychologist Candice Odgers at the University of California, Irvine, is one of them.

She has studied young people’s use of smartphones since 2008 and argues that research – including a meta-study examining 226 studies over 12 years – cannot demonstrate any connection between social media use and wellbeing at all. Research from Amy Orben and Andrew Przybylski at Oxford University shows similar results. We can see that many young people are struggling, suffering from anxiety and depression. But that social media is to blame is far less clear.

There is, of course, research pointing in the opposite direction too. And that seems to be what Minister Forssmed and the investigators have chosen to focus on. That’s a valid choice – but to say the research is “clear” is a significant oversimplification.

The same thing happened when Sweden’s Public Health Agency issued screen-time recommendations. What was proposed had weak backing in the very research evidence they themselves provided.

One of the biggest questions – even with an age limit in place – is how this would work in practice. How do you even verify users’ ages accurately? The investigators also raise their own concerns about the need to preserve anonymity on social media. But these questions are once again left unanswered. “The inquiry will in its next phase continue to follow that work closely,” the report says, referring to the EU’s work on digital age verification.

Protecting young people is a noble mission that most people can get behind. And few today believe that unregulated tech companies would prioritize young people’s wellbeing. The work is important and affects almost everyone in Sweden.

The real question is how we as a society actually get this right. How we improve young people’s wellbeing without creating other, unintended problems. Or for that matter – whether we can even identify an approach that genuinely works.

This inquiry gave us – once again, and despite good intentions – very few answers on how to do that.

Writers vs AI — the battle is already over

SvD Näringsliv

Idealism meets pragmatism as the Swedish Writers’ Union gathers its members for a meeting about the AI future. The mood is set to be tense — but the central conflict has already been partly decided.

It’s not surprising that the tech world is so disliked across large parts of society. Every new technology shift comes with promises of riches and a brighter future — last time it was social media, this time it’s AI.

The riches, however, mostly seem to stay in Silicon Valley. And the broader benefits leave plenty of question marks too. It’s a long way from Google’s Nobel-winning Alphafold project — the AI system that can compute protein structures — to using enormous amounts of electricity to generate strange memes and AI slop.

It’s understandable, then, that Swedish authors aren’t cheering when the conversation turns to their works being included in a new Swedish AI model. The goal is to produce a language model that understands Swedish deeply and that isn’t dependent on American tech companies.

The technology has underdelivered before. When the Swedish Writers’ Union gathers on Saturday to discuss the issue, the mood is set to be sour.

At the same time, there seems to be a misunderstanding both about how the technology and the market function, how they could function — and what’s actually happening right now. Whether you like it or not.

One of the project’s critics, the poet Olivia Bergdahl, tells Aftonbladet: “The way these machines work, it’s the books that get used, but really it becomes more a question of what price tag you put on the language an author has developed — and that’s impossible.”

That may be true. But the price tag on the existing works that have found their way into today’s AI models is already set. It’s exactly zero kronor. So we’re not talking about a situation where authors’ books might end up in AI models — they’re already there. Along with a long list of other copyrighted material that has also ended up there, without permission.

Last autumn, AI company Anthropic reached a settlement in which it agreed to pay 1.5 billion dollars for having used books without permission to train its AI models. The examples are many, and they exist in adjacent industries too. The New York Times, for instance, has sued OpenAI for taking its journalism in a case still working its way through the American legal system.

The conversations the Swedish Writers’ Union is trying to have about a new Swedish language model can be seen in this light. The initiative looks less like a way to embrace AI technology and more like an attempt to step a couple of paces back from where we are today. The aim is to be able to regulate compensation and the use of books in these models under far more controlled terms than what’s happening now.

If this sounds like a kind of hostage situation, there’s a reason for that. American and Chinese companies are currently taking Swedish and foreign literature and training their AI models on it. No one — neither the authors themselves nor the Writers’ Union — has any say in that fact. That obviously doesn’t mean you have to welcome this future with open arms and simply accept it. But to realistically argue for staying entirely outside it, you have to think about how that would actually work in practice. It might mean suing the AI companies in question. But even that is something you’d most likely want to do as a collective rather than as an individual author.

The Swedish Writers’ Union has, thanklessly, ended up taking the blame for this messy AI era. What they’re discussing is participating in a Swedish research project where a different kind of control around compensation and copyright could be built.

If members decide — now or in the future — that they want to fully withdraw from all AI involvement, there’s the option of finding solutions for that too. And if large-scale copyright infringement lawsuits also arrive in Sweden, it might be wise to have a partner who understands how the technology works from the inside.

That holds — unfortunately, you might say — even for those who want nothing to do with it.

This analysis was first published in SvD Näringsliv, in Swedish, on May 29th, 2026. This piece was translated from Swedish by Claude. Some phrasing may differ from a human translation.

A brutal wake-up call for Kinnevik’s portfolio

SvD Näringsliv

When Helena Saxon steps in as CEO of Kinnevik, the company’s tech strategy is buried once and for all. A new reality awaits — and some are in for a brutal wake-up call.

When Georgi Ganev, then-CEO of Kinnevik, summarized the year 2021, he wrote the following as the opening line of the quarterly report:

“During 2021, we significantly reweighted our portfolio composition toward younger, private growth companies.”

The mandate for incoming CEO Helena Saxon appears to be the exact opposite. And if you’re a company sitting in Kinnevik’s current portfolio, the future suddenly looks anything but secure.

Reading chair Cristina Stenbeck’s statement in the press release, the new direction is crystal clear:

“We will invest primarily in profitable, cash-flow-generating growth companies where growth capital is scarce and where we can build successful and sustainable businesses across generations.”

If we allow ourselves to paraphrase the somewhat dry quote, we can sum it up like this instead: things at Kinnevik are about to get stable, predictable, and a little boring.

And it’s hard to read the statement as anything other than a repudiation of Kinnevik’s strategy in recent years.

Let’s recall what happened: in recent years, Kinnevik has invested billions in precisely the kind of unprofitable companies that need enormous amounts of growth capital, that haven’t generated a single krona in cash flow, and whose sustainability — and in some cases even their temporary success — has been heavily questioned.

This is a new and inverted strategy.

The market clearly agrees with the verdict. Over the past five years, the stock has fallen by more than 80 percent. Helena Saxon’s previous employer, Investor, has doubled its value over the same period.

Other investment companies on the Stockholm stock exchange haven’t performed as well as Investor, but they haven’t done as poorly as Kinnevik either. With one exception — VNV Global — whose focus has been very similar to Kinnevik’s, with bets on unlisted tech growth companies. The fund Tin Ny Teknik, which pursued a similar strategy, has also lost 57 percent of its value over five years.

If we want to be generous to Kinnevik, we can note that it wasn’t only the execution of the strategy that was the problem — it was the timing too. They were too late to catch the big winners — Spotify, Klarna, King — and they spent too much money on inflated valuations of companies that never lived up to those predecessors.

When it comes to the new generation of AI companies, Kinnevik has put money into Tandem Health — but missed the biggest Swedish winners so far, Lovable and Legora. VNV and Tin Ny Teknik are also absent there.

The big question becomes what happens to the existing portfolio. The list of candidates that can start generating large cash flows any time soon is short. Stenbeck herself writes that they “will be very disciplined when it comes to follow-on investments” and that they will “work with our portfolio companies to maximize each company’s potential and drive positive development.”

But positive development for whom? For Kinnevik, it could just as easily mean selling off these unprofitable holdings. A couple of fintech names were already sold last year, in a deal that short-seller firm Ningi Research criticized. These companies depend heavily on follow-on investments to keep operating. And having a major shareholder that doesn’t want to participate sends a negative signal to new investors.

Selling the holdings to someone else and moving that capital into the new strategy is therefore entirely plausible. But it requires finding buyers. Unlike Kinnevik’s earlier holdings, the names on the list aren’t particularly well known. How about companies like Charm Industrial, Enveda, Nory, Solugen, or Vay? And the ones that have gotten more attention — like Stegra, Aira, and Mathem — have run into serious trouble.

If you’re a Kinnevik portfolio company, you should probably brace for a turbulent stretch ahead. One of your largest shareholders is fed up, and now they’re turning off the money tap.

Looking a year out, several of these oddly-named companies will likely have vanished from Kinnevik’s holdings. Assuming anyone else wants them by then.

This analysis was first published in SvD Näringsliv, in Swedish, on May 25th, 2026. This piece was translated from Swedish by Claude. Some phrasing may differ from a human translation.

Can Musk Create Another Stock Market Rocket?

SvD Näringsliv

After the Tesla success, Elon Musk is back. Now he’s taking his rocket company – which today contains more AI than rockets – to the stock market with an astronomical valuation. Can it become another market phenomenon?

When entrepreneur Adam Neumann was preparing to take his co-working company WeWork public in 2019, he had a challenge. How do you make an office hotel sound more exciting than it is?

Neumann decided that the company’s “mission is to elevate the world’s consciousness.” That didn’t quite work. When the world saw the company’s numbers, a backlash began that led to its collapse. And when you read the prospectus for Elon Musk’s rocket company SpaceX, it’s impossible not to think back to WeWork’s fate.

The rocket company’s mission includes, among other things, to “extend the light of consciousness to the stars.” On top of that, a bonus will be paid out if the company manages to build a colony on Mars with at least one million inhabitants.

It sounds a bit like a fever dream. But then again – if there’s anyone who can sell this dream, it’s Elon Musk. He’s done it before, with Tesla’s electric cars.

In many ways, SpaceX has the opposite problem from WeWork. It’s hard to think of anything more exciting than a rocket company. But when you look more closely at the business, you realize that space itself has become an increasingly small part of it.

This is most visible in the section of the prospectus meant to describe the size of the market. In a clearly laid-out bar chart, you find “Space-enabled solutions” – meaning the actual space business. It is the smallest of all categories, valued at $370 billion. Next comes Starlink, which uses satellites to deliver broadband. That market is considered worth more than twice as much.

Those figures are barely visible compared to the “Enterprise applications” category, which appears to cover all software used by all companies everywhere in the world. In this category, SpaceX can offer AI services, through the acquisition of Musk’s company xAI. In total, that market is considered worth $22.7 trillion.

SpaceX is therefore claiming that its total addressable market is roughly the size of the entire US GDP for 2025.

What is called SpaceX is no longer just about rockets and satellites. It is now a company that also encompasses AI development. And that is somewhere around where the IPO finds its logic.

It will take a great deal of money in the years ahead.

The AI business – and the rockets too, for that matter – is losing enormous amounts of money. And it will only get worse. Capital expenditures – fixed assets such as hardware – are running so far this year at roughly seven times higher for AI than for rockets. In the first three months of the year, SpaceX lost more than $4 billion, slightly less than its total loss for all of 2025. The losses are accelerating sharply, apparently to keep pace in the AI race.

All of that might be something you could live with. Elon Musk has done the impossible before. Those who invested early in Tesla have had life-changing returns. Here comes a new company from the same man, and you as a small investor will have the chance to get on board. The list of enthusiastic Tesla shareholders is long – and so is the list of those who regret having missed Tesla’s run.

Needing a lot of money to invest in the future is not, in principle, an obstacle to listing a company. On the contrary, it is often the very purpose of an IPO.

But then we get to the valuation. The exact price won’t be set until just before trading begins, but the signal is clear. The intention is for this to be the world’s largest IPO ever. Talk is that the valuation will be at least $1.75 trillion, possibly as high as $2 trillion.

Sticking to the lower end, SpaceX’s intended valuation sits at roughly 94 times revenue. By comparison, Apple and Microsoft trade at around 10 times, and Nvidia at 21 times. Tesla, which is known for trading far above its automotive peers, is at 15 times.

The valuation is, as you can see, on an entirely different planet. And the reason for that appears to be Musk, AI, and some projected colony on Mars.

If there is any sanity left in the world, SpaceX’s IPO could mark a turning point for this phase of the explosive AI economy. OpenAI and Anthropic are both said to be heading toward their own listings at a rapid pace, while interest in AI remains at record levels. But at some point the market – and perhaps people in general – will say that enough is enough. This is too bubbly, too expensive. We can’t keep going like this.

But any such sanity does not appear to be on the horizon.

Not on this planet – or any other that SpaceX might one day visit.

This analysis was first published in SvD Näringsliv, in Swedish, on May 23rd, 2026. This piece was translated from Swedish by Claude. Some phrasing may differ from a human translation.

Insider trading exposes Nvidia

SvD Näringsliv

This analysis was first published in SvD Näringsliv, in Swedish, on May 20th, 2026. This piece was translated from Swedish by Claude. Some phrasing may differ from a human translation.

Is now a good time to buy Nvidia? Ahead of the quarterly report, that’s the question everyone with a stock portfolio is asking. The answer insider trading gives is unambiguous.

Insider trading has an undeservedly bad reputation. It often sounds like something shady is going on. The label “insider crime” is probably the association that muddies the waters.

But the most common form of insider trading — the kind that isn’t criminal — is where executives at publicly listed companies report their transactions. Purchases and sales. And through these, you can sometimes make out a story about the company in question. Ahead of Nvidia reporting its quarterly results late Wednesday evening, SvD examined precisely that story — and it is both crystal clear and unusual.

Colette Kress, CFO of Nvidia, cannot have been bored at work lately. When she started in 2013, the share price was around $0.40. Today the equivalent figure is around $225 — a record high in the company’s history. Several executives at Nvidia receive shares as part of their compensation — including Kress, who has ultimate responsibility for the company’s finances. After such a run, you can understand the impulse to secure your personal finances by selling some shares.

And her personal finances are well secured today. To put it mildly.

Over the past three years, Kress — an insider at Nvidia — has sold shares worth more than $160 million, over SEK 1.5 billion at today’s exchange rate. As recently as this March, she sold shares worth just under $11 million.

Kress is not alone. An analysis I conducted shows that Nvidia insiders have done nothing but sell shares over the past five years. There is not a single insider purchase registered in that period. Neither executives nor board members have put a single dollar of their own money into buying the company’s shares since September 2020 — and even then, it was only one person who bought. At that point the share price was just under $13, in a transaction worth under half a million dollars, according to filings with the SEC. That weighs rather lightly against the selling that followed.

Nvidia’s founder and CEO Jensen Huang has also sold heavily. In just the past three years he has sold around $1.9 billion worth of shares — just under SEK 18 billion. Huang’s shares, like those of several other insiders, have been sold on a pre-set schedule. The purpose is to try to avoid speculation about why an insider chose to sell at a particular moment. The schedule avoids sending unintended market signals. But the quantity of shares sold is still controlled by the insider in question. And most importantly — you don’t actually have to sell your shares at all.

To add some nuance to Huang’s sales, it is worth looking at how many shares he still holds. He owns just over 3 percent of Nvidia’s total shares, a stake currently worth around $183 billion. Over the past three years he has sold roughly 1 percent of that total.

A personal finance advisor would immediately say that Huang’s disposals are on the low side — despite the large sums involved. That large a proportion of your wealth generally should not sit in a single asset. On the other hand, we are well beyond the argument of securing Huang’s personal future here. We are talking about billions of dollars in sales in just the recent period.

Ahead of Wednesday evening’s quarterly report, the market will be looking for signs of whether the rocket the Nvidia share has become can continue to climb. The pressure from AI companies suggests that demand far exceeds the supply of Nvidia’s valuable chips.

At the same time, it is remarkable that those with the most direct insight into the question — all insiders in the executive team and in the company’s top tier — do not appear to share that view. Why is everyone selling? Why has not a single senior executive bought a single Nvidia share in the past five years, despite this front-row view of the ongoing boom? Even if you receive shares as compensation, you could simply hold them rather than sell.

Insider trading does not give you all the answers about a company’s future. But it raises a number of interesting questions. In Nvidia’s case, the insider sales may stand in contrast to the hype the company continues to generate. Those on the inside are not spending their own money to buy shares. But they are quite happy for others to do so. There is something to take from that.

Share prices in this piece have been adjusted to account for Nvidia’s stock split.

Was the battery purchase a cover?

SvD Näringsliv

This analysis was first published in SvD Näringsliv, in Swedish, on May 13th, 2026. This piece was translated from Swedish by Claude. Some phrasing may differ from a human translation.

Why did Lyten ultimately buy Northvolt? New information suggests the battery factory was only part of the value. Access to cheap green electricity proved decisive — and it may be routed to an American tech giant.

For a battery factory, there has been a surprising lack of discussion about actual batteries when it comes to Northvolt. Perhaps because relatively few of them ever left the factory while it was running?

A new book raises questions about whether things will improve under new management.

In the aftermath of the Northvolt collapse, it looks as though access to green electricity — rather than battery manufacturing — is one of the primary assets on offer. And moreover, it was what tipped the scales in favor of the American company Lyten’s rescue of Northvolt. Behind this obscure company, you also find considerably more well-known names that were part of the deal.

SvD has previously reported that Lyten — as part of purchasing Northvolt — acquired a new neighbor in Skellefteå: the American data center company Edgeconnex. That company is in turn owned by the Swedish private equity firm EQT.

Edgeconnex plans to build a new data center — potentially the largest in Sweden — on the land right next to Northvolt. Daniel Ketema, communications director at EQT, told SvD in February that “the data center has nothing to do with Lyten, beyond the geographic proximity. These are two completely separate operations.”

The new book “Northvoltfallet” by business journalist Gunnar Lindstedt suggests this may be a truth with some modification.

The book describes how EQT extended Lyten a bridge loan of SEK 2–3 billion to enable the purchase of Northvolt’s battery factory for SEK 900 million, plus real estate and land for roughly the same amount.

Why would EQT have an interest in helping Lyten with the financing? Because, as part of this circular deal, Edgeconnex will gain access to a portion of the green electricity that Skellefteå Kraft had previously guaranteed to Northvolt, as well as the adjacent land. This is according to sources in Lindstedt’s book. SvD approached EQT for comment, but the company has not responded.

According to the book’s sources, Edgeconnex will pay around SEK 5 billion to secure both the land and the electricity agreement from Lyten. That would allow the loan to EQT to be repaid. The circle is closed. The operations are entirely separate — but the original deal could not have happened without the initial loan.

What the deal highlights is the true value that players — old and new alike — are trying to capture in these green tech transactions. It’s about cheap green electricity. But when it comes to electricity access of this scale, you can’t simply plug into a grid and get going. It requires planning and permits.

Being able to use existing electricity agreements already in place is therefore a substantially faster and smoother solution. Skellefteå Kraft was ready for Northvolt. And now some of that allocated electricity may go to a data center instead.

Lyten seems to have developed a taste for the model. In March they announced they were establishing a “Lyten Industrial Hub” in Poland. It is being built — just as in Skellefteå — next to Lyten’s (formerly Northvolt’s) battery factory in Gdansk. Lyten CEO Dan Cook said in a press release that the purpose was to “combine advanced materials and battery energy storage with digital infrastructure for AI.”

But what AI data centers need right now is not large quantities of batteries. They need electricity. A great deal of electricity. And Lyten’s battery manufacturing in Northvolt’s former factories has not yet begun.

As Northvolt is now being rebuilt, it is worth examining what was promised from the start, what was actually delivered — and what the operation looks set to become.

What was promised were Swedish environmentally friendly batteries that would, among other things, supply European automotive manufacturers. A strategically important component to have close at hand in a geopolitically complicated world.

What we got was a Swedish factory with Chinese machinery, operated by Chinese workers, using imported Chinese cathode material. The Swedish cathode that was meant to be produced simply could not be made to sufficient quality or in sufficient quantity. And it all ended in a bankruptcy described as the largest in Sweden since the Kreuger crash.

What does it look set to become? The very thing that was supposed to make these batteries green in the first place — access to electricity in northern Sweden — may now go to an American data center instead.

The end customer — those who intend to use the data center once it is built — is, according to Lindstedt’s book, a familiar name: Google. When politicians celebrate Northvolt’s survival, they would do well to update their picture of what the operation may actually become.

Instead of a major push for green batteries, we may also end up simply helping an American tech giant with its electricity supply.

You can do that. But it is very far from what was promised at the start.