The Deal Trump Won't Take ❌

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Iran wants to talk peace. Trump wants a better deal. And somewhere in the middle, oil traders are having a very bad morning.

Trump made it crystal clear Friday: he's not satisfied with Iran's latest proposal.

"Iran wants to make a deal because they have no military left," he told reporters at the White House. Not exactly diplomatic, but very on-brand.

Pakistan has been playing middleman here, passing Iran's updated proposal to U.S. officials. What's in it? Nobody's saying. Classic back-channel energy.

Trump did throw Iran a small bone, saying they've "made strides" in talks. Then immediately took it back: "I'm not sure if they ever get there."

He also went in on Iran's leadership structure, describing it as "very disjointed" with two to four competing factions all pulling in different directions.

Basically: Iran wants a deal, but can't agree on what deal they want. Negotiating with yourself is hard enough. Negotiating with three versions of yourself while a naval blockade chokes your ports? Good luck.

Here's where your portfolio pays attention:

Oh, and the Pentagon has reportedly requested deployment of the Dark Eagle hypersonic missile to the Gulf. So "peace talks" is doing a lot of heavy lifting as a phrase right now.

The standoff continues. The blockade holds. And energy markets stay on edge.

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Tesla quietly dropped an amended annual filing this week. Inside? Over $500M in revenue from companies that all happen to have the same CEO.

Let that sink in.

$430.1M came from xAI. That's Musk's AI company, flagged back in January but updated in this week's amended filing.

The new addition: $143.3M from SpaceX — mostly vehicle sales. Somehow this didn't make it into the original filing. Whoops.

And it's not slowing down. Tesla already logged $78.1M from xAI in just the first two months of 2026, primarily from Megapack sales. Plus a further $0.1M from SpaceX.

Musk is building a closed-loop corporate ecosystem. xAI buys Tesla's batteries. Tesla puts xAI's Grok chatbot in its cars. SpaceX and Tesla are now reportedly teaming up on chip manufacturing.

Then in February, SpaceX acquired xAI outright — rockets, satellites, AI, and plans for space-based data centres, all under one roof.

It's less "tech conglomerate" and more "Elon's personal GDP."

Blue Owl Capital was one of SpaceX's earliest backers. Started with a loan in 2021, converted it to equity, and watched a ~$27M position balloon to $195M by end of 2025. A separate Blue Owl vehicle also held a further $21.7M stake in SpaceX at the same date.

They've now sold roughly half their stake at a $1.25T valuation — booking a 10x return in the process.

Their co-CEO put it plainly: "We made about 10x our money." No notes.

SpaceX is reportedly eyeing a U.S. listing at $1.75T — which would instantly make it one of the most valuable companies in the country.

A business that didn't exist 24 years ago, valued higher than almost everything on Wall Street.

The Department of Defense has signed agreements with eight major tech companies to deploy their AI on classified military networks.

We're talking OpenAI, Google, Microsoft, AWS, Nvidia, SpaceX (which owns xAI/Grok), Reflection AI — and Oracle, who crashed the party later in the day, sending its stock up 7%.

What does this actually mean?

These companies will run their frontier AI models inside the DoD's most secure environments — Impact Level 6 and IL7 — covering warfighting, intelligence, and enterprise ops.

Over 1.3 million Pentagon personnel are already using GenAI.mil, the DoD's official AI platform. This just turned the dial up significantly.

The DoD's Chief Technology Officer Emil Michael put it plainly: "This is just the latest initiative in our mandate to create an AI-FIRST WAR DEPARTMENT."

No notes on the energy there.

Now for the awkward table in the corner.

Anthropic (maker of Claude, backed by Amazon and Google) is not on the list.

The DoD dropped Anthropic's contract, called it a supply chain risk, and the two are now in a legal fight. Why? Anthropic refused to give the Pentagon unrestricted access to its models.

Every other company on this list, apparently, did not have that same problem with the terms.

There is a small thaw, though. The Trump Administration reportedly softened its stance slightly after Anthropic dropped its new flagship model, Claude Mythos Preview, described as its most capable model yet for coding and agentic tasks.

Michael told CNBC that Mythos is being handled "government-wide." So a door may still be open. Just not right now.

The bigger picture?

Silicon Valley is clearly choosing a side. The DoD is building an AI-first military operation and it wants partners who will play ball… fully and on classified networks.

Anthropic drew a line. Everyone else handed over their pens.