The biggest IPO ever?

Hey Superheroes,

It’s been a volatile week for global markets. 

Oil has been driving the narrative. Prices surged above US$107 a barrel after fresh conflict in the Middle East, before pulling back on signs of possible diplomatic progress.

Markets felt it. The S&P 500 fell 1.74% in a single session, while the Nasdaq dropped 2.38% and closed in correction territory, now more than 10% off its recent highs.

Back home, the ASX 200 is down roughly 6% month-to-date. Rising energy costs and rate hike concerns are weighing on sentiment.

Here are this week’s biggest stories.

SpaceX is shooting for the moon. This time on the stock market.

One of the most anticipated market events in history just got very real. 

Elon Musk’s SpaceX is preparing to go public. If it happens, it could break every record.

🚀 The numbers are out of this world

SpaceX is reportedly targeting a US$75 billion (A$108 billion) raise. That’s more than double the largest IPO in history.

At a valuation above US$1.75 trillion, it would rank among the biggest companies in the U.S. market. Bigger than Meta, even bigger than Tesla.

Timing is still flexible, but a Nasdaq listing could come as early as June.

🤖 xAI is part of the package

The valuation scaled further when you factor in that SpaceX recently acquired Musk’s AI startup xAI in a deal that valued the combined entity at US$1.25 trillion. 

That means investors aren’t just getting rockets and satellites. They’re also getting exposure to one of the fastest-moving areas in tech. It’s a space and AI play in one.

🛰️Why this matters

SpaceX has evolved well beyond launches.

Starlink is building a global internet network. Starship is opening up commercial space opportunities. And now AI is part of the mix.

This is infrastructure, technology and data all rolled together.

Some analysts are calling it a “generational company.” But early trading could be volatile, with hype, index buying and profit-taking all hitting at once.

💼 Can’t wait? Here’s how Aussie investors can get early exposure

For those who don’t want to wait for the IPO, a handful of funds already hold SpaceX as a private company. 

• Baron Partners Fund (BPTRX) has it as its largest position
• ARK Venture Fund (ARKVX) holds a significant stake
• The Private-Public Crossover ETF (XOVR) offers close to 45% exposure

As always, these carry significant concentration risk, so do your homework before jumping in.

Fortescue’s $1B bet on AI and going green

Fortescue (ASX:FMG) is trying something different this time.

After some ambitious bets that didn’t quite land, the company is now focusing on AI and automation to cut costs and reduce its reliance on diesel.

⚡ Inside “The Hive”

At the centre of the strategy is an AI hub in Perth. It monitors weather across solar farms, manages logistics at Port Hedland, and optimises operations across the network. One internal tool is even learning how engineers solve complex problems in real time.

It’s all about running a smarter, more efficient operation.

💰 The dollar case for going green

Here’s the kicker: this isn’t just about the environment. Fortescue estimates it could save up to US$4 per tonne of iron ore by cutting diesel use. Across current production, that’s close to US$800 million a year.

Robots are already installing thousands of solar panels daily. The company is also aiming to remove nearly 1 billion litres of diesel use each year.

🤔 But hasn’t Fortescue been here before?

Yes, Fortescue has made big promises before. But this shift is supported by the company’s internal economic projections. With oil prices rising, moving away from diesel is no longer optional. It’s a competitive advantage.

🔮 What’s next

Fortescue now believes it can reach real zero emissions by 2028.

It’s investing in green iron projects and replacing diesel trucks with electric alternatives. But if it pulls it off, the savings alone could fundamentally change Fortescue’s cost position relative to rivals BHP and Rio Tinto.

🔦 Some other things we’re shining the Spotlight on:

SOUL PATTS DELIVERS STRONG RETURNS: Washington H. Soul Pattinson (ASX:SOL) reported a rise in underlying growth, with profits rising and its private credit portfolio delivering around 15% annual returns over several years. The company has also built a strong cash position, ready to deploy into new opportunities.

WESTPAC’S UNITE COSTS KEEP CLIMBING: Westpac’s (ASX:WBC) Unite program is progressing, but costs are climbing. Management remains confident, though analysts are flagging execution risks as the bank works to simplify and unify its systems.

4DMEDICAL CONTINUES ITS RUN: 4DMedical (ASX:4DX) has surged nearly 1,900% over the past year. The latest boost came from deployment at the Mayo Clinic, marking a major step in its global expansion. With more approvals in progress, the company is continuing its current expansion phase.

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