Sponsored by PTX Metals

SpaceX Targets 2026 IPO at $1T+

SpaceX is reportedly pursuing an IPO in 2026, targeting proceeds of more than $25 billion and a valuation above $1 trillion, according to a source cited by Reuters.

The same source said SpaceX has started discussions with banks and the listing could land around June or July 2026.

Use-of-proceeds is unusually specific for an IPO rumor cycle: Reuters reported SpaceX expects to direct IPO funds toward building space-based data centers, including buying the chips required to run them, an idea Musk discussed at a recent Baron Capital event per Bloomberg reporting.

You can read more on the matter here.

What’s going on?

• Zelensky: Ukraine Is Ready for Elections If NATO Will Get ‘Troops on the Ground’ (theDeepDive)

• Alberta invokes notwithstanding clause to pass bill affecting transgender citizens (Globe)

• US Beats EU to Brazilian Rare Earth Deal With $465 Million Commitment (theDeepDive)

• US central bank cuts rates to lowest level in three years in divisive decision (FT)

• Congress Unveils $901 Billion Defense Bill Targeting Supply Chain Risks From China (theDeepDive)

• Federal Workforce’s Toll After a Year of DOGE and Trump: 317,000 (Bloomberg)

• Benin Foils Coup Bid as Nigeria and ECOWAS Step In (theDeepDive)

• Reddit begins testing verified profiles to boost transparency (Reuters)

• Congress May Withhold Pentagon Travel Funds Until Boat‑Strike Video Is Released (theDeepDive)

What’s the latest?

• Economy: The Bank of Canada held its overnight rate at 2.25%, as expected, after cutting 100 basis points in 2025. Inflation sits at 2.2% (October) and is forecast to stay near the 2% target, despite short-term volatility. The Bank projects GDP growth of about 1.4% in 2026–27, with trade conflict expected to cut output by 1.5% (~$40B) by end-2026.

• Commodities: A Leger poll of 1,548 Canadians (Dec. 5–7) found 50% support for a new Alberta–B.C. bitumen pipeline, 17% oppose, and 20% are neutral. Support is highest in Alberta (≈67%), among men (58%), those 55+ (56%), and Conservative voters (71%); support is lowest in Quebec (37%). 55% support fast-tracking the project as a national interest, while 68% say Indigenous B.C. support is important before construction.

• Tech: Nvidia denied reports that China’s DeepSeek is using smuggled Blackwell AI chips, which are currently banned for export to China. President Trump said Nvidia can sell H200 chips to approved Chinese customers, with the U.S. taking 25% of sales. DeepSeek previously disrupted markets after its low-cost R1 model surged to the top of app rankings in January.

• Trade War: The U.S. cut tariffs on Swiss imports from 39% to a 15% ceiling, applied retroactively to Nov. 14, lowering Switzerland’s trade-weighted U.S. tariffs by about 10% on average. Switzerland will grant U.S. duty-free quotas for 500 tons of beef, 1,000 tons of bison, and 1,500 tons of poultry annually. Switzerland also committed to invest $200B in the U.S. by 2028 and reduce tariffs on select U.S. agricultural imports.

• Markets: Canada’s S&P/TSX composite index rose 89.83 points to 31,324.20, driven by gains in financials and base metals. U.S. markets were mixed: the Dow +243, S&P 500 +7, while the Nasdaq fell 42 points. The Canadian dollar was steady at 72.24 cents US. Oil dipped to US$57.78 and gold fell to US$4,225.10.

The Monetary System Is Cracking

The stock market and stuff

• Microsoft Announces $19 Billion Investment in Canadian AI Infrastructure (theDeepDive)

• Investors Bet That a Higher Bid for Warner Is Coming (WSJ)

• Seabridge Gold Drills 0.60 g/t Gold Over 719 Metres At Snip North (theDeepDive)

In the juniors

• Aftermath Silver: Drilling Continues at Berenguela and Drilling Commences at Challacollo Silver Project (JMN)

• Canacol Energy Secures US$45 Million Under Debtor-In-Possession Financing (theDeepDive)

• Osisko Development Launches Fully-Funded 70,000-Meter Exploration Drilling Campaign Targeting New Discoveries at Cariboo Gold Project (JMN)

FULL DISCLOSURE: PTX Metals is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of PTX Metals. The author has been compensated to cover PTX 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.