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Europe
BBC Business

SpaceX says its worth $1.75tn as it nears stock market debut

Elon Musk's SpaceX has said it is even more valuable than anticipated as it approaches a public stock listing set for next week. In an filing with the US Securities and Exchange Commission detailing its plans for an initial public offering (IPO), SpaceX said its shares should go for $135 (£100) each, ratcheting up its own valuation of the firm to roughly $1.75tn. Setting an estimated price for its stock listing so far in advance is a rare move, and the amount represents a large increase in SpaceX's previous valuation of $1.25tn earlier this year. The revelation does not mean its shares will sell for the proposed price, as it will ultimately be decided by buyers. The price could go up or down. SpaceX, which builds space exploration rockets and infrastructure but also owns xAI and Starlink, revealing its estimated share price more than a week before its public debut is unusual. Companies typically only share an estimated sell price the day before they begin trading on the open market. SpaceX is expected to start trading on the Nasdaq stock index on 12 June, making its price estimate one of, if not the earliest price estimates, in stock market history. The company is aiming to raise $75bn, the most ever for an IPO. Should the company's shares sell at or above the expected $135 price, it will immediately become one of the most valuable companies in the world. And Musk, who controls more than 80% of SpaceX with his own stock holdings in the firm, could become a trillionaire. According to data from Dealogic, which conducts research on the capital markets, almost half of companies that have gone public in the last 30 years have seen their value decrease compared to when they listed. "There is no doubt the valuation is incredibly rich," Samuel Kerr, head of equity capital markets research at Mergermarket, said. He noted that SpaceX was pricing itself compared to its sales at a ratio that is higher than any other major company included in what investors refer to as the "Mag 7" - Alphabet, Amazon, Apple, Meta, Nvidia, Microsoft and Tesla, another of Musk's companies.

SpaceX says its worth $1.75tn as it nears stock market debut
Asia-Pacific
The Straits Times

SpaceX sets $173 price for blockbuster IPO, upending Wall Street convention

SpaceX is aiming to raise US$75 billion, the most ever for an IPO, in a deal that would value it at US$1.75 trillion. NEW YORK - SpaceX publicly set a US$135 (S$173) price for shares in its initial public offering on June 3, upending the longstanding Wall Street price-discovery apparatus and underscoring Elon Musk’s determination to raise record sums his way. The company’s decision to publish a price a week ahead of its landmark offering has few if any precedents among major US IPOs, and reflects Musk’s standing in the financial world as an adventurer with a golden touch – even as the capital raise will value SpaceX at very lofty multiples. SpaceX’s amended IPO filing confirms a Reuters report on the US$135 price from earlier this week. The company is aiming to raise US$75 billion, the most ever for an IPO, in a deal that would value it at US$1.75 trillion, immediately placing it among the top 10 most valuable US-listed firms. The company will kick off an investor roadshow on June 4, with pricing expected on June 11; trading in shares will begin on the Nasdaq the next day. Musk has rewritten the IPO playbook for SpaceX in many other ways, from planning to give retail investors a larger role in allocations to pushing for early index inclusion, and structuring governance to preserve strong founder control. “Nothing about this IPO is normal in any course or sense, but then again this is the largest IPO in history so maybe that is not surprising,” said an investor who is planning on buying into the IPO. On Wall Street, there has been a rush to get a piece of the deal, given Musk’s reputation and his control of an offering that stands to generate millions of dollars in fees – despite concern about the sky-high valuations that SpaceX will garner. The prospective investor said there has been a sense that major firms are “posturing” by saying “we put the money in early” – a position that both reflects and reaffirms Musk’s leverage over investors. SpaceX lacks a clear public market benchmark, given the paucity of public space companies and the company’s interests across aerospace, telecom and defence. The company posted a net loss of US$4.94 billion in 2025, even as revenue rose 33 per cent to US$18.67 billion. “On the face of it, a ~90x+ revenue multiple is high by any standard, particularly when compared to traditional aerospace or telecom peers,” said Tim Hatt, head of research and consulting at GSMA Intelligence, the research arm of global telecoms industry body GSMA. “But then again, SpaceX is not traditional in any way and there are no true public comparables.”

SpaceX sets $173 price for blockbuster IPO, upending Wall Street convention
North America
CNBC

Morgan Stanley will soon open its trillion-dollar wealth management funnel to AI agents

Morgan Stanley will soon open a key wealth management funnel to artificial intelligence agents from thousands of corporations, CNBC has learned exclusively. It's one of the earliest instances of a major Wall Street bank opening its platforms to external AI tools. The move will allow clients' autonomous agents to pull data and insights directly from the firm's stock administration platforms, ShareWorks and Equity Edge, bypassing the traditional software interfaces built for human users, according to Mark Mitchell, chief product officer of Morgan Stanley at Work. In April, Morgan Stanley executives attributed $1.2 trillion in assets gathered to its workplace strategy. "The way we see it, in a future state, our corporate clients will not be logging into ShareWorks or Equity Edge," Mitchell said. Instead, they'll be "using agentic AI-powered tools on their desktops within the four walls of their companies, interacting with our platforms in a purely agentic way," he said. The bank has already granted a handful of clients early agentic access and plans to open it up to the firm's 3,400 administration clients by next year, Mitchell said. It's the latest sign that Wall Street is preparing for a future where AI agents handle tasks now performed by software users. Rivals including JPMorgan Chase and Goldman Sachs are using AI agents internally for things like writing code, but have yet to publicly announce steps to allow external agents to connect directly to their firms' systems. Morgan Stanley has taken the staid business of managing stock compensation plans for corporations and turned it into a crucial funnel for the firm's wealth management division, which is the world's largest at $7.35 trillion in client assets. The firm acquired Solium Capital in 2019 and E-Trade in 2020, creating a business that it says caters to almost half of the companies in the S&P 500 and eight of the 10 biggest unicorn startups. The key insight it had was that by administering employee stock plans, Morgan Stanley can convert workers into advisory clients as their wealth grows. The bank's AI pitch to corporate clients is straightforward: Fast-growing technology and biotech companies want to administer increasingly complex stock plans without adding head count in support roles like human resources, said Mitchell. At these companies, AI agents can handle aspects of the job without adding human employees, he said.

Morgan Stanley will soon open its trillion-dollar wealth management funnel to AI agents
North America
Yahoo Finance

AVGO, MRVL, NVTS Stocks Hit 52-Week Highs: What Sent These Chipmakers Higher?

Shares of chipmakers Marvell Technology Inc. (MRVL), Broadcom Inc. (AVGO), and Navitas Semiconductor Corp. (NVTS) rallied to fresh yearly highs on Wednesday amid a broader uptick in the semiconductor sector. MRVL stock closed up nearly 4% as it extended gains on positive comments from Nvidia’s CEO. AVGO shares pared some gains to end the session about 0.5% lower ahead of its second-quarter (Q2) results, while NVTS soared more than 19% at close. Shares of MRVL soared to an all-time intraday high of $324.20 on Wednesday, extending a winning streak after Nvidia Corp. (NVDA) CEO Jensen Huang called it the “next trillion-dollar company” at the Computex conference in Taipei, Taiwan. As part of a strategic collaboration, Nvidia invested $2 billion in Marvell, enabling customers to combine products from both firms when developing semi-custom AI systems. Meanwhile, Marvell reached a market capitalization of more than $254 billion on Wednesday, prompting speculation about its inclusion in the S&P 500 in June. One user on Stocktwits echoed the sentiment, saying, “S&P inclusion on 6/19. This will run to $400 in anticipation. Nothing to worry.” Marvell has strengthened its position in the AI infrastructure sector, with its data center business accounting for about 76% of first-quarter (Q1) revenue. The company has also raised its fiscal 2027 and 2028 forecasts, reflecting confidence in demand for its networking, custom AI chip, and silicon photonics offerings. On Tuesday, Stifel raised the price target on Marvell to $321 from $230 and kept a ‘Buy’ rating on the shares, according to TheFly. MRVL has surged more than 237% in 2026, even as retail sentiment on Stocktwits has stayed ‘extremely bullish’ amid the rally. AVGO stock climbed to a yearly high of $495.00 in Wednesday’s intraday trading session ahead of its second-quarter (Q2) results. However, the chipmaker’s shares closed lower and plunged more than 13% overnight after its third-quarter revenue outlook came in below the high end of analyst expectations. Broadcom posted adjusted earnings per share of $2.44, above the $1.58 a share reported in the same quarter a year ago, and largely in line with Wall Street projections. Meanwhile, revenue grew 48% to $22.19 billion. However, for the upcoming quarter, AVGO projected revenue of $29.4 billion, below the upper end of $37.5 billion expected by analysts. Following the results, Jefferies raised the price target on Broadcom to $550 from $500 and kept a Buy rating on the shares. The analyst said it expects Broadcom's operating margins to improve as AI revenue accelerates, particularly as Meta Platforms (META) and OpenAI ramp up next year. AVGO stock has gained more than 37% in 2026 as retail sentiment on Stocktwits has stayed in the ‘extremely bullish’ territory. Shares of NVTS jumped to a yearly high of $34.17 after the company said Nvidia was showcasing its recently launched 800 V-to-6 V DC-DC power delivery board at the Computex conference.

AVGO, MRVL, NVTS Stocks Hit 52-Week Highs: What Sent These Chipmakers Higher?
Europe
The Guardian

Ex-Federal Reserve chair Jerome Powell sounds alarm over political interference

Jerome Powell in Boston, Massachusetts on Sunday. Photograph: Brian Snyder/ReutersView image in fullscreenJerome Powell in Boston, Massachusetts on Sunday. Photograph: Brian Snyder/ReutersJerome PowellEx-Federal Reserve chair Jerome Powell sounds alarm over political interferencePowell says central bank has been facing ‘stress test’ under Trump, as supreme court weighs decision on Fed governor that president tried to fire Jerome Powell, the former chair of the Federal Reserve, has warned that a single act of political interference in monetary policy could permanently destroy public trust in the central bank. As Donald Trump’s administration continues to test the Fed’s longstanding independence, Powell said in a speech on Sunday night that the institution was in the midst of a “stress test”. Powell, who was accepting the 2026 John F Kennedy Profile in Courage award in Boston, stepped down as Fed chair last month, and was succeeded by Kevin Warsh, but remains on its board of governors. Legal protections insulating monetary policy from politics “have served the public well” across administrations of both parties, Powell argued in his acceptance speech. “If any administration finds a way to remove Fed officials over policy differences,” he added, “then future administrations will do so as well”. He spoke as the supreme court weighs a highly anticipated decision on the fate of the Fed governor Lisa Cook, whom Trump attempted to fire last August. Powell did not mention Trump, or Cook, by name. “The public would lose faith that the central bank will make decisions based only on what’s best for all Americans,” Powell said. “The Fed’s credibility would be lost.” The JFK Library Foundation’s award committee said it was honoring Powell for withstanding “years of personal attacks and threats from the highest levels of government”, noting that he “refused to let political forces dictate monetary policy”. Fed decisions were made “based only on our best economic analysis of what would most benefit the people we serve”, Powell said on Sunday. “We do not take into account the fortunes of any political party or politician.” Powell repeatedly defied the US president’s demands for drastic interest rate cuts. Trump’s subsequent attempt to exert greater control over the Fed set the stage for a constitutional showdown that has unsettled global markets for months. Last August Trump announced he was removing Cook, citing what he described as “deceitful and potentially criminal conduct” relating to mortgage transactions, marking the first time in the Fed’s history that a sitting president had attempted to remove a Fed governor. Cook denied any wrongdoing and refused to leave. A federal district judge blocked the firing in September, concluding that Cook’s alleged conduct could not constitute lawful “cause” for dismissal because it occurred before she took office. When the case reached the supreme court in January, both conservative and liberal justices signaled skepticism towards the administration’s position, indicating they were unlikely to grant its request to lift the injunction while litigation continued. A final ruling is expected before the court rises for summer, typically in late June.

Ex-Federal Reserve chair Jerome Powell sounds alarm over political interference
Asia
The Hindu BusinessLine

Nifty may open 150 points lower as investors track RBI policy and global cues

While domestic institutional investors (DIIs) continue to provide support, elevated volatility and weak global market cues are likely to keep traders cautious. | Photo Credit: /iStockphoto Indian stock markets are likely to open negatively on Thursday amid weak global cues. While the focus has now shifted to the RBI’s monetary policy outcome, lingering US-Iran tensions continue to haunt sentiment. The fresh escalation that led to a hike in petroleum prices kept investors on tenterhooks. Ponmudi R, CEO of Enrich Money, a SEBI-registered online trading and wealth-tech firm. “While the renewal of the ceasefire agreement between Israel and Lebanon has provided some relief to regional risk sentiment, broader concerns remain unresolved. Continued hostilities between the United States and Iran, including reports of retaliatory Iranian actions following recent U.S. strikes, have kept uncertainty elevated and limited any meaningful improvement in global risk appetite.” The absence of tangible progress towards a diplomatic resolution continues to leave markets highly sensitive to geopolitical headlines, particularly given the implications for energy prices and global trade flows. Against this backdrop, investor attention is also firmly focused on the Reserve Bank of India’s ongoing monetary policy meeting. Market participants will closely scrutinise the central bank’s assessment of inflation, interest rates and liquidity conditions, while looking for clues on how policymakers view the impact of elevated crude oil prices and persistent global uncertainty on India’s growth and inflation outlook. Any changes in the RBI’s tone regarding future policy direction could significantly affect domestic market sentiment and sectoral positioning, he said. Meanwhile, analysts are also expecting favourable tax announcements from the Government regarding LTCG, given the massive foreign capital outflows. Foreign Institutional Investors (FIIs) have maintained an aggressive selling stance in recent sessions, with sustained outflows acting as a significant headwind for domestic equities. Their selling crossed nearly Rs 2.5 lakh crore in 2026. In contrast, Domestic Institutional Investors (DIIs) have remained consistent buyers, helping absorb a substantial portion of foreign selling pressure and providing an important source of stability for the market, he added. From the derivatives perspective, the options data reflect a balanced-to-cautious setup. Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities, said Significant put open interest is concentrated at the 23,300 and 23,000 strikes, suggesting these levels are likely to provide immediate support. On the upside, heavy call writing is visible at 23,500 and 23,700 strikes, which may cap any recovery attempt. “The PCR stands at 0.98, indicating a relatively balanced positioning. Meanwhile, India VIX surged 6.01% to 16.28, the spike in volatility suggests traders remain cautious and are anticipating larger directional moves in the coming sessions,” he added. Ankur Punj, MD & Business Head at Equirus Wealth, said while markets extended losses, key benchmarks managed to erase most of their losses amid selective buying in banking and telecom stocks. While sentiment remains weak due to the sharp depreciation of the currency and subsequent FII outflows, investors will be closely watching the upcoming monetary policy announcement later this week and the RBI’s outlook on the economy and inflation, given the weak monsoon forecast. Meanwhile, equities across the Asia-Pacific region are down in early deals on Thursday, tracking overnight weakness in the US markets. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

Nifty may open 150 points lower as investors track RBI policy and global cues
Asia-Pacific
The Straits Times

Rupiah near key psychological level that has markets on guard for intervention

The rupiah is Asia’s worst-performing currency in 2026, driven by concerns that elevated oil prices will widen Indonesia’s budget deficit through higher energy subsidy costs. JAKARTA - The Indonesian rupiah is closing in on a key psychological level, putting market watchers on watch for a stronger response from the central bank. The local currency is less than 0.3 per cent away from hitting the 18,000-per-US dollar level after touching a new low on June 3. BNP Paribas, MUFG Bank and PT Mega Capital Sekuritas expect Bank Indonesia to step up market intervention measures, while further raising interest rates as soon as this month. Indonesian authorities have defended round numbers in the past and “18,000 is likely a psychological level market participants will be watching closely,” said Parisha Saimbi, a strategist at BNP Paribas. “Bank Indonesia intervention efforts appear likely to try to stem the pace of currency depreciation.” The rupiah is Asia’s worst-performing currency in 2026, pressured in part by concerns that elevated oil prices will widen Indonesia’s budget deficit through higher energy subsidy costs. A break beyond 18,000 could accelerate foreign outflows from local stocks and bonds, making the level a key test for policymakers seeking to restore confidence in an economy facing mounting headwinds. Investor sentiment toward Indonesian assets deteriorated in 2026 after MSCI warned the country could be reclassified as a frontier market, while Fitch Ratings and Moody’s Ratings revised their outlooks on the sovereign. Concerns have also grown over government efforts to exert greater control over key commodity exports. The nation’s stocks benchmark dropped to a five-year low on June 3 amid the rupiah’s slide and concerns about a potential sovereign rating downgrade. Indonesia’s trade surplus nearly vanished in April as soaring prices for imported oil and gas outpaced export gains, while inflation accelerated in May. “The rupiah stability is a key mandate for BI,” said Lloyd Chan, forex strategist at MUFG. “Given the trajectory of rupiah depreciation, BI will likely have to raise rates again in June,” he said, projecting a 50-basis-point hike. The central bank has rolled out a series of measures to support the local currency and attract inflows, including issuance of rupiah-denominated bills and tightening requirements for US dollar purchases. Last month, it surprised markets with a 50-basis-point rate hike. Its next policy decision is due June 18. Bank Indonesia r(BI) emains in the markets to stabilise the rupiah and to optimize all policy instruments available to maintain foreign-exchange liquidity and to support financial markets stability, it said in a statement on June 3. The central bank’s intensive interventions have come at a cost, with the nation’s foreign-exchange reserves falling further in April to the lowest in nearly two years. Fitch has warned that a sharp decline in the reserves coverage might lead to a negative rating action. “BI will continue to intervene in the markets although the impact won’t be significant” as Indonesia’s fundamental risks are getting bigger, said Lionel Priyadi, a macro strategist at Mega Capital. “It might hike rates by 50 to 75 basis points as soon as this month.” BLOOMBERG

Rupiah near key psychological level that has markets on guard for intervention
Asia
The Hindu BusinessLine

iThink Logistics introduces real-time overseas shipment tracking for Indian sellers

iThink Logistics said the platform is designed to improve customer confidence, enhance seller credibility and address longstanding tracking challenges in cross-border e-commerce. E-commerce logistics tech platform iThink Logistics on Wednesday announced the launch of alive shipment tracking platform for overseas shipments of Indian sellers, including independent makers and MSMEs selling on marketplaces such as Etsy. This capability provides sellers and their international buyers with real-time visibility throughout the entire delivery journey, from pickup in India to final delivery overseas, the company said. "The platform provides a single, continuously updated view of each shipment. This enhances seller credibility on marketplaces, helps boost sales, and increases buyer confidence through live tracking. It also improves reliability and operational efficiency for sellers looking to scale into international markets. It is now available for shipments to the US, UK, Canada, Europe, Australia, New Zealand, Africa, the GCC, the UAE, and more than 220+ countries, the company said. As cross-border eCommerce continues to expand, shipment tracking remains one of the most persistent pain points for online sellers and their customers, it said. Cross-border tracking has long been one of the toughest challenges for India's independent sellers and MSMEs as they take their products to the global market, said Zaiba Sarang, Co-founder and Chief Revenue Officer of iThink Logistics. "A seller in India should be able to track a parcel across continents with the same confidence that a buyer has when tracking a local order. By bringing live, end-to-end visibility to every cross-border shipment, we're helping these businesses expand internationally while delivering a better customer experience worldwide," she stated. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

iThink Logistics introduces real-time overseas shipment tracking for Indian sellers
Asia
The Hindu BusinessLine

Global Travel Meet begins in Kovalam with focus on South Kerala circuits

The three-day Global Travel Meet (GTM) 2026, the first major tourism and hospitality industry event since the UDF government assumed office, commenced at Kovalam, showcasing the unique tourism circuits of South Kerala to domestic and international buyers and sellers. Inaugurating the event, Kerala Transport Minister C.P. John said the government would address the long-pending demand for granting industry status to the tourism sector. He said that tourism contributes between 10 and 20 per cent of Kerala’s Gross State Domestic Product and continues to play a pivotal role in the State’s economy. “Kerala is steadily emerging as a leading leisure tourism destination in Asia. GTM 2026 will provide an excellent platform for tour operators and stakeholders to attract more visitors to South Kerala,” he said. Kandula Durgesh, Andhra Pradesh Minister for Tourism and Culture and the Guest of Honour, said such initiatives would strengthen the tourism marketing potential of South India and enhance regional collaboration. Suman Billa, Additional Secretary and Director General, India Tourism, said Kerala has achieved significant success in the Responsible Tourism segment. However, he stressed the need for the State to adopt a structured growth strategy, noting that its real competitors are not neighbouring States but international destinations such as Vietnam, Indonesia and Thailand. He suggested that Kerala move beyond traditional promotional campaigns and focus on enhancing competitiveness and developing globally scalable tourism destinations. Events such as GTM help democratise the tourism sector by creating opportunities for smaller industry players, he added. The B2B travel and trade exhibition is being jointly organised by the South Kerala Hoteliers Forum (SKHF), Thiruvananthapuram Chamber of Commerce and Industries (TCCI), Thavass Ventures and Metro Mart, in association with Kerala Tourism and India Tourism. Hosted across multiple venues in and around Thiruvananthapuram, the event provides a platform for exhibitors and buyers to forge business partnerships with key global travel and tourism stakeholders. More than 1,000 domestic and international buyers, along with 300 corporate buyers, are participating in the expo to generate new business leads, launch products, strengthen networks, enhance brand visibility and gain market insights. GTM 2026 also features a dedicated HoReCa (Hotels, Restaurants and Catering) Pavilion, showcasing products and solutions for the hospitality sector. The pavilion is designed as a focused platform for business networking, sourcing and collaboration. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Global Travel Meet begins in Kovalam with focus on South Kerala circuits