Good morning. In today’s edition:

• 🚀 SpaceX rewrites record books
• 🏀 Knicks win Finals
• 🤝 US-Iran peace deal

…and much more.

Ready, Set, Go: Today’s news should be a ~3.76-minute read (1,001 words).

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“What you resist, persists.”

–Carl Jung (1875-1961)

On Friday, SpaceX officially entered the public markets following a record-breaking $75 billion IPO, with shares opening 11% above their offering price and finishing the day 19% higher.

By the closing bell, the company was worth $2.10 trillion, making it the world’s seventh-most valuable public company—and turning CEO Elon Musk into the first-ever trillionaire.

Is SpaceX actually worth that much?

The blockbuster debut sparked a debate among financial experts over SpaceX’s true value. Investors who are high on the company’s future argue that, unlike traditional aerospace companies, SpaceX has multiple growth engines, including:

• Launch services, including reusable rocket technology and a growing share of commercial launches.
• Starlink, the world's largest satellite internet network, generated more than $11 billion in revenue last year and turned a profit.
• Government contracts, with NASA and the Department of Defense relying on SpaceX for missions ranging from astronaut launches to national security operations.
• Emerging AI initiatives, including plans for large-scale computing infrastructure

Supporters also point to the overwhelming demand surrounding the IPO, arguing that investors are placing a premium on companies they believe can drive future technological innovation and economic growth.

On the flip side: Critics argue the market may be getting ahead of itself. SpaceX went into its IPO trading at a price 93 times higher than its annual revenue (~$19 billion), leading some analysts to conclude its sky-high valuation is divorced from its underlying fundamentals.

• The company's stock price assumes years of extraordinary growth, leaving little room for delays, setbacks, or slower-than-expected expansion.
• Other critics note that AI infrastructure—one of SpaceX’s major bets—has yet to prove long-term profitability.
• They also note that CEO Elon Musk controls more than 80% of SpaceX's voting power, giving shareholders limited influence over major company decisions.

Looking ahead… SpaceX was the first major tech IPO of 2026, but it likely won't be the last. Anthropic and OpenAI are both preparing for public offerings in the coming months that could value the companies at $1+ trillion, with many investors watching closely to see whether they can generate the same enthusiasm as SpaceX.

📊 Flash poll: On the whole, which of the following best describes your opinion of SpaceX’s current valuation?

• It’s overvalued
• It’s around fair value
• It’s undervalued

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BUSINESS & MARKETS

• 🤖 Anthropic pulls public access to its Mythos AI model—including the new consumer version, Fable 5—after the White House directed the AI giant to ban all foreign nationals from accessing Mythos (including employees); White House directive reportedly came in response to an Amazon report that showed Mythos can be jailbroken to access restricted features using a relatively simple process.
• 🎥 Paramount Skydance’s $111 billion takeover of Warner Bros. Discovery is approved by the DOJ’s antitrust division; the deal still requires final approval from European regulators, and could face legal challenges from states.
• 🔎 OpenAI is being investigated by a coalition of state AGs, who last week subpoenaed the AI giant for documents covering a wide range of its activities and impact on users.

SPORTS, MEDIA & ENTERTAINMENT

• 🏀 New York Knicks win first NBA Finals since 1973 after defeating the San Antonio Spurs in Game 5; Knicks G Jalen Brunson became the first player since Michael Jordan to score 45 points in a Finals-clinching game on the road. | ⚽ Team USA defeats Paraguay 4-1 in their first game of the 2026 FIFA World Cup; Folarin Balogun becomes the first American to score multiple times in a World Cup game since 1930. | 🙏 Aldon Smith, former 49ers All-Pro linebacker, dies suddenly at 36.
• 🎥 Steven Spielberg’s Disclosure Day earns $44 million at the domestic box office in its debut weekend ($92.9 million worldwide).
• 🍿 Tyra Banks sues Netflix for defamation over recent America’s Next Top Model documentary.

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SCIENCE, SPACE & EMERGING TECH

• 🤖 Prometheus, a physical AI startup co-founded by Jeff Bezos, raises $12 billion at a $41 billion valuation; the company builds software to automate the design and manufacturing of complex physical systems, from jet engines to drug compounds.
• 🪴 Researchers uncover mechanism responsible for Venus flytrap’s ability to snap its mouth shut and ensnare prey; the plant begins its closing motion by quickly softening the cell walls on its outer epidermis.
• 🍄‍🟫 First-ever global map of underground fungal networks—which help sustain plant life and lock carbon into the soil—suggests these networks would span ~68 quadrillion miles if laid out in a straight line; that’s long enough to travel from the Earth to the Sun nearly 1 billion times.

US, WORLD & POLITICS

• 💥 Iran war: The US and Iran have agreed to a framework for a peace deal, both sides announced last night; the deal, which is expected to be signed on Friday, would reportedly reopen the Strait of Hormuz, end America's naval blockade, and launch further talks on Iran's nuclear program.
• 🛸 Pentagon releases third batch of declassified UFO files, including gov’t records and videos showing colorful orbs flying across the sky in seemingly impossible ways.
• 🇨🇭 Switzerland voters reject proposal by the top right-wing political party to cap the country’s population at 10 million.

☝️The White House hosted a full-scale UFC event on the South Lawn last night as part of celebrations marking America’s 250th anniversary, as well as President Trump’s 80th birthday. Dubbed UFC Freedom 250, the event featured multiple fights and a motorbike stunt show centered around “The Claw,” a custom-built UFC Octagon.

🤔 Did you know? Walt Disney World runs one of the biggest commercial laundry facilities in North America. Cast members produce ~285,000 lbs of laundry a day between costumes and uniforms, an amount that would take ~52 years to wash in a standard household machine.

📰 Worth a read: How the ‘McMillions’ scammers rigged McDonald’s Monopoly game and stole $24 million.

🖱️ What we’re clicking:

• 45 fun date ideas way better than dinner and drinks
• Which World Cup team should you root for?
• How 'algorithm' got its name

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On Friday, we covered how Canada recently introduced legislation that would prohibit children under 16 from accessing social media platforms, becoming the latest country to consider similar restrictions.

❓ Our question to you: Would you support or oppose a nationwide ban on social media use for users under the age of 16?

• Support: 59%
• Oppose: 20%
• Unsure/other: 21%

Click here to read some of the most thoughtful longform responses.

+Note on sample size: We received 692 votes and 63 longform responses.

Monday: G7 Leaders’ Summit, attended by President Trump, kicks off in France (ends Wednesday)

Tuesday: National Nature Photography Day

Wednesday: Federal Reserve to make first interest rate decision with Kevin Warsh as chair; May retail sales data

Thursday: Weekly unemployment claims; Accenture, Kroger report earnings

Friday: Juneteenth (markets closed); Toy Story 5 hits theaters; Team USA plays next World Cup match (vs. Australia)

Guess the definitions of the following Greek/Latin root words

1. Aesthet
2. Chrom
3. Lamin
4. Simul
5. Vol

(keep scrolling for the answers)

🚴🌍 British father-son duo George and Josh Kohler just cycled around the world and into the record books. The pair spent 14 months cycling 18,000 miles across four continents, claiming the world records for fastest bicycle circumnavigation, longest bike journey, and most countries visited in a continuous bike journey by a father and son.

1. Aesthet = Feeling (e.g., anaesthetic)
2. Chrom = Color (monochrome)
3. Lamin = Layer (laminate)
4. Simul = Imitating (simulation)
5. Vol = Wish (volition)

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