Good Morning! SpaceX closed up 19% in its historic IPO debut, making Elon Musk the world's first trillionaire and valuing the rocket maker at $2.1T. JPMorgan marked it with a 57th-floor party, buffet dinner and "dessert in the stars" included. And Jamie Dimon says remote work breeds "rope-a-dope politics" and stunts young workers.

Sleep Number is filing for bankruptcy and merging with Sleep Country Canada. A 5-mile Hamptons street is driving hundreds of millions in home sales. And Yum Brands is nearing a deal to sell Pizza Hut to private equity.

Plus: How data centers in space could become reality, Vanguard ended BlackRock's 20-year reign atop the US ETF market, and the Harvard grad now playing for US soccer.

The T-REX 2X Long SpaceX Daily Target ETF (SPAX) is now live, seeking 2x SpaceX's daily performance. Check it out here.

SQUEEZ OF THE DAY

Apollo Heads to Y’all Street

Apollo Global Management, the private equity megafund with over $1 trillion in assets, reportedly picked Austin, Texas for its second U.S. headquarters, choosing the booming tech hub over Florida as Wall Street continues building major operations outside Manhattan. Apollo says the move is about talent: recruiting people who don't want to live in New York, pay New York prices, or organize their entire life around Midtown rent and state income tax. 

Apollo will keep running its empire from 9 West 57th Street. But the timing is notable. Citadel's Ken Griffin just doubled down on Miami after his very public feud with Mayor Mamdani over a tax-the-rich video. Now Apollo is planting a flag in Austin. New York's relationship with big finance is starting to look a little bit strained.

Austin makes sense on paper. Texas has no state income tax, a growing tech ecosystem, business-friendly courts, and a state government actively recruiting corporate America away from New York and California.

Goldman is building a $500 million tower in Dallas. Wells Fargo just opened an 850,000-square-foot campus outside the city. Vanguard, Fidelity, Oracle, Tesla, Meta, and Google have all expanded across Texas. The Texas Stock Exchange is also preparing to launch, and both Nasdaq and the NYSE have opened Texas outposts.

Apollo also gets proximity to the capital it actually wants. Austin is home to the University of Texas system's $80 billion-plus endowment and the Teacher Retirement System of Texas, exactly the kind of institutional clients Apollo courts across private equity, private credit, infrastructure, and insurance.

And then there's the detail that makes this story perfect: Apollo reportedly chose Austin over Florida partly because of concerns about the lack of suitable private schools in Florida. So after all the analysis of tax policy, talent pipelines, and institutional capital, the deciding factor for where a trillion-dollar firm plants its second flag may have come down to where partners feel good about where their kids get into kindergarten. 

Takeaway: A second HQ in Austin isn't just cheaper real estate. It's a strategic position near talent, tech, capital, and clients all at once. Finance firms still want access to New York, but they no longer need all their growth to happen there. Wall Street is going multi-state. Texas is becoming a real finance hub, not just a tax-friendly afterthought. And New York is learning that even the firms on 57th Street have options.

PRESENTED BY T-REX

SpaceX Just Went Public. SPAX Is the 2X Version

SpaceX (Nasdaq: SPCX) went public this week in the largest IPO in history. REX Shares launched SPAX, the T-REX 2X Long SpaceX Daily Target ETF, now trading on NYSE Arca.

SPAX seeks 200% of SpaceX's daily performance, before fees and expenses. If SPCX moves 1% in a day, SPAX targets 2%. One ticker covering rockets, Starlink, and xAI, built for active traders.

SPAX is part of the T-REX lineup of daily 2X long and inverse ETFs across 40+ tickers from REX Shares and Tuttle Capital Management.

Visit rexshares.com/spax for the prospectus and risk disclosures. Investing in SPAX is not equivalent to investing in SpaceX.

HEADLINES

Top Reads

• SpaceX makes Nasdaq debut at $150 after pricing at $135 (WSJ)

• JPMorgan Chase has a key role for SpaceX's IPO: party host (WSJ)

• Jamie Dimon says remote work breeds ‘rope-a-dope politics’ and stunts young workers’ growth (Fortune)

• Sleep Number to enter bankruptcy, combine with Sleep Country Canada (WSJ)

• The 5-mile Hamptons street driving hundreds of millions in home sales (WSJ)

• Yum Brands reportedly nears deal to sell Pizza Hut to private equity firm (WDRB)

• How data centers in space could become a reality (Axios)

• Vanguard ends BlackRock's 20-year run atop US ETF market (BB)

• Hedge funds face $525 million clawback as appraisal bet sours (BB)

• The 400-year-old lesson for SpaceX investors: chart of the day (Yahoo Finance)

• Big banks just reaped a windfall with SpaceX IPO trophy (Yahoo Finance)

• Citadel backs hedge fund Toms Capital with $500 million in rare move (BB)

• There's a bug in the gold trade as miners move like meme stocks (BB)

• ChatGPT hits a billion monthly app users despite souring public AI sentiment (CNBC)

• JetBlue bets big on Fort Lauderdale, from a new airport lounge to an international gateway (CNBC)

• Anthropic disables access to Fable 5 and Mythos 5 to comply with government directive (CNBC)

• See the VCs and family offices at the core of the mega IPO wave (WSJ)

CAPITAL PULSE

Markets Rundown

Market Update

• Stocks extended their rally as U.S. and Iranian officials signaled progress toward a potential peace agreement.

• Oil prices fell to approximately $84 per barrel, near post-conflict lows, boosting risk sentiment globally.

• The Russell 2000 led major U.S. indexes with a 0.8% gain, while the Nasdaq lagged.

• Treasury yields were little changed, while the U.S. dollar weakened as investors rotated toward risk assets.

• Reports suggest a potential agreement could be announced around the G7 summit this weekend.

IPO Activity

• SpaceX surged following its record-setting $75 billion IPO, closing roughly 18% above its offering price after trading as much as 31% higher intraday.

• Trading volume was exceptionally strong, highlighting significant investor demand for high-profile AI and technology-related offerings.

• The successful debut could pave the way for potential IPOs from OpenAI and Anthropic later this year.

Fed Watch

• The Federal Reserve meeting next week will be a key focus for markets.

• Investors will closely watch Fed Chair Kevin Warsh's comments for signals on the future direction of monetary policy.

• Markets have scaled back expectations for additional rate hikes as oil prices have declined in recent sessions.

Movers & Shakers

• (+) SpaceX ($SPCX) +19% after closing around $161 in its record-breaking IPO and pulling the broader market higher.

  (–) Adobe ($ADBE) -7% because CFO Dan Durn announced he would depart June 15 to become Marvell's CFO.

• (–) EchoStar ($SATS) -11% after SpaceX's IPO triggered a sell-off in proxy plays, with investors rotating from indirect exposure into the newly listed shares directly.

Prediction Markets

• That decimal point stands for almost double the wealth of Larry Page at #2.

• Trade on real-world events with Kalshi. Use code OWS to get a $10 bonus when you trade $10.

Private Dealmaking

• KKR agreed to buy a majority stake in Crowe, an accounting firm, for nearly $3 billion

• Koho, a Canadian neobank focused on the underbanked, raised around $130 million

• PhoenixAI, an agentic database developer, raised $80 million

• Climate First Bancorp, the parent company of Climate First Bank and OneEthos, raised $67 million

• Town, a developer of personalized AI assistants, raised $55 million

• Endurance Energy, a developer of subsea geothermal power systems, raised $54 million

For more PE, VC & M&A deals, subscribe to our Buysiders newsletter.

BOOK OF THE DAY

More Money, More Life

Description:
A practical and empowering personal finance guide from Sarah Bennett-Nash focused on helping women take control of their financial future. The book combines actionable money strategies with mindset shifts, addressing everything from budgeting and investing to financial confidence and long-term wealth building. It emphasizes using money as a tool to create freedom, reduce stress, and fund the life you truly want rather than simply accumulating wealth for its own sake.

Book Length: 272 pages
Release Date: May 8, 2025

Ideal For:
Women looking to improve financial confidence, eliminate money stress, build wealth, and align their finances with their personal goals and ambitions.

Financial freedom is not about having more money, it is about having more choices for how you live your life.

DAILY VISUAL

Anthropic Leaving OpenAI Behind

PRESENTED BY COVERD

The Spread is Coverd

Coverd already turns spending into a winnable game. Now it's unlocking sports prediction. The newest app feature lets you forecast sports outcomes, which go directly toward paying down what you’ve already spent. 

Most prediction markets require cash up-front to participate. Coverd provides entry based on the purchases you have already made.

Pair that with their card - launching soon - and every swipe gets a second life, one that works in your favor.

Download the app today and start earning.

DAILY ACUMEN

Maintenance Due

Nothing stays won. The marriage that thrived for a decade can quietly starve in two years of neglect. The fitness built over five years erodes in one. The reputation, the friendship, the skill, the culture of a team, all of it is in a constant state of slow decay that only ongoing effort offsets.

This is the part of success nobody advertises. There is no finish line where the thing you built becomes permanent. There is only maintenance, forever, on everything you care about. The people who seem to have it all together are not done. They are just current on their payments.

The question is never only what you want to achieve. It is what you are prepared to keep maintaining, because anything you stop tending has already started leaving.

ENLIGHTENMENT

Short Squeez Picks

• Why do teams fail?

• 5 psychology lessons that will curtail your anxiety

• The Harvard grad playing for U.S. soccer

• How to improve public speaking for thought leadership

• How elite sport coaches make high-pressure decisions

MEME-A-PALOOZA

Memes of the Day

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