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It’s not just about rockets. This week, Michelle, Rahul and Will explore one of the most anticipated stock market debuts in history: the SpaceX IPO. With a potential $1.75 trillion valuation and intense global investor interest, it’s widely tipped as one of the biggest market launches ever. But can the company live up to the hype — or is this Elon Musk’s biggest gamble yet? Plus: what does SpaceX actually do, and why does it matter to investors?

This is the latest episode of our weekly Power Players show, hosted by Rahul Tandon and Will Bain in the UK, and North America Business Correspondent Michelle Fleury in New York.

Producer: Rebecca Smyllie

You can email the team: businessdaily@bbc.co.uk

(Picture: Tesla and SpaceX’s CEO Elon Musk reacts during an event in London, UK in 2023. Credit: Kirsty Wigglesworth/Pool via REUTERS/File Photo)

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CUPERTINO, Calif. — Apple is preparing one of its most ambitious iPhone updates yet for fall 2026, with the iPhone 18 Pro Max expected to feature a thicker body, significantly larger battery, variable aperture camera system and under-display Face ID technology according to multiple supply chain reports and analyst leaks.

The premium flagship, along with the standard iPhone 18 Pro, is slated for a September 2026 launch alongside a new foldable iPhone model. The more affordable iPhone 18 and iPhone 18e variants are reportedly delayed until spring 2027, marking a shift in Apple’s traditional annual release cadence.

Design Changes and Build

Leakers indicate the iPhone 18 Pro Max will be slightly thicker than its predecessor, measuring around 8.8mm compared to 8.75mm on the iPhone 17 Pro Max. This increase is expected to accommodate a larger battery while maintaining structural integrity. Dummy models suggest a thicker camera plateau on the back, potentially reaching 11.54mm, to house upgraded lenses.

The front display is rumored to feature a significantly smaller Dynamic Island cutout, shrinking from approximately 20.76mm to 13.49mm. Some reports point toward under-display Face ID and a relocated front camera, potentially eliminating the pill-shaped notch entirely for a more seamless screen experience.

Color options are expected to include new shades such as Dark Cherry (a deep red/wine tone), silver, grey and light blue. A transparent or translucent back panel has also been mentioned in some leaks, continuing Apple’s experimentation with materials.

Battery and Performance Upgrades

Battery life is a major focus for the iPhone 18 Pro Max. Rumors suggest a capacity between 5,100mAh and 5,200mAh, potentially the largest ever in an iPhone. Combined with efficiency gains from a new 2-nanometer A20 Pro chip, this could deliver substantial improvements in daily usage and video playback.

The A20 Pro processor, fabricated on TSMC’s advanced 2nm process, is projected to offer around 15% better performance and 30% improved power efficiency compared to the previous generation. An in-house C2 modem replacing Qualcomm components is also expected, promising better 5G performance and satellite connectivity enhancements.

Camera Innovations

The camera system could see groundbreaking changes. The iPhone 18 Pro Max is rumored to introduce a variable aperture main sensor — a first for iPhone — allowing greater control over depth of field and low-light performance similar to professional DSLR cameras. At least one rear lens may feature a mechanical iris for adjustable aperture.

Additional upgrades include higher-resolution sensors, improved zoom capabilities and enhanced computational photography features powered by the new A20 chip. These changes would further solidify Apple’s position in mobile photography while appealing to content creators and professional users.

Display and Other Features

The Pro models are expected to retain similar sizes to the current generation — approximately 6.3 inches for the Pro and 6.9 inches for the Pro Max — but with potential brightness and efficiency improvements through LTPO+ display technology. Under-display Face ID would contribute to a cleaner front design.

Other rumored features include expanded satellite texting capabilities, improved thermal management and refined Camera Control button functionality. The overall design language is anticipated to evolve subtly while maintaining Apple’s premium aesthetic.

Release Timeline and Pricing

Apple is expected to unveil the iPhone 18 Pro and iPhone 18 Pro Max in September 2026 alongside the foldable model. Pricing is likely to start higher than current Pro models due to advanced components and new features, with the Pro Max potentially exceeding $1,200 depending on storage configuration.

The staggered release schedule, with standard models arriving in spring 2027, reflects Apple’s strategy to differentiate premium devices and manage supply chain complexities around ambitious new technologies like foldables.

Market Implications and Consumer Interest

The iPhone 18 Pro Max rumors have generated significant excitement among enthusiasts and analysts. Potential buyers are particularly interested in battery improvements and camera advancements, which address two of the most common requests from current users.

The shift toward a more premium-focused fall lineup could influence purchasing decisions, with consumers weighing upgrades against the delayed standard models. Apple’s continued emphasis on ecosystem integration, privacy and performance is expected to maintain strong demand despite higher price points.

Industry observers note that the iPhone 18 series represents an important step in Apple’s long-term roadmap, bridging current designs with more radical innovations anticipated in future anniversary models. Successful execution on rumored features could reinforce Apple’s leadership in the premium smartphone segment.

Challenges and Considerations

Supply chain reports suggest Apple is navigating challenges with new manufacturing processes and component sourcing. The adoption of 2nm technology and advanced camera mechanisms requires precision and could impact initial availability.

Competition from Android manufacturers pushing foldable and high-end camera phones adds pressure. Apple’s ability to differentiate through software optimization and user experience will be crucial in maintaining its market position.

For consumers, the decision to upgrade will depend on specific needs around battery life, photography capabilities and overall device longevity. Early adopters may prioritize the Pro models for their cutting-edge features, while others wait for broader availability and potential price adjustments.

Expert and Analyst Views

Analysts from firms tracking Apple’s supply chain have expressed optimism about the iPhone 18 Pro Max’s potential. Improved efficiency and larger battery capacity are seen as particularly compelling for users who rely heavily on their devices throughout the day.

Camera enthusiasts are excited about variable aperture technology, which could bring professional-level control to smartphone photography. The combination of hardware advancements and Apple’s computational photography expertise is expected to deliver class-leading results.

As development continues, more details are likely to emerge in the coming months. Leaks and supply chain reports will provide incremental insights, building anticipation for Apple’s traditional September event.

The iPhone 18 Pro Max appears poised to deliver meaningful upgrades in key areas that matter most to users. With its expected September 2026 launch, the device could set new standards for premium smartphones and reinforce Apple’s position at the forefront of mobile innovation. Consumers and industry watchers alike will be closely following further developments as the release date approaches.

The rumored changes reflect Apple’s ongoing commitment to refining its flagship lineup while addressing practical user needs. Battery life, camera versatility and design elegance remain central to the iPhone’s appeal, and the iPhone 18 Pro Max looks set to advance each of these pillars significantly.

Shares of Zee Entertainment Enterprises Ltd (ZEEL) will be in focus heading into trade on Thursday after the board approved plans to raise at least Rs 2,300 crore in one or more tranches to support strategic and business initiatives, as the media company seeks to bolster its balance sheet and invest in new growth opportunities.

In a stock exchange filing on Wednesday, Zee said its board cleared the fundraising proposal at a meeting held on June 10. The company did not disclose the method through which the capital would be raised.

“The Board of Directors has approved the raising of capital by the Company of minimum Rs 2,300 crore in one or more phases/tranches to fund the strategic and business initiatives,” Zee said, adding that the board would continue evaluating the various fundraising options available.

The stock will also be in focus as the FIFA World Cup 2026 kicks off today with Mexico hosting South Africa. The company secured exclusive media rights for FIFA events in India until 2034, resolving uncertainty surrounding the broadcast of the 2026 FIFA World Cup in one of the world’s largest football-viewing markets.

The agreement gives Zee rights to air 39 FIFA tournaments over the next eight years, including the FIFA World Cups scheduled for 2026 and 2030. The financial terms of the deal were not disclosed.

Alongside its core television business, Zee has been broadening its presence in emerging segments through investments in ventures such as micro-drama platform Bullet and visual effects studio PhantomFX. The company has also been building a dedicated sports broadcasting portfolio.
The fundraising announcement follows a challenging March quarter. Zee reported a loss for the quarter ended March 2026 as profitability was impacted by higher operating costs and weaker advertising demand, with spending affected by geopolitical tensions in the Middle East.Zee Entertainment Enterprises reported a consolidated net loss of Rs 104 crore for the January-March quarter of FY26, compared to a net profit of Rs 188 crore in the year-ago period. The media & entertainment company’s operating revenue declined 7% to Rs 2,025 crore in Q4 FY26 versus Rs 2,184 crore posted by the company in the corresponding quarter of the previous financial year.

The Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) loss stood at Rs 269 crore versus Rs 285 crore in Q4 FY25 and Rs 240 crore in Q3 FY26. The adjusted EBITDA declined 51% YoY and 42% QoQ.

Zee shares are up 13% in 2026 and down about 22% in the last 1 year.

Sensex, Nifty today: Catch all the LIVE stock market action here
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

SpaceX’s debt profile remains an area to watch. According to a Reuters report citing regulatory filings, the company secured a $20 billion bridge loan in April to refinance a significant portion of its existing debt ahead of the IPO. The loan was provided by a syndicate of lenders that was not identified. Under the loan terms, SpaceX could be required to use IPO proceeds to repay the borrowing if it is not refinanced or repaid through other sources within six months of the offering.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

‘As we look back on our 50 years in business, we are proud to have supported many thousands of charitable, community and environmental causes’

North East property and mining company Banks Group has returned to profit after its turnover rose sharply. The County Durham group has published accounts which show turnover of £43.4m, up from £27.1m seen a year earlier. The accounts, covering the year to the end of September 2025, report operating profit of £8.4m, having been a loss of £5.1m in the previous year.

Within the group, Banks’ mining division reported a turnover of £16m, there was £15.5m from Banks Homes and £10.8m from Banks Property.

Founder Harry Banks used the report to highlight how “the current planning system is unduly slow and unpredictable with significant delays across the UK leading to shortages in land available for much-needed new housing.” He added that Banks was investing in its operations to provide future growth.

The family-owned firm is celebrating its 50th anniversary this year and has retained its headquarters in County Durham since being founded in Tow Law in 1976.

Mr Banks said: “We’re immensely proud of our County Durham and North East heritage, which has been the foundation on which our growth, diversification and success has been based over the last 50 years. Our performance in 2025 was ahead of the previous year as we focussed on the future growth prospects for the business.

“We have continued to invest in our new house building arm, Banks Homes, which is well placed to deliver future growth and earnings, and believe we will deliver good growth and earnings in the coming years from the investments we are making across all our operations.”

Banks said it was working on housebuilding developments in West Rainton, Yarm, Wynyard and Hambleton in North Yorkshire. It was aiming to deliver an annual target of around 200 new homes a year by the end of 2027 and then 400 new homes a year by 2031.

The Banks Group has also continued to deliver grant funding to dozens of community groups and environmental projects across its operating areas during 2025.

Mr Banks added: “As we look back on our 50 years in business, we are proud to have supported many thousands of charitable, community and environmental causes and to have helped to deliver long-lasting positive changes that make a real difference to people’s lives.”

The group’ headcount fell slightly during the year to an average of 168, but its wage bill rose to £11.9m, having been £10.7m in the previous year.

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