US Job Openings Soar

SpaceX is taking its IPO show on the road Thursday, with Reuters reporting the Elon Musk-led space company has set its sights on a valuation as high as $1.75 trillion when factoring in the greenshoe option, a figure that would cement this as the most valuable public market debut ever recorded. The deal’s structure is being set up as an all-primary offering, with the minimum raise pegged at $75 billion, meaning fresh capital flows straight to the company rather than lining the pockets of insiders looking for an exit.

Musk and SpaceX’s earliest backers are not selling a single share. If investor appetite runs strong enough to trigger the greenshoe, underwriters can put additional shares into the market beyond the base deal, though if demand disappoints, the final valuation could come in below the headline number. Expect pricing to follow within one to two weeks of the roadshow concluding

Cleveland Fed President Beth Hammack added a hawkish note to Tuesday’s tape, suggesting that current monetary policy may not be restrictive enough to bring inflation back down to the Fed’s 2% target. Speaking at the City Club of Cleveland, Hammack warned that waiting for proof that inflation has become entrenched in the economy could force the central bank into larger and more costly adjustments down the road.