Good morning, you're listening to Markets Desk.
SpaceX has closed a forty billion dollar debt financing round dedicated entirely to GPU procurement, according to an Elon Musk post on X. The scale here is striking — this isn't equity, it's leverage, meaning SpaceX is betting borrowed capital on AI infrastructure buildout at a moment when compute demand is outpacing nearly every prior forecast. Watch how this pressures rivals to respond in kind.
Turning to emerging markets, Brazilian President Luiz Inácio Lula da Silva has held on to power, defeating Flávio Bolsonaro in what analysts are calling a genuine upset given the eighty-year-old leader's age and approval headwinds. Markets will be parsing what a Lula continuation means for fiscal policy, commodity exports, and foreign investment appetite across Latin America's largest economy.
And in preferred equity, Arbor Realty Trust is drawing attention after analysts slashed its preferred stock price target by nearly forty-nine percent, down to seventeen dollars and twenty-seven cents from thirty-three dollars and eighty-six cents. That kind of revision signals serious concern about the underlying balance sheet, and in a rate-sensitive real estate credit name, investors in the preferred stack should be watching collateral quality closely.
That's the tape. Markets Desk, signing off the floor.
