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SpaceX's IPO: The Road to Success
SpaceX's stock market debut was on Friday. Investors backed Elon Musk's vision of an empire spanning from reusable rockets to orbital artificial intelligence at a valuation among the world's largest. Here's a?timeline for SpaceX to its blockbuster IPO. Elon Musk launches SpaceX in March 2002, using the money he earned from selling PayPal. March 2006: SpaceX launches its first rocket, Falcon 1, but it fails. Falcon 1 launched successfully in September 2008 and became the first liquid-fuel rocket developed by private industry to reach Earth orbit. SpaceX signs its first major contract in December 2008 with NASA for the transportation of cargo and supplies to International Space Station. May 2012 - The Falcon 9 rocket launches a Dragon capsule into space, becoming the first private spacecraft docked at the ISS. Falcon 9 exploding in mid-air, June 2015. December 2015 - Falcon 9 makes its first successful vertical landing, marking the first controlled recovery of a large rocket after it has delivered a payload to orbit. In February 2018, the first Falcon Heavy launch carried Musk's Tesla Roadster into space, along with its mannequin, Starman. April 2019 - Crew Dragon test vehicle explodes on the ground during a ground test. May 2019 - SpaceX launches Starlink satellites. This constellation is capable of beaming high-speed Internet service to customers all over the world. October 2020 - SpaceX completes its 100th successful Falcon rocket flight since Falcon 1 flew into orbit for the first time in 2008. November 2020: SpaceX Crew-1, the first operational mission of NASA's Commercial Crew Program. NASA awards SpaceX a contract to build the first commercial human landing on the Moon as part of the Artemis program in April 2021. SpaceX launches the first civilian crew to orbit Earth from space in September 2021. NASA's Double Asteroid Redirection Test Mission launched on a SpaceX rocket into an interplanetary transfer space in November 2021, marking the first ever test of a planet defense system to prevent a possible asteroid impact with Earth. April 2023 - First Starship rocket explodes after losing control. November 2023: Starship launches fail minutes after reaching the space. November 2023: A U.S. Judge blocks the U.S. Department of Justice's pursuit of an administrative case accusing SpaceX of refusing to illegally hire refugees and asylum seekers. September 2024: The SpaceX Polaris Dawn launch carries out its first privately-managed spacewalk. SpaceX's Starship rocket crashes in space just minutes after it launches from Texas. Flights over the Gulf of Mexico will have to change course to avoid falling debris. Starship explodes in June 2025 during a?ground?test. SpaceX buys Musk's AI company xAI for $250 billion in a deal that is a world record. This unifies the AI and'space' ambitions of the richest man on earth by combining 'the rocket-and satellite company' with the creator of the Grok Chatbot. Musk claims that SpaceX has shifted its focus away from Mars and towards building an "auto-growing city" (or "smart city") on the Moon in February 2026. NASA official states that the Starship has accumulated two years' worth of delays since NASA selected the rocket to be an astronaut moon-lander in?2021. It is expected that the remaining hurdles will require additional time before landing on the Moon. SpaceX files its U.S. initial IPO confidentially in April 2026, laying the foundation for what could be the largest stock market flotation of all time. May?2026 – SpaceX files its long-awaited U.S. IPO. SpaceX's IPO price is set at $135 per share in June 2026. The company hopes to raise a record $75 billion. SpaceX and Alphabet's Google agree to a multiyear cloud services agreement in June 2026. June 2026 - SpaceX raises record $75 billion in biggest-ever U.S. IPO. SpaceX will begin trading on Nasdaq in June 2026 at a value of approximately $1.96 trillion. (Reporting and editing by Sahal Muhammad and Joyjeet Das in Bengaluru, and Prakhar Srivastava from Bengaluru)
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Investors flee oil market in record numbers due to chaos
Investors are increasingly hesitant to invest in an asset which is dependent on daily posts by U.S. president Donald Trump on social media about the Iran War. The amount of liquidity, or the ratio of buyers to sellers, depends on a variety of factors. These include traded volume and open interests. According to LSEG, open interest (the number of Brent futures contracts owned by investors) has dropped nearly 17% in the past year. This is the highest rate since 2009. Investors are becoming tired of Trump's pattern, which is to escalate his threats against Iran, then declare hours later that an agreement will be reached. This, combined with the difficulty of tracking current oil fundamentals, has caused a certain amount of fatigue, according to traders. This chaos has exhausted the people. This chaos must end. "You cannot trade 'futures' without constantly being burned in an atmosphere where the messaging changes every hour," said a senior executive of a major trading desk. Due to the sensitive nature of the issue, the executive requested that he not be identified. The oil prices dropped nearly 3% on Friday, to the lowest level in almost two months after Trump called off his threatened new strikes against Iran on Thursday. He said a deal was close to ending the war. "TOO VOLATILE TO HELD" Brent futures for the front-month of August registered the lowest level of open interest since July last year, when it was the most actively traded contract at the beginning this month, with 534 227 lots. Open interest peaks in the beginning of the month, and then gradually declines until the expiry of the contracts, when it moves to the next contract. Due to a lack of willing counterparties and a thin liquidity, buyers and seller are often forced to accept higher or lower prices. This creates larger price swings. This can increase the potential rewards but also the risks. Jeffrey Currie, former Goldman Sachs commodities head, said that the reason oil prices have not returned to $100 per barrel in recent weeks is not because of a lack of supply (which has been severely constrained by the close-closure of Strait of Hormuz), but due to what he termed "capital aversion". In a June 10 post on X, he stated that "Policy uncertainty made oil too volatile to hold". The 2026 open interest decline year-to date is the worst ever recorded. In contrast to 2022, no rate shock or sanctions forced the exit. Currie, a senior advisor at alternative asset manager Carlyle and Currie's colleague, described this as capital aversion. (Reporting and editing by Amanda Cooper, Dmitry Zhdannikov and Emelia Sithole Matarise).
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Wright: US military helps move 7 million barrels per day of oil out of Persian Gulf
The U.S. is helping to export 7 million barrels of oil a day from the Persian Gulf. Energy Secretary Chris Wright, speaking at a Houston event on Friday, said that the U.S. military is helping to move oil out of the Persian Gulf. Wright stated that the oil flow in the Strait of Hormuz has been about half of what it was before the U.S. - Israel war began with Iran. Wright stated that "we have a recent military effort which began to remove cargoes" Wright, speaking at Bloomberg Energy's event, said that no?Iranian oil is leaving the Strait. He also added that he expected to see a free flow of?all products through the Persian Gulf, if an agreement is reached. Wright said that if a deal is not reached, the U.S. Military will restore the flow. Dan Pickering is chief investment officer of Pickering Energy Partners. He said that the flow was higher than what industry expected. Rebecca Babin said that the current oil prices of $88 indicate that investors assumed only 3?million -?4million barrels were moving through the Strait. Wright said that some sanctions against Iran could be lifted in part if an agreement is made. Wright suggested that a U.S. gas tax holiday over the summer could be a way to reduce gasoline prices. Reporting by Sheila Dang in Houston and Arathy Sommesekhar; editing by Nathan Crooks and Paul Simao.
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Gold's record rally falters when bulls are confronted with Fed rate expectations and a stronger dollar
The expectation of U.S. tightening of monetary policy and the strength in the dollar has taken some wind out?of a "perfect storm" that was driving an upswing?in gold prices since 2023. Prices are now vulnerable?around $4,000/ounce, as interest rates unfold. Gold's reversal raised questions about the durability of its record-breaking rally, even though geopolitical risks, fiscal deficits, and central bank purchases continue to support bullion in the long-term. The spot gold price has dropped 25% after hitting a record of $5,595 back in January. This is because the Iran War sparked a rally in oil prices and increased bets for rate hikes. This has reduced the appeal of gold as a safe haven -- similar to past extreme shocks. Prices fell to a 6-month low on Friday. Aakash Doshi is the head of metals and gold strategy at State Street Investment Management. Doshi believes that gold could bounce back if the Middle East conflict eases, and oil drops to $80 per barrel. Gold could become a safe haven in the long term as fiscal deficits increase and geopolitics fragments due to the Iran conflict. KEY TECHNICAL BREAK Gold was at $4.188 per troy-ounce on Friday, after reaching its lowest level in November at $4.022 on Thursday. The strong U.S. job data released last week boosted rate-hike betting and sent gold below the 200-day moving median for the first two-and-a-half-year period. One precious metals trader believes that the dynamics of the market have changed. This closely watched technical level, which is now acting as a resistance at $4.446, suggests a change in the market's dynamic. In 2025, gold surged by 64%. This was the highest in 46 years. Investors sought to reduce risks associated with U.S. President Donald Trump’s trade tariffs and Federal Reserve independence, as well as the war in Ukraine and Russia. Adrian Ash, BullionVault's head of research, said that analysts had been focusing on Trump's world disorder but it seems now that the huge gains last year were driven in part by expectations for rate cuts. According to Ash, managed short positions on COMEX Gold were at their lowest level since January 2025 during the week ending June 2. This leaves plenty of room for bearish bets. Standard Chartered's analyst?Suki cooper estimates that 270 tons or more of gold held in exchange traded funds is in a loss-making situation at prices under $4,250. At $4,000 that number will increase to 298 tonnes. Outflows from ETFs that are gold-backed totaled 16 tons in May and 7 tons during the first week in June. In India, the physical demand for gold is sluggish due to seasonal factors. Bullion trades at a significant discount. Nicky Shiels is the head of metals strategies at MKS PAMP. He expects that gold prices will be rangebound in the coming months, "until more strategic tailwinds or catalysts emerge".
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Venezuela: Oil spillage from Trinidad and Tobago may harm fishing and environment
Venezuela's government announced on Friday that an?oil?spill from Trinidad & Tobago puts?fishing? and the environment in danger. The government released a statement in which it stated that the spill was "much larger than the one in May" and confirmed the drift of pollutants towards Venezuelan waters. It did not provide any further details on the extent of this spill, but said satellite imagery had confirmed its existence. Venezuelan Foreign minister Yvan Gil requested compensation from Trinidad and Tobago for an oil spill in the country's far east in?May. Trinidad and Tobago said that it was using its Air Guard, Coast Guard and Drones to locate the purported oil leak and had requested the coordinates of the spill from Venezuela. Trinidad Energy Minister Roodal moonilal said that the Air Guard and Coast Guard had been sent out to conduct reconnaissance on the sea and use drones to determine the truth. Moonilal stated that the island's Foreign Ministry had also contacted Venezuela's Embassy in Port of Spain to get more information. Venezuela's Foreign Ministry asked Trinidad and Tobago for measures to "prevent future incidents" and added that it "reserves the right to take appropriate actions before?the competent International bodies to determine responsibility." The relationship between the two countries has been tense for a period of?14 months since Trinidad's newest government stated that it supported U.S. action which led to Nicolas Maduro, former Venezuelan president being arrested. Reporting by Aida Peaez-Fernandez, Curtis Williams and Emelia Sithole Matarise; Editing by Chizu nomiyama and Mark Porter
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BlackRock has a new chance to retain NYC pension assets despite climate worries
BlackRock has a chance to continue managing New York's pension money as City Comptroller Mark Levine launched a rebidding process on Friday, despite the call from his predecessor for the city not to use the manager due to its climate record. Brad Lander, Levine's former predecessor in office recommended in November that major city pension funds stop using BlackRock and rebid their public equities mandates. Lander's move was in response to his perception of BlackRock retreating on climate issues, and the asset manager placing less pressure on its portfolio companies as appointees from the U.S. president Donald Trump took over the oversight of the financial industry. Levine, however, has not been rushing to implement Lander's wishes in overseeing the pension fund investments that include $127 billion in public equity investment products. Of this amount $80 billion is passive index products. BlackRock and State Street manage a large portion of these funds. BlackRock is responsible for $62 billion in public equity investments across the city. Pension boards have renewed the contracts for public equity index services for two consecutive three-year periods since 2017. Levine's rebidding is a potential turning point for these assets. A spokesperson for Levine responded that "all managers are welcome" to bid, when asked whether Levine thought BlackRock would continue to work on the project. We cannot let these relationships run on autopilot. "I look forward to working together with my fellow trustees in order to select managers who meet our highest performance standards," Levine stated in a press release. Pension funds are increasingly putting pressure on large asset managers to reflect their views about climate change and social issues through proxy voting and other financial processes. Dutch pension fund PFZW announced in September that it had stopped investing into stock funds managed BlackRock due to concerns about the New York-based company's voting record in sustainability issues. ?A number of U.S. Republican officials, some from fossil-fuel-producing states, have taken similar steps for opposite reasons, accusing ?BlackRock and others of over-emphasizing ?the same concerns. BlackRock, and its rivals, have developed programs to allow investors to directly influence proxy voting, thereby shifting the responsibility away from asset managers. New York City Mayor Zohran Mdani hasn't spoken out about BlackRock, despite having some influence over city pension funds. He was once a Lander supporter and campaigned on his behalf. Mamdani’s office hasn't responded to any questions regarding his opinions on pension assets. BlackRock's spokesperson stated in an email that they were "proud" that New York City was a client for a long time. State Street declined to comment immediately. The State Street pension fund did not immediately comment.
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Shares of Copasa Brazil priced at 49.03 Reais
In a Friday filing, the company revealed that its share offer for a 'privatization of Brazilian sanitation company Copasa was?priced?at 49.03 reais ( $9.61) per share, totaling almost 8.4 billion reais. The price represents a 16% discount compared to yesterday's closing price of 58.50 Reais. However, it is still above the Minas Gerais government's minimum price of 47.23 Reais. The pricing was first reported by the local newspaper Valor Economico on Thursday. Copasa stated that 'power firm Equatorial in its role as strategic investor was exclusively allocated the shares in priority tranche. This totaled nearly 114.1 millions, or 66.67% shares originally offered and 30% total share capital. In May, the government of Minas Gerais in Brazil's southeast region launched a share offer of over $1 billion to relinquish control of Copasa. Copasa is a utility that provides sanitation services to 12 million Brazilians. Equatorial was awarded the role of strategic investor this month after filing a bid for 49.03 reais per share. The company was not competing, since a consortium that included Aegea's?shareholders and sanitation firm Aegea decided to withdraw from the process.
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BlackRock has a new chance to retain NYC pension assets despite climate worries
BlackRock has a chance to continue managing New York's pension funds as City Comptroller Mark Levine launched a rebidding process widely on Friday, despite the fact that his predecessor had called for the city to drop the manager because of its climate record. Brad Lander, Levine’s predecessor Brad Lander, recommended in November that major city pension funds stop using BlackRock and instead rebid their public equity index mandates. Lander's move was in response to BlackRock's retreat from climate concerns. The asset manager had been putting less pressure on portfolio companies, as Trump appointees gained control of the finance sector. Levine, however, has not been in a hurry to carry out Lander's wishes when it comes to his oversight of pension fund holdings. This includes $127 billion in public equity investments. Of this amount $80 billion is passive index products. BlackRock and State Street are the two largest managers of these funds. BlackRock manages $62 billion in public equities across all?public equity for the city. Zohran Mamdani, the mayor of New York City, has never spoken out about BlackRock despite having influence over city pensions and campaigning as Lander's ally. Mamdani’s office hasn't responded to any questions regarding his intentions. Pension boards have extended bids on the public equity index service several times since 2017. The new rebidding is a major inflection point in the asset's life cycle. A spokesperson for Levine responded, "All managers are welcomed to bid on this," when asked if Levine thought?BlackRock might?continue to work. We cannot let these relationships run on autopilot. Levine stated that he was looking forward to working closely with his fellow trustees in order to select managers who meet the highest standards of performance. State Street and BlackRock did not immediately respond to a request for comment. A number of Republican officials, some ?from fossil-fuel-producing states, have withdrawn money ?from BlackRock and other money managers, accusing ?them of basing investment decisions on social or environmental issues. The winning bidders for New York City pension contracts must still meet the fund's existing climate standards.
Mukesh Ambani's Reliance Group enters Mumbai slum redevelopment sector
Reliance Group, owned by Indian billionaire Mukesh Ambani, has won the bid to redevelop Dharavi, a slum of 101.4 acres in western Mumbai. This is its first entry into a market where Adani Group, a rival, is already redeveloping Dharavi, one of Asia's largest slums.
The Mumbai-based Slum Rehabilitaion Authority announced late Wednesday that a consortium led by Reliance 4IR Real Estate?Private Limited won the bid to develop the Juhu Galli cluster of slums in Andheri. It said that the project will deliver over 28,000 homes of rehabilitation for those who are eligible and currently live in Juhu Galli.
JSW Group, a metals giant, and Shapoorji Pallonji Group also submitted bids.
Slum rehabilitation in Mumbai was traditionally handled by mid-sized developers working under the Slum Rehabilitation Authority. Projects were often delayed due to fragmented landholdings or the need to obtain consent from residents. Maharashtra, which is under the Bhartiya Janata Party of Prime Minister Narendra modi, has made policy changes in recent years that have brought large conglomerates into the sector.
In November 2025 the?state announced the new framework for redevelopment of slum clusters, which allows developers to develop large contiguous lands of at least fifty acres without the need of consent from residents.
Developers can also benefit from higher building limits and additional rights to develop, allowing them to create more space for sale once the slums are redeveloped.
Reliance must pay 7 billion rupees (73 million dollars) to the Slum Rehabilitation Authority over the next two years in order to cover the temporary rents of the residents. The authority also said that it must?deposit an additional?one-year of temporary rent costs, and a performance warranty of 1 billion rupees (about $10 million) to cover the residents' temporary rentals.
The Slum Rehabilitation Authority stated that "the successful bidding process shows the growing interest among India's top corporate houses to partner with the government in order to tackle Mumbai's housing issues through large-scale redevelopment projects."
Adani Group was awarded the contract to transform the Dharavi Slum in Mumbai by 2023. However, the project has been plagued with legal issues, and residents have protested. (Reporting and editing by Susan Fenton; Dhwani Paandya)
(source: Reuters)