The Zenbook S 16 (2026) has a brighter and sharper OLED than its predecessor that's one of the best large-screen choices I've tested.
New AMD Gorgon Point chip inside
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This new model also utilises one of AMD's new Gorgon Point APU processors with a small bump in overall power.
Redesigned chassis
Asus has also redesigned the chassis a tad from the older model, while retaining its use of innovative materials.
Introduction
The Asus Zenbook S 16 (2026) feels more of an iterative upgrade against its hugely impressive predecessor.
I loved the Zenbook S 16 (2024) so much that I nearly considered purchasing one as my main work machine, although I couldn’t give up macOS that easily. Nonetheless, it seems like Asus has rolled its sleeves up a little with this refreshed model, with it packing in one of AMD’s revised Gorgon Point APUs (the Ryzen AI 9 465 in this instance), plus it’s got a slightly different look to it, and there’s a new 16-inch OLED panel to get excited about.
This new model is going straight up against the likes of the Samsung Galaxy Book6 Pro as a large-screened, premium ultraportable laptop for those who want or need the luxury of a bigger panel without sacrificing on style. It also carries a beefier price tag of £1699.99, meaning it’s a little behind Samsung’s choice there, too.
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I’ve been putting the Zenbook S 16 (2026) through its paces to see if it can keep its crown as one of the best laptops we’ve tested.
Design and Keyboard
More generic and minimalistic look
Slender, with a capable port selection
Snappy keyboard and huge trackpad
The stylish ceraluminum chassis was one of the main reasons I fell for the older Zenbook S 16 model as much as it did, with its blend of ceramic and aluminium to create a very durable and surprisingly lightweight laptop for its size. That material is back for this new 2026 iteration, and it helps this laptop look and feel fantastic in hand, with a reassuring weight and slender chassis that oozes class.
One area of this 2026 model I’m not as keen on is the redesigned lid, though. Asus has opted for a more minimalistic approach to the Zenbook S 16 (2026)’s design, choosing to ditch the etched lines on the lid and replace them simply with ‘Asus Zenbook’ lettering in the middle.
Image Credit (Trusted Reviews)
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It tips the scales at just 1.5kg, making its mass identical to the previous model. For a large 16-inch ultrabook, it’s especially portable, and very competitive with Samsung’s offering in this regard.
Asus also hasn’t changed the solid port selection the Zenbook S 16 (2026) comes with, which is a good thing. In spite of being just 11mm thin, it comes with a pair of Thunderbolt 4-capable USB-C ports, a USB-A, HDMI, full-size SD card reader and a headphone jack.
Opening the lid reveals a centred small form factor keyboard that’s similar in layout to the current crop of MacBook Pro models. It’s a snappy and tactile offering, with just the right amount of key travel, plus it has some sharp white backlighting for after-dark working.
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Image Credit (Trusted Reviews)
The Zenbook S 16 (2026) is also bestowed with a huge trackpad, the same as the old model was, which feels slick and smooth under finger, and gives your hands a fair amount of real estate to play with.
Display and Sound
Sharp, detailed OLED screen
Even brighter with more contrast than its predecessor
Similar downwards-firing speaker arrangement
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Asus has upgraded the Zenbook S 16 (2026)’s OLED panel to make it an even more dazzling prospect than the 2024 model. It remains a capable 16-inch 2880×1800 resolution panel with 120Hz refresh rate for sharp visuals with oodles of detail and rather smooth motion and responsiveness.
The virtually perfect colour accuracy that this screen comes with is no surprise. To be specific, we’re getting 100% coverage of both the mainstream sRGB and creative DCI-P3 gamuts, while Adobe RGB coverage at 93% is also excellent, making this screen an ideal pairing for both mainstream and more colour-sensitive workloads.
Image Credit (Trusted Reviews)
There are deep blacks and gorgeous contrast, too, with a measured 0.01 and 31610:1, respectively, to provide some serious dynamic range and keep this as one of the best screens you’ll find on a 16-inch laptop. The 6800K colour temperature is pretty good as well.
Asus’ main upgrade for the Zenbook S 16 (2026)’s screen is that it has boosted the peak brightness. There is now a peak HDR brightness of 1000 nits against the older one’s 500 nits, plus uprated support for DisplayHDR True Black 1000. There is also a bump up in SDR brightness, as I noted with my colorimeter, with a peak of 434.3 nits, which is some 25% brighter than the peak of the old panel, for even punchier images.
Image Credit (Trusted Reviews)
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The speakers on the Zenbook S 16 (2026) remain downwards-firing, meaning placing the laptop on a softer surface, such as a bed or sofa, can impact performance. They are nonetheless decent, offering solid clarity and body with an okay amount of low-end.
Performance
New AMD Gorgon Point APU inside
Reasonable performance
Fast SSD and sensible RAM capacity
The main reason for Asus refreshing the Zenbook S 16 model for 2026 is the presence of some new mobile APUs from AMD, which are all the more important due to the successes we’ve already seen from Intel’s Panther Lake chips on the samples I’ve used.
My sample of the Zenbook S 16 (2026) came with AMD’s new Ryzen AI 9 465 chip, which is one of the higher-end models in the new ‘Gorgon Point’ generation of AMD’s mobile processors. It’s more of a mid-generation refresh of last year’s impressive Strix Point APUs with improvements such as higher boost clocks and faster supported memory, rather than an outright upgrade.
Image Credit (Trusted Reviews)
To this end, this Ryzen AI 9 465 chip has ten cores and 20 threads, with the cores being split between four full-fat Zen 5 cores and six more efficient Zen 5c cores. It’s a small deficit against the beefier Ryzen AI 9 HX 370 from last year’s model, which had 12 cores and 24 threads.
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As such, the needle isn’t moved too much in synthetic benchmarks over the old model, with comparable scores in the likes of Geekbench 6 and Cinebench R23 in terms of single-core oomph. Multi-threaded numbers are within the margin of error against the older chip, and there’s less raw power than the Panther Lake Core Ultra X7 358H inside the Samsung Galaxy Book6 Pro. Has AMD gotten too complacent for 2026?
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AMD also hasn’t done anything to improve the integrated graphics on these new APUs, with this chip coming with the same Radeon 880M iGPU as its predecessor. It’s a respectable score in 3DMark Time Spy to provide a helping hand for more graphically-intensive creative tasks, although the 1080p gaming numbers with 20fps in Returnal, 19.82fps in Cyberpunk 2077 and 42fps in Rainbow Six Extraction aren’t too great.
My sample came shipped with 32GB of fast DDR5 RAM, providing a fair amount of headroom for multitasking and more intensive workloads, while there’s also a capacious 2TB SSD to get excited about for storin’ all kinds of stuff on. With measured read and write speeds of 7111.32 MB/s and 6727.37 MB/s, it’s a decently brisk one, too.
Software
Reasonably clean Windows 11 install
Some pre-installed Asus apps
Also comes with Copilot AI features
The Zenbook S 16 (2026)comes with Windows 11 and a reasonably clean install, too. There isn’t much in the way of bloatware with regard to an unwanted anti-virus or similar, although there are some pieces of software courtesy of Asus that come pre-installed.
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There is MyAsus, which comes as part of the taskbar when you first open the Zenbook S 16. This is where you can check on everything from battery level and enabling battery care modes to choosing which type of workload the Zenbook S 16’s network connection prioritises.
Image Credit (Trusted Reviews)
In addition, there is also GlideX, which is where you can manage tasks such as casting or mirroring the Zenbook S 16’s screen to other devices wirelessly, or transfer files across the same network. You can also enable remote access to a mobile device, too. The Storybook app is designed as another means of organising photos and videos, using AI to recognise faces and file your photos for you, which is handy.
There is also enough AI horsepower from the Ryzen AI 9 465 chip inside to mark this laptop as a Copilot+ PC, providing access to Microsoft’s AI functionality for generative powers and filters in the Photos and Paint app, as well as the clever Windows Studio webcam effects for background blurring, auto framing and maintaining eye contact. With the latest version of Windows 11, there is also the controversial Microsoft Recall feature.
Battery Life
Lasted for 10 hours 10 minutes in the battery test
Capable of lasting for one working day
Asus has upped the battery capacity of the Zenbook S 16 (2026) with an 83Whr cell, which is a slight increase on the 2024 model. The last model had reasonable endurance, lasting for over 13 hours in our testing, so it makes sense to expect some form of improvement with this new model.
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In putting it through the PCMark 10 Modern Office test with the brightness set to the requisite 150 nits, I was quite disappointed to find that this Asus laptop lasted for just ten hours and ten minutes. That’s three hours less than its predecessor, which means this laptop only just meets our general target for battery life.
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For reference, the Samsung Galaxy Book6 Pro managed nearly double the runtime, while the Acer Swift Edge 14 AI hit nearly 16 hours on a charge. The result here is very comparable to the large-screen Acer Aspire 16 AI, with just five minutes separating the two laptops.
Squirrel Widget
Should you buy it?
You want a dazzling and large OLED screen
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This new Zenbook S 16 (2026) benefits from much stronger brightness and contrast, which make it one of the best OLED screens I’ve seen on a 16-inch laptop.
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You want strong battery life
Weirdly, the Zenbook S 16 (2026) has worse endurance than its predecessor, and a lot of its rivals, meaning if battery life is key, then you may want to look elsewhere.
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Final Thoughts
The Asus Zenbook S 16 (2026) is a lovely Windows ultrabook with a fantastic OLED screen, a stylish chassis and decent performance from the new AMD processor inside. It’s more of a refinement over its predecessor, though, which means some tradeoffs in design and endurance, but the older model still has the lead in some respects. Against the Zenbook S 16 (2024), this new model has a brighter and even sharper OLED panel, and a more refined look than some prefer, although the performance isn’t too much improved, and the battery life of the 2026 model is actually worse. In some respects, the Panther Lake-powered Samsung Galaxy Book6 Pro is a better buy with much stronger endurance, a fair bit more raw power and a MacBook Pro-inspired finish. It is a bit more expensive, though. For more options, check out our list of the best laptops we’ve tested.
Trusted Score
How We Test
This Asus laptop has been put through a series of uniform checks designed to gauge key factors, including build quality, performance, screen quality and battery life. These include formal synthetic benchmarks and scripted tests, plus a series of real-world checks, such as how well it runs popular apps and extensive gaming testing.
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FAQs
What’s the difference between the Asus Zenbook S 16 (2026) and the Asus Zenbook S 16 (2024)?
Against the older model, the Asus Zenbook S 16 (2026) has a new AMD processor, a brighter OLED screen, a larger battery and a slightly redesigned chassis.
Test Data
Asus Zenbook S 16 (2026)
Full Specs
Asus Zenbook S 16 (2026) Review
UK RRP
£1699.99
CPU
AMD Ryzen AI 9 465
Manufacturer
Asus
Screen Size
16 inches
Storage Capacity
2TB
Front Camera
1080p webcam
Battery
83 Whr
Battery Hours
10 10
Size (Dimensions)
353.6 x 243 x 11 MM
Weight
1.5 KG
Operating System
Windows 11
Release Date
2026
First Reviewed Date
08/02/2026
Resolution
2880 x 1800
HDR
Yes
Refresh Rate
120 Hz
Ports
1x USB 3.2 Gen 2 Type-A (data speed up to 10Gbps) 2x USB 4.0 Gen 3 Type-C with support for display / power delivery (data speed up to 40Gbps) 1x HDMI 2.1 TMDS 1x 3.5mm Combo Audio Jack SD 4.0 card reader
Switching phones is always a gamble. You expect something new, something exciting – maybe even something better. And to be fair, the Galaxy S26 Ultra delivers on that promise in many ways. It is one of the most technically impressive smartphones available today, packing a 6.85-inch 2K LTPO AMOLED display with a 120Hz refresh rate, peak brightness reaching up to 2,600 nits, and Qualcomm’s Snapdragon 8 Elite Gen 5 chip, which offers roughly a 10–15% performance boost over its predecessor.
But after spending time with it, I found myself in a strange position. The more I appreciated what Samsung had built, the more I started missing my iPhone 17 Pro.
The Privacy Display has got some real trade-offs
The standout feature this year is easily Samsung’s Privacy Display. It uses pixel-level light control to restrict viewing angles, effectively making your screen unreadable from the sides. In theory, it’s brilliant. In practice, it’s genuinely useful – especially in public spaces like flights or metros where shoulder surfing is a real concern.
Samsung deserves credit here because this isn’t just software trickery. It’s hardware-driven innovation, and that’s increasingly rare in modern smartphones.
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The Samsung Galaxy S26 Ultra, angled for its Privacy Display.Tom Bedford / Digital Trends
But the moment you turn it on, the compromises become clear. The display dims noticeably, color accuracy takes a slight hit, and the overall viewing experience feels constrained. This is particularly noticeable because the S26 Ultra’s panel is otherwise one of the brightest and most vibrant in the industry.
And that’s when the contrast hits you.
Apple doesn’t offer a privacy display. But it also doesn’t introduce features that degrade the core experience. The iPhone approach is slower, more conservative – but also more refined. You don’t get experimental features, but you also don’t deal with their trade-offs.
Camera improvements that don’t change the outcome
On paper, the S26 Ultra’s camera system sounds upgraded. The main sensor now features a wider f/1.4 aperture, while the telephoto sits at f/2.9, theoretically improving low-light performance. The phone retains its triple 50MP setup, including a periscope zoom lens.
In isolation, the results are excellent. Photos are sharp, bright, and social-media ready.
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iPhone 17 ProUnsplash
But compared to the S25 Ultra, the differences are minimal. In most real-world scenarios, you would struggle to tell which phone took which shot unless you were actively looking for it. Even benchmark comparisons and side-by-side tests suggest that the improvement is incremental rather than transformative.
Tom Bedford / Digital Trends
Meanwhile, the iPhone continues to excel in areas that matter day to day – video consistency, color accuracy, and optimization for apps like Instagram and Snapchat. Apple’s computational photography may not always push boundaries, but it delivers predictability.
Samsung is innovating. Apple is refining. And more often than not, refinement wins in daily use.
Performance and AI: Powerful, but overwhelming
There is no denying the raw power of the S26 Ultra. The Snapdragon 8 Elite Gen 5 delivers top-tier performance, and the device handles everything – from gaming to multitasking – effortlessly. But the real focus this year is AI.
Samsung has packed the phone with features: AI image editing, generative fill, object insertion, writing assistants, real-time translation, and contextual suggestions through tools like Now Brief or Now Nudge. These features are technically impressive, but they come with limitations. AI-generated images often output at lower resolutions – which doesn’t match the phone’s native display. Editing images can reduce quality by up to 20–30%, making them less practical for long-term use.
Digital Trends
More importantly, many of these tools feel optional rather than essential. They are features you try, not features you rely on.
And over time, that starts to feel exhausting.
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The iPhone, by comparison, takes a different approach. It integrates AI more quietly, focusing on tasks that improve existing workflows rather than introducing entirely new ones. It does less – but it does it more consistently.
The irony of it all
The S26 Ultra didn’t make me dislike Android. It reminded me why I liked iOS.
Because while Samsung is experimenting with bold features – privacy displays, AI tools, camera tweaks – Apple is focusing on stability, consistency, and polish. And that difference becomes more noticeable the longer you use both. The features you admire aren’t always the ones you miss.
My final take
The Galaxy S26 Ultra is an exceptional device. It is powerful, innovative, and packed with features that push the boundaries of what a smartphone can do. But using it didn’t feel like an upgrade in my daily life. It felt like stepping into a different philosophy. And sometimes, that’s enough to make you realize that what you value isn’t innovation for its own sake – but how seamlessly everything fits together.
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And in that regard, I found myself missing my iPhone 17 Pro more than I expected.
Hackers have targeted TrueConf conference servers in attacks that exploit a zero-day vulnerability, allowing them to execute arbitrary files on all connected endpoints.
The flaw is tracked as CVE-2026-3502 and received a medium severity score. It stems from a missing integrity check in the software’s update mechanism, which can be used to replace the legitimate update with a malicious variant.
TrueConf is a video conferencing platform that can run as a self-hosted server. Although it also supports cloud deployments, it is generally designed for closed, offline environments.
According to the vendor, more than 100,000 organizations transitioned to TrueConf during the COVID-19 pandemic for remote online business activities. Among TrueConf users are military forces, government agencies, oil and gas corporations, and air traffic management companies.
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CheckPoint researchers have been tracking a campaign they track as TrueChaos that, since the beginning of the year, has exploited CVE-2026-3502 in zero-day attacks targeting government entities in Southeast Asia.
“An attacker who gains control of the on-premises TrueConf server can replace the expected update package with an arbitrary executable, presented as the current application version, and distribute it to all connected clients,” CheckPoint says.
“Because the client trusts the server-provided update without proper validation, the malicious file can be delivered and executed under the guise of a legitimate TrueConf update.”
The flaw affects TrueConf versions 8.1.0 through 8.5.2, and following CheckPoint’s report to the vendor, a fix was released in version 8.5.3 in March 2026.
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“TrueChaos” operation
CheckPoint has moderate confidence in attributing the TrueChaos activity to a Chinese-nexus threat actor, based on tactics, techniques, and procedures (TTPs), the use of Alibaba Cloud and Tencent for hosting the command and control (C2) infrastructure, and victimology.
The attacks spread through a centrally managed government TrueConf server, impacting multiple agencies, pushing malicious files via fake updates to all connected TrueConf clients.
TrueConf update notice Source: Check Point
The infection chain includes DLL sideloading and the deployment of reconnaissance tools (tasklist, tracert), privilege escalation (UAC bypass via iscicpl.exe), and the establishment of persistence.
The researchers were unable to recover the final payload, but noted that network traffic pointed to Havoc C2 infrastructure, making it highly likely that the Havoc implant was used.
Overview of the TrueChaos attack chain Source: Check Point
Havoc is an open-source C2 framework capable of executing commands, managing processes, manipulating Windows tokens, executing shellcode, and deploying additional payloads on compromised systems.
It has previously been used by the Chinese threat cluster ‘Amaranth Dragon’ in attacks with a similar targeting scope.
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CheckPoint’s report shares indicators of compromise (IoCs) as well as multiple infection signals. Strong signs of a breach include the presence of poweriso.exe or 7z-x64.dll, and suspicious artifacts like %AppData%\Roaming\Adobe\update.7z or iscsiexe.dll.
Automated pentesting proves the path exists. BAS proves whether your controls stop it. Most teams run one without the other.
This whitepaper maps six validation surfaces, shows where coverage ends, and provides practitioners with three diagnostic questions for any tool evaluation.
Decentralized finance company Drift says it has suspended withdrawals and deposits after confirming a security incident.
The crypto platform said in a post on X that it was “experiencing an active attack,” and that it was working to “contain the incident.”
Security researchers and public blockchain data suggest the losses could be significant. Blockchain security firm CertiK said on X that hackers may have stolen around $136 million, while crypto analytics firm Arkham put the figure at around $285 million stolen.
If confirmed, this would make the Drift hack the largest crypto theft of the year, according to the Rekt leaderboard, a site that tracks crypto thefts by size.
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It’s not clear who is behind the attack, and a spokesperson for Drift did not immediately respond to a request for comment.
Security firms say North Korea was behind the most crypto thefts last year, netting at least $2 billion in stolen cryptocurrency, funds the regime is believed to use to finance its nuclear weapons program and skirt international sanctions that restrict its access to the global financial system.
Electro-permanent magnets (EPMs) are pretty nifty concepts, and if you aren’t familiar with them, they are permanent magnets with the ability to be electrically switched on or off. Unlike an electromagnet — which maintains a magnetic field only while power is applied — an EPM can remain “on” even when power is removed. Want to see one work? There’s a video embedded below that shows one off, but if you’d like to know how they work, we have you covered.
Inside are two types of magnet, one of which is permanent and the other being a semi-hard magnet paired with an electromagnetic coil. A semi-hard magnet’s flux can be changed by exposing it to a strong enough magnetic field, and that’s the key to making it work.
Being able to electrically switch a permanent magnet on or off is a neat trick.
When both magnets work together, the EPM is “on” and acts like a permanent magnet. To turn the EPM off, the polarity of the semi-hard magnet is flipped with a short and powerful electromagnetic pulse, after which the two magnets oppose one another and more or less cancel each other out. So rather than generating a magnetic field, an EPM more accurately reconfigures it.
As intriguing as EPMs are, we haven’t really seen one properly in action until it was brought to our attention that [Dave Jones] of EEVblog tried one out last year. He received a Zubax FluxGrip EPM, which is intended for drone and robotic applications and can hold up to 25 kg. Watch [Dave] fire it up in the video (link is cued up to the 7:30 mark), it’s pretty interesting to see one of these actually work.
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EPMs are not prohibitively expensive but they are not exactly cheap, either. But if a switchable magnet sounds up your alley and you can’t afford an EPM, consider an alternative “switchable” magnet design that works by momentarily canceling out a permanent magnet with a paired electromagnet. Unlike an EPM, it’s not a permanent switch but it would be enough to drop a payload.
If you’ve also been following along and you’re also in a bit of a celebratory mood, then you can also join in on the fun by checking out these deals for a few of our favourite current-generation Apple products.
I’ve highlighted savings on Apple Watches and the AirPods Pro 3 — which now drop to their lowest price in Australia. These aren’t the only Apple deals live on Amazon right now, and if you’re totally enamoured with my picks, you can view the full selection at the Apple storefront on Amazon.
The US government has selected BlackSky to design and build the next generation of its space surveillance capabilities. The newly announced contract is an indefinite delivery/indefinite quantity (IDIQ) agreement, meaning the company will provide as many satellites and monitoring services as the Air Force Research Laboratory requires for its missions…. Read Entire Article Source link
Prominent leaker KeplerL2 recently claimed that Sony’s rumored handheld will feature a faster graphics chip than the Xbox Series S. The device, codenamed Canis, is expected to complement the PlayStation 6, which is not expected to arrive before late 2027. Read Entire Article Source link
The current war between Iran, the United States, Israel, and other Gulf countries has seen a huge spike in drone warfare, particularly from Iran. Iran’s use of drones in warfare is quite different from what Western countries do. The United States might use big surveillance drones like the RQ-4 Global Hawk or attack drones like the MQ-9 Reaper. Such drones are expensive and meant to come back to base after the mission is done.
A lot of Iranian drones, on the other hand, take a different approach. The Shahed-136 is a kamikaze drone that’s supposed to expend its payload by running into a target. As opposed to a Reaper drone, where the system to control it and the aircraft itself costs over $56 million, a Shahed-136 can cost anywhere between $20,000 and $50,000.
A Shahed, as reported by the US Army, has a wingspan of 8.2 feet and carries an 88-pound warhead. It’s powered by a small aircraft engine mounted in the “tail.” It’s also described as a “loitering” munition meaning that it can stay in the air and hunt for targets. It has a range of a little over 1,200 miles (or 2,000 kilometers).
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Drones are cheap, interceptors are expensive
While an individual Shahed-136 is certainly effective, it can be intercepted easily. As such, it’s mostly used in a swarm configuration. A swarm of Shaheds can saturate air defense systems, forcing Western forces to “waste” interceptor missiles on targets that cost a fraction as much. The Terminal High Altitude Area Defense system, also called THAAD uses a network of radar installations and sensors to intercept airborne threats with missiles. Each interceptor missile costs approximately $12.7 million, according to U.S. Congress reports.
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The THAAD has a reported successful intercept rate of 90%. That’s good for forces and civilians on the ground, but the cost is skyrocketing and the amount of missiles in stock is dwindling. Congress reports: “Another reported concern is that the usage rate of THAAD interceptors during Operation Fury has further depleted limited interceptor stocks.”
Each THAAD battery consists of six launcher trucks, each supplied with 48 missiles. Those trucks and missiles are guided by a TPY-2 radar station and a communications station. It requires 90 soldiers to run and a single battery costs $2.73 billion. Lockheed Martin, the developer of the THAAD, says that between the United States, United Arab Emirates, and Saudi Arabia, there are 10 active batteries.
SpaceX has confidentially filed paperwork with the Securities and Exchange Commission to sell shares to the public, according to multiple sources familiar with the registration, setting the stage for what would be the largest initial public offering in history and almost certainly making Elon Musk the world’s first trillionaire. The offering, internally code-named Project Apex, could come as early as June and reportedly aims to raise as much as $75 billion at a valuation of up to $1.75 trillion. That would more than double Saudi Aramco’s $29 billion listing in 2019, the current record holder, and would value SpaceX at roughly 94 times its 2025 revenue.
Twenty-one banks have lined up to manage the deal, with Goldman Sachs, JPMorgan Chase, Morgan Stanley, Bank of America, and Citigroup in senior roles, according to CNBC. Musk, who owns approximately 42 per cent of SpaceX according to PitchBook, has a current net worth estimated by Forbes at $823 billion. At a $1.75 trillion valuation, his stake alone would be worth more than $730 billion, pushing his total wealth past the trillion-dollar mark and placing him further ahead of every other person alive than any individual in modern economic history.
The company filing for this listing, however, is no longer just a rocket business. In February, SpaceX absorbed Musk’s artificial intelligence company xAI in an all-stock transaction that valued the combined entity at $1.25 trillion. That deal,a merger that raised immediate questions about optics, governance, and valuation, folded a company reportedly burning roughly $1 billion a month into one generating substantial cash flow. SpaceX also brought Musk’s social media platform X, formerly Twitter, under the same corporate roof. The result is a conglomerate spanning orbital launches, satellite internet, defence contracts, artificial intelligence, and social media, all controlled by a single individual who is simultaneously the largest financial backer of the sitting president of the United States.
The financial engine behind the valuation is Starlink, the satellite internet service that has become the most commercially successful space venture in history. In 2025, Starlink generated $10.6 billion in revenue on 54 per cent EBITDA margins, accounting for roughly two-thirds of SpaceX’s total revenue of $16 billion. The subscriber base has grown from 10,000 beta users in 2021 to more than 10 million paying customers across 150 countries as of February 2026. The Federal Aviation Administration’s January 2026 approval for up to 44 annual Starship launches has provided the operational headroom investors needed to underwrite a public valuation at this scale.
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The xAI component of the entity going public is, by contrast, a work in progress. Musk himself said in March that xAI was “not built right the first time around” and needed to be rebuilt from its foundations. Since the merger,all 11 of xAI’s original co-founders have departed the company, including researchers who had previously worked at Google DeepMind, Google Brain, and Microsoft Research. Jimmy Ba, who co-authored the Adam optimisation paper, one of the most cited in all of artificial intelligence, left in February. Critics have characterised the merger as a financial bailout that allows xAI’s mounting losses to be absorbed by Starlink’s cash flow ahead of the IPO, a framing Musk has rejected.
The conflicts of interest embedded in this offering are without precedent in American capital markets. In the past five years alone, SpaceX has won $6 billion in contracts from NASA, the Department of Defense, and other federal agencies, according to USAspending.gov. The company is NASA’s primary launch provider for crewed missions to the International Space Station and holds more than $4 billion in contracts for the Artemis lunar-landing programme. The Pentagon is reportedly preparing to award SpaceX a $2 billion contract to build a 600-satellite constellation for missile tracking as part of the Golden Dome missile-defence initiative, a programme Trump announced would cost $175 billion and begin initial operations within three years.
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Musk was the largest individual donor to Trump’s 2024 presidential campaign and led the Department of Government Efficiency, or DOGE, a temporary body that unilaterally cancelled more than 10,000 federal contracts it deemed wasteful. Ethics observers noted that none of the cancellations affected Musk’s own companies. Among SpaceX’s current investors is Donald Trump Jr, the president’s eldest son, who holds shares through 1789 Capital, a venture firm that made him a partner shortly after his father won the presidency for a second time. That fund, which has crossed $1 billion in assets, has invested approximately $50 million in SpaceX and xAI and has backed at least four companies that subsequently received government contracts during the current administration. The White House has repeatedly denied any conflicts of interest between the presidency and the Trump family’s business activities.
The governance risks do not end at the political boundary. SpaceX under Musk has operated as a private company with minimal public disclosure for more than two decades. Going public will force it to file quarterly earnings, disclose executive compensation, open its books to auditors, and face shareholder lawsuits of the kind Tesla already contends with regularly. Tesla shareholders are currently suing Musk over the company’s $2 billion investment in xAI, arguing he directed shareholder capital into his own private venture. The SpaceX-xAI merger, in which both the buyer and seller were controlled by Musk, presents a similar structure of self-dealing that public-market investors andregulators already struggling with the pace of AI-era consolidationwill scrutinise closely.
One unusual feature of the planned offering is the reported intention to allocate up to 30 per cent of shares to retail investors, roughly triple the typical 5 to 10 per cent. The move echoes Google’s unconventional 2004 IPO, which used a Dutch auction to broaden access, and appears designed to build a base of loyal individual shareholders who may be less inclined to challenge management. For a company whose founder has cultivated a large and vocal online following, the retail allocation could serve as both a democratisation of access and a governance insulation mechanism.
SpaceX’s listing would be the first of what could be a trio of mega-IPOs from thecompanies that defined the current era of AI and deep tech. OpenAI and Anthropic are both reportedly considering public offerings, though neither has filed. Together, the three listings would represent a concentration of market value in a handful of companies whose products, from orbital internet to frontier AI models, now intersect with national security, global communications, and the basic infrastructure of economic life.
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The scale of what SpaceX is attempting is difficult to overstate. A $75 billion raise would exceed the gross domestic product of more than half the world’s countries. A $1.75 trillion valuation would make SpaceX more valuable at listing than every company in the S&P 500 except Apple, Microsoft, Nvidia, Amazon, and Alphabet. And at the centre of it all is a single individual who builds the rockets that carry American astronauts, runs the satellites that provide internet to war zones, leads an AI company he admits needs rebuilding, owns a social media platform that shapes political discourse, and has the mobile-phone number of the president.
Whether that concentration of power, capital, and government dependency can survive the scrutiny of public markets is the question Project Apex will ultimately answer. Thedefence-tech sector is already drawing record investmenton the thesis that the next generation of military capability will be built by private companies rather than government labs. SpaceX is the largest and most consequential test of that thesis. If the IPO succeeds on the terms being discussed, it will not merely be the biggest stock offering in history. It will be a statement about the degree to which twenty-first-century governments have outsourced their most critical capabilities to the private sector, and about the price of getting them back.
from the the-internet’s-infrastructure-is-under-attack dept
Last month Walled Culture wrote about an important case at the Court of Justice of the European Union, (CJEU), the EU’s top court, that could determine how VPNs can be used in that region. Clarification in this area is particularly important because VPNs are currently under attack in various ways. For example, last year, the Danish government published draft legislation that many believed would make it illegal to use a VPN to access geoblocked streaming content or bypass restrictions on illegal websites. In the wake of a firestorm of criticism, Denmark’s Minister of Culture assured people that VPNs would not be banned. However, even though references to VPNs were removed from the text, the provisions are so broadly drafted that VPNs may well be affected anyway. Companies too are taking aim at VPNs. Leading the charge are those in France, which have been targeting VPN providers for over a year now. As TorrentFreak reported last February:
Canal+ and the football league LFP have requested court orders to compel NordVPN, ExpressVPN, ProtonVPN, and others to block access to pirate sites and services. The move follows similar orders obtained last year against DNS resolvers.
The VPN Trust Initiative (VTI) responded with a press release opposing what it called a “Misguided Legal Effort to Extend Website Blocking to VPNs”. It warned:
Such blocking can have sweeping consequences that might put the security and privacy of French citizens at risk.
Targeting VPNs opens the door to a dangerous censorship precedent, risking overreach into broader areas of content.
The VPN provider raised jurisdictional questions and also requested to see evidence that Canal+ owned all the rights at play. However, these concerns didn’t convince the court.
The same applies to Proton’s net neutrality defense, which argued that Article 333-10 of the French sports code, which is at the basis of all blocking orders, violates EU Open Internet Regulation. This defense was too vague, the court concluded, noting that Proton cited the regulation without specifying which provisions were actually breached.
ProtonVPN also argued that forcing a Swiss company to block sites for the French market is a restriction of cross-border trade in services, and that in any case, the blocking measures were “technically unrealizable, costly, and unnecessarily complex.” Despite this valiant defense, the court was unimpressed. At least ProtonVPN was allowed to contest the French court’s ruling. In a similar case in Spain, no such option was given. According to TorrentFreak:
The court orders were issued inaudita parte, which is Latin for “without hearing the other side.” Citing urgency, the Córdoba court did not give NordVPN and ProtonVPN the opportunity to contest the measures before they were granted.
Without a defense, the court reportedly concluded that both NordVPN and ProtonVPN actively advertise their ability to bypass geo-restrictions, citing match schedules in their marketing materials. The VPNs are therefore seen as active participants in the piracy chain rather than passive conduits, according to local media reports.
That’s pretty shocking, and shows once more how biased in favor of the copyright industry the law has become in some jurisdictions: other parties aren’t even allowed to present a defense. It’s a further reason why a definitive ruling from the CJEU on the right of people to use VPNs how they wish is so important.
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Alongside these recent court cases, there is also another imminent attack on the use of VPNs, albeit in a slight different way. The UK government has announced wide-ranging plans that aim to “keep children safe online”. One of the ideas the government is proposing is “to age restrict or limit children’s VPN use where it undermines safety protections and changing the age of digital consent.” Although this is presented as a child protection measure, the effects will be much wider. The only way to bring in age restrictions for children is if all adult users of VPNs verify their own age. This inevitably leads to the creation of huge new online databases of personal information that are vulnerable to attack. As a side effect, the UK government’s misguided plans will also bolster the growing attempts by the copyright industry to demonize VPNs – a core element of the Internet’s plumbing – as unnecessary tools that are only used to break the law.
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