Good morning, investors. Today we’re covering, everything you need to know about SpaceX’s IPO, whether Microsoft’s 32% drop is a buying opportunity, how gold today compares to the 1970s, and much more.
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This Week’s Top Stories
NEED TO KNOW
World’s Biggest IPO
SpaceX is rumored to go public at a $1.5 trillion valuation, 65x bigger than Google at IPO.
They’re also aiming to raise $75 billion, over 2.5x the record set by Saudi Aramco in 2019.
And under the hood, SpaceX is a strong, but it is still developing.
Morningstar estimates $16B revenue and $7.5B EBITDA (2025), largely driven by Starlink’s rapid subscriber growth.
However, a $1.5 trillion IPO would value the company at 94x revenue.
That means investors aren’t buying today’s business.
They’re buying a vision of the future.
The IPO narrative also encompasses two highly aspirational capital deployment targets, including data centres in space and Moonbase Alpha, a self-sustaining lunar city.
Led by Elon Musk, who owns ~42%, the narrative is powerful. And that’s exactly the point.
Because IPOs like this are rarely about fundamentals alone.
They’re about storytelling meeting capital markets.
And when hype, scale, and ambition collide…
Expect volatility.
And for everyone wondering: Is the SpaceX IPO worth investing in?
We believe there are better (and safer) alternatives.
CHART OF THE WEEK
Microsoft’s Crash
Microsoft is seeing the 3rd biggest drawdown in 20 years.
There are three key concerns driving the selloff:
AI spending is exploding
Microsoft spent $37.5B in a single quarter on capex and leases. Azure grew 38% YoY, but didn’t accelerate despite the surge in investment - raising concerns about returns.Monetization is still early
Copilot has about 15M subscribers, which is just 3% of Microsoft’s 450M commercial users. AI adoption is real - but meaningful revenue scaling is still developing.Concentration risk is rising
A $250B relationship with OpenAI represents roughly 40% of backlog, tying a large part of future growth to one partner and one theme.
If these are structural risks, valuation pressure makes sense.
If you believe they’re temporary…
Microsoft may be worth a second look.
Gold Crash
Gold is up 44% since March 2025 (Tradingeconomics).
And the current setup feels almost like a replay of the 1970s.
• 1973: Middle East war → oil shock → inflation → gold rallies
• 1979: Middle East tension → oil shock → inflation → gold rallies
Then came the turning point:
The Fed raised interest rates aggressively in 1980
The dollar surged as capital flowed back into the U.S.
Gold, which had thrived on chaos, collapsed over 50%
Today (2026): Middle East war→ oil shock → inflation ? → gold rallies ?
If this starts to mirror the late ’70s, what comes next?
The historic playbook is simple:
Crisis drives gold higher
Policy response changes the game
Gold gives back gains once stability returns
Gold is a reflection of trust in the system.
And right now that trust is being tested.
Cramer Is Out
The Inverse Cramer is up 1% in the last 5 years.
The S&P 500 returned 68%.
Cramer is often labeled by media as being “wrong”.
So betting against him should outperform.
But reality says otherwise.
Markets aren’t that simple
Even if some calls miss, over time the market trends upward — and that dominates returns.Timing matters more than direction
A “wrong” call can still make money if timing is off by months or years.Narratives ≠ data
Cramer’s reputation is amplified online, but selective memory ignores his correct calls.
Simple strategies rarely stay simple.
World’s Top ETFs
Half the market buys stocks…without analyzing them.
Passive funds’ share of equity assets rose from ~1% in the early ’90s to over 50% today.
And as passive investing grows, two major shifts happen:
Prices become less “smart”
Index funds don’t analyze businesses. They simply allocate capital based on size. Bigger companies get more inflows, which creates a dangerous dynamic. Price ≠ value.Active investors become more powerful
If passive dominates fewer active players are left to correct mispricing. This makes inefficiencies increase, which leads to more opportunity for skilled investors.
The more people follow the index…
The more valuable independent thinking becomes.
Other Big Things
🚀 IPO Prep – Elon Musk’s X is undergoing internal restructuring ahead of a potential SpaceX IPO.
⚠️ War Inflation – The OECD expects U.S. inflation to reach 4.2% as geopolitical conflict pressures the global economy.
🥤 Functional Coffee – New Starbucks data shows Americans are increasingly adding protein to their coffee.
🎬 Cost Cutting – OpenAI shut down its short-form video app Sora as it reduces costs.
🧠 Silicon Advisory – Donald Trump appointed Larry Ellison, Mark Zuckerberg, and others to a new tech advisory council.
⚡ Private Label – Costco has launched a new Kirkland energy drink that is drawing comparisons to Celsius.
⛽ Fuel Surcharge – The U.S. Postal Service is proposing an 8% fuel surcharge on package deliveries as rising oil prices increase costs.