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SpaceX Targets Record $1.75T IPO

SpaceX, the rocket and satellite giant led by Elon Musk, has confidentially filed for an initial public offering with the US Securities and Exchange Commission, setting the stage for a potential $1.75 trillion valuation. The filing positions the company for a June listing that could raise up to $75 billion, surpassing Saudi Aramco’s $29 billion debut in 2019 as the largest IPO on record.

The offering marks a pivotal moment for SpaceX, which dominates the space industry through its Falcon 9 rocket launches and Starlink satellite internet service. Revenue from these core operations is projected to approach $20 billion in 2026, with the recent acquisition of Musk’s artificial intelligence startup xAI—valuing the combined entity at $1.25 trillion—adding a smaller but strategic component expected to generate under $1 billion.

A dual-class share structure under consideration could grant Musk and other insiders enhanced voting power, while up to 30% of the offering may be allocated to retail investors, triple the typical amount for such deals.

You can read more on the matter here.

What’s going on?

• Israel Cuts Defense Ties With France as NATO Allies Defy US Over Iran War (theDeepDive)

• Poilievre Vows A Future Conservative Government Will Kill The $90B Alto High-Speed Rail (theDeepDive)

• Trump Says US Is ‘Strongly Considering’ NATO Exit After Allies Refuse to Back Iran War (theDeepDive)

• Australia’s Albanese Warns of Economic Strain from Middle East War, Pushes Fuel Conservation (theDeepDive)

• Japan and France Forge Rare Earth Partnership to Counter China’s Supply Dominance (theDeepDive)

What’s the latest?

• Layoffs: Oracle is cutting jobs as part of a restructuring tied to its AI investment push, including 491 layoffs in Washington state effective June 1, with broader cuts reported in the thousands. The company expects up to $2.1 billion in restructuring costs, mainly from severance, as it shifts resources toward AI infrastructure. Despite a ~29% stock decline this year, shares rose over 5% on the news, while tech layoffs have reached 40,480 jobs across 70+ companies in 2026.

• Economy: Canada’s GDP rose 0.1% in January and an estimated 0.2% in February, rebounding from a late-2025 contraction. Growth was driven by a 1.2% increase in mining, quarrying, and oil and gas extraction, while manufacturing fell 1.4% and services were flat. The data suggests modest early-2026 growth, reducing pressure for rate cuts as the Bank of Canada monitors inflation risks from rising oil prices

• Markets: Canada’s TSX rose 306 points to 33,074, while U.S. markets also rallied (Dow +425, S&P 500 +65, Nasdaq +325) on ceasefire hopes in the Middle East. Oil dropped below US$100 ($99.09), easing inflation concerns, while gold climbed to $4,800.10. The Canadian dollar strengthened slightly to 71.99 cents US.

• War: The Iran war continues to escalate with ongoing attacks across the region, including strikes on tankers and infrastructure, while oil prices remain elevated above US$100 per barrel (up ~40% since the war began). Over 1,900 people have been killed in Iran, alongside casualties in Israel, Gulf states, and among U.S. forces. U.S. President Donald Trump has issued conflicting signals on escalation versus de-escalation, while Iran rejects ceasefire claims and maintains control over the Strait of Hormuz.

• Tech: Iran’s Revolutionary Guard has threatened 18 major companies—including Nvidia, Apple, Microsoft, and Google—as “legitimate targets,” warning attacks could begin April 1. The escalation reflects a shift where tech infrastructure is now treated as a direct war target, following earlier strikes on cloud data centres. The conflict has already seen 3,000+ drones and missiles launched across the Gulf and 3,400+ deaths in Iran, raising risks for global tech and AI infrastructure in the region.

The Real Trade May Not Be Gold Anymore

The stock market and stuff

• Anthropic Shares Surge in Demand as OpenAI Struggles on Secondary Market (theDeepDive)

• Ivanhoe Mines Cuts 2026, 2027 Production Guidance By 23% For Kamoa-Kakula (theDeepDive)

• First Majestic Boosts Silver Reserves 16% As Exploration Outpaces Production (theDeepDive)

• Allied Gold Still Posts Loss Despite Record Q4 2025 Production (theDeepDive)

In the juniors

• Mako Mining Sees Revenue Jump In Q4 2025 On Higher Prices (theDeepDive)

• Questcorp Launches Phase 2 Exploration Program At La Union To Follow Up On 20.2 g/t Gold Over 30 Metre Chip-Channel Sample (theDeepDive)

• Jaguar Mining Reports Widened Q4 2025 Loss As Production Drops (theDeepDive)

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