Happy Sunday everyone. I spent this week in New York for a conference, and the city was electric, mostly the Knicks, who took a 2-0 Finals lead over the Spurs while I was in town. You feel a playoff run there like nowhere else.

The market didn't get the same memo. The S&P 500 fell 2.64% on Friday, the Nasdaq shed over 4% as a trillion dollars evaporated out of chip stocks, and the VIX spiked 34% in a day. A rough week to hold anything that moves on a headline.

One quick note. On Friday we launched The Barkley, and two hours later the entire $268,649 offering was gone. If you tried to invest and couldn't, that's why. A tsunami of new investors is coming to mogul as markets whipsaw. Don't worry, we've got more launching this week.

- Alex Blackwood

🧠 Meta Platforms Delays Release of New AI Model to Developers: Meta is repeatedly postponing the rollout of its latest AI model to external developers as it continues internal testing and refinement. The delays suggest the company is still working to close performance gaps with leading rivals while trying to ensure safety and reliability before wider access. 

📉 Bitcoin's Brutal June: Crypto Sheds ~$2 Trillion From Its Peak: Bitcoin fell below $64,000 this week, more than 45% off its  $126,000 high last October, pulling the broader crypto market close to $2 trillion below its 2025 top. Over $1 billion in leveraged bets were liquidated in a single day, and prediction markets now put the odds of a sub-$60,000 print before year-end near 80%.

🤖 Japan Risks Becoming an “AI Colony” if It Falls Behind, Minister Warns: Japan’s digital minister warned that the country could become an “AI colony” dependent on foreign technology giants if it fails to keep pace in artificial intelligence development. The comments reflect growing concern that nations without strong domestic AI infrastructure and talent could lose economic competitiveness and technological independence as the global AI race accelerates. 

The biggest IPO ever, priced before the roadshow starts

SpaceX filed Tuesday at a fixed $135 per share: 555.6 million shares, $75 billion raised, $1.77 trillion valuation. More than 3x bigger than Alibaba, the previous record holder. Pricing a fixed share before the investor roadshow is unusual. The standard play is to set a range and let demand pull the final number up or down. Musk is doing the opposite, locking the price first and forcing demand to come to him.

SpaceX debuts June 12 on the Nasdaq under SPCX. The roadshow runs through June 11. Goldman Sachs leads the underwriters. Musk keeps 82% voting control after the offering.

What you're buying at $1.77 trillion

The $1.77 trillion rests on more than rockets. SpaceX absorbed xAI in February at a combined $1.25 trillion enterprise value. By May, xAI no longer existed as a separate company; Grok and X became SpaceX's AI division. The investor pitch is space-based compute: solar-powered AI data centers in orbit, beyond the constraints of grids and water on Earth.

Morningstar's verdict on the price: $1.77 trillion is nearly twice the company's fair value. That's an independent research shop, on the record, calling the offering 50% overpriced. Buyers at this price are paying for a vision that's plausible, not proven.

The retail allocation, and what it's actually worth

SpaceX is reserving up to 30% of the offering for retail investors, triple the standard tranche. Shares will be available at the IPO price through Schwab, Fidelity, Robinhood, SoFi, and E*TRADE, simultaneously with institutions. That's a structural break from the usual playbook, where retail pays a premium after institutions set the floor.

But access doesn't equal allocation. Demand will far exceed supply; most retail investors will get partial fills or nothing at all. Musk has committed to a 366-day lockup on his own stake. SpaceX posted a $4.94 billion net loss in 2025, most of it from the xAI integration. The $75 billion funds the next round of capital-intensive bets.

What this means for the rest of the IPO pipeline

SpaceX is the first of several large IPOs expected this year. OpenAI and Anthropic are next. If all three price, they could add roughly $4 trillion in market cap to the Nasdaq. For now, eyes are on June 12.

The Griffin is a brand-new seven-bedroom cabin in Broken Bow with a purchase price of $1.9 million. The third-party appraisal came back at $2.17 million. Because the purchase is financed, that built-in gain works out to a 31.5% day-one value growth on your equity. 

And this isn't theory. The Bosworth, our other Broken Bow cabin, is expected to send investors its first distributions this month. Broken Bow isn't a bet on tourists showing up. 2 million people travel there every year. That steady demand is what we underwrote against, for a projected 7.15% first-year cash yield on $262,000 of income.

The Griffin just opened and over $115,000 was invested into it. If you missed The Bosworth and want in on our next flagship offering, here is your chance.

Humanity is dying before the mission even begins. That's the first thing Andy Weir wants you to know, and it's why this book works.

An astronaut wakes up alone in deep space. No memory of who he is, why he's there, or why Earth depends on him. The panic comes later, once the math starts making sense.

Calling it a space opera misses the point. The real subject is problem-solving under pressure. Every breakthrough has constraints, tradeoffs, and consequences. The science never handwaves the plot forward; that's why the tension feels real. Physics matters. Biology matters. Engineering matters. So does what you do when every answer creates three new problems and failure isn't recoverable.

What separates this from most modern sci-fi is that competence is the spectacle. Watching someone think clearly under impossible odds is more interesting than any explosion. Underneath the equations, the story turns into one about trust and cooperation in conditions that should have made everyone selfish.

If you build, underwrite, or solve problems for a living, or like watching calm intelligence beat chaos inch by inch, this one lands hard.

 ⭐ 4.7 / 5.0 in my book (no pun intended)

Astronauts on the International Space Station have reported a burnt-metal or barbecue-like smell on their suits after spacewalks.