SpaceX is preparing to go public later in June in what is expected to be the largest IPO on record. The company is targeting about $75 billion in proceeds, more than double the prior record for an initial stock-market debut.
7:48 PMBloomberg Markets11 stories from 7 sources
High-growth markets face tests from IPOs, tariffs and earnings
Day’s Recap
Supporting Articles
SpaceX is pitching a roughly $1.8 trillion valuation to investors ahead of a blockbuster IPO. The company is seeking to raise up to $86 billion, which would make it the biggest Wall Street debut ever.
6:54 PMFinancial TimesThe administration is relying on a new legal and political rationale to keep or reimpose tariffs, centering the justification on forced labor concerns rather than earlier trade arguments.
6:42 PMThe New York TimesThe US announced new tariffs tied to forced labour concerns, reframing trade restrictions as enforcement of human-rights standards. The move follows a February Supreme Court decision that struck down many of President Donald Trump's earlier duties.
11:12 AMBBCBroadcom has added more than $280 billion in market value over four sessions ahead of an earnings report after the close. The results will test whether the rally is supported by fundamentals or has outrun expectations.
5:33 AMBloomberg Markets7:48 PMBloomberg Markets
What to Know About the SpaceX IPO
Summary
SpaceX is preparing to go public later in June in what is expected to be the largest IPO on record. The company is targeting about $75 billion in proceeds, more than double the prior record for an initial stock-market debut.
Why it matters
A SpaceX IPO of this magnitude could reprice risk appetite for growth equities and reshape the 2026 IPO pipeline.
6:54 PMFinancial Times
SpaceX pitches investors $1.78tn valuation in historic IPO
Summary
SpaceX is pitching a roughly $1.8 trillion valuation to investors ahead of a blockbuster IPO. The company is seeking to raise up to $86 billion, which would make it the biggest Wall Street debut ever.
Why it matters
The valuation outcome will set the ceiling for what public markets will pay for frontier-tech scale stories.
6:42 PMThe New York Times
Trump Administration Turns to a New Rationale to Justify Old Tariffs
Summary
The administration is relying on a new legal and political rationale to keep or reimpose tariffs, centering the justification on forced labor concerns rather than earlier trade arguments.
Why it matters
A sturdier legal basis makes tariffs stickier, raising long-term costs and uncertainty across supply chains.
11:12 AMBBC
US announces new tariffs over forced labour concerns
Summary
The US announced new tariffs tied to forced labour concerns, reframing trade restrictions as enforcement of human-rights standards. The move follows a February Supreme Court decision that struck down many of President Donald Trump's earlier duties.
Why it matters
It restores leverage over imports through a more defensible tool, raising costs and compliance risk for firms tied to suspected forced-labour supply chains.
5:33 AMBloomberg Markets
Broadcom’s $300 Billion, Five-Day Bonanza to Get Earnings Check
Summary
Broadcom has added more than $280 billion in market value over four sessions ahead of an earnings report after the close. The results will test whether the rally is supported by fundamentals or has outrun expectations.
Why it matters
Broadcom's print will either validate a major chunk of the AI-driven market rally or expose how fragile it is to earnings reality.
Other Developments
A curated list of other prominent stories from this day.
Liftoff Mobile raised $437 million in a US IPO that priced above the marketed range. The offering marked the company’s second attempt to go public this year.
8:34 PMBloomberg MarketsPetco shares fell as much as 18% after hours after issuing a second-quarter forecast that missed expectations. The weak outlook overshadowed a better-than-expected first quarter, including its first return to positive revenue growth in nearly two years.
6:43 PMBloomberg MarketsUber is cutting 23% of its HR-focused People division, according to a CEO memo, as it restructures the team to improve effectiveness.
1:40 PMPYMNTSApplied Aerospace & Defense shares rose about 3.75% in their first day of trading after the company raised $650 million in a US IPO priced near the top of the marketed range.
12:37 PMBloomberg MarketsBerkshire Hathaway’s planned acquisition of Taylor Morrison is framed as a long-duration bet on US housing rather than a cyclical trade. The argument is that Berkshire wants to own housing as a durable platform business, with Taylor Morrison as a logical target.
7:55 AMHousing WireMacy's posted a strong first quarter and lifted its 2026 outlook, led by a breakout performance at Bloomingdale's. Bloomingdale's comparable sales rose 10.2%, its seventh straight quarter of gains.
6:55 AMWWD8:34 PMBloomberg Markets
Blackstone-Backed Liftoff Raises $437 Million in Revived IPO
Summary
Liftoff Mobile raised $437 million in a US IPO that priced above the marketed range. The offering marked the company’s second attempt to go public this year.
Why it matters
A clean, above-range tech IPO is a real test of whether US equity capital markets are reopening for venture and private equity backed companies.
6:43 PMBloomberg Markets
Petco Slides as CEO Comments Show Turnaround Not Finished
Summary
Petco shares fell as much as 18% after hours after issuing a second-quarter forecast that missed expectations. The weak outlook overshadowed a better-than-expected first quarter, including its first return to positive revenue growth in nearly two years.
Why it matters
The miss revives doubts about whether specialty retailers can sustain recovery signals once they move from cost cuts back to growth.
1:40 PMPYMNTS
Uber Cuts 23% of Roles in HR-Focused ‘People’ Division
Summary
Uber is cutting 23% of its HR-focused People division, according to a CEO memo, as it restructures the team to improve effectiveness.
Why it matters
Reducing HR capacity is a direct indicator that Uber plans to prioritize efficiency over expansion, with spillovers for hiring, contractors, and the broader tech labor market.
12:37 PMBloomberg Markets
Applied Aerospace Shares Drop 5% After $650 Million IPO
Summary
Applied Aerospace & Defense shares rose about 3.75% in their first day of trading after the company raised $650 million in a US IPO priced near the top of the marketed range.
Why it matters
A clean aftermarket for a $650 million defense IPO reopens an important financing channel for the sector and sets a valuation reference point for peers.
7:55 AMHousing Wire
Builders should read this Berkshire Taylor Morrison move closely
Summary
Berkshire Hathaway’s planned acquisition of Taylor Morrison is framed as a long-duration bet on US housing rather than a cyclical trade. The argument is that Berkshire wants to own housing as a durable platform business, with Taylor Morrison as a logical target.
Why it matters
A Berkshire-backed major builder could reset M&A expectations and competitive intensity across US homebuilding.
6:55 AMWWD
Macy’s Inc. Reports Strong Q1, Raises 2026 Outlook
Summary
Macy's posted a strong first quarter and lifted its 2026 outlook, led by a breakout performance at Bloomingdale's. Bloomingdale's comparable sales rose 10.2%, its seventh straight quarter of gains.
Why it matters
A durable premium-channel rebound would change Macy's earnings mix and investor confidence in its long-term turnaround plan.
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