SpaceX’s IPO filing – the biggest in history – shows AI’s next trillion-dollar trade is infrastructure, not software, affirms the CEO of global financial advisory giant deVere Group.

The analysis from Nigel Green comes as SpaceX prepares a major fundraising round expected to value the Elon Musk-led company at around $400 billion, a figure that makes it one of the most valuable private companies in history and underlines the scale of investor appetite surrounding the infrastructure powering the artificial intelligence boom.

He comments “The market is entering a new phase in the AI cycle, one in which the biggest opportunities are no longer concentrated solely in software developers or chatbot platforms, but in the physical systems required to sustain the rapid expansion of AI globally.”

He argues that investors are now beginning to understand the sheer scale of infrastructure spending AI will require over the next decade.

COP31 President-Designate Murat Kurum called for an urgent increase in the pace of electrification of the world economy, saying it was critical to the fight against climate change and to implementing the commitments made at previous COPs.

Kurum, Minister of Environment, Urbanisation and Climate Change in COP31 host Türkiye, said the current energy crisis had underscored the importance of renewable power generation and the national diversification of energy sources. This all pointed to the importance of increasing electricity as a power source across the globe.

“Governments, international agencies, and the private sector are increasingly focusing on electrification as a critical frontier of the transition,” Kurum told the Copenhagen Climate Ministers’ Meeting.

“Today, around 20 percent of final energy consumption is met by electricity. Together, we should aim to raise that number as quickly as possible.”

Final energy consumption refers to the energy consumed by end-users such as individuals and businesses to heat and cool buildings, run lights, devices, and appliances, and power vehicles, machines and factories.

Africa must urgently close its electricity gap if it is to industrialize, expand regional value chains and deliver on the promise of the African Continental Free Trade Area, Economic Commission for Africa Executive Secretary Claver Gatete said.

Speaking virtually at the Ministerial Compact Roundtable on Financing Africa’s Nuclear Energy Future, held during the Nuclear Energy Innovation Summit on Africa 2026, Gatete said reliable and affordable power would determine the continent’s economic competitiveness.

“No nation industrializes in the dark,” he said. “Africa cannot realize the promise of the AfCFTA or build competitive regional value chains on intermittent power alone.”

Gatete said Africa’s energy challenge is taking place at a time of overlapping global shocks, including climate extremes, high borrowing costs, tighter finance, and geopolitical instability. These pressures, he noted, are disrupting energy markets, trade routes and public finances, while limiting the ability of many African countries to finance the infrastructure they need.

He said the AfCFTA offers Africa a historic opportunity to deepen intra-African trade, expand productive capacity, strengthen regional value chains and build long-term resilience. But this transformation, he warned, will not happen without electricity at scale.