If you’re a SpaceX investor, this week has been your Super Bowl, Christmas, and birthday all in one.

Since a strong debut on Friday, SpaceX hasn’t stopped climbing: Shares are up 34.58% since they first hit the public market. The company’s roughly $3 trillion valuation has put it on track to become the world’s fourth-largest, surpassing Amazon and Microsoft—on just its third day of trading.

Not wasting time, SpaceX is using that momentum to make moves: Today, the company announced it agreed to buy Cursor, a “vibe coding” startup, for a staggering $60 billion. The acquisition will help xAI (which is part of SpaceX) compete with AI coding tools from rivals like OpenAI and Anthropic (Musk has acknowledged xAI lags behind in coding).

Musk then hit the thrusters by announcing that the company could bring in about $1 trillion in revenue by 2030, thanks to projected Starlink and AI sales.

The bulls and bears are on different planets

At least for now, it looks like SpaceX is defying skeptics: The company hasn’t crashed and burned. It hasn’t drained capital from other tech names on a scale that’s shaken the market. And its debut is seen as a good omen for other IPO hopefuls. But it’s still the early innings.

“Overall, SpaceX going public is an important watershed moment for the broader tech sector in our view as this AI Revolution and data takes this next step forward,” wrote Wedbush analyst Dan Ives in a note today.

Bulls see SpaceX as the dominant player in the space economy: SpaceX does the vast majority of orbital launches with no close competitor, Starlink has millions of subscribers, and the US government has major contracts locked in.

The IPO also gives SpaceX capital for its rather lofty bets, which in turn fuels investor excitement. According to Ives, “The proceeds of the IPO are expected for multiple business purposes including the expansion of its AI computing resources and SpaceX’s Starlink satellite network while fueling investments for technologies that have yet to be built including solar-powered data centers in space.”

Other analysts are more skeptical, focusing more on grounding actual growth metrics than vibes. CFRA, for example, gave the stock a Sell rating, citing the company’s “extremely ambitious growth strategy.”

Morningstar was even more direct. “We think the shares are significantly overvalued given the wide range of likely financial outcomes,” explained analyst Nicolas Owens in a note on Friday. “The firm’s current market value is contingent upon paving the way for novel revenue streams, such as orbital computing, which we believe are possible given the firm’s unique advantages, but their viability, timelines, and financial outcomes remain highly uncertain,” he added.

What to watch: the lockup period ending, when long-term SpaceX shareholders are finally able to sell. Instead of a typical 180-day lockup period, SpaceX is using staggered release dates, and the first unlock hits on August 21, when the amount of available shares will double. Right now, only 4.2% of SpaceX shares are available to trade, so a flood of insider selling will reveal how durable this momentum really is.—LB

🟢 What’s up

• Rackspace Technology popped 4.99% after signing a deal with AMD to deploy 30 megawatts of AMD-powered AI-computing capacity across its datacenters.
• Southwest Airlines rose 2.90% following a Jefferies price-target hike that highlighted improving cabin-segmentation efforts.
• E.l.f. Beauty climbed 4.59% as the company expanded into hair care with the launch of its new product line.
• Innodata surged 7.79% on bullish analyst commentary surrounding its growing AI data solutions business.
• Mobileye gained 0.94% after unveiling plans to launch an autonomous ride-hailing service in a US city by 2027.
• Amkor Technology advanced 1.30% after announcing a 10-year partnership with TSMC to expand advanced chip-packaging operations in Arizona.
• JPMorgan gained 3.68% as financial stocks rallied on easing inflation concerns and lower oil prices, while investors also cheered the bank’s European digital-banking expansion.

What’s down

• Micron Technology slipped 6.18% from record highs yesterday as investors locked in gains despite bullish analyst commentary.
• Gildan Activewear tumbled 18.77% following a short-seller report that questioned the company’s growth and sales practices.
• Chemical makers Huntsman and Olin fell 17.09% and 5.89%, respectively, after announcing an all-stock merger.
• Dave & Buster’s slid 6.25% as lower profit and declining same-store sales weighed on first-quarter results.

America’s 401(k)s had both their best and worst year ever in 2025. A new report from Vanguard out today found that the average total 401(k) savings-rate hit a record 12.1% in 2025, and average returns reached almost 20%—largely thanks to the stock market’s tear last year.

But 2025 also set a less exciting record: 6% of Vanguard’s nearly 5 million 401(k) participants made hardship withdrawals in 2025—the highest share ever—up from 5% in 2024. (The median withdrawal amount, however, did decrease). It’s no surprise that the top reasons people dipped into their accounts were for basic needs: avoiding foreclosure or eviction and covering medical bills. Workers earning less than $100,000 were also over three times more likely to withdraw than people who earned more.

For Americans who already had a financial cushion, 2025 was a banner year for wealth-building. For people without one—retirement accounts became their safety net.—AC

Yum! Brands is slicing Pizza Hut right off the pie.

Today, the company announced that it agreed to sell the restaurant chain in a pair of deals worth roughly $2.7 billion. Private equity firm LongRange Capital will acquire most of the business for about $1.5 billion, with the potential for an additional $75 million earnout by 2030, while Yum China will purchase Pizza Hut’s operations in mainland China for roughly $1.2 billion. Yum expects to close the transaction in Q3, and will incur an estimated $85 million in one-time expenses related to the sale.

A new menu

Pizza Hut used to be the king of pizza chains, but it has become a smaller piece of the pie after losing ground to Domino’s and other delivery-first rivals, as well as third-party apps like DoorDash. While Yum’s revenue has surged nearly 50% since 2019, Pizza Hut’s sales have remained stuck around $1 billion for the past six years. Now, Yum is cashing out and doubling down on its higher-growth brands like Taco Bell and KFC (the latter of which is currently getting a makeover).

Part of the proceeds will also be used to fund Yum’s technology ambitions. The company has been building out Byte by Yum!, a platform for AI-powered drive-through ordering, call centers, and restaurant operations, backed by Nvidia, Amazon, and Microsoft.

Recipe for growth

Shares rose 1.96% after the announcement, as analysts welcomed the company’s decision to move on from a brand that has struggled to keep pace with the rest of the portfolio. Morgan Stanley upgraded the stock to Overweight earlier this month, saying the sale improves the company’s financial profile, while its tech investments are still underappreciated by the market.

For the…tens of Pizza Hut fans out there, the sale may feel like the end of an era. Wall Street, meanwhile, sees $2.7 billion of fresh dough for Yum’s next chapter, and investors are happy to take a slice.—SY

• Robinhood announced that it’s cutting 10% of its workforce.
• Housing starts, an estimate of new residential construction, tanked 15.4% in May to 1.177 million—nearly 300,000 units fewer than what economists expected.
• An investigation into Uber and Lyft raised concerns about whether the companies are using surveillance pricing.
• The Wall Street Journal reports that the US-Iran interim peace deal will let Iran immediately start selling oil. Meanwhile, here’s a look at how the war has permanently changed the global economy.

Fed-heads, it’s time to lock in: The Federal Reserve will announce its interest-rate decision (traders expect rates to remain steady), and new chair Kevin Warsh will give his first press conference in the hot seat.