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MARKETS

Nasdaq

25,809.66

+2.54%

S&P

7,394.30

+1.75%

Dow

50,848.75

+1.86%

10-Year

4.463%

-8.0 bps

Bitcoin

$63,538.16

+3.62%

Oracle

$184.10

-8.53%

Data is provided by

*Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean.

Markets: Stocks surged after President Trump said that he canceled planned strikes on Iran and a deal to end the war will be signed “over the next few days” (more on that below). Elsewhere, Oracle plummeted for a second straight day because investors were spooked by the amount it’s spending on AI data centers.

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TO THE MOON

You can buy a piece of SpaceX today

Michael Yanow/Getty Images

Anyone with a pulse and a Robinhood account will be able to bet on Elon Musk’s aspirations to put factories on the moon. SpaceX is blasting off into public markets today, aiming to raise $75 billion at a valuation of $1.77 trillion, making it the biggest IPO ever.

The satellite, rocket, and AI company’s public debut will send waves across Wall Street and beyond, determining investors’ willingness to bankroll these cutting-edge industries and previewing how the planned blockbuster IPOs of OpenAI and Anthropic might fare.

Flying off the shelves

Investors lined up to buy the stock at its pre-set price of $135 like it was a TikTok-famous dessert. Buyers requested four times the available shares before trading even began, Bloomberg reported:

An unusually large 20% of the shares were reserved for retail traders, who placed $100 billion worth of buy orders.
The rest are getting gobbled up by institutional fund managers like BlackRock and sovereign wealth funds.

Meanwhile, the IPO is a cash-out bonanza for early investors, which includes venture capitalists, university endowments, and equity-holding early SpaceX employees—an estimated 4,400 of whom will become on-paper millionaires, according to investment platform Hill.com. It’ll also likely make Musk the world’s first trillionaire.

Is $135 worth it?

Investors buying SpaceX stock are accepting a price that’s nearly 100 times its revenue per share, much higher than is typical for AI, satellite, or rocket companies:

Bulls are banking on Starlink dominating the satellite internet market, SpaceX launching data centers into space, and xAI’s models rivaling those of Anthropic and OpenAI.
Skeptical analysts say the eye-popping valuation is justified only if the company reaches highly speculative milestones in a commercially viable way, noting that its steep expenses left it with a $4.3 billion loss in Q1 of this year.

Even if you don’t buy SpaceX…investors throwing their dollars at it could stymie the flow of cash toward shares of Tesla, as well as AI stocks like Meta and Alphabet.—SK

READER POLL

Would you invest in SpaceX?

Definitely, I’m a believer.
Maybe, but not right now.
Nah, I’m good.

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WORLD

Tour de headlines

Amirhossein Khorgooei/Getty Images

Trump canceled strikes on Iran, citing progress on deal. Thursday began with the president posting to Truth Social that the US would be striking Iran “VERY HARD TONIGHT,” but in the afternoon, he made another post saying the two countries were close to a deal, the time and place of the signing would be announced shortly, and the strikes were canceled. A spokesman for the Iranian Foreign Affairs Ministry told the Tasnim news agency that no agreement had been finalized. Last night, a US official said that the military shot down two Iranian one-way drones that were targeting commercial ships transiting the Strait of Hormuz.—HVL

Trump names former SEC chairman as permanent spy chief. About a week after picking controversial housing official Bill Pulte to replace Tulsi Gabbard as acting director of national intelligence (DNI), President Trump said he was nominating Jay Clayton, the current US attorney for the Southern District of New York and the former head of the SEC, to serve in the role permanently. The president had been under pressure to nominate someone else after his appointment of Pulte—who has no intelligence credentials—was met with bipartisan criticism. Earlier on Thursday, the House voted to reject the reauthorization of a critical surveillance tool, FISA, with many Democrats saying they wouldn’t vote for it as long as Pulte was serving as DNI. The program is set to expire today if it’s not extended.—AE

ECB raises interest rates for first time in nearly three years. Europe’s central bank, one of the most important in the world, hiked rates from 2% to 2.25% yesterday, becoming the first major central bank to do so since inflation accelerated as a result of the war in Iran. The US Federal Reserve, however, is expected to keep rates steady when it meets next week. While President Trump has frequently called on the Fed to cut rates, observers say that the central bank may be more likely to raise them to combat rising energy prices.—AE

COME ON JEFFREY, YOU CAN DO IT

Inside Bezos’s AI venture that nods at Greek myth

Alexander Tamargo/Getty Images

In the ancient texts, Prometheus was a Titan who gifted fire and civilization to humankind. In our current reality, it’s the name of a Jeff Bezos startup that’s intended to be like a large language model for manufacturing and engineering. The company announced $12 billion in new funding yesterday, bringing its value to $41 billion.

Prometheus, co-led by Bezos and former Google exec Vik Bajaj, launched seven months ago with ~$6 billion in initial funding that Bezos largely provided. Other investors include JPMorgan, BlackRock, and Goldman Sachs.

The startup is meant to be like an AI Bob the Builder:

The plan is to create an “artificial general engineer” that expedites the design and manufacturing of physical products, from skyscrapers to phones, Bezos told news outlets.
Prometheus is being trained on physics laws and data from undisclosed manufacturing companies, Semafor reported. Bezos is also reportedly looking to raise $100 billion to buy industrial companies that could feed data to Prometheus and use its AI modeling.

Zoom out: Manufacturing accounts for ~8% of nonfarm employment in the US. Bezos and Bajaj have insisted that Prometheus won’t take jobs away, unlike in the Alien franchise, in which an android from a ship called the Prometheus kills off a race known as The Engineers.—ML

Friday puzzle

Move a single letter from one word to the other to make a pair of synonyms (or near synonyms).

Example: In “Boast - Hip,” move the “s” from Boast to Hip to create “Boat - Ship.”

1. Died - Ante

2. Laze - Fibre

3. Clock - Lose

4. Font - Heard

5. Snaked - Tripped

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ANSWER

Dined - Ate
Blaze - Fire
Lock - Close
Front - Head
Naked - Stripped

(Source)

Word of the Day

Today’s Word of the Day is: squirrelly, meaning “resembling the characteristics of a squirrel, eccentric or unpredictable.” Thanks to Mary from Belmar, NJ, and others for the suggestion. Submit another Word of the Day here.

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☕ SpaceX goes public