SpaceX Slips Below IPO Price as Trillion-Dollar Bet Unwinds
SpaceX fell below its $135 IPO price for the first time on Tuesday, touching an all-time low of $132.75 and erasing more than $1tn in market value since its peak. The stock is down 40% from its high just one month after a record $86bn debut, and one week after joining the NASDAQ 100 - meaning index funds bought in ahead of a 10% slide. Lockup expirations have yet to hit, with another 7% of the company eligible to be sold by insiders two days after the August earnings report. A discounted cash flow model at Morningstar puts fair value at $62 a share, less than half the current price.
New York Pulls the Plug on AI Data Centers
Governor Kathy Hochul signed an executive order pausing state permits for the largest AI data centers for one year, the first statewide moratorium in the US. Local opposition has already delayed or blocked roughly $130bn of projects in the first quarter, with seven in ten Americans opposed to data centers in their own community. Vermont and Maine passed similar moratoriums earlier this year, both vetoed by their governors, with Oregon and Washington seen as likely followers.
Trump's Face Lands on New US Gold Dollar Coin
The Treasury Department will begin producing $1 gold coins bearing the likeness of President Donald Trump, making him the first sitting US president to appear on national currency. Treasury Secretary Scott Bessent framed the coin as a celebration of American values. The move places Trump alongside a roster of foreign leaders who put themselves on money while in office, including Saddam Hussein, Muammar Gaddafi and Mao Zedong.