SpaceX files for long-awaited IPO

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1. SpaceX officially filed for its long-awaited IPO.

The company is looking to raise tens of billions of dollars, which would easily make it the largest IPO in history. SpaceX also revealed new details about how CEO Elon Musk will try to grow a sprawling enterprise dedicated to advancing cutting-edge technologies in space and back on Earth. SpaceX, which is now tracking to begin selling shares in mid-June, has distinct businesses, ranging from rocket-launch and satellite operations to a nascent AI unit that’s racing to catch up with rivals. Check out how SpaceX is about to eclipse every other blockbuster IPO.

2. Nvidia reported record sales and income, driven by surging demand for data-center computing and the astronomical rise of AI agents.

Sales for the April quarter reached $81.6 billion, up 85% from the year-earlier period and beating FactSet-polled analysts’ forecasts by 3.4%. Net income was $58.3 billion for the quarter, more than three times the year-earlier result and 36.5% higher than what analysts had predicted. So far this year, the chip giant’s stock is up nearly 20%, making it the largest publicly listed company in the world, with a market value of nearly $5.5 trillion.

3. Mind-blowing growth is about to propel Anthropic into its first profitable quarter.

The startup expects a 130% revenue surge to $10.9 billion in the June quarter and its first operating profit, defying skeptics of the AI boom. Anthropic disclosed the figures to investors as part of an ongoing funding round that is likely to push its valuation above OpenAI’s. Meanwhile, the ChatGPT maker has been working with bankers to prepare to file for an IPO in the coming days or weeks, according to people familiar with the matter. The Sam Altman-led company could confidentially file a draft IPO prospectus with regulators as soon as Friday, some of the people said.

4. U.S. prosecutors charged Raúl Castro with murder, escalating the U.S. pressure campaign as it seeks to force economic and political concessions from Cuba’s Communist regime.

The charges against the aging patriarch and former president relate to the Cuban military’s shooting down a humanitarian group’s planes in 1996, when he was defense minister. Three U.S. citizens and one permanent resident—all part of the Cuban exile community—were killed. Cuban President Miguel Díaz-Canel said this was “a political maneuver, devoid of any legal foundation, aimed solely at padding the fabricated dossier they use to justify the folly of a military aggression against Cuba.”

5. Two police officers who defended the Capitol during the Jan. 6, 2021 attack filed a lawsuit to stop Trump’s “Anti-Weaponization Fund.”

Former Capitol police officer Harry Dunn and Metropolitan police officer Daniel Hodges challenged its constitutionality and allege that the administration’s nearly $1.8 billion compensation program will fund and encourage acts of political violence.” The Justice Department will likely argue that the two officers don’t have legal standing to contest it. Trump defended the fund today and blamed the actions of previous administrations.

6. Many Fed officials support interest rate hikes if inflation proves persistent, according to the newly released minutes of their April policy meeting.

Central bankers all but retired the rate-cut question that had dominated their debates for the past two years. The minutes of Jerome Powell’s final meeting as Fed chair also underscored how the Middle East conflict has reshaped the outlook on the rate-setting committee that Kevin Warsh will lead after he’s sworn in on Friday. The next Fed policy meeting is June 16-17.

The Number

The A’s allowed per Harvard course, plus an additional four A’s to account for smaller courses with more variability. Faculty voted to approve the A-cap as part of a yearslong effort to curb grade inflation. The change comes despite a sharp backlash from students.

Quoted

Catch Up

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What Do You Think?

Take a Break

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Beyond the Newsroom

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Today’s newsletter was curated by Zlati Meyer in collaboration with Liz Webber in New York. Follow Zlati on X at @Zlatimeyer.

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