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By:

Sagari Gupta

24 March 2026 at 2:16:04 pm

SpaceX’s IPO and India’s Sovereignty

The record-breaking $1.75 trillion IPO underscores a new reality that nations which do not control critical digital infrastructure risk ceding part of their sovereignty. Last week, SpaceX listed on Nasdaq under the ticker SPCX, raising $75 billion at a staggering valuation of $1.75 trillion. That single offering surpassed Saudi Aramco’s 2019 record of $25.6 billion by a factor of three. India’s defence budget for FY 2025-26 was Rs. 6.81 lakh crore, approximately $78.57 billion, according to...

SpaceX’s IPO and India’s Sovereignty

The record-breaking $1.75 trillion IPO underscores a new reality that nations which do not control critical digital infrastructure risk ceding part of their sovereignty. Last week, SpaceX listed on Nasdaq under the ticker SPCX, raising $75 billion at a staggering valuation of $1.75 trillion. That single offering surpassed Saudi Aramco’s 2019 record of $25.6 billion by a factor of three. India’s defence budget for FY 2025-26 was Rs. 6.81 lakh crore, approximately $78.57 billion, according to the Union Budget. SpaceX raised the near-equivalent of that annual allocation in one day. The investors who participated were not buying into a rocket company. They were pricing control over satellite infrastructure, global internet access, launch capability, and an integrated AI platform at a level exceeding the GDP of most countries. Roughly 30 percent of the shares, worth approximately $22.5 billion, went to retail investors, three times the proportion typical of a US listing. India has no private entity in this category. What SpaceX actually controls Starlink, SpaceX’s satellite internet division, operated approximately 7,000 active satellites globally as of early 2026. It counts over nine million subscribers worldwide, and following a 2026 merger, SpaceX also owns xAI, the developer of the Grok AI system. A company that controls satellite connectivity, launch capacity, and a frontier AI model occupies a position no regulator has previously had to classify. It is not a telecom operator, not a defence contractor, and not a technology platform. It is all three at once, under common ownership. In June 2025, SpaceX received authorisation from India’s Department of Telecommunications, followed by a licence from IN-SPACe in July 2025. As of June 2026, Starlink’s commercial operations in India remain pending, with the company in active discussions with the Government of India on security clearances, a process slowed by concerns linked to Starlink terminal use in the Iran conflict. That delay is itself revealing. A foreign company’s service continuity in India depends on negotiations that India does not fully control. Satellite communications, launch systems, and AI-integrated data infrastructure are the functional equivalents of roads and electricity grids in a digital economy. States that built those grids in the twentieth century retained control over access, pricing, and service continuity. States that depend on foreign corporations for digital infrastructure in the twenty-first century do not. The dependence question is already live for India India’s digital public infrastructure, covering Aadhaar, UPI, and the Ayushman Bharat Digital Mission, processes billions of transactions monthly. Aadhaar covers nearly the entire adult population, and UPI carries the bulk of India’s retail digital payments. The system’s design is sound: public architecture, state-controlled data governance, open standards. The next connectivity layer is the problem. TRAI data shows rural internet penetration at 44.2 percent as of March 2024, with only 3.8 percent of rural households connected through high-speed fixed infrastructure. Approximately 630 million Indians remain offline, with primary barriers being awareness, affordability, and limited local-language content, according to the Kantar ICUBE 2024 survey. That gap will not close through terrestrial fibre rollout alone. Satellite broadband, through Starlink, Eutelsat OneWeb, or Amazon’s Project Kuiper, will carry a large share of that load over the next decade. None of these are Indian entities. Their pricing decisions, service continuity choices, and data routing practices sit outside Indian jurisdiction. A farmer in Chhattisgarh receiving crop advisory data through a satellite connection does not know that a pricing decision made in California affects whether that signal arrives tomorrow. She will notice only when it stops. Foreign private capital has built connectivity infrastructure in India before. Reliance Jio brought down mobile data costs after its 2016 launch, extending internet access to hundreds of millions of Indians who had not been able to afford it before. Jio’s rollout also created large-scale domestic employment in network maintenance, retail, and customer service, jobs that remain within India’s economy. Private investment in connectivity is not a threat to sovereignty. Structural Gap The difference with SpaceX is structural. Jio operates under Indian law, pays taxes in India, employs Indian engineers, and answers to Indian regulators when disputes arise. Its towers and fibre sit on Indian soil. Starlink’s constellation orbits at 550 kilometres, outside any single national jurisdiction. Under the Telecommunications Act 2023, existing Starlink operators in India continue under the legacy Unified Licence framework, with their licences remaining valid. But no Indian regulatory instrument contains a binding service continuity obligation for satellite operators. If Starlink suspends Indian operations, no domestic legal mechanism compels continuation or requires a managed transition for the users left without service. The $1.75 trillion valuation amplifies this structural gap. India’s external debt stood at $736.3 billion at end-March 2025, according to the Reserve Bank of India. SpaceX’s market valuation now exceeds India’s total external debt by a wide margin. A corporation at that scale does not face the same regulatory friction as a domestic operator. It does not need to negotiate from a position of dependence. India’s satellite communications framework, updated through the Indian Space Policy 2023 and the Telecommunications Act 2023, governs licensing and spectrum allocation in detail. It does not contain binding service continuity or exit-transition obligations for foreign satellite operators. That gap needs closing through explicit licence conditions before Starlink and its competitors reach commercial scale in India. India’s Semiconductor Mission has made genuine progress. Pilot production started in three plants in 2025, and the government confirmed that four plants commenced commercial production in 2026. Kaynes Semicon’s OSAT unit in Sanand reached commercial production in March 2026. India also inaugurated its first 3-nanometer chip design centres in Noida and Bengaluru in 2025, a step toward design capability even as fabrication capacity remains limited. These are real milestones, not announcements. They do not yet constitute a domestic supply chain for the advanced chips needed for satellite infrastructure, AI systems, or next-generation communications hardware. India’s domestic semiconductor market was approximately $45-50 billion in 2024-25, according to industry estimates cited by the Ministry of Electronics and Information Technology. Closing the gap between consumption and domestic production is a decade-long task requiring sustained capital commitment. India’s competition framework does not treat foreign satellite infrastructure concentration as a market power question. The Competition Commission of India has a clear mandate over domestic pricing and merger activity. It has no instrument to act when a foreign entity’s control over orbital infrastructure creates de facto monopoly conditions for remote connectivity within India. That regulatory gap needs explicit legislative attention before dependence deepens further. Market Signals SpaceX’s $1.75 trillion valuation is not a data point about one company. It is a market signal about what global capital considers most valuable in 2026: not oil fields or shipping lanes, but control over the systems through which economies communicate, compute, and transact. India entered the hydrocarbon era as a net importer and spent decades building the Strategic Petroleum Reserve and domestic refining capacity to reduce that dependence. The programme continues to expand today, a reminder that infrastructure sovereignty is an ongoing commitment. The response was slow and expensive. It was also the right call. The digital infrastructure era has well and truly arrived. India is already a net importer of the connectivity and computing systems that will define the next phase of its economic growth. The SpaceX IPO makes the scale of that dependence visible in a single number. And policymakers do not have decades to respond this time. (The writer is an independent public policy researcher. Views personal.)

Sunsets, Stories and Australia Vibes

Australia has it all from the Great Barrier Reef and Sydney Opera House to the timeless beauty of the Outback.

Australia is the home of ultimate adventure—a place where every journey feels alive with possibility. From falling in love with the iconic Great Barrier Reef to standing in awe before the sail-like elegance of the Sydney Opera House and from experiencing the raw, timeless beauty of the Outback to wandering through the vibrant laneways of Melbourne, Australia offers an experience that is both exhilarating and deeply moving. Whether you are planning a short escape, a working holiday, or a longer break, every journey here unfolds with a sense of discovery and connection.


Australia is not just a destination—it reveals itself gently, layer by layer. Its geography is as vast as it is diverse, making it the world’s smallest continent and largest island, embraced by the Indian and Pacific Oceans. The landscapes shift dramatically, from red deserts and rugged terrains to lush tropical regions and pristine coastlines. Beneath this beauty lies a rich history shaped by one of the world’s oldest living cultures—the Aboriginal and Torres Strait Islander peoples—whose spiritual bond with the land adds a quiet depth to every place you visit. As a nation, Australia stands strong with its democratic values, multicultural identity, and a warmth that makes travellers feel instantly welcome.


Journeys across Australia naturally weave through its most captivating cities and landscapes. The cultural heartbeat of Melbourne, the iconic harbour life of Sydney, and the laid-back charm of Brisbane create a beautiful urban rhythm. This blends effortlessly with the sun-soaked beaches of the Gold Coast and the magical underwater world of the Great Barrier Reef. Along the way, encounters with kangaroos, penguins, and other native wildlife bring a sense of joy that feels both rare and unforgettable.


Some of the country’s most iconic sights leave a lasting impression—the grandeur of the Sydney Harbour Bridge, the lively spirit of Bondi Beach, the immersive marine life at SEA LIFE Sydney Aquarium, and the heartwarming wildlife encounters at Currumbin Wildlife Sanctuary. Each place carries its own story, yet together they create a seamless journey that feels complete.


The best time to explore Australia is during its gentle spring and autumn months, from September to November and March to May. During this time, the weather feels just right, allowing you to enjoy both vibrant city life and the serenity of nature at a comfortable pace.


Nature, in Australia, is not just seen—it is felt. Its ecosystems are rich and diverse, its wildlife unique, and its landscapes endlessly inspiring. While nearby destinations like Bali are known for their tropical beauty, Australia offers its own extraordinary natural wealth, from coral reefs and eucalyptus forests to vast mineral-rich lands that hold global importance.

The flavours of Australia reflect its multicultural soul. Fresh seafood like barramundi and prawns, hearty meat pies, and sweet lamingtons offer a delightful culinary journey. Seasonal fruits burst with freshness, and the café culture—especially in Melbourne—turns a simple cup of coffee into a cherished experience. Every meal feels like a small celebration of the country’s diversity.

Shopping here is equally enriching, blending modern style with tradition. From vibrant city markets to boutique stores, you will find Aboriginal art, handcrafted jewellery, boomerangs, and locally made products that carry a piece of Australia’s spirit with them.

One of the most unforgettable moments I experienced as a tour leader unfolded along the Great Ocean Road. After a long day of exploration, we paused near the Twelve Apostles at sunset. As the sky softened into hues of gold and lavender, one traveller quietly shared that it was the first time in years they felt truly at peace. In that moment, everything slowed down. There were no photographs, no conversations—just the rhythm of the waves and a shared silence. It reminded me that travel is not only about discovering new places but also about reconnecting with something within ourselves.

As someone who has had the privilege of guiding travellers through this incredible land, I believe Australia offers more than scenic beauty—it offers a feeling. My role has always been to ensure that each journey flows effortlessly, where every detail is thoughtfully taken care of, and every traveller feels comfortable, valued, and truly present in the moment. Whether it is capturing a perfect memory by the ocean, sharing stories over a quiet meal, or simply allowing space to pause, these are the moments that stay long after the journey ends.

Because in Australia, somewhere between its endless horizons and quiet sunsets, you don’t just explore a country—you realise the tiny existence of yourself in this endless universe.


(The writer is a tourism professional and runs a company, Global Voyages. She could be contacted at goglobalvoyages.com. Views personal.)

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