Happy Saturday everyone!

Abu Dhabi’s Space42 is planning a major expansion across Africa, aiming to challenge Elon Musk’s Starlink by connecting schools and clinics while partnering with Microsoft and Esri. South Korea’s AI semiconductor startup Rebellions has launched a Saudi unit to supply Aramco’s AI data centres, strengthening the Kingdom’s sovereign AI infrastructure ambitions and positioning itself against Nvidia and AMD. Meanwhile, Mubadala-backed Crusoe Energy Systems is in talks to raise $1 billion at a $10 billion valuation to power large-scale AI data projects, including OpenAI’s $12 billion Abilene campus.

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Abu Dhabi’s Space42 Eyes Africa Expansion To Challenge Elon Musk’s Starlink

🔹 What Is It About

Abu Dhabi-based satellite communications firm Space42 is in early talks to raise funds to expand across Africa. Backed by Mubadala, the company is engaging partners including the African Union Development Agency, Microsoft, Esri, and financial firms. Space42 has started connecting schools and clinics in countries like South Africa and Zimbabwe while building a physical presence on the continent.

🔹 Why It Matters

Africa’s growing population and underserved internet infrastructure make it a lucrative market for satellite providers. Space42 aims to compete with Elon Musk’s Starlink, which operates 8,000 satellites in 18 African countries. Regulatory challenges, such as South Africa’s Black Economic Empowerment rules, add complexity but also opportunities for new entrants if alternatives are approved.

🔹 What’s Next

Space42 plans to launch three more satellites this year, expanding its coverage to 150 countries across Africa, the Middle East, parts of Europe, and Asia. The company is also working on a mapping initiative with Microsoft and Esri, seeking local partners in both public and private sectors to grow its footprint across the continent.

Markets

South Korea’s Rebellions, Main Rival to Nvidia and AMD, Sets Up Saudi Unit To Supply Aramco AI Centres

🔹 What Is It About

South Korean AI semiconductor startup Rebellions has launched a new unit in Riyadh to supply Aramco’s AI data centres and expand its regional operations. Backed by a $14.4 million investment from Aramco’s venture arm Wa’ed Ventures, the hub will deliver Rebellions’ 5nm neural processing unit (NPU) products and explore partnerships with Saudi telecom and IT firms.

🔹 Why It Matters

The move strengthens Saudi Arabia’s push for sovereign AI infrastructure as demand for advanced AI chips grows. Rebellions’ technology, already integrated into telecom accelerators and optimised for generative AI, positions the company as a competitor to Nvidia and AMD while accelerating AI deployment in Aramco’s next-generation data centres.

🔹 What’s Next

Rebellions plans to launch its second-generation Rebel chip later this year using Samsung’s 4nm process with high-bandwidth memory. The startup is targeting a $150–$200 million funding round ahead of an IPO, while the Riyadh unit serves as a springboard for regional partnerships and scaling AI infrastructure across the Kingdom.

Mubadala-Backed AI Infrastructure Startup Crusoe Eyes $10 Billion Valuation

🔹 What Is It About

Crusoe Energy Systems, a Mubadala-backed AI infrastructure startup, is in early talks to raise about $1 billion at a valuation near $10 billion. The company specializes in powering AI projects, including the $12 billion Abilene, Texas campus for OpenAI and Oracle, and has acquired Tel Aviv-based AI computing firm Atero to expand its capabilities.

🔹 Why It Matters

The funding highlights the enormous resources required to support the AI boom. Crusoe operates data centers with 3.4 gigawatts of capacity and follows peers like CoreWeave, reflecting growing investor appetite for companies enabling large-scale AI computing.

🔹 What’s Next

Crusoe’s financing is still in early stages and may change in size or valuation. The company continues global expansion, with operations in Norway and new AI-focused acquisitions, positioning itself as a key player in next-generation AI infrastructure.

👨‍💻From Smashi Business’ Desk

• Dreamers: From handling deliveries himself to shaping the MENA startup ecosystem: Meet Fadi Ghandour, founder of Aramex and Wamda Capital.

• Calo’s Moayed Almoayed backs Saudi vacation rental giant Gathern!

• Y Combinator founder Paul Graham: “A Palestinian Child’s Life Is Worth as Much as an Israeli Child’s Life”.

• Hamad Mubarak Al-Hajri, founder and CEO of Snoonu, condemned attempts to silence the truth—highlighting both the killing of journalists and AI platforms being muted for reporting facts.

• DAMAC Chairman Hussain Sajwani met steel titan Lakshmi Mittal in London! Sajwani praised Mittal’s “remarkable vision and pioneering contributions” and thanked him for his warm hospitality.

🔍In other news…

• Lebanon needs IMF for fiscal 'discipline' rather than $3bn loan, Carlos Ghosn says

• Dubai: 18 convicted in AED185-million embezzlement, money laundering case

• Expat awarded AED1-million compensation after car crash causes spinal injury

• Saudi Fund for Development continues lending helping hand to emerging economies

🏦 Crypto Corner

• Michael Saylor — Executive Chairman of MicroStrategy and one of Bitcoin’s most vocal corporate advocates — will make his first-ever appearance in the UAE at Bitcoin MENA in Abu Dhabi.

• Hut 8, part of a American BTC which is partially owned by Donald Trump Jr. and Eric Trump, Gets Approval to Operate in Dubai Financial Hub.

• Abu Dhabi Judicial Department now accept AE Coin.

We are launching a Smashi Crypto newsletter in September 2025! Subscribe to it here to get the weekly updates from the world of digital assets.

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