Public Markets 3 Hours

Last updated: May 20, 2026, 8:31 PM ET

Space & Tech IPOs

SpaceX filed for its long-awaited IPO, with regulatory documents revealing the company remains unprofitable while CEO Elon Musk retains control of 85% of the vote. The filing also positions Musk ally Antonio Gracias, who holds a 7.3% stake through Valor Equity Partners, to earn billions should the offering proceed. Separately, SoftBank Group-backed digital infrastructure firm SB Energy Corp. plans to file a confidential draft registration statement for a U.S. IPO targeting data center expansion. Meanwhile, Asian equities were set to climb Thursday after Nvidia shares whipsawed on a lukewarm response to its sales forecast, even as Wall Street posted gains on optimism over U.S.-Iran talks. Samsung and TSMC are driving a historic AI stock boom that is reshaping markets in Korea and Taiwan, though questions are emerging about who ultimately benefits from the rally.

Real Estate & Commodities

Two of the largest apartment REITs by value, AvalonBay Communities and Equity Residential, are nearing a combination that would create a multifamily giant, according to people familiar with the matter. The tie-up underscores the industry's push to consolidate ahead of rising capital costs. In commodities, oil inched higher after plunging the prior session as President Trump said the U.S. is in the "final stages" of a deal with Iran. Gold steadied near $2,340 as truce optimism eased bets on interest-rate hikes, though yields ticked up slightly keeping the nonyielding metal under mild pressure. The stronger yuan is squeezing Chinese exporters on a scale rarely seen in recent years, complicating Beijing's efforts to manage currency gains.

Geopolitics & Government

President Trump's administration moved to shield the first family from IRS audits through a settlement that grants tax immunity, part of a broader effort that appears to violate the administration's own policies regarding a $1.8 billion fund for allies alleging government mistreatment. No previous president has used federal agencies to advance personal interests as expansively. On the regulatory front, SEC Chair Atkins delayed the launch of prediction-market ETFs as the agency weighs how far novel wagering products can go. The U.S. charged Raúl Castro, increasing pressure on Cuba, while Thailand tightened visa rules limiting tourists from dozens of nations including the U.S. to 30-day stays.

Workforce & Markets

Meta employees turned to AI-generated layoff songs after the company cut 8,000 jobs, part of a broader wave of automation. Cloudflare is replacing middle managers and operations roles with AI, a trend spreading across tech. China's Raizen SA races to secure creditor backing for a debt restructuring plan, calculating it has enough support from bank creditors and local noteholders to proceed over objections from offshore bondholders. Over in Germany, critics argue the country is pursuing a slow industrial suicide through de-industrialization policies favored by the climate movement.