What can be learned from Austin-based CrowdStrike's outage? Photo via Getty Images

Airlines, banks, hospitals and other risk-averse organizations around the world chose cybersecurity company CrowdStrike to protect their computer systems from hackers and data breaches.

But all it took was one faulty CrowdStrike software update to cause global disruptions Friday that grounded flights, knocked banks and media outlets offline, and disrupted hospitals, retailers and other services.

“This is a function of the very homogenous technology that goes into the backbone of all of our IT infrastructure,” said Gregory Falco, an assistant professor of engineering at Cornell University. “What really causes this mess is that we rely on very few companies, and everybody uses the same folks, so everyone goes down at the same time.”

The trouble with the update issued by CrowdStrike and affecting computers running Microsoft's Windows operating system was not a hacking incident or cyberattack, according to CrowdStrike, which apologized and said a fix was on the way.

But it wasn't an easy fix. It required “boots on the ground” to remediate, said Gartner analyst Eric Grenier.

“The fix is working, it’s just a very manual process and there’s no magic key to unlock it,” Grenier said. “I think that is probably what companies are struggling with the most here.”

While not everyone is a client of CrowdStrike and its platform known as Falcon, it is one of the leading cybersecurity providers, particularly in transportation, healthcare, banking and other sectors that have a lot at stake in keeping their computer systems working.

“They’re usually risk-averse organizations that don’t want something that’s crazy innovative, but that can work and also cover their butts when something goes wrong. That’s what CrowdStrike is,” Falco said. “And they’re looking around at their colleagues in other sectors and saying, ‘Oh, you know, this company also uses that, so I’m gonna need them, too.’”

Worrying about the fragility of a globally connected technology ecosystem is nothing new. It's what drove fears in the 1990s of a technical glitch that could cause chaos at the turn of the millennium.

“This is basically what we were all worried about with Y2K, except it’s actually happened this time,” wrote Australian cybersecurity consultant Troy Hunt on the social platform X.

Across the world Friday, affected computers were showing the “blue screen of death” — a sign that something went wrong with Microsoft's Windows operating system.

But what's different now is “that these companies are even more entrenched,” Falco said. "We like to think that we have a lot of players available. But at the end of the day, the biggest companies use all the same stuff.”

Founded in 2011 and publicly traded since 2019, CrowdStrike describes itself in its annual report to financial regulators as having “reinvented cybersecurity for the cloud era and transformed the way cybersecurity is delivered and experienced by customers.” It emphasizes its use of artificial intelligence in helping to keep pace with adversaries. It reported having 29,000 subscribing customers at the start of the year.

The Austin, Texas-based firm is one of the more visible cybersecurity companies in the world and spends heavily on marketing, including Super Bowl ads. At cybersecurity conferences, it's known for large booths displaying massive action-figure statues representing different state-sponsored hacking groups that CrowdStrike technology promises to defend against.

CrowdStrike CEO George Kurtz is among the most highly compensated in the world, recording more than $230 million in total compensation in the last three years. Kurtz is also a driver for a CrowdStrike-sponsored car racing team.

After his initial statement about the problem was criticized for lack of contrition, Kurtz apologized in a later social media post Friday and on NBC's “Today Show.”

“We understand the gravity of the situation and are deeply sorry for the inconvenience and disruption,” he said on X.

Richard Stiennon, a cybersecurity industry analyst, said this was a historic mistake by CrowdStrike.

“This is easily the worst faux pas, technical faux pas or glitch of any security software provider ever,” said Stiennon, who has tracked the cybersecurity industry for 24 years.

While the problem is an easy technical fix, he said, it’s impact could be long-lasting for some organizations because of the hands-on work needed to fix each affected computer. “It’s really, really difficult to touch millions of machines. And people are on vacation right now, so, you know, the CEO will be coming back from his trip to the Bahamas in a couple of weeks and he won’t be able to use his computers.”

Stiennon said he did not think the outage revealed a bigger problem with the cybersecurity industry or CrowdStrike as a company.

“The markets are going to forgive them, the customers are going to forgive them, and this will blow over,” he said.

Forrester analyst Allie Mellen credited CrowdStrike for clearly telling customers what they need to do to fix the problem. But to restore trust, she said there will need to be a deeper look at what occurred and what changes can be made to prevent it from happening again.

“A lot of this is likely to come down to the testing and software development process and the work that they’ve put into testing these kinds of updates before deployment,” Mellen said. “But until we see the complete retrospective, we won’t know for sure what the failure was.”

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27 Houston companies make Fortune 500 for 2026, led by energy giants

Houston HQs

Houston is a giant among U.S. hubs for corporate headquarters.

The 2026 Fortune 500 lists 27 companies based in the Houston area, with many energy companies claiming top spots. Houston ties with Chicago for the second-most Fortune 500 headquarters, preceded only by New York City (53). Dallas-Fort Worth is home to 23 Fortune 500 headquarters.

Texas leads the nation for Fortune 500 headquarters (57), with California in the No. 2 spot and New York at No. 3.

“Texas is the undisputed headquarters of headquarters,” Gov. Greg Abbott said in a news release. “The world’s leading businesses invest with confidence in Texas because of our welcoming business climate, predictable regulatory environment, and skilled and growing workforce. People and businesses are choosing Texas because Texas works.”

The 2026 Fortune 500 ranks the largest U.S. corporations based on revenue in fiscal year 2025.

Here’s a rundown of the 27 Fortune 500 companies based in the Houston area.

  • No. 9 ExxonMobil
  • No. 21 Chevron
  • No. 29 Phillips 66
  • No.55 Sysco
  • No. 75 ConocoPhillips
  • No. 89 Enterprise Products Partners
  • No. 103 Plains GP Holdings
  • No. 133 Hewlett Packard Enterprise
  • No. 149 NRG Energy
  • No. 157 Quanta Services
  • No. 164 Baker Hughes
  • No. 173 Occidental Petroleum
  • No. 179 Waste Management
  • No. 201 EOG Resources
  • No. 204 Group 1 Automotive
  • No. 207 Halliburton
  • No. 223 Cheniere Energy
  • No. 236 Corebridge Financial
  • No. 262 Targa Resources
  • No. 266 Kinder Morgan
  • No. 388 Westlake
  • No. 435 CenterPoint Energy
  • No. 438 APA
  • No. 440 Comfort Systems USA
  • No. 455 NOV
  • No. 488 KBR
  • No. 496 Coterra Energy. Oklahoma City, Oklahoma-based Devon Energy and Houston-based Coterra Energy merged in early May, with the combined company retaining the Devon Energy name and the Houston headquarters.

The Greater Houston Partnership notes the Houston area soon will welcome its 28th Fortune 500 company. Expand Energy (formerly Chesapeake Energy), appearing at No. 362 on the 2026 list, says it’s moving its headquarters from Oklahoma City to Spring this year.

As the natural gas producer prepares to relocate to Texas, it’s hunting for a new leader. Nick Dell’Osso stepped down as president and CEO earlier this year. Board Chairman Michael Wichterich is interim president and CEO.

Dell’Osso became president and CEO of Oklahoma City-based Gulfport Energy effective May 28.

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This article first appeared on EnergyCapitalHTX.com.

Elon Musk's SpaceX is about to make its debut on Wall Street

Money Moves

Elon Musk's rocket company SpaceX will make its debut on Wall Street Friday, June 12, and both institutional and retail investors are expected to gobble up the 555.6 million shares going up for sale at $135 apiece. Musk, already the world's richest man, could become its first trillionaire.

SpaceX is likely to become the biggest IPO ever, with proceeds of around $75 billion. SpaceX hopes to become the first company to send people to Mars. In fact, part of Musk’s future compensation depends on SpaceX eventually establishing a colony of at least 1 million people on the red planet.

Why SpaceX is going public now

In a video conference on Musk's social media platform X, he told JPMorgan CEO Jamie Dimon that people have suggested for the last 10 years that he take SpaceX public. He's doing it now because the company plans to put 100,000 next-generation Starlink satellites into orbit. Deploying AI data centers in space is a “massive new growth base and you need capital for that,” he said.

Going public provides access to the capital that SpaceX needs. But it also exposes it to more scrutiny from shareholders and more regulatory oversight. That includes filing quarterly financial reports, which critics say incentivizes short-term thinking over longer-term planning and creates unnecessary costs for a company. Securities regulators are currently soliciting public comment on a proposal to require public companies to file the financial reports only twice every year.

How the IPO impacts the company

Musk will hold the majority of a special class of shares, giving him control over decisions related to company strategy, finances and personnel. On the latter, because of his ownership of most of these Class B shares, the only person who can fire Musk as CEO is Musk.

The company credits Musk with being the “driving force” behind its growth, innovation and success. But what happens if Musk is no longer in the picture? SpaceX warns that the loss of Musk could disrupt its ability to execute its strategy as well as hurt its “reputation and relationships with customers, partners and other stakeholders.”

The company also warns that finding a replacement with the same skills and experience as Musk would be time-consuming, if not nearly impossible. As Wedbush Securities analyst Dan Ives wrote Wednesday, “At the end of the day Musk is SpaceX and SpaceX is Musk.”

What could make or break SpaceX

Currently in the test phase, the gigantic reusable Starship rocket is key to SpaceX realizing Musk's ambitions. Much of the commercial space business hinges on SpaceX developing Starship’s capability to be fully reusable and hearty enough for a quick turnaround between flights. If that doesn't happen, SpaceX warns that putting data centers and satellites in space will take longer and cost more money, meaning it risks customers bailing on the company.

Analysts say that by pioneering reusable rockets, SpaceX has established a clear lead on competitors such as Blue Origin, led by Amazon founder Jeff Bezos. The Starlink satellite business competes with, among others, AST SpaceMobile – which is relying on a SpaceX rocket to send its latest generation of satellites into orbit next week.

The prospectus filed last week says SpaceX’s biggest potential market is the sale of business-oriented artificial intelligence products designed to transform how people get work done. It’s an opportunity SpaceX predicts would be worth $22.7 trillion if it could somehow dominate rivals like Anthropic, OpenAI and Microsoft in a highly competitive industry. But the prospectus shows no clear path to profitability for the xAI business, which merged with SpaceX earlier this year.

Why Wall Street is paying attention

If the SpaceX IPO is as successful, the stock could quickly join the Nasdaq 100, a widely followed index that tracks the 100 largest non-financial companies in the composite. That's important because some popular funds, such as the $460 billion QQQ exchange-traded fund, mimic the index and will automatically buy whatever is listed in the index.

Nasdaq recently changed its rules to allow select companies to enter the Nasdaq 100 after just 15 trading days.

S&P Dow Jones Indices, on the other hand, is sticking to established and more traditional thresholds that will not allow SpaceX or other companies with gargantuan IPOs faster entry into its S&P 500 index. That means even high-profile companies will still need to wait for their stocks to trade a full 12 months before they can enter the index.

Companies want to be in the S&P 500 in particular because it's arguably the most important index on Wall Street, with trillions of dollars either mimicking it exactly or benchmarked against it. Vanguard's VOO fund that tracks the S&P 500 has roughly $950 billion invested in it, for example.

NASA unveils Artemis III astronauts at Johnson Space Center in Houston

To the moon

NASA on Tuesday, June 9, revealed the crew for its Artemis III mission, the next step in the space agency's plan to eventually land astronauts on the moon.

The announcement came two months after Artemis II's record-breaking trip around the moon that surpassed the distance record of Apollo 13.

NASA's Randy Bresnik, Frank Rubio, Andre Douglas and the European Space Agency's Luca Parmitano won't fly to the moon or land on the surface. Instead, they’ll orbit Earth while practicing docking their Orion capsule with two lunar landers.

“To the Artemis III crew, we wish you Godspeed on the journey ahead,” said NASA administrator Jared Isaacman.

Elon Musk’s SpaceX and Jeff Bezos’ Blue Origin are racing to deliver the lunar landers. The two-week demo is targeted for 2027. Blue Origin suffered a recent setback when its massive rocket exploded during an engine-firing test on the launch pad in Florida, shaking nearby homes and illuminating the sky with an orange fireball.

NASA's Jeremy Parsons said the setback is a learning opportunity and that the space agency is confident Blue Origin's rocket will be ready in time.

NASA's Artemis program aims to return astronauts to the moon's surface for the first time since the 1970s. A recent revamp of the program announced by Isaacman aims to fast-track it similarly to the Apollo era, adding the upcoming spaceflight around Earth before eyeing a lunar landing in 2028.

“We are certainly humbled as a crew to be able to be your crew that executes this Artemis III mission in space,” said Bresnik, Artemis III commander.

Added Douglas, mission specialist: “My brain — it is going a mile a minute right now. But my heart, it is so warm. It is so full."

In May, NASA awarded hundreds of millions of dollars in contracts to four companies, including Blue Origin, to build landers, rovers and drones for a future moon base. Isaacman said the goal of the moon base is to lay the foundation for a Mars expedition.