company

NVIDIA is the most powerful company on the planet because it made a bet and it is winning: Crossover 1×28

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At NVIDIA they can’t stop rubbing their hands. They sell by piece and they don’t stop signing circular financing agreements that do nothing more than enlarge your position current. The company has made gold with the rise of artificial intelligence, and to talk about it we have dedicated this new Crossover 1×28 to recount the history and evolution of a company that is in a state of grace. We started by talking about how NVIDIA gained a privileged position in the world of gaming and how in the 2010s it (briefly) took advantage of the rise of cryptocurrency mining. All of this has managed to make NVIDIA enjoy the leading role in the duopoly that exists in the graphics card market for gamers: only AMD overshadows it, although Intel in recent times has tried to carve out some space for itself. However, what catapulted the company was a singular bet: to ensure that its GPUs could be used for the field of artificial intelligence. That market was still in its infancy. when CUDA emergedbut little by little the researchers working in that field were verifying that this platform was a great ally for their advances. And then, of course, ChatGPT arrived and with it the AI ​​gold rush. NVIDIA has become more essential than ever, and everyone, large and small, wants their AI accelerators for new data centers. It’s non-stop amazing and somewhat disturbingbecause the exaggerated growth of NVIDIA only validates the hypothesis that we are facing a gigantic AI bubble. On YouTube | Crossover

After many years trying to copy the Falcon 9, Elon Musk believes there is a company about to achieve it

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It seems unlikely today that a startup can be 10 years ahead of the competition, but that is the case with SpaceX. Elon Musk’s aerospace company dominates the industry thanks to the Falcon 9, a rocket that has turned 15 years old and has been almost a decade landing vertically without any other orbital rocket having managed to repeat the feat. Until now. The Falcon 9 has company. A few days ago, Elon Musk broke his usual disdain about the rest of the industry to point out a specific contender. The Chinese company Landspace is not only close to matching the Falcon 9, Musk admitted.but it could end up surpassing it. The reason? Its new Zhuque-3 rocket, which combines the general architecture of the Falcon 9 with key elements of Starship, SpaceX’s most modern and experimental rocket. The gigantic Starship “is in another league,” Musk said. However, recognized that the Zhuque-3 could reach “Falcon 9 levels of reliability and launch rate” in about five years. This is the Zhuque-3 rocket. The big bet of LandSpace, one of the private companies most powerful in the Chinese aerospace industryis a two-stage launcher with a first stage capable of landing vertically for reuse. Although it has a very similar power to that of the Falcon 9 (with a payload capacity in its reusable configuration of 18.3 tons), it is built in stainless steel instead of aluminum, and burns methane and liquid oxygen instead of kerosene, the same material and the same fuel as Starship. Landspace is just the first. If Zhuque-3 manages to successfully take off and land in the coming weeks, Landspace will be the first company to close the enormous distance that separates the industry from SpaceX (with permission from Blue Origin’s New Glenn, a larger and heavier rocket, which also hopes to take off and land successfully in November). These two will be followed by other models such as the CZ-12A from the Chinese state company CASC and the Tianlong-3 from the Chinese startup Space Pioneer. Next will come the Hyperbola 3 from iSpace, the Pallas 1 from Galactic Energy and the Gravity 2 from OrienSpace. All Chinese companies, driven by the liberalization of the space industry promoted by Beijing in 2014. Copy what works, then improve. Public incentives, such as very low-interest loans, only tell part of the story. If Chinese companies are on the verge of having their Falcon 9, it is because of their philosophy of first copying what works and then iterating until they improve on their Western rivals. Elon Musk’s recognition is, perhaps, the clearest sign that the race has changed. It’s no longer a question of whether someone will copy the Falcon 9, but rather who will be the first to surpass it using, ironically, SpaceX’s own ideas for its next generation of rockets. In Xataka | The race to become “China’s SpaceX”: who’s who in its private space launch sector

Iryo arrived in Spain with a very ambitious plan to tighten the screws on Renfe. It has just asked its Italian parent company for a ransom

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Iryo has a problem in Spain: it can’t get clients. Or, we should say, it does not get enough clients to start making its railway project profitable in our country. Its occupancy rate in each and every one of the corridors is better than that of Renfe or Ouigo. In some cases it is certainly worrying. This is leading it to lose tens of millions of euros. And they have already asked Italy for help. 32 million euros. They are the ones that Iryo has lost in 2024. The losses are added to the 79 million euros that the company already lost in 2023 and the occupancy rates of 2025 are not inviting optimism. Although the company defends that They aim to be profitable this yearthe truth is that they had to pick up the phone and dial a number that begins with +39. Help. The call for help has reached Italy. In November 2024Trenitalia has already increased its participation in the company to go from 45% of the capital to 51%. The objective was clear: to provide the Italian parent company with full control of the company and, in this way, have greater room for maneuver to provide it with funds. However, the process to achieve profitability has become complicated. Air Nostrum and Globalia, which are part of the company’s shareholders, committed to putting up 15 million euros more to face possible losses this year. This economic push is just one more within a package that provides aid which has already had contributions of 44.7 million euros in April of last year and almost 35 million euros in the summer of 2024. The occupation. One of the problems that Iryo has encountered is that it cannot fill its trains. If we go to the CNMC datathe Italian company has the worst occupancy data of all Spanish high speed. Madrid-Barcelona: Occupancy of 96.4% (Renfe 112%, Ouigo 99%) Madrid-Seville: Occupancy of 83.2% (Renfe 93.3%, Ouigo 86.4%) Madrid Málaga-Granada: Occupancy of 82.2% (Renfe 93.3%, Ouigo 93.9%) Madrid-Valencia: Occupancy of 70.2% (Renfe 73.3%, Ouigo 88.8%) Madrid Alicante: Occupancy of 66.6% (Renfe 75.9%, Ouigo 87.8%) Added to this is that its power to attract customers by price is much smaller than that of Ouigo since only in Madrid-Alicante does it offer cheaper tickets than those of the French company and for just a few cents. In the rest of the corridors, Iryo is more expensive than the services of Ouigo and AVLO (Renfe). The plans. Yet, Iryo continues defending who aspire for 2025 to become their turning point. They plan to balance their accounts this year and make the jump to profits in 2026 and 2027. To do this, they trust in the arrival of new trains that will expand their capacity and allow them to play on price, first by lowering the price of the ticket and, second, by amortizing Adif fees more easily. In the words of its CEO, the company hopes that Galicia can be another beta where it can make money. However, it must be taken into account that the line moves between the Iberian width and the international width. S106 trains that can “jump” between both tracks are committed to Renfe and the only way to operate would be with a transshipment, which is more costly in time and less attractive to the customer. But it is not the only case. Perhaps the most worrying thing about Iryo’s situation is that, at the moment, Renfe and Ouigo are also losing money with high speed in our country. Since the market opened, the benefits have been exceptional. In 2024, Ouigo received an additional 25 million from SCNF, its French parent company, to cover losses. The initial investment of 200 million had to be expanded given that the company plost more than 40 million euros only in 2024. It is one of the reasons why the Government alleged that from France they were doping the company economically to weaken rivals. Despite everything, Renfe has also suffered heavy losses with high speed. In 2023 they exceeded 120 million euros in losses although in 2024 profitability has already been closelosing in this case about three million euros. Of course, Renfe Viajeros (the part of the company that competes with Ouigo and Iryo) did achieve just over five million euros in profits. Photo | Trenduck In Xataka | Spain wanted to turn the train into the great alternative for traveling in summer. Renfe has never had so many dissatisfied customers

become a for-profit company

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OpenAI has announced that has completed its desired restructuring. From a non-profit company now becomes a for-profit company Yes, it is still controlled by a non-profit parent company, The OpenAI Foundation. The announcement is in fact double, because this transition makes Microsoft’s situation now noticeably different… and profitable. Profit spirit, but with small print. The new for-profit company is called OpenAI Group PBC (Public Benefit Corporation). This acronym responds to a special type of company in the US in which lucrative purposes are combined with a social or ethical mission. Unlike a traditional corporation, a PBC has a legal duty to consider not only the interests of shareholders, but also the impact on society and the environment. But it is still under the umbrella of The OpenAI Foundation. The restructuring makes The OpenAI Foundation becomes the parent company of OpenAI Group PBC. Additionally, the non-profit corporation will have a stake in the PBC that is currently valued at about $130 billion. Of them, 25,000 will begin to be used to work on solutions and programs that accelerate development in the healthcare field and improve infrastructure while minimizing risk. A long and thorny process. The process takes more than a year in operation and is completed after getting the go-ahead from the attorney general’s offices in both California and Delaware. The legal battle with Elon Musk made things even more complicatedbut all those obstacles have finally been overcome and OpenAI achieves one of its great objectives for 2025. One that did not have to do directly with AI models, but with the financial part of a company that acted like a traditional corporation without being one. This avoids problems and legal obstacles and gives free rein to continue raising investment rounds, for example. In fact, if OpenAI had not announced this restructuring before the end of the year, it would have lost 10 billion of the investment he announced with SoftBank. Microsoft’s new role. In a separate advertisement But totally related to the news, those responsible for OpenAI were talking about how the alliance with Microsoft is now. The company, which became OpenAI’s great partner in 2019 with an investment that she ended up being a multimillionaire In 2023, it had a confirmed 32.5% stake. With the new structure it will have a 27% stake in the PBC, and that percentage is equivalent to about 135 billion dollars. Not bad, considering that Microsoft invested approximately 10 times less. What happens if OpenAI achieves an AGI. In that case, there will be several important consequences. A crucial first step will be for a panel of independent experts to verify that that AGI is effectively an AGI. Even with that achievement, Microsoft’s Intellectual Property (IP) rights on OpenAI models and products extend until 2032 and also include models developed after AGI is declared. Revenue sharing will remain in effect until the AGI is verified by the expert panel. Those Microsoft IP rights to the research (the confidential methods used in developing AI models) will end when the AGI is verified or in 2030, whichever comes first. Thus, the AGI is no longer an immediate “off button” on collaboration, but rather triggers a controlled and planned transition that reduces some Microsoft rights but maintains others until 2032. Greater flexibility for both parties. The new agreement gives more room for maneuver to both companies: Microsoft may pursue AGI independently or in partnership with third parties OpenAI may collaborate its products with third parties, although API products developed with third parties will remain exclusive to Azure On the other hand, OpenAI will be able to release models with open weights as long as they meet the required capacity criteria. Image | Wikipedia | Heisenberg Media In Xataka | OpenAI is already a binary bet: either get AGI, or everything blows up

Saudi Arabia has insisted on connecting its two seas by train. And to achieve this it has been placed in the hands of a Spanish company

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Saudi Arabia has launched one of the most ambitious railway projects in the Middle East: the “Landbridge” or “Land Bridge”, a $7 billion high-speed network that will connect the Red Sea to the Persian Gulf. The infrastructure will link Jeddah to Dammam via Riyadh, covering nearly 1,500 kilometers with the aim of completely transforming transport and commerce in the Arabian Peninsula. A strategic corridor for goods and passengers. The project will reduce travel time between Riyadh and Jeddah from around 12 hours by car to less than 4 hours by train. But the goal is for the project to go beyond just transporting passengers, as it is also designed to turn the kingdom into a key logistics hub in the region, connecting large industrial ports such as King Abdullah Port and Yanbu with urban centers and airports. According to Saudi authoritiesthe Landbridge could generate savings of $4.2 billion annually in transportation costs and create up to 200,000 jobs in related sectors. Vision 2030. This megaproject is a centerpiece of Vision 2030the strategic plan with which Saudi Arabia seeks to diversify its economy and reduce its dependence on oil. The Saudi Railways (SAR) company intends to expand the country’s railway network from the current 5,300 kilometers up to more than 8,000. As part of this modernization, SAR has ordered 15 new trains capable of reaching speeds of up to 200 kilometers per hour and even hydrogen-powered models. Spanish participation in the project. The Landbridge is being developed by the Saudi China Landbridge Consortium, a partnership between Saudi Arabia Railways and China Civil Engineering Construction Company, with local support from Al-Ayuni Contracting. Between the international companies involved The Spanish company Sener stands out, which was selected in December 2023 along with Hill International (USA) and Italferr (Italy) to provide project management services. Firms such as Systra, Thales, WSP and other specialized consulting firms also participate. A project with a long history and new Chinese momentum. Although the Landbridge It was initially announced in 2004 and paused in 2010, gained new momentum after the visit of Chinese President Xi Jinping in 2022, when both countries committed to accelerate its execution. Chinese investment in Saudi Arabia has grown significantly: in 2024, the stock of direct investment reached 8.2 billion dollarsup 29% from 2023. China has become the largest source of greenfield investment in the kingdom, with commitments worth $16.8 billion in energy, manufacturing and logistics. Railway enthusiasm. Only in the second quarter of 2025, more than 2.6 million passengers They used Saudi trains, according to Okaz media. After the completion of the Landbridge, Saudi Arabia will have made a qualitative leap in its railway network and logistics capacity, so it remains to be seen how the process ends up developing and if it really ends up being a ‘miracle of the desert’. Cover image | Maximilian Dörrbecker (Chumwa), Railway Supply In Xataka | In 2018 it was a countryside on the outskirts of Chongqing. In 2025 it will be the largest train station in the world

China had been testing a mysterious satellite in orbit for years. A counterespionage company has finally revealed what it was

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On October 16, the starry skies of the Canary Islands were illuminated by a spectacular fireball that crossed the sky from south to north. It was not a meteorite, it was a Chinese satellite that until a few days ago had been a complete mystery. A mystery called XJY-7. Since its launch in December 2020, as part of the maiden flight of the Long March 8 rocket, the Xinjishu Yanzheng-7 had been an unknown. China officially described it as a “new technology verification satellite.” Aside from a blurry render, the world knew almost nothing about its configuration, purpose, or capabilities. And although its re-entry was news in itself, the real news is that, just before it disintegrated, an Australian company managed to photograph it in orbit, finally solving the mystery of what it was and what it was doing up there. Counterespionage in orbit. Using its network of satellites to photograph other objects in orbit, the Australian company HEO achieved what ground-based radars could not: take photos of the XJY-7 up close. The images and the 3D model that HEO built from them revealed features that China had neglected to mention. According to the company has declared to SpaceNewsthe satellite was not a simple test platform; It was equipped with “a large radar antenna” and, most tellingly, a Synthetic Aperture Radar (SAR) antenna. It was a spy satellite. SAR is an advanced remote sensing technology that allows high-resolution images of the Earth’s surface to be obtained in any weather conditions, day or night. The “mysterious” test satellite was, in reality, an advanced surveillance and remote sensing satellite. The HEO observations also revealed a fascinating detail about its design: the satellite had fixed solar panels. This forced it to “rotate its entire body” to maintain power generation, a behavior that the Australian company was able to verify through multiple simultaneous observations from different angles. Satellites that monitor satellites. Traditional monitoring methods (ground-based radars and telescopes) are no longer sufficient to monitor the activity of other nations in orbit. HEO uses a network of more than 40 sensors in flight to take satellite-to-satellite images for your clients. When one of its associated satellites passes near a target, it takes a photo of it. It is a “non-invasive flyby method” that offers real photographs where you can see antennas, panels, thrusters and payloads. With this technique, HEO has managed to identify more than 80 space objects before they appeared in any public catalogue. In an environment where satellite constellations are deployed by the dozens, knowing whether an object is an operational satellite, a piece of space junk, or what type of antenna it carries is crucial for intelligence and defense. Mysterious until his re-entry. Ironically, the mystery that surrounded XJY-7 in its useful life also accompanied it in its death, as the United States Space Command never issued a reentry alert. This is “strange” for an object of this size, says expert Marco Langbroek. It is estimated that XJY-7 had a mass of between 3,000 and 5,000 kg. That an object weighing more than three tons bypassed re-entry warning systems highlights the gaps in conventional space tracking. Even worse when it comes to a satellite with secret capabilities. Image | H.E.O.

a company limited in equal parts and various real estate investments

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The reunion of La Oreja de Van Gogh with its original vocalist is raising a lot of comments, perhaps not all as positive as the band itself expected. The terms in which it was done not all fans liked thembut the truth is that if we look at the group’s accounts, it makes all the sense in the world: this is the underground economy that beats behind Van Gogh’s Ear. A controversial return. Why so much conflict? The long-awaited return of Amaia Montero, the group’s original singer between 1996 and 2007, has emerged after a separation with vocalist Leire Martínezwho left the band after 17 years, in a context marked by constant rumors. The official confirmation of the reunion has also brought with it another announcement: the departure of the composer of most of the group’s hitsguitarist Pablo Benegas, which implies a significant change in the group’s historical formation. The return of Amaia Montero has been accompanied by the announcement of a tour for 2026, which at the moment is resulting in considerable success. The economic background. One of the main factors behind Amaia Montero’s return to La Oreja de Van Gogh are reasons that are not necessarily economic, since the singer has very healthy accounts, according to it has been possible to go away knowing in the last few days. Amaia, in fact, has been away from live music for approximately seven years and without new record releases, precisely because she doesn’t need it. However, the economic attraction of this return is very juicy. Limited Company. The truth is that La Oreja de Van Gogh is a company, not a typical pop band. La Oreja de Van Gogh SL, established by the five original members and still active, has a 20% stake for each one, and assets valued at around 2.9 million euros in 2022. The band’s return promises to substantially increase income derived from sales, concerts and advertising contracts, but the truth is that the company has allowed its partners to receive income even in seasons without tours or releases. Amaia too. But there is more. Amaia Montero has her own personal business company Poquito a Poco SL, which has a turnover of several million euros annually (more than 2.3 in 2023, and total assets valued at 3.7 million). Esya will see notable growth thanks to new activities linked to the band, although the singer has maintained a solid financial capital even during her periods away from live music. As? With real estate investments. The singer has: An apartment in San Sebastián valued at around 400,000 euros, acquired in 1999, when the success of La Oreja de Van Gogh was starting. A luxury apartment in the Salamanca neighborhood in Madrid, purchased in 2009 for 1 million euros and currently valued at approximately 3 million. It has about 289 square meters. An exclusive land in Guipúzcoa with a tennis court, swimming pool and fronton. A whole rosary of investments that allow us to discuss the reasons for a return to the band’s stages. But the economic ones do not seem to be among them. In Xataka | Rosalía, from virgin to martyr: the artist has embraced Catholic iconography in ‘Lux’ and controversy is served

In 2016, a construction manager lost his 16,000 euro Rolex in a concrete pour. So he sued his company

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The story of a construction manager in Parma (Italy) has hit the local media for having lost a luxurious watch Rolex Daytona valued at around 16,000 euros while working on one of the construction sites that he had to supervise as part of his job. As if it were not striking enough that a construction worker (no matter how much of a construction manager he was) I had a Rolexand took him as if nothing had happened to an environment as hostile as a work in progress, the employee decided to add a twist to the drama of the story: sue the company, accusing it of being responsible for the loss of the valuable watch. Two courts had to show him what seemed obvious. Luxury formwork In May 2016, the person in charge of a construction site in the Italian city of Parma carried out the usual prior verifications when pouring concrete necessary to build the foundation of a building. Apparently nothing out of the ordinary in the reality of thousands of works anywhere in the world, except for the detail that this employee wore a Rolex Daytona on his wrist. In one of these verifications, the person in charge detected that one of the pumps in charge of pumping the concrete into the intended hole was not working properly, which prompted him to take control himself at that precise moment and personally manipulate the nozzle of one of the machines to instruct his colleagues on how to pour it correctly. While holding a metal chain anchored to the end of the concrete mixer chute to control the direction in which the material should be poured, he waited for the staff to reactivate the pump. It was then that, when the spill resumed, something happened that triggered the loss. According to the witnesses called to testify in the trial: “Within minutes of resuming concrete pouring, while still holding the supply pipe as described, another sudden blockage occurred. Without giving him time to break free and move away, the pipe moved with a sudden and violent jerk, with such force that it lifted him off the ground and threw him several meters away.” After the incident, the construction manager composed himself and warned that his Rolex Daytona had disappeared from his wrist: everything indicated that the valuable Swiss watch had disappeared in the middle of the quick-setting concrete. At that same moment, exhaustive searches were launched, even within the mix, but the watch was never recovered. Outraged by the mishap, the employee blamed both the company and the machinery for the accident and filed a lawsuit requesting full compensation for the lost watch due to the malfunction of the concrete pumping system. According to collect The Italian newspaper Corriere di Bologna, in its statement, stated verbatim: “You owe me my Rolex Daytona for 16,000 euros; it is your fault and the machine’s fault.” Common sense two courts Italian justice was clear, and it was clear on two occasions: the responsibility fell on the construction manager for not being sufficiently cautious. After lose the lawsuit In the first instance, the construction manager submitted the first ruling to the Court of Appeal of Bologna, which determined – for the second time – that “it is seriously unsustainable that directing the trunk of a concrete mixer to direct the pouring of concrete on foundations under construction is an activity that can be carried out wearing a 16,000 euro watch”, as literally stated in the ruling signed by judges Rossi, Gaudioso and Mazze who formed the court. In their resolution, the magistrates concluded that the employee did not adopt the essential “expertise and diligence” measures, which made any claim against the company inadmissible. For this reason, the employee not only lost the valuable watch, but was also forced to pay an additional 2,500 euros in legal costs. The Rolex it cost him money even after losing it. In Xataka | Rolex is tired of theft and counterfeiting: they want to use NFT chips and blockchain-based certificates of authenticity Image | Rolex, Unsplash (Troy Mortier)

The Chinese subsidiary of Nexperia has just broken ranks with its parent company in the Netherlands. And that takes the conflict to another level.

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Nexperia has gone from being unknown to becoming the new focus of tension in the technological war between the West and China. The company, with Chinese capital but based in the Netherlands, has been intervened by the Dutch Governmentwhich alleges national security reasons. And its impact could soon be felt in sectors as sensitive as automobiles and consumer electronics. The movement is not minor: Nexperia controls an extensive network of factories and assembly centers in Germany, the United Kingdom, the Philippines, Malaysia and China, all important for the global semiconductor chain. Since the Netherlands took over governance of the company at the beginning of the month, a key question has arisen: how far does its control over those international operations really extend? Different laws, one company: Nexperia, caught between Europe and China The answer, at least in part, we already have. Nexperia operations in China have recalled that They work “independently” from the Dutch headquarters. A gesture that not only challenges this European authority, but adds a new layer of uncertainty to an industry that continues to suffer the consequences of the chip crisis. The statement released by Nexperia China on October 17 through its official channel WeChat marks a turning point in the dispute. In the text, signed by all the group’s operating entities in the country, the company reaffirms its autonomy from the headquarters in the Netherlands and remembers that its activity is governed exclusively by Chinese legislation. The document clearly establishes that the legal representative has exclusive authority to make decisions and approve any instructions from abroad: “Nexperia companies in China are independent companies that operate in accordance with national laws. The legal representative has exclusive authority to make decisions and approve any external instructions. No employee is obliged to follow orders coming from outside without their express consent.” The Dutch headquarters, for its part, has denied that “independence” and has attributed it to unauthorized information and actions, which adds another chapter to the internal clash. A ban on exporting its products from China has put European manufacturers on alert, especially the automotive industry, which depends on Nexperia chips for the operation of numerous electronic components. The European Automobile Manufacturers Association (ACEA) warned last week that the situation could cause production stops if supply is not restored in the coming weeks. According to the organization, current stocks would barely cover a few assembly cycles and approving new suppliers would take months, a period incompatible with market demand. One of Nexperia’s facilities in Guangdong Nexperia’s weight in the semiconductor chain is best understood by looking at how its production is organized. Although the headquarters and operational management are located in the Netherlands, much of the group’s added value comes from Asia. Its assembly and test plants in China, the Philippines and Malaysia manage enormous production volumes that supply both the Asian market and Europe. The coming weeks will be marked by the search for a fragile balance between regulators and governments. Nexperia has confirmed that it is in talks with China’s Ministry of Commerce to reverse the export blockade, while the Netherlands retains control of its governance. The question is whether the company will be able to operate normally. without violating either of the two legal frameworks. For now, the signals are mixed: production continues, but under an environment of uncertainty that leaves manufacturers waiting for a quick outcome. Images | Nexperia In Xataka | The problem is not that Europe has “expropriated” Nexperia from a Chinese company: it is that it approved its sale just a year ago

PLD Space, one step away from becoming the company that has developed an orbital rocket the fastest

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Whether in the Elche factory, on a test bench at Teruel airport or on the launch pad under construction in French Guiana, PLD Space is abuzz. The company advances one milestone per week and he tells us why: the Miura 5 rocket is practically ready at the design level. “I would tell you that it is 99%,” says Raúl Torres, CEO of the company, in an interview with Xataka. Candidate to become the Europe’s first private orbital rocketthe Miura 5 is about to finish the Critical Design Review (CDR) and take shape for the first time. “Now we are finishing the QM1 qualification models and starting the QM2, which means that shortly, and I’ll leave it there, we are going to have a first teachable Miura 5,” he reveals for the first time. This first fully integrated model will not fly, but will allow PLD to close engineering fronts and carry out key tests before the end of the year. If everything goes according to plan, the rocket chosen to take off will begin assembly in January. “The idea would be that in May we would be in Guyana to start doing the combined tests with the French space agency CNES,” confirms Torres, adjusting the schedule that originally pointed to a launch at the end of 2025. It is not an unexpected adjustment, but it was pending official confirmation since Chris Larmour, founder of Orbex, PLD’s British competitor, 1,000 euros were bet with Raúl Torres that the Miura 5 would not fly in 2025. Raúl accepted the bet. Will he pay Larmour now? “We have invited him to come sign the rocket at the end of the year, we are waiting for him to answer us,” says Torres. “I would like Orbex to also invite me at the end of the year to sign their rocket. Mine is going to sign it, so I only have to pay half of the bet.” Works in Guayana, lighting in Teruel If the Miura 5 flies in early 2026, PLD Space will be one of the fastest companies to have developed an orbital launcher, which is even more impressive considering the Spanish company’s financing compared to several of its competitors. But PLD Space is not starting from scratch. The successful launch of the Miura 1 suborbital rocket in October 2023 was the graduation of a team that now faces a higher challenge. “Miura 1 has been like primary school, ESO and high school, and now we are at university,” explains Torres. “That is why we have developed Miura 5 so quickly, because we have gone one step ahead with many developments.” Technologies such as the stage power system, cryogenic protections or the welding techniques of the Miura 5 are a direct inheritance from its little brother. However, “university” brings new and more complicated subjects. The most obvious technological leap is in the Miura 5 engines. The five TEPREL-C of the first stage and the vacuum-optimized TEPREL-C of the second They are beasts of another categoryespecially due to the introduction of turbopumps. PLD has developed most of the critical components in-house, such as liquid oxygen and kerosene valves. Combustion chambers are manufactured by electroplating copper and nickel, turbopump housings are 3D printed, and high-precision rotating components are machined. The objective is to achieve a production rate that allows one engine to be manufactured every two weeks in the Elche warehouse. PLD Space passed a fundamental milestone on October 6 with the first static ignition of a fully integrated TEPREL-C Vac in its facilities at Teruel airport. With 75 kN of thrust, it is one of the most powerful vacuum engines ever powered by a private company in Europe. But the real muscle of the rocket will be in the five TEPREL-C engines responsible for takeoff. Each one has 190 kN of thrust, almost double than its competitors. When will we see the first roar of a Miura 5 with the TEPREL-C fully integrated? “In one quarter you should expect the long and qualification tests of both the first and second stages, and also the restart test of both engines,” Torres told Xataka. To validate each component, PLD Space has also deployed new infrastructure at the Teruel airport. The T3 bench has been the protagonist of the static and compression tests of the rocket structures. Valves and gas generators are tested on bench T6. Bench T7 will be used for qualification of first stage Teprel-C engines and second stage long duration ignitions. The T9 bench will be used to test the separation between the first and second stages. Meanwhile, thousands of kilometers across the Atlantic, PLD Space construction in French Guiana has begun. PLD has become the first New Space company to begin construction of its own launch base at the Guyana Space Center. “It is very likely that Miura 5 will be before Kourou’s works,” says Torres. The first structures of the launch pad They are being built in Spain. The rocket should arrive in South America in May. Advances in reuse since flight 1 Inspired by SpaceX, PLD does not conceive of a modern launcher without reuse. And their plan for the Miura 5 is to start collecting landing data from the first flight. If it achieves stage separation on its debut launch, the rocket will perform a maneuver boostback like that of the Falcon 9. “In flight one mission, in the test flight that we will do next year, we are going to try to re-enter the stage,” confirms Torres. After separation, the rocket will turn around and turn on its central engine for a few seconds to brake. “The booster will be ready to re-enter. We don’t want to miss the slightest opportunity to collect data.” And he talks about data because he does not expect to recover the rocket. “Evidently, it’s not going to happen the first time.” The first flight won’t even have a parachute. The main objective is to survive reentry from a hypersonic speed at Mach … Read more

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