SpaceX posted a 92% rise in quarterly revenue, reporting $7.8bn in the second quarter, well above analysts' estimates of $6.82bn. The company's AI revenue more than tripled to $2.56bn, driven by deals with rivals including Anthropic and Google. These partnerships added $1.6bn in revenue but limited SpaceX's ability to train its own AI models. The surge follows SpaceX's historic IPO that raised a record $86bn, though shares have since lost nearly half their value. The stock peaked at $225 post-IPO but has since shed over $1tn in market capitalization.

Elsewhere, US primary elections approach with polls closing soon in Michigan, Virginia, and Missouri. India is set to announce its interest rate decision, while the Bank of Japan will release minutes from its June monetary policy meeting. Honda, Disney, and Novo Nordisk are among companies reporting results today.

In global news, Washington and Tehran may finalize a deal on the Strait of Hormuz, boosting Wall Street to record highs. India proposes extending tax exemptions for foreign investors like Apple to strengthen its tech supply chain. Toyota announced a ¥1tn share buyback amid declining profits, while Ukrainian drones targeted Russian retail logistics. Google's $150bn infrastructure financing program supports AI chip supply to Anthropic.