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SpaceX could file its confidential IPO prospectus with the SEC THIS WEEK. The company aims to seek a staggering $1.75 trillion valuation and become the largest stock market debut in history. The IPO could raise up to $80 billion, with individual investors getting access to 30% of shares via E*trade, Robinhood and SoFi.
This puts SpaceX on track for a late June listing after the typical 3-month SEC review. The pitch focuses on three explosive businesses: space launch, Starlink, and orbital data centers. This is moving forward on schedule for a June or July listing.
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Colorado’s Pre-K Money Meets the First Amendment
The Supreme Court agreed to hear a Catholic parish’s challenge after Colorado excluded its religiously affiliated school from the state’s universal pre-K program, which subsidizes families’ preschool choices.
The case tees up another test of whether states can bar religious schools from generally available public benefits without running afoul of the Free Exercise Clause.
Read the full story at Fox News →
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AST SpaceMobile Sinks After a “Success” at the Wrong Orbit
AST SpaceMobile shares fell after a Blue Origin launch placed the company’s satellite into orbit but at an incorrect altitude, raising questions about mission objectives and next steps.
The mishap puts fresh pressure on a story investors have treated as binary: either the tech works at scale, or it doesn’t.
Read the full story at MarketWatch →
U.S. Strike Hits Suspected Drug Boat, Leaving Three Dead
A U.S. military strike on an alleged drug-smuggling vessel in the Caribbean Sea killed three people, according to reporting, underscoring the continued use of U.S. force in counter-narcotics operations beyond U.S. borders.
The incident could trigger scrutiny over targeting, jurisdiction, and partner-nation coordination.
Read the full story at AP News →
Iran Dings U.S. “Seriousness” as Diplomacy Drags
Iran said the United States lacks “seriousness” in the diplomatic process, signaling ongoing friction over talks and the terms of any renewed understanding.
The remarks highlight how public positioning is still substituting for durable commitments, keeping escalation risks alive.
Read the full story at Reuters →
Jersey Mike’s Quietly Moves Toward Wall Street
Jersey Mike’s confidentially filed for an initial public offering, a step that can let a company test investor appetite before going public.
Blackstone bought a majority stake in 2024 at a valuation around $8 billion, and an IPO would set a new marker for the fast-casual market and private-equity exits.
That’s the recap—back tomorrow with what mattered and what didn’t.
— Daily Recap Editorial