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SpaceX Eyes Record-Breaking IPO

Months before the public knew an IPO was coming, SpaceX was already laying the groundwork. Nevada corporate filings dated January 21, 2026 — signed by SpaceX CFO Bret Johnsen — pointed to structural preparations for a public offering, according to Reuters. The paperwork drew little attention at the time. It does now.

In February, SpaceX confirmed its acquisition of xAI, folding rockets, the Starlink satellite network, and the Grok chatbot under a single corporate umbrella. Under the terms of the deal, xAI shareholders received 0.1433 SpaceX shares for each xAI share held, with some executives offered a cash alternative at $75.46 per share.

The transaction implied a $1.0 trillion valuation for SpaceX and $250 billion for xAI — a combined enterprise valued at $1.25 trillion.

You can read more on the matter here.

What’s going on?

• The Pentagon Banned Anthropic — Then Gave OpenAI the Same Deal (theDeepDive)

• Carney signs deals worth billions in diplomatic breakthrough with India's Modi (CBC)

• Over 2,000 Lawsuits Pile Up Against Trump After Supreme Court Strikes Down Tariffs (theDeepDive)

• Trump says operation in Iran could last four to five weeks (Globe)

• Canada, India Advance $2.8B Uranium Deal as Carney Meets Modi in New Delhi (theDeepDive)

•  Texas Senate Primary Is Heated and Republicans Are Worried (WSJ)

• DOE Opens New $171.5 Million Geothermal Plan Funds (theDeepDive)

• Colombia to Hit Ecuador With 50% Tariffs on Hundreds of Items (Bloomberg)

• Belgium And France Seize Sanctioned Russian Shadow Fleet Tanker (theDeepDive)

• Gas prices soar as Iranian attacks force shutdown of Qatari production (FT)

• UPDATE: Ali Khamenei Is Dead, Iran Confirms (theDeepDive)

What’s the latest?

• Politics: Interim Parliamentary Budget Officer Jason Jacques’ six-month term ends at 5 p.m. ET Monday, and no permanent successor has been appointed. Without a PBO in place, the office cannot publish reports or accept new requests, though ongoing work continues. The government began applications in November; a permanent PBO serves a seven-year term requiring cabinet appointment and parliamentary approval. The OECD recently flagged delays in appointing fiscal watchdogs as a weakness.

• Energy: Oil surged as Strait of Hormuz disruptions raised supply fears: U.S. crude +7.6% to $72.12, Brent +8.6% to $79.11, while European natural gas jumped 40% after Qatar halted LNG output. About 20% of global oil flows through the strait; Iran exports ~1.6 million barrels/day via the route. U.S. gasoline averages $2.98/gal, and a $10 oil increase typically adds ~$0.25/gal within ~20 days. Analysts warn prolonged disruptions could push oil above $80–$90 per barrel, lifting inflation and hurting growth.

• PDAC: PDAC 2026 in Toronto (27,000+ attendees) focused on accelerating critical minerals like copper, nickel, and lithium amid geopolitical risk and trade tensions. Ontario plans to begin Ring of Fire road construction in June for 2030 completion—5 years earlier—with $2.4B in road/transmission funding needed. An RBC report says Ottawa’s $2B Critical Minerals Sovereign Fund lacks scale, noting $119B in base metals/steel assets shifted to foreign ownership (2005–2012). Canada lists 34 critical minerals, and signed an India MOU on value chains as part of deeper resource ties.

• Markets: Canada’s TSX rose 80.84 points to 34,420.83, lifted by energy stocks as crude jumped US$3.87 to US$70.89 per barrel amid Iran-related supply concerns. U.S. markets declined, with the Dow down 137.76 points, the S&P 500 off 16.76, and the Nasdaq down 19.95. The Canadian dollar weakened to 72.95 cents US, while gold climbed US$48.80 to US$5,296.70 an ounce.

• Uranium: Cameco signed a nine-year deal to supply 22 million pounds of uranium (U3O8) to India’s Department of Atomic Energy, valued at about $2.6 billion. The agreement coincides with a new Canada-India Strategic Energy Partnership covering LNG, hydrogen, solar and uranium. Both countries also aim to finalize a Comprehensive Economic Partnership Agreement this year, targeting $70 billion in bilateral trade by 2030.

DPM Metals Q4 Earnings

The stock market and stuff

• Hudbay Acquires Arizona Sonoran In A $1.48B All-Share Copper Deal (theDeepDive)

• OPEC+ Ends Output Pause, Agrees to Modest April Increase as Iran Conflict Rattles Gulf (theDeepDive)

• Nvidia to invest $4 billion in two photonics companies (CNBC)

• Oil Jumps After Iran Attack Threatens Strait Of Hormuz (theDeepDive)

In the juniors

• Silver47 Launches 7,000-Meter Hughes Drill Program In Nevada (theDeepDive)

• This Could Be the Next Multi-Million Ounce Gold Camp | Mike Bennett (theDeepDive)

• Can Australia Rival the Athabasca for Uranium? | Marnie Finlayson – DevEx Resources (theDeepDive)

• Strongest Gold Bull Market in 30 Years — And It’s Global | Michael Dehn (theDeepDive)

FULL DISCLOSURE: Nord Precious Metals is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Nord Precious Metals. The author has been compensated to cover Nord Precious Metals on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.