🚀 SpaceX IPO

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Market Overview
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Year To Date Performances:

1. Elon Musk's SpaceX has officially set a fixed price of $135 per share for its blockbuster initial public offering, aiming for an unprecedented $1.77 trillion valuation ahead of its scheduled June 12 debut on the Nasdaq under the ticker symbol SPCX. Breaking from traditional IPO mechanics by bypassing a flexible pricing range, the lead underwriter Goldman Sachs will market a massive 555.6 million share float to raise $75 billion USD—with an option for an additional $11.2 billion USD greenshoe—instantly positioning the deal as the largest U.S. public offering in history by tripling Alibaba’s previous record. The historic valuation, which accounts for the company's recent EchoStar spectrum and Cursor acquisitions, will establish SpaceX as the seventh-largest public corporation in the United States, effectively jumping past Musk's own Tesla which currently sits at a $1.6 trillion USD market cap. Updated regulatory filings also illuminate the deep financial interconnectedness of Musk’s empire, detailing a $269 million USD purchase of Tesla Megapacks by the xAI unit—which merged with SpaceX in February at a $1.25 trillion USD valuation—alongside a $2.56 billion USD balance sheet windfall for Tesla via its legacy ownership of 18.99 million SpaceX shares. While the offering leaves Musk with an absolute 82% voting control and reserves 5% of the float for a direct employee share program, it accelerates an elite tech race to the public markets as competitors Anthropic and OpenAI finalize their own high-profile IPO filings amidst swirling internal chatter that Musk’s ultimate long-term play is a total corporate merger between SpaceX and Tesla.

2. The U.S. housing market is experiencing a significant shift as frustrated homeowners pull properties offline at the fastest pace since the onset of the pandemic, with Redfin data revealing that 5.8% of all nationwide active listings were delisted in April. This wave of seller retreat, which represents a 3.8% increase from March and ties with December for the highest share of market withdrawals since March 2020, is unfolding during the usually peak spring homebuying season due to a stark mismatch between buyer leverage and rigid seller expectations. Average 30-year fixed mortgage rates, which had briefly dropped into the 5% range in late February, shot up abruptly following the outbreak of the U.S.-Iran war and have remained highly elevated, which—when paired with high gas prices and cooling consumer confidence—has severely curtailed buyer urgency and prompted sellers to withdraw rather than accept under-asking bids. The trend is hitting rate-sensitive and high-cost metropolitan hubs the hardest, led by Atlanta where more than 1 in 10 listings were pulled, followed closely by San Jose (~9%), Los Angeles (7.8%), Dallas (7.8%), and Seattle (7.7%). Despite this notable seller pullback and a growing accumulation of stale inventory, underlying metrics point to stabilization rather than a total collapse; pending home sales managed a modest 1.4% month-over-month increase backed by a 6% bump in available inventory, while overall home values remain higher than last year and a distinct 2.5% segment of active April listings consisted of recycled "relistings" testing a market where buyers are firmly in the driver's seat.

3. Despite beating Wall Street expectations with an adjusted EPS of $2.44 on revenues of $22.19 billion for the second quarter of fiscal 2026, Broadcom saw its stock slide roughly 13% in after-hours trading due to a classic "priced for perfection" market reaction. While AI semiconductor revenue surged 143% year-over-year to $10.80 billion, investor sentiment soured as CEO Hock Tan maintained rather than raised the company's long-term $100 billion AI sales target, triggering momentum algorithms to price in a growth plateau. This conservative forecast, paired with a slight soft patch in non-AI infrastructure software revenue ($7.18 billion versus the $7.32 billion consensus) and management's strategic pivot to selling standalone silicon over full, integrated AI systems, signalled to the market that enterprise digestion and structural data center bottlenecks are enforcing a more realistic, stabilized timeline for AI spending.

   Headlines

   1. Uber has cut its workforce by nearly 25%.

   2. Private payrolls rose by 122,000 in May.