Robinhood co-founder bets on wild solar space startup

Good morning, tech enthusiasts. Silicon Valley startup Aetherflux, founded by Robinhood billionaire Baiju Bhatt, has just raised $50M to harvest solar energy in space and beam it back to Earth.

Using satellites and lasers to transmit power, the company says the idea — straight from Isaac Asimov’s sci-fi — taps into the sun’s boundless energy from space. But is this the next frontier in net-zero energy?

In today’s tech rundown:

• Space solar startup Aetherflux raises $50M

• Musk’s X to face $1B in fines from the EU

• Amazon makes last-minute bid to buy TikTok

• Meta’s $1K smart glasses with a screen

• Quick hits on other major news

LATEST DEVELOPMENTS

AETHERFLUX

☀️ Space solar startup Aetherflux raises $50M

The Rundown: Aetherflux, a space-based solar power startup founded by Robinhood co-founder Baiju Bhatt, has raised $50M build a power grid in space to beam solar energy to Earth—with an additional $10M coming from Bhatt’s pocket.

The details:

• The California-based company aims to launch a constellation of low Earth orbit satellites that harvest solar energy, converting it to infrared laser beams.

• On the receiving end, small “ground stations” made up of photovoltaic arrays convert laser energy to electricity to be stored in batteries for later use.

• The first mission is set for 2026 using Apex Space’s Aries satellite bus to test end-to-end power transmission.

• The startup envisions small, portable ground stations capable of receiving power anywhere, making it ideal for disaster zones or military operations.

Why it matters: Aetherflux is a rising star among startups in the solar space sector, with the UK’s Space Solar too pushing for early demos and modular, rapid prototypes. Of course, transforming sci-fi concepts into reality won’t be easy, but Aetherflux has keen support from the U.S. military looking to power up its remote operations.

X/TWITTER

📱Musk’s X to face $1B in fines from the EU

The Rundown: European Union regulators are reportedly preparing to slap Elon Musk’s X with a hefty $1B fine for violating a landmark law on illicit content and disinformation.

The details:

• The fine could exceed $1B and include demands for product changes under the EU’s Digital Services Act (DSA).

• A two-year probe deemed X’s recommender algorithms and content moderation tools insufficient to counter hate speech and electoral interference.

• Regulators alleged failures in addressing illegal content and disinformation, including misuse of the “blue checkmark” verification system.

• X faces additional scrutiny for amplifying politically sensitive content, including a live stream featuring Germany’s far-right AfD leader in January.

Why it matters: The case marks the EU’s first major test of DSA enforcement against Big Tech, and Musk has said he will challenge any penalties—meaning a legal battle could have major implications for tech regulation. The EU is also preparing fines against Meta and Apple for violating its digital competition rules.

TIKTOK

 🤑 Amazon makes last-minute bid to buy TikTok

The Rundown: With only one day until the deadline for TikTok to spin off from its Chinese-owned ByteDance or else face a ban in the U.S., Amazon is reportedly making a bid to buy the platform.

The details:

• Amazon submitted its bid this week to acquire TikTok, but it is rumored to be not taken seriously due to its timing and lack of detailed plans.

• Analysts say Amazon’s bid shows an aim to tap into TikTok’s market segment, particularly through its e-commerce purchases via the TikTok Shop feature.

• Also in the running, crypto foundation Hbar and Zoop, a startup co-led by Stokely, submitted a last-minute joint proposal to purchase the app.

• Other bidders have reportedly included Blackstone, Andreessen Horowitz and Oracle, Perplexity, Project Liberty, MrBeast, Microsoft, and Rumble.

Why it matters: Saturday, April 5, is the new deadline for TikTok to be sold off or face a ban, after President Donald Trump extended the original January 19 deadline set in 2024 by a bipartisan law. Trump has, however, signalled optimism about a deal and keeping TikTok “alive” for its 170M U.S. users.

META

👓 Meta’s $1K smart glasses with a screen

The Rundown: Meta is reportedly set to launch its “Hypernova” smart glasses, a premium AR-enabled device featuring a built-in screen and hand-gesture controls, later this year, with fresh details out about what the glasses may look like.

The details:

• Bloomberg reports that they will feature a monocular display in the lower-right corner of the right lens to show notifications, maps, and app interfaces.

• Hypernova will also run a customized Android OS for apps for photos, videos, and navigation, while integrating Meta’s AI assistant for voice commands.

• Paired with a Ceres neural wristband, users can scroll menus or select items via gestures like wrist rotations or finger pinches. 

• Price is expected to be from $1K to $1.4K, a big step up from its Ray-Ban Meta Glasses, which start at $299 and have been a surprise hit.

Why it matters: While the Hypernova glasses are still months away from being introduced and that plans could change, Meta is reportedly hoping its built-in display smart glasses will give the iPhone a run for its money. Samsung is also finalizing its lightweight AR smart glasses with a built-in display and AI features for later this year.

QUICK HITS

📰 Everything else in tech today

Intel is reportedly forming a strategic partnership with chipmaking rival TSMC in a deal that would create a joint operation to run its manufacturing facilities.

Zelle, the popular peer-to-peer payment service used by 150M people, has shut down its standalone app as of April 1.

TikTok is facing a privacy fine exceeding €500M ($540M) from Ireland's Data Protection Commission for illegally transferring European users' data to China. 

Amazon is testing out a new AI shopping feature called “Buy for me” that lets users purchase products from third-party websites without leaving Amazon’s app.

Plaid, a fintech company specializing in connecting bank accounts to financial applications, has raised $575M for a valuation of $6.1B.  

Amazon is expected to launch the first batch of what will be 3,200 Project Kuiper space internet satellites next week, set to compete with Elon Musk’s Starlink.

TikTok is shutting down Notes, its Instagram-style photos-sharing app on May 8, citing that “all related features will no longer be available.”

AI-powered data security company Cyberhaven has raised $100M in Series D funding for a valuation of $1B.

Pennsylvania’s largest coal-fired power plant is reportedly being transformed into a $10B natural gas-powered AI data center.

Amazon is introducing a new AI feature called “Recaps” for Kindle users that generates series recaps to assist readers in catching up on previously read books.

Samsung is delaying the launch of its ultra-thin Galaxy S25 Edge, originally slated for April, to May 13 due to reported technical issues.

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Rowan, Jennifer, and Joey—The Rundown’s editorial team