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SpaceX aiming to price at $135/share for $1.75T valuation. (0:15) ADP reports strongest private job growth since March 2025. (1:19) GameStop rallies after record profit. (1:41)
This is an abridged transcript of the podcast:
Our top story so far, SpaceX (SPCX) plans to price its IPO at $135 a share, raising about $75B, according to multiple reports.
The offering would value the company at roughly $1.75T, making it the largest IPO on record.
Elon Musk will reportedly be subject to a 366-day lock-up period following the offering, preventing him from selling SpaceX shares during that time.
SpaceX is expected to list on the Nasdaq under the ticker symbol SPCX, with trading expected to begin as early as June 12.
Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup and J.P. Morgan are serving as joint book-runners.
In today’s trading, President Trump’s statements on the Iran conflict aren’t having the market impact they once did.
On the Pod Force One podcast released before the open, Trump said Iran had agreed to forego a nuclear weapon, a key sticking point in recent negotiations. He also said the situation remained fluid.
Stocks initially moved higher and Treasury yields moved lower following the comments, but most of those moves were quickly retraced.
S&P 500 futures failed to hold gains, while prediction markets showed little change in the odds of a reopening of the Strait of Hormuz.
Markets did react to the May ADP jobs report, however, with futures moving lower and yields moving higher.
ADP said the economy added 122K private-sector jobs last month, the strongest reading since March 2025.
Pantheon Macro said official payrolls have recently tended to come in above the ADP report, but argued the latest jump is not consistent with other labor-market indicators.
Among active stocks, GameStop (GME), which is still pursuing eBay, is rallying after reporting 14% Q1 revenue growth and delivering the highest first-quarter net income and operating income in company history.
Private credit names KKR (KKR), Ares Management (ARES) and Blackstone (BX) are among the biggest S&P decliners after a report that Cliffwater Corporate Lending Fund received redemption requests equal to about 17% of shares in Q2 and capped withdrawals at 5%.
According to Bloomberg, Cliffwater has said it has enough liquidity to meet 5% redemptions for more than a year.
And Palo Alto Networks (PANW) is under pressure despite topping Q3 estimates.
Analysts remained broadly bullish, but Morgan Stanley said adoption of full AI portfolios will take time, potentially leading to a pause after the stock’s sharp run higher.
And in other news of note, Ford (F) is telling some Bronco Sport and Maverick owners to stop driving their vehicles immediately, issuing a “Do Not Drive” advisory for nearly 5K vehicles due to a defect involving the front lower control arm ball joints.
The issue affects certain models built between 2021 and 2026 and could result in a loss of vehicle control while driving.
Ford will absorb the full cost of the recall, including towing expenses, and has instructed dealers to stop selling or delivering the affected vehicles.
