Good afternoon and welcome to Markets Desk.
SpaceX's path toward a public market debut is already generating friction before shares ever trade. Goldman Sachs and Morgan Stanley, the two lead underwriters on the offering, initiated coverage simultaneously with buy ratings but arrived at valuations more than one trillion dollars apart — a chasm that signals just how difficult it is to price a company operating across rocketry, satellites, and defense at this scale.
Turning to Washington, Trump Accounts went live on the Fourth of July, offering one thousand federal dollars to every American child born between twenty twenty five and twenty twenty eight. Now private capital is lining up alongside that government seed money, with Michael Dell and Altimeter Capital's Brad Gerstner among the wealthy donors pledging contributions — blending public policy with philanthropic investment in a structure that's drawing real attention.
And in the electric vehicle space, Polestar just absorbed what analysts are calling a decisive blow to its American ambitions. The Swedish automaker's vehicles will be banned from United States sale beginning with the next model year, a regulatory outcome that cuts off one of its most critical growth markets and raises serious questions about the company's long-term viability as a going concern.
That's the tape. Markets Desk, signing off the floor.
