German tech company signs €60 million contract with Elon Musk for satellite solar cell supply

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Elon Musk signed a major order on Wednesday with a medium-sized German tech company, Singulus Technologies, to supply solar cells for his new line of satellites, Starmind. The €60 million major order is the first of many, according to a statement from SpaceX founder Elon Musk on X. Following the deal, the company's stock temporarily spiked by 65% to 80%, which valued the firm at around €73 million. A groundbreaking rise as the company's annual revenue in 2025 was only €48.3 million. As part of a strategic partnership, further facilities and production lines are planned to be created for a solar power production capacity of 100 gigawatts, the equivalent of the annual production of ten large nuclear reactors.