Inside SpaceXs Rockets-to-Riches I.P.O. Plan

ImageAndrew here.The upcoming U.F.C.

bout on the White House lawn isn’t the only combat spectacle in Washington.At a Senate committee hearing on Wednesday, Treasury Secretary Scott Bessent was asked about reports that he had threatened Bill Pulte, the federal housing chief who was just named acting director of national intelligence, and who has drawn backlash for helping instigate criminal prosecutions of Trump political targets like the Fed governor Lisa Cook.“Did you actually tell Pulte you were going to punch him in the face?” Senator Thom Tillis, Republican of North Carolina, asked.

“No sir,” Bessent replied.“I actually said I was going to kick his ass.” (Tillis said he shared “the emotion” and vowed to block Pulte’s intelligence appointment.) Presented without comment.ImageTake it or leave itIt’s official: Elon Musk wants to set an astronomical record with SpaceX’s I.P.O.A revised prospectus from SpaceX shows that Musk is exceptionally confident about demand for its market debut, slated for next week.

But the company is increasingly staking its future not on its moneymaking rockets and satellite internet businesses, but on its artificial intelligence division that isn’t an industry leader.How confident is SpaceX? Most companies propose a price range for their offerings, then home in on a specific price after talking with investors.Not SpaceX.It just set its offer price at $135 a share.Here’s what that means:SpaceX would raise at least $74.4 billion in net proceeds, a record.

That amount could rise to $85.7 billion if underwriters exercise what’s known as a greenshoe option if there’s greater-than-expanded demand.The company would have a market value of $1.77 trillion, making it one of the 10 largest U.S.publicly traded companies....