Welcome to Markets Desk, here's what's moving the tape this Friday.
Google and SpaceX have struck a landmark compute deal worth nine hundred twenty million dollars per month over thirty-two months, with Google renting capacity at xAI data centers ahead of SpaceX's planned IPO. The sheer scale signals just how aggressively hyperscalers are racing to lock in AI infrastructure, and it puts a substantial revenue floor under SpaceX's valuation story heading into public markets.
Turning to Meta, shares slid Friday after the Financial Times reported the company is weighing a stock offering that could raise tens of billions of dollars to fund its artificial intelligence ambitions. Investors are clearly uneasy — dilution risk is real, and even at Meta's scale, a capital raise of that magnitude raises questions about whether the AI buildout is consuming more cash than the balance sheet can comfortably absorb organically.
And in the derivatives space, perpetual futures have made their U.S. debut, and Wall Street's reaction is decidedly mixed. Long dominant in crypto markets, these instruments carry no expiration date, creating unique funding and leverage dynamics that regulators and traditional market participants are watching closely. Whether they deepen liquidity or introduce new systemic stress remains an open question.
That's the tape. Markets Desk, signing off the floor.
