OnlyFans owner received $700mn in dividends before his death this year


A robot named Lightning has run the 100m in 9.32 seconds, beating the human world record, China’s state broadcaster has reported.
The humanoid, developed by the Chinese smartphone manufacturer Honor, reached a peak speed of 14.5 metres per second during a test event for the second World Humanoid Robot Games, which began on Saturday. The performance surpassed the 9.58sec men’s 100m world record set by Usain Bolt 17 years ago at the World Athletics Championships in Berlin.
China has been promoting humanoid robots as an emerging industry, with policymakers and companies betting that advances in AI and hardware will accelerate their deployment in manufacturing, logistics and consumer applications.

Lightning also won the Beijing half marathon in April in 50 minutes and 26 seconds, faster than the men’s world record. The robot stood 169cm tall and had 95cm-long legs at the half marathon. Researchers have since lengthened its legs by 10cm for these Games.
More than 2,000 humanoid robots were participating in the five-day games, now in its second year, a spectacle intended to demonstrate China’s rapid progress in advanced robotics as the technology race with the US heats up. There are 51 events and more than 1,000 competitions taking place including running, table tennis and football.
The games, which are taking place in the National Speed Skating Oval built for the 2022 Winter Olympics, opened the same week as Beijing held the 2026 World Robot Conference, where companies showcased around 3,000 products, including humanoid robots. China makes the majority of the world’s humanoid robots.
Last month, the US Federal Communications Commission announced a ban on imports of new foreign-made humanoid robots. The FCC cited national security reasons in a move that targeted China. The Pentagon recently also added Unitree, one of China’s leading humanoid robot makers, to its list of companies that it deemed have ties with the Chinese military. Beijing has hit back at the accusations.
At Saturday’s opening of the robot games, the organisers and robot makers said that Chinese humanoid robots defeated human world records, as hundreds of humanoid robots marched in formation on to the field in a massive display of synchronised coordination.
In a standing high jump, a humanoid robot was able to reach 2.88m, well above the 0.95m best result by a humanoid in last year’s first edition of the games . It surpassed the human high jump record of 2.45m set by Cuba’s Javier Sotomayor in 1993. Both robots were from Beijing-based X-Humanoid.
Humanoid robots are “evolving rapidly”, said Li Yanfeng, an education worker and a Beijing resident. “At first, I wasn’t very accepting of artificial intelligence. I was even a bit resistant to it, because of the possibility that it might replace or displace humans,” she said. “But now that I see this development is unstoppable, I decided to come and take a look.”
Yang Shangzheng, another spectator, said: “These sports are perfectly normal for humans, but now robots can do them. I find it amazing.” Liu Tao, who was watching the games with his son, said he was hoping to see “the best robots China currently has to offer”.
This year’s robot games – which the organisers say has 16 countries participating, among them Germany, Japan and the US – also includes other events such as weightlifting and tug of war.

Amazon’s Prime Air drone delivery service, first teased by Jeff Bezos in a 2013 60 Minutes interview as a way to get packages under 5lbs to customers in 30 minutes or less, represents the broader push toward autonomous aerial last-mile logistics that could bypass traffic and cut delivery times dramatically.
After years of regulatory hurdles with the FAA, technical iterations, and limited trials, the service has matured into a commercial offering using the MK30 drone, which hovers to drop packages.
A major breakthrough came in 2024, when the Federal Aviation Administration (FAA) granted Amazon a waiver allowing its drones to fly beyond the visual line of sight of their operators, and has already completed hundreds of thousands of deliveries in 2026 across 11 sites in seven states.
Today Amazon announced plans to expand it to nearly 500 US cities and towns by year-end – a roughly sixfold increase – bringing ultrafast options (as quick as 30 minutes) to tens of millions more customers in places like the Chicago, Atlanta, Cleveland, Syracuse, and Boise metro areas.
The drones will primarily operate in suburban areas, away from skyscrapers and major airports that could complicate operations.
Amazon describes the aircraft as “highly autonomous,” with onboard cameras and sensors for navigation, obstacle detection, and safe delivery.
The cameras do not transmit a live video feed, according to the company.
The company also sought to address the potential concern about noise.
“During drop-off, the sound level is below that of an idling delivery truck parked curbside and lasts about 30 seconds,” Amazon said.
Someone standing outside may hear a sound “comparable to a window fan on low” as the drone arrives, while people indoors may not hear it at all, the company added.
Prime Air delivery is free for Prime members on orders of at least $50, but orders below that threshold carry a $2.99 delivery fee, while customers without a Prime membership are charged $4.99.
The plan will intensify the battle between Amazon and Walmart to provide consumers with the fastest delivery times.
Both giants rely on a mix of drones and drivers to deliver everything consumers have ordered.
The goal is not necessarily about cutting costs by replacing drivers and trucks – and drones that can only carry one package at a time would have a hard time doing that. But instead, these companies are using drones as one tool to help keep customers happy with quicker deliveries, banking on a faster delivery system attracting more shoppers.
“It’s still an experiment. It’s still in test and learn mode,” said Sucharita Kodali, who is a retail analyst with Forrester.
However, it’s not all instant utopian dreams as The Epoch Times reports that the program also faces safety scrutiny following recent incidents.
In October 2025, two Amazon drones collided with a crane in Tolleson, Arizona, prompting separate investigations by the National Transportation Safety Board and the FAA.
Another FAA investigation was opened last November after an Amazon drone struck and severed an internet cable while ascending from a customer’s yard in Waco, Texas.
A 24-hour coffee shop has been open for one day in Beijing, China, and it has already blown the rest of the barista game out of the park by immediately setting a world record of most cups of coffee served.
How did they manage it? Well, the entire staff are made up of coffee making robots.
Robot barista in action on Sunday showed the creepy coffee maker clad in a grey-and-white jumper as a sort of uniform. It had accessorised the look with a grey cap, headphones – as if it had anyone to talk to – and silver chains around its neck. Most concerningly, it wasn’t wearing any trousers.
The robot served an eye-watering 202 cups prepared and served in 60 minutes, setting a Guinness World Record for the most cups of coffee served by a robot-operated store in one hour.
Customers place their orders through a self-service system, allowing them to tailor the sweetness and/or intensity of their coffee.
Our community members are treated to special offers, promotions and adverts from us and our partners. You can check out at any time. More info
And all of that with an average wait time of less than 30 seconds per cup. One customer said her coffee was “pretty well-balanced” while her partner marvelled at how it took no time at all to get his cuppa despite a massive throng of people vying for a cup.
“When I first saw the place, I thought it would take a while to get a cup. But I walked in and got it almost right away,” he said.
Bonkers footage shows the chain-laden robot racking up the cups and putting them in cute little pigeon holes for customers to collect.
According to Australian economist Dr Leonora Risse, from the Queensland University of Technology, the only sticking point could be the lack the human connection that so many of us crave in an ever-saturated, tech-filled world.
She said that humanoid bots and AI were well-suited for routine and repetitive tasks – like making a recipe or, dare we say it, coffee. They do offer productivity gains, but, overall, if variety is needed then things tend to fall to bits.
“This shows how the essence of hospitality jobs is about human interactions,” the academic said, as per news.com.au.
“The jobs at highest risk of being replaced by AI are clerical and administrative jobs, as these involve routine processes, which can increasingly be done by digital tools. Telemarketers and call centre workers are top on the list, but clerks, bookkeepers, secretaries, receptionists and personal assistants are also in this mix.
“This places women more at risk of losing their job to AI, given that most of these are mostly female-concentrated occupations.”
Your female-gendered author is thrilled on that one, by the way. But we digress.
As per a recent article penned by Dr Risse and the Australian National University’s Elise Stephenson, clerical and administrative jobs made up more than 70per cent of women and provide almost one in five jobs for all women in the Australian workforce.
Dr Risse said we need to be ready to assist these displaced workers to transfer their skills to other roles.
“I expect that AI will make the ‘human’ side of our jobs even more important and valuable. “These skills that make us human – like empathy, care and emotional intelligence – are the skills we don’t want to outsource to robots and automation.
“Critical Judgement is also a skill that we’ll need to focus on more strongly. AI can perform the mechanics of a task. But how will it navigate complex decision-making processes where there is not a clear answer? This is where human ethics, morals and experience matter.
“As for the record-breaking coffee-serving robot, Australians love their coffee shops. There might be some novel exceptions, but I can’t see a huge wave of robots replacing Aussie baristas.”
In the US, Morgan Stanley predicted 62.7m American jobs could be replaced with humanoid robots by 2050. The bank stressed this was not a forecast of mass joblessness.
In the UK, analysis from the Office for National Statistics indicates that about 1.5 million jobs in England face a high risk of having specific tasks automated. Whereas the Institute for Public Policy Research estimates that a worst-case “full displacement” scenario could eliminate up to 7.9 million UK jobs.
So should we be afraid of barista-bot? Yes. The inevitable, probably Terminator-filled future ahead of us is bleak and jobless. But, hey – coffee!
The aircraft, which cost up to $50 million each, have seen heavy use around the Strait of Hormuz — but they are relatively easy targets for Iran and its proxies.
A U.S. MQ-9 Reaper drone, in December. (Miguel J. Rodriguez Carrillo/AFP/Getty
The aircraft have seen heavy use around the Strait of Hormuz, the vital shipping route that has become a major flash point in the conflict — and a key obstacle to negotiating a lasting peace deal. But the drones fly slowly and often at low altitudes, making them relatively easy targets for Iran’s military and its regional proxies in Yemen and Iraq.
A fourth U.S. official, who like the others spoke on the condition of anonymity to discuss Pentagon data, said that not all of the lost Reapers were shot down. An unspecified number crashed after their operators’ communications link to the drones failed, the official said.
The Reaper joins a growing list of U.S. weapons and munitions that have been drained by the Iran war and years of American military support for Ukraine in its conflict with Russia.
In the Iran campaign’s first month, U.S. forces fired more than 850 Tomahawk cruise missiles and more than 1,000 Patriot and Terminal High Altitude Area Defense (THAAD) missiles, significantly cutting into stockpiles of a key long-range strike capability and the military’s most in-demand air-defense systems, The Post reported previously.
Such shortages have constrained President Donald Trump’s military options as tensions with Tehran remain high and forced U.S. commanders in the region to change defensive tactics and hold missiles in reserve if they determine that an incoming Iranian missile is unlikely to harm anyone.
The Pentagon, which declined to comment for this article, has consistently denied reports that its weapons stockpiles are running low. At the same time, the Trump administration has asked Congress for tens of billions of dollars in funding to offset costs incurred by the Iran war and to replenish supplies.
As The Post reported last week, Trump confronted Defense Secretary Pete Hegseth about the state of the U.S. stockpile. The encounter occurred July 31, on the sidelines of a Cabinet meeting at Camp David, the presidential retreat in Maryland.
The shortages have appeared to embolden Iran, which has intensified its demands for control of the Strait of Hormuz and reparations for damage the country has sustained since Trump ordered the start of hostilities on Feb. 28.
There were approximately 185 Reapers in the U.S. military fleet — 165 in the Air Force and 20 in the Marine Corps — before the conflict began, according to public budget data and the services. That figure does not include Reapers operated by U.S. intelligence agencies. To date, none of the Marines’ Reapers have been lost, a spokesman, Lt. Col. Joshua Benson, said in a statement. Those operate primarily in the Asia-Pacific.
In May, Lt. Gen. David Tabor, a senior Air Force officer at the Pentagon, told the Senate that the number of remaining drones had fallen to about 135. At the time, Tabor told lawmakers he was “concerned” about the losses and that the Air Force was exploring how to quickly replenish its fleet.
The Pentagon is phasing out the General Atomics-produced Reaper and envisions a replacement fleet of less expensive armed surveillance drones that can swarm their targets.
Meanwhile, the Trump administration is trying to shore up lawmaker support for a $67 billion Iran war supplemental budget that it says is vital to restocking the Pentagon’s arsenal. Even if Congress approves the funding, it will be years before stockpiles depleted by the conflict in Iran and the munitions sent to Ukraine are reconstituted.
Hegseth told the Senate in July that the Pentagon would have to curtail military trainings without a quick infusion of additional funding as the Iran war strains the defense budget. He estimated that the conflict would cost $37.5 billion through the end of September, though that total does not include the cost of rebuilding U.S. bases in the Middle East damaged by Iranian strikes.
Republicans in Congress are divided on the best strategy to secure the war-related funding and have left Washington for their August recess.
From writing speeches to sorting constituent mail, AI is spreading through Congress faster than the rules governing its use.
One of Luna’s staffers had copied a chatbot’s answer — time-stamp and all — and pasted it into the public record of the National Defense Authorization Act.
As a screenshot of the garbled text circulated on social media, the Florida Republican was nonchalant.
“Not a shocker,” she wrote. “Most staff use it.”
Asked later about the incident, Luna went further. “A lot of staff will use ChatGPT, Claude, Grok. I personally like Grok better, but my staffer prefers Claude,” she told The Washington Post. “I’m not gonna knock him for that. There’s nothing illegal about him doing a summary.”
Across the Capitol, lawmakers and staffers are using artificial intelligence to write speeches and news releases, sort constituent mail, prepare questions for congressional hearings and draft amendments.
Even as politicians are debating how to govern AI for the rest of America, Congress has already settled how it will use the technology: quickly, broadly and with little oversight.
Both chambers have cleared members and staff to use chatbots — Copilot, ChatGPT, Gemini and, in the House, Claude — for official work, with more under review. The House bought 6,000 Microsoft Copilot licenses last year and encouraged staff to use them.
Having someone else put words in a lawmaker’s mouth is nothing new. For almost as long as Congress has existed, staffers have been ghostwriting speeches for their bosses. But a speechwriter can be summoned or fired. Chatbots are products built by the tech companies lawmakers are in charge of regulating.
Amid the rapid adoption of AI on the Hill, lawmakers face a key question: How much of their responsibilities are they willing to hand over?
Interviews with more than two dozen lawmakers and staffers — some of whom spoke on the condition of anonymity to discuss internal operations — along with internal House and Senate policies obtained by The Post, show that the institution has left that question largely unanswered. The few House and Senate rules that exist are poorly understood and seldom enforced. In practice, AI use is left up to the hundreds of individual congressional offices to settle for themselves. It’s not clear how many offices have internal written policies on AI.
And no one The Post asked knew of any instance where a staffer was formally disciplined by the House or Senate for breaking its rules.
Luna was right. There was nothing illegal about having AI edit, spell-check — or even write — legislative materials. It wasn’t against House rules, either.
Her staffer’s only mistake was letting Claude sign its work for others to see.
Sen. Tommy Tuberville has found a new way to pass the long drives across Alabama: talking to ChatGPT.
He asks it about Medicare and Medicaid, and listens as the machine’s voice talks back.
“It’s kind of like you can sit there and talk to an expert,” said the Alabama Republican. “You don’t know whether or not they’re 100 percent correct. But they put you on the right path.”
Rep. Mike Flood (R-Nebraska) said he consulted a chatbot while working on a bipartisan housing bill that passed this year, asking it where private equity was buying up single-family homes. Sen. Elizabeth Warren (D-Massachusetts), who has proposed stricter legislation on tech companies, uses ChatGPT to look up demographic information.
One GOP staffer’s boss uses chatbots to generate the occasional cartoon of himself, she said with a laugh. Her explanation: “He’s a boomer.”
But the real power users are the thousands of staffers who do most of Congress’s work.
Earlier this year, Rep. Cleo Fields (D-Louisiana) had a town hall coming up in Natchitoches, a city in his district that his press secretary didn’t know well.
So that aide, Sydney Broome, asked Claude for a list of TV stations in town, its newspapers, and reporters’ names and contacts. Then, she started calling each one.
At 22, Broome is the youngest full-time staffer and only press secretary for Fields. AI saves her three or four hours of work a week, she said. Her boss does not use it at all.
ChatGPT first emerged when Broome was still in college. Her professors, unable to stop students from using AI, urged restraint and ran their assignments through AI detection. Students could use it for research, they warned, but never to write from scratch.
Congress has no such checks. So Broome has imposed them herself.
She’ll use Claude to find a reporter’s email, but not to write to them. She doesn’t use it to produce anything in her boss’s name. “That’s just kind of a bit of a gray area,” she said.
Many staffers say they are aware of AI’s limitations. The tools occasionally invent nonexistent bills. Other times, the writing is formulaic and clunky. Still, chatbots help speed up their work.
A GOP aide in another office said he uses Copilot to write appropriations amendments. The subcommittee he works for used AI to suggest witnesses for a hearing and to help generate the questions lawmakers should ask them.
Another Republican aide has taken AI even further. He exported all his phone contacts and text messages — years of conversations — into a personal Claude account and told it to build a database of every reporter he has ever dealt with: what he pitched them, which ones they accepted, which exchanges went badly. The chatbot auto-updates itself with each new conversation.
Recently, his boss wanted to do a TV interview about surveillance law. The aide asked Claude whether he had ever pitched a TV booker on that topic and how it went. It came back instantly with a contact.
Claude also runs that staffer’s office’s communications budget — the taxpayer-funded mail and ads sent to constituents. “I don’t really have to touch the data in Excel much anymore,” he said.
The aide said he’s not sure what exactly is permitted by congressional rules. “You’re still not supposed to put constituent data into AI,” he said. “There are weird things around where the rules are. I don’t know all of them.”
In 2024, the House Administration Committee convened a private, bipartisan meeting with House officers and outside AI experts to talk through how far to let AI into the legislative process. About 150 chiefs of staff attended.
Out of it came the first AI guidance for Capitol Hill.
Internal House and Senate policies obtained by The Post and interviews with people familiar with them show how Congress has embraced the use of AI.
Last summer, the House bought 6,000 Copilot licenses. The tool was a natural fit for a chamber that already ran on Microsoft and a more secure way to keep congressional work inside a single system, officials believed. Starting in January, offices could sign up for access.
They came with a major guardrail built into the system: Copilot is designed to refuse political requests. Ask it to criticize a party, politician or political group, and the machine declines.
“I can’t create content that criticizes or condemns political parties, politicians, or political groups,” read one Copilot response shared by a staffer. “That includes writing tweets that attack Democrats, Republicans.”
Roughly half the licenses are now in use, and House officials have extended the deal.
The rules Congress wrote for itself are loose. Off limits under current House guidance: putting sensitive material such as constituent information into a chatbot, generating deepfakes, making personnel decisions and finalizing legislation.
A machine may help write a bill but may not be the last hand on it. It may draft a reply to a constituent but can’t be told who the constituent is.
In theory, a staffer breaking those rules can be stripped of access to AI tools, suspended, fired, even fined and imprisoned.
But no one could name a single case of that happening. People familiar with House operations said they’re not aware of any enforcement action by the chief administrative officer. A spokesperson for the CAO said the office can’t comment on potential enforcement actions. A spokesperson for the Senate sergeant at arms didn’t respond.
Catching violations largely falls on staffers, who would have to report a colleague, or themselves.
Most said in interviews that they don’t know the rules. A former senior Republican House staffer said that his office subscribed to both ChatGPT and Claude and that staff used them however they liked. He wasn’t sure what the rules were, or whether his team followed them. “We just had a free-for-all,” he said.
The House and Senate encourage individual offices to implement their own written AI policies. If a House office wants Copilot, in theory, it must have a policy in place.
One reason Congress has moved so quickly to adopt AI tools is to keep pace with the executive branch, said people familiar with internal House operations. The Trump administration has spent the past year and a half pushing AI into every corner of the government.
“If we are not keeping pace with how the executive branch is functioning,” one person said, “then we’re not performing effective oversight.”
The new frontier has left some lawmakers pondering how to proceed.
“We want to make sure we’re using AI, and AI isn’t using us,” said Rep. Jamie Raskin (Maryland), a constitutional law professor and the top Democrat on the House Judiciary Committee.
Sen. Elissa Slotkin (D-Michigan) recently worked with her staff on a new policy for her office. They can use AI to “enhance and streamline” work but not to generate “final products” — like floor speeches or public remarks. They have to take AI training. Nothing with personal information about constituents or the senator can be uploaded. And her office is holding unannounced “spot check” inspections.
“We didn’t want to prohibit the use of the newest tools, but we also didn’t want absolute schlock showing up in my memos,” Slotkin said. “What I’m not willing to do is put my head in the sand and pretend that my young staff aren’t going to find new and interesting ways of doing this.”
In recent months, one Democratic staffer said his office has been exploring something new: feeding AI his boss’s past statements so the tool can write in the lawmaker’s voice. He heard another office was pulling it off and wanted to try himself.
In the same building, a GOP press secretary whose office has stricter AI limits said it’s unfair other offices get an advantage. “We could churn out so many op-eds if we were more comfortable with AI,” she said.
Recently, she found her own press assistant using AI in violation of their office’s policy. “We had to have a very robust conversation about how not to use AI for things in [the boss’s] voice,” she said.
A preview of what more rampant AI use could look like already exists in state legislatures — many of which have no rules or policies at all.
Amber Hulse serves in the South Dakota state Senate, where money is tight and lawmakers have no full-time staff. Hulse, a Republican, uses AI for almost everything — policy research, constituent email, speeches, writing legislation.
Lately, she said, the signs of AI’s effects are getting easier to spot.
“It’s funny,” Hulse said, “how your ears will start to pick up on the floor someone who’s giving a speech that was very clearly written by AI.”
Iran’s quest for the Kilo-class ‘black hole’ submarines was clearly a long-time coming, even before the mighty USSR fell. Tehran signed the contract in 1988, while the Soviet Union still existed, and then received three Project 877EKM boats from post-Soviet Russia between 1992 and 1996. IRIS Taregh entered service on November 21, 1992, IRIS Nooh followed on June 6, 1993; and IRIS Yunes was commissioned on November 25, 1996. The three boats gave Iran its first modern, ocean-going submarine force.
The timing mattered for Tehran, for sure. Iran could not match the United States ship for ship, but a quiet diesel-electric submarine offered a different form of power.
The possibility of one hidden boat near the Strait of Hormuz required an opponent to plan around patrol aircraft, helicopters, sonar-equipped warships, and attack submarines. Tehran bought only three Kilos, yet their presence created a much larger anti-submarine warfare problem.
The arrival of the third boat showed Washington’s concern. A Defense Department photograph and caption recorded the submarine being towed across the Mediterranean in late December 1995 before transiting the Suez Canal. Ships and aircraft from the U.S. Sixth Fleet tracked it on the surface before it reached Iran.And, in fact, the very first article I ever wrote, way back in 1995, when I was in High School, was about that very event.
“Black Hole” became the class’s famous nickname, though Iran received the older Project 877EKM export design, not the later Project 636.3 Improved Kilo. The Rubin Design Bureau highlights the single-shaft propulsion system, low-noise machinery, and anechoic hull coating.
Running on batteries, a Kilo was difficult to hear. It was never invisible, and without air-independent propulsion, it eventually had to snorkel and run diesel engines to recharge.
Each Iranian Kilo displaced about 3,000 tons submerged, measured roughly 74 meters long, and reached about 17 knots underwater.
Six 533-millimeter bow tubes supported 18 torpedoes or 24 mines, while published design figures placed total endurance near 45 days. Those numbers made Iran’s upgraded Kilo fleet its heaviest conventional undersea force.
They did not mean the boat remained submerged for 45 days; battery endurance was far shorter.
Geography reduced the advantage for sure. The Nuclear Threat Initiative estimates the boats needed at least 164 feet of water and therefore had access to only about one-third of the Persian Gulf. Strong currents, salinity, and shallow water complicated operations.
The deeper Gulf of Oman and Arabian Sea suited them better, while Iran’s smaller Ghadir boats were intended for confined coastal waters.
The public record before 2026 shows exercises and patrols, not combat. Iran sent Kilos into the Gulf of Oman and the northern Indian Ocean and used them to test torpedoes and rehearse mine warfare. No verified account credits Taregh, Nooh, or Yunes with sinking a ship, firing a cruise missile in wartime, or launching a combat torpedo.
Keeping the boats operational became harder than buying them. That much seems clear
Iran relaunched Taregh in 2012 after an overhaul that reportedly replaced about 18,000 components, including propellers and radar equipment. By January 2021, satellite imagery showed all three Kilos out of the water, with one having remained in dry dock since 2019. The long repair periods pointed to shortages of parts, facilities and experienced labor.
The fleet’s condition was worse on the eve of war than its “Black Hole” reputation suggested. Commercial imagery from February 26, 2026, showed two Kilos undergoing repairs and one apparently idle at Bandar Abbas.
A submarine in a dock is a fixed target, which helps explain why the boats were described as out of action during the opening strikes.
Operation Epic Fury began on February 28, 2026. CENTCOM confirmed strikes on Iranian submarines on March 1 without identifying their classes. The strongest public evidence came from commercial satellite imagery. A review of Planet Labs images showed one of Iran’s three Kilos apparently intact on March 2 and sunk at its berth by March 4. On March 13, Joint Chiefs Chairman Gen. Dan Caine said Army ATACMS missiles had sunk multiple ships, including a submarine. He did not name it.
Adm. Brad Cooper separately said Iran’s “most operational” submarine had a hole in its side. The wording fits the Kilo visible at Bandar Abbas, though the United States never publicly identified the hull as Taregh, Nooh, or Yunes. Reports that the remaining Kilos had gone missing captured the unresolved point: one wreck was visible, while the other two boats lacked a public, name-by-name damage assessment.
The White House later claimed Iran had “zero submarine vessels” left, covering a fleet that also included Fateh and Ghadir boats. Public reporting on the gap between the aggregate claim and identified losses did not produce separate wreck locations for Nooh and Yunes. On July 12, CENTCOM used three Corsair unmanned surface vessels to strike a submarine and a ship-maintenance facility at Bandar Abbas. The released video showed the sea drones hitting the facility where Iran had spent years trying to keep its submarine force operational.
Private Equity Is Stuck With 33,575 Unsold Businesses
Even amid a booming deal-making environment, private equity firms are unable to exit a growing number of investments at values their investors require.
The long-awaited deal-making boom has finally arrived. SpaceX set a record for the world’s largest initial public offering. David Ellison is pursuing a $110 billion deal linking Paramount with Warner Bros. The utility firm NextEra Energy has struck a deal to buy Dominion Energy that values it at more than $120 billion.
But private equity — a deal-making machine for decades — is largely sitting on the sidelines. For the third consecutive year, private equity firms are saddled with a rapidly increasing number of companies that they cannot sell or take public at the returns their investors expect.
As of June 30, private equity firms had 33,575 unsold companies in their portfolios, according to PitchBook, an industry data firm. That’s up from 32,451 companies at the end of last year and 15,923 companies a decade ago.
The growing backlog is a challenge for private equity’s core business model. Typically, such firms aim to buy a company, often add large amounts of debt to its balance sheet, improve its financial performance and then sell it for a profit, usually within five to seven years.
The state of limbo has been difficult for large investors like pension funds and endowments that have spent decades paying steep fees to private equity firms promising market-beating returns. Some investors and industry professionals are worried that the firms won’t be able to sell companies without taking big losses.
“Private equity is stuck because those companies have failed to fulfill their value promise,” said Andrew Milgram, a managing partner and chief investment officer at Marblegate Asset Management, an investment firm.
As the backlog grows, private equity firms continue to underperform the broader stock market. From July 1, 2022 to March 31, 2026, U.S. private equity firms generated annualized returns of 6.4 percent, according to the most recent data from MSCI, an index firm. That’s far below the 15.2 percent annualized returns of the S&P 500 and the 19.3 percent of the Nasdaq during the same time period.
There are several reasons for the logjam. Higher interest rates have made it difficult for private equity firms to find buyers that rely on cheap debt to finance acquisitions.
Another challenge is the weakness in the software sector, where there is a heavy concentration of private equity-owned companies. The value of many software firms has declined, as investors worry that artificial intelligence will cut into future earnings.
Historically, many private equity-owned companies have been sold to other private equity firms. But that important source of demand has also largely dried up.
When the Federal Reserve held interest rates low and debt was cheap, it was relatively easy for a private equity firm to write small checks and borrow heavily to purchase a company. But since the Fed began raising interest rates in 2022, private equity firms have needed more cash to pay down debt at the higher rates. That means the firms are not willing to spend as much to purchase companies, which drives down their valuations.
Last week, the investment behemoth Apollo Global Management reported weak quarterly results in its private equity division. The firm specifically pointed to a tricky market for company sales and I.P.O.s as a reason for its lower performance returns in that part of the business, saying exits were being “prudently delayed.”
“Buyers and sellers still have too big of a valuation gap,” said John Maldonado, managing partner at Advent International, a private equity firm.
The delays are becoming the new normal. For years now, private equity firms and their bankers have promised a rebound in either selling the businesses they own or taking them public. Such an outcome has proved elusive.
Elizabeth Cooper, global head of private equity at the law firm Simpson Thacher & Bartlett, said that going into this year, she had “a whole stable of companies” she had thought would be sold in the early part of the year. They’re still waiting.
“Everything basically got reset,” Ms. Cooper said, pointing to continued high interest rates and volatility in the stock market and politics.
Some private equity executives say the backlog may not end up being a big problem, because some companies that have taken longer to sell could ultimately generate large returns.
Still, the private equity struggles contrast sharply with the investments that venture firms — another giant source of money in private companies — have made in A.I. pioneers like OpenAI, Anthropic and SpaceX, which are generating seemingly once-in-a-lifetime returns.
The first half of 2026 was the second highest-volume period for initial public offerings in more than a decade.
But for many private equity firms, I.P.O.s have not been a viable path to selling their businesses.
Since 2022, only 70 private equity-backed companies have gone public on U.S. exchanges, according to the data firm Dealogic. From 2017 to 2021, 424 private equity-backed companies did so.
Software companies are some of the most troubled parts of the pipeline.
Many private equity firms gorged on such businesses in 2021, before the advent of ChatGPT, when software companies were trading at all-time highs. Because the exit of these companies in the current environment could lead to painful losses, many private equity firms are waiting to sell them.
In 2021, Thoma Bravo, a private equity firm invested heavily in software, bought Proofpoint, a cybersecurity software business, for $12 billion.
Thoma Bravo recently engaged in negotiations with the company’s lenders and extended the terms of its loan by two years, paying higher interest rates to do so, according to a person familiar with the deal. On calls with lenders, the person said, Proofpoint and Thoma Bravo executives said they would consider taking the company public in the coming years. But by this point in an ownership cycle, many private equity firms would try to have a clearly defined path and timeline for either an I.P.O. or a sale, rather than seeking ways to amend and extend their debt holdings.
Other companies have been lingering even longer.
Image
An Ancestry.com booth at a genealogical event in Salt Lake City in 2019. Blackstone, the private equity giant, purchased the company a year later.Credit…George Frey/Reuters
The giant private equity firm Blackstone bought Ancestry.com in 2020 for $4.7 billion. Six years later, Blackstone still owns the company and recently renegotiated and extended the maturities on its debt, suggesting that the firm expects an even longer holding period.
“This is a standard refinancing transaction for a highly successful investment that we’ve only owned for around five and a half years,” a Blackstone spokesperson said. “It does not indicate our future plans for the business.”
Vista Equity Partners, another private equity firm, acquired Solera Holdings, a software maker, for $6.5 billion in 2016. The company filed for an initial public offering in 2024, but it hasn’t materialized.
A representative for Vista Equity declined to comment.
Many in the industry predict that private equity firms will eventually be forced to sell and give cash back to investors, even if it means accepting a lower price.
Advent International is the rare private equity firms finding many exits. This year, it has sold several companies and taken others public, returning billions of dollars to its clients.
Mr. Maldonado, a managing partner at Advent, said he expected that other firms would have to follow suit because investors simply needed money back.
“I wouldn’t underestimate the amount of effort that’s going into dealing with the new reality and coming up with solutions that will allow firms to exit these assets,’’ he said.
KEMMERER, Wyoming ‒ For generations, this tiny town in the quiet southwestern corner of Wyoming has long been known for three things: massive below-ground coal deposits, rocky outcroppings full of fossilized fish and the original JCPenney store.
But 5 miles outside of the historic downtown, workers are building a first-of-its-kind nuclear power plant backed by billionaires Bill Gates and Warren Buffett. Taxpayers are providing $2 billion in assistance to assemble the small-scale reactor. It is designed to be quicker to build and bring online than traditional plants twice its size.
Welcomed with open arms by at least half of the approximately 21,000 area residents, TerraPower’s “Natrium” project aims to begin making electricity in the next four years. It’s a key part of the Trump administration’s push to diversify the U.S. energy economy by building dozens of new nuclear power reactors that will feed power-hungry data centers and manufacturers.
The small-scale nuclear project is bringing thousands of construction workers to the remote area, buoying businesses, including Fossil Fuel Coffee Co., the Super 8 motel and Scroungy Moose Pizza. It’s happening at a time when the coal mines are headed for closure and good-paying jobs are otherwise scarce. And while some community members remain deeply skeptical of both the nuclear project and the wealthy men behind it, others are optimistic.
“I’ve lived and breathed that coal mine for 35 years and I love it,” said Kemmerer coal mine employee Michelle Pollard, 61. “But you have to change with the times and I’m glad they picked Kemmerer.”
In addition to the Natrium project, four other new small-scale test nuclear reactors recently demonstrated success at the Idaho National Laboratory to meet Trump’s self-imposed July 4 deadline to mark the country’s 250th birthday.
“America’s nuclear renaissance is underway because of President Trump’s bold vision and ambitious goals,” Energy Secretary Chris Wright said in a statement. “Advanced nuclear technologies … will help power the next generation of American industry, strengthen our energy security, and ensure the United States remains the world’s nuclear innovation leader.”
Backers say carbon-free nuclear energy can provide reliable baseload power without contributing to climate change. In addition to civilian projects like Natrium, the White House has also ordered military officials to ramp up their use of reactors that can be flown to remote bases.
Some critics worry the country is rushing to deploy risky and unnecessary new technology at a time when wind, solar and battery power are increasingly affordable and reliable. They say the environmental risks from nuclear fuel aren’t worth it, and that remote nuclear power plants and their radioactive waste could more easily be targeted by terrorists trying to create a dirty bomb, especially after the Trump administration softened security requirements.
“My No. 1 concern is that this push is not being inspired by genuine innovation in nuclear power or any perceived interest in nuclear power by the public,” said Edwin Lyman, a physicist and director of nuclear power safety for the Union of Concerned Scientists. “It’s being driven by ideology that somehow nuclear power hasn’t gotten its due, and that’s because the government has been over-regulating it, that the dangers have been overstated, and that’s what’s been holding it back.”
He added: “The fact is the industry doesn’t have a good track record, and they blame everyone else for their own poor performance. And, unfortunately, those issues are being overlooked in this new political push for nuclear power.”
To understand nuclear power in Wyoming, you have to start with coal. Coal helped build the Equality State, and today it powers a significant portion of its economy: About 4% of all the jobs are either directly or indirectly linked to coal mining.
But the shifting economics of burning coal to make electricity means it’s slowing dying out. Part of the challenge is environmental. Part of the challenge is cost. And the rest is public perception, which has shifted against what many Americans see as a dirty, archaic form of power generation.
Trump has tried to reverse that trend by citing national security risks, keeping some coal-fired power plants open, even against their owners’ wishes. He has also ordered the military to buy coal for making electricity, instead of using wind or solar.
Trump won Lincoln County, home to Kemmerer, with 83.5% of the vote in 2024, and his economic and political policies remain popular here. Still, some residents worry his actions to protect coal mines may be too late.
Pollard, who sold coal for 35 years, said the world is shifting around Kemmerer, even if some residents would prefer things stay the same. Over the decades, she watched as the number of mine customers dwindled. Now, even the power plant next to the mines burns natural gas instead of coal.
It’s a seismic shift in an area where hundreds of jobs have long been linked to the mine and the power plant. Many mining jobs in the Kemmerer area pay roughly $40 an hour before overtime, according to the Bureau of Labor Statistics, almost twice the median rate for all jobs in the county.
Wyoming’s coal has been popular as fuel for power plants, since it’s both relatively clean-burning and generally lies close to the surface. As a result, Wyoming is home to multiple large coal mines and coal-fired power plants. The state exports 60% of the electricity it generates. Several of those power plants are owned by Buffett’s PacifiCorp, with 2.1 million customers across six western states.
For decades, the coal mines outside Kemmerer powered both the Naughton power plant and the greater economy. Husbands and sons worked in the mines and in the power plant. Wives and daughters worked office jobs. Among them was Pollard, who still works part-time in sales.
Although there are vast coal reserves just beneath the surface, mine owners said it’s not financially viable to keep going, and they may shut down in about a decade without new customers.
Natural gas has overtaken coal as a cleaner, easier-to-burn fuel. Wind farms dot the rolling hills along Interstate 80 as it arrows across Wyoming. And solar panels are spreading near the state’s biggest city, Cheyenne.
Internationally, power generation from renewables including solar and wind has grown rapidly. Renewable power sources are cheaper and faster to install, according to the United Nations, and don’t contribute to heat-trapping carbon emissions. Some environmentalists see nuclear power as a key source for carbon-free electricity that’s less at risk from supply-chain interruptions, such as Iran’s recent closure of the Strait of Hormuz.
“Things have to evolve. You have to change with the times. And I, too, like clean energy,” Pollard said.
In 2010, the Obama administration cited environmental considerations in announcing $8.33 billion in federal loan guarantees to help build two new nuclear reactors in Georgia. Those reactors began making power in 2023 and 2024 ‒ a long and costly timeline that Natrium’s backers cite as evidence their new reactor will better serve Americans.
The Natrium reactor, like many of the newer small-scale projects, uses a special kind of refined uranium that’s more concentrated than typical nuclear fuels, but still weaker than what’s used for bombs. Wyoming is home to large uranium deposits that state leaders hope can one day power reactors across the country.
Behind the Fossil Fuel Coffee Co. counter in downtown Kemmerer, assistant manager Janet Lively, 41, said she’s seen a swell of new faces as the Natrium project ramps up. It holds potential for both the coffee shop and her own family: Her husband works at the coal mine.
As a steady stream of regulars and tourists ordered coffee and breakfast burritos, Lively said the reactor has polarized locals. Many, she said, worry how much it may change the small-town feel.
“I would say our community is split,” she said. “You’re either opposed to it or in favor.”
Count Charlotte Sherbeyn, 59, among those opposed, though the longtime resident welcomes the economic boom promised by Natrium’s boosters. An apartment cleaner, Sherbeyn said she’s been working extra hard recently to turn over units as different construction crews cycle through town. About 1,600 temporary construction jobs will ultimately give way to as many as 300 permanent ones for running the power plant, according to Natrium.
Sherbeyn said she doesn’t understand why billionaires like Gates need public funding to complete these projects: If they’re so worthwhile, she asked, why doesn’t Gates foot the bill entirely? Gates is worth approximately $100 billion, and Sherbeyn said it feels as though Gates is somehow taking advantage of taxpayers to get his pet project built.
“I’m just not a huge Bill Gates fan,” she said. “He only cares about him. It’s just a dollar sign to him.”
TerraPower said the Natrium reactor represents a significant public-private partnership in which the company and taxpayers are contributing equally.
“This partnership was created to help build out this new industry in order to scale a fleet of new reactors and unleash American nuclear power at a time when it’s needed most,” the company said in a statement. “To meet this demand, we must build and scale the entire next-generation nuclear industry, which means we need a fleet of power plants, a domestic fuel supply, a robust supply chain and a trained workforce.”
Sherbeyn said she’s also worried a nuclear meltdown at the Natrium plant could trigger a broader catastrophe, given the coal and natural gas beneath the ground, and the Yellowstone Caldera 260 miles north.
“If that blows up,” she said, “we’re done.”
Just outside of Kemmerer, the Natrium site rumbles and beeps with the sound of heavy construction equipment reshaping the ground to accommodate what will ultimately be a partially buried reactor housing.
Workers began preparing the non-nuclear parts of the facility in June 2024, and broke ground on the nuclear site in April. Contractors are also putting the finishing touches on a towering testing and fueling facility. The reactor building is not yet under construction, and there’s no nuclear fuel on the site yet, either.
USA TODAY in May received an exclusive site tour with TerraPower President and CEO Chris Levesque. Driving around the site, managers explained their safety protocols for both construction workers, the nuclear fuel and the community. They highlighted their efforts to protect Native American sites and nesting birds. And they showed off the testing facility where workers will help develop pumps to move molten metal from the reactor to the generator turbine.
“This really is the beginning of a whole new era of nuclear energy,” Levesque said.
He said his interest in the industry was inspired in part by seeing how environmental activism delayed the construction of nuclear plant near his childhood home in New Hampshire.
“This is the first plant, but we’re going to build more than a hundred of these things around the world,” he said.
During the 1960s and ’70s, American power companies built dozens of nuclear power plants around the country, and today they still provide about 20% of the country’s electricity.
About 100 reactors are still operating from that initial expansion, which ground to a halt after the 1979 partial meltdown at Pennsylvania’s Three Mile Island. In that disaster, a small amount of radioactive material was released into the air.
While experts say there were ultimately no significant health implications, the release shifted Americans’ attitudes toward nuclear energy. Subsequent disasters, including the 1986 Chernobyl meltdown and the 2011 Fukushima leak, helped sustain that fear.
Federal officials say nuclear power is safe, in large part due to the comprehensive regulations and safeguards enacted following the Three Mile Island disaster. They point out that the U.S. Navy has long safely operated nuclear reactors aboard aircraft carriers and submarines, although the military does not routinely provide safety data.
TerraPower aims to show its Natrium facility can be built far faster than a traditional nuclear power plant while still operating safely. Much of that comes down to the reactor’s design: Instead of using high-pressure steam in the reactor, Natrium uses molten sodium metal to transfer heat from the uranium to a separate steam turbine.
Levesque said he’s confident the project will be both safe and environmentally responsible. To him, that would mean it should draw support from conservatives who want to ensure homegrown energy security and from liberals who see nuclear as a pathway to a carbon-free future.
“What changed about 10 years ago was with the concern about climate and CO2 emissions, a lot of liberal folks, a lot of especially young liberals, really got interested in nuclear,” he said. “Nuclear did have this great safety record, and so maybe older generations who grew up with some of the stigma that was prevalent in the ’70s, that kind of worked its way out of the consciousness of the public.”
Lyman, the nuclear safety skeptic, said he’s concerned that Trump’s aggressive timeline for getting new nuclear plants running will come at safety and security costs. He said he’s also worried local residents fail to understand each reactor will ultimately be surrounded by nuclear waste. Reactors like Natrium will have to be refueled roughly every two years. And since the United States has no centralized waste repository, the still-radioactive waste will remain on site.
Meanwhile, Lyman is also concerned how the Natrium reactor is backed by Gates, who helped create Silicon Valley’s high-risk, high-reward culture. That kind of approach doesn’t make a lot of sense when there are cheaper, easier and less radioactive ways to make electricity, particularly wind or solar, he said.
“It’s a sign that the industry and the Trump administration are not seriously confronting these issues in a way that’s sustainable,” Lyman said. “That doesn’t bode well. You can fool some people, but you can’t fool Mother Nature.”
Pollard, the semi-retired mine employee, said she’s been impressed with the quality of the engineers and other workers TerraPower has hired, and said she’s comfortable Gates has the best interests of people at heart. He’s visited the project multiple times, she said, something she considers a sign of his earnest commitment to Kemmerer.
Since going down to part-time at the mine, Pollard has opened “3 ZERO 7 Place” soda shop, a reference to the state’s sole area code. Pollard said she’s optimistic the Natrium reactor will juice the area’s economy, even if it comes with some risks.
“Kemmerer is kind of used to boom and bust,” Pollard said. “You can’t have growth without some short-term pain.”






