$SpaceX(SPCX)$ completed the largest initial public offering in history in June, but its shares have since fallen below their $135 offering price. The decline shows that even a dominant launch and satellite company must ultimately justify its valuation through revenue, cash flow and capital discipline. SpaceX priced its IPO on June 11 and began trading on June 12. The company sold approximately 555.6 million shares and raised $75 billion, valuing the business at roughly $1.77 trillion. Elon Musk retained approximately 82% voting control. Reuters’ June 11 IPO report provides the financing and governance details. The bullish case begins with vertical integration. SpaceX manufactures rockets, launches payloads and operates Starlink, enabling it to re

$Rocket Lab USA, Inc.(RKLB)$’s new US Space Force award demonstrates that the company is developing a second launch franchise alongside its established orbital business. The contract is strategically meaningful, although the valuation still assumes substantial future execution. The Space Force awarded Rocket Lab a firm-fixed-price contract worth as much as $266 million for 12 suborbital launch vehicles, with an option for six additional vehicles. Launches are expected from Alaska’s Pacific Spaceport Complex, and $112 million was initially obligated. The award occurred on July 21 and was reported publicly on July 22. GovConWire’s contract report details the quantity, structure and funding. The missions will use HASTE, a suborbital derivative of Roc

Alphabet, Tesla and IBM reported earnings on the same night—and together they offered one of the clearest snapshots yet of where the AI spending cycle stands. Google showed that AI infrastructure can already drive explosive cloud growth. Tesla showed how quickly AI, robotaxi and robotics investment can consume cash before those businesses generate meaningful revenue. IBM showed another side of the cycle: corporate customers are prioritizing scarce servers, memory and storage, while some traditional IT projects are being delayed. The market is moving past a simple question—“Who is investing in AI?”—and focusing on something harder: Who can turn AI spending into revenue, margins and free cash flow? Google: AI demand is turning into cloud revenue Alphabet delivered the strongest operating gro

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Gold rallied nearly 2% on Tuesday (21 July), trading around $4,080 following two consecutive weeks of losses as investors bought into the dip. Gold held its gains as traders weighed higher energy prices against softer US economic data, with the key US$4,000 psychological level continuing to provide technical support. Tracking the move, $SPDR Gold ETF(GLD)$ rose 1.96%, lifting the $GLD US 5xLongSG280609(GLDW.SI)$ by close to 10%, with the $GLD US 5xShortSG280609(GOSW.SI)$ declining a similar magnitude Silver staged an even stronger rebound, jumping more than 4% in its largest advance in over five weeks. $iShares Silv

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Key Takeaways Q2 deliveries rose 34% QoQ to 480,126 vehicles. Deliveries exceeded production by 28,368 units, helping reduce inventory. Revenue may rise 23% QoQ, while gross margin may fall to 19.5%. Energy storage deployment jumped 53% QoQ to 13.5GWh. Q2 free cash flow may fall to negative US$3.25 billion. Capex may reach US$6.70 billion, equal to 24% of revenue. Robotaxi, FSD and Optimus still need clearer operating data. Terafab may support Tesla’s chip supply, but could add funding pressure. TSLA still trades at about 305 times 2026 GAAP earnings. $Tesla Motors(TSLA)$ will report its Q2 2026 results after market close on 22 July.$Direxion Daily TSLA Bull 2X Shares(TSLL)$

Every quarter, Space Capital tracks every dollar flowing into the space economy. The midyear numbers are in: Private investment totaled $31.6 billion across 129 space companies in the first half of 2026 — more than all of 2025, making this the strongest year on record for the space economy, with two quarters still to go. Since $SpaceX(SPCX)$ came online in 2009, the space economy has attracted $488 billion across more than 2,400 companies. If the SpaceX initial public offering (IPO) felt like a climax for the sector, the data suggests it was just the opening act. No event looms larger over these numbers than that IPO. The market finally has a public benchmark for the company that has done more than any other to shape the modern spa

$SpaceX(SPCX)$ remains one of the market's most closely watched stocks—and one of its most polarizing. The stock has fallen roughly 45% from its June high, traded lower in nine of the last ten sessions, and recently slipped below its IPO price for the first time. At the same time, short sellers have continued to build positions, with reported short interest now approaching one-third of the company's public float, representing roughly $25 billion in bearish bets. Two Very Different Views The recent selloff has split investors into two camps. The bearish argument is centered on valuation. Even after the sharp decline, critics argue the company still trades at a rich multiple relative to revenue, suggesting much of its long-term growth is already ref