Good morning, you're tuned in to Markets Desk, let's get you caught up on what's moving.
SpaceX has slipped below Amazon's market cap after shares fell roughly five percent, a notable reversal for Elon Musk's private space venture. The drop comes even as the company continues to expand its commercial footprint, raising questions about whether its lofty valuation had simply run ahead of fundamentals.
That commercial expansion is very much alive, however. SpaceX has signed a computing power agreement with open-source artificial intelligence startup Reflection, a deal valued at up to six point three billion dollars. The contract signals that SpaceX's Colossus data center is now a serious revenue-generating platform, joining recent arrangements with Anthropic, Google, and Cursor as the company monetizes its infrastructure well beyond rockets.
Stepping back to the broader economic picture, a record one in three adults under thirty-five were living with their parents in twenty twenty-five, a number that actually surpasses pandemic-era levels despite most of those young adults holding jobs. Shrinking home sizes, rising prices, and stagnant entry-level wages are converging into a genuine affordability crisis that has real implications for household formation, consumer spending, and ultimately, housing demand for years ahead.
That's the tape. Markets Desk, signing off the floor.
