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SpaceX has officially filed its S-one registration statement with the SEC, formally launching what could become the largest initial public offering in corporate history. The company is targeting a valuation as high as two trillion dollars and is pitching investors on a total addressable market it sizes at twenty-eight point five trillion dollars, spanning satellite services, deep space exploration, and AI compute infrastructure. Speaking of which, one line item in that filing stands out immediately — Anthropic is paying SpaceX one point two five billion dollars per month for access to its Colossus data centers, giving the rocket company a remarkably durable and high-margin revenue anchor heading into its public debut. That kind of contracted cash flow will matter enormously to institutional buyers trying to underwrite a valuation of this scale.
Shifting to consumer spending, E-L-F Beauty is reversing course on pricing, announcing it will cut prices on select products after raising them last year in response to tariff pressures. The move signals something worth watching — discretionary cosmetics spending among younger consumers appears to be softening, with rising gasoline prices squeezing the budgets of Gen Z shoppers in particular. When a value-oriented brand starts competing on price again, it tells you the consumer is under real pressure at the lower end of the income spectrum.
That's the tape. Markets Desk, signing off the floor.
