Good Morning! SpaceX is eyeing a June IPO at a $1.5T valuation, timed to a planetary alignment and Elon Musk’s birthday. Robinhood is working with banks to secure SpaceX shares for retail traders. JPMorgan and BofA will match up to $1,000 in employee contributions to “Trump accounts.”

Allbirds, once the favorite shoe of tech bros, is shutting all U.S. stores and pivoting to a wholesale model. Gold surged above $5,500 for the first time after the Fed held rates steady. And the S&P 500 opened above 7,000 for the first time ever.

Plus: Meta jumped 10% after hours on a strong outlook and Microsoft beat with $81.3 billion in revenue but still saw its stock slip.

Messy data rooms slow deals down. F2 helps teams resolve discrepancies and move through diligence up to 75% faster.

SQUEEZ OF THE DAY

Private Equity Smells Liquidity

Blackstone might have bought Jersey Mike’s for $8 billion last January. But barely a year later, the PE fiant is already lining up the exit.

Blackstone is reportedly preparing an IPO for the 3,000-plus-location sandwich chain, and is working with Morgan Stanley, JPMorgan, and Jefferies on a potential Q3 listing. 

The target valuation is at least $12 billion, with more than $1 billion expected to be raised in the offering. If it prices there, Blackstone would be marking up its investment by roughly 50% in 18 months.

It’s a surprisingly quick turnaround, even by private equity standards. Since the acquisition, some loyal customers have complained about shrinking portion sizes. But, in an IPO, public investors would ultimately decide what multiple the business deserves.

An IPO could be a gamble for Blackstone and Jersey Mike’s. Consumer IPOs have been scarce ever since the pandemic, and several notable publicly-traded chains like Chipotle, Cava, and Sweetgreen struggling, a successful Jersey Mike’s listing would test whether franchised cash-flow companies are back in favor and whether public markets are ready to reopen for sponsor-owned brands.

For Blackstone, IPOs could be a lucrative way for the firm to exit some of its private equity portfolio companies. After helping take Medline public in one of last year’s largest listings, the firm is actively reopening the IPO window. Jersey Mike’s would be another proof point that exits are back and that private equity can still manufacture liquidity when markets cooperate.

Takeaway: Private equity has been stuck holding assets since the 2022 IPO window slammed shut. But now, sponsors are desperate for liquidity. If Blackstone can buy Jersey Mike’s at $8 billion and float it north of $12 billion in under two years, it won’t just be a win on one investment; it will signal that public markets are willing to reprice sponsor-owned cash-flow stories again. And if that happens, expect the floodgates of PE-backed IPOs to open right behind it. 

PRESENTED BY F2

From Messy Data Room to Confident IC

Whether you're a private credit analyst scrubbing through the latest data room drop to track cash flow updates, or a PE associate updating the operating model with the latest numbers from the management team, F2 helps you make sense of messy data rooms.

The platform scans the entire data room, identifies key financial metrics, and flags discrepancies across all sources. Teams see conflicting numbers side by side, understand why they differ, and determine which figures are underwriting-ready, all with full auditability.

Leading deal teams across private credit, private equity, and banking are using F2 to automate end-to-end workflows and cut diligence time by up to 75%.

See F2 in action.

HEADLINES

Top Reads

• SpaceX weighs June 2026 IPO at $1.5 trillion valuation (YF)

• Robinhood to vie for key retail role in mega SpaceX IPO (BB)

• JPMorgan and BofA announce $1,000 Trump account match as retirement support deepens (YF)

• Allbirds to close all US retail stores and shift to wholesale model (CNBC)

• S&P 500 tops 7,000 for the first time ever (Axios)

• Gold jumps above $5,500 as Fed keeps rates unchanged (YF)

• Ex-Lazard banker Justin Kim working on insider trading plea deal (BB)

• Meta stock climbs on Q4 earnings beat, plans to spend as much as $135 billion on AI build-out in 2026 (YF)

• Microsoft shows gain on OpenAI investment after restructuring as cloud growth slows (CNBC)

• Starbucks posts first quarter of US sales growth in 2 years as CEO Niccol says plan is working (YF)

• Autonomous startup Waabi raises $750 million to expand into robotaxis (CNBC)

• Fed leaves rates steady, cites "solid" growth (Axios)

• TikTok U.S. stumbles into controversy right out the gate (Axios)

• Papa John's hopes this nostalgia-inducing pizza brings people back (CNN)

• It's a feel-bad job market for high-earning professionals (Axios)

• Companies rush to refinance as credit looks good  (Axios)

• Columbia Sportswear and Breakside Brewery launch Nature Calls beer with bear poop (Axios)

CAPITAL PULSE

Markets Rundown

Market Update

• U.S. equities edged lower on Fed Day, with the S&P 500 briefly touching 7,000 before pulling back

• Energy and technology led gains, while real estate lagged on higher yields

• Treasury yields moved higher, with the 10-year near 4.24%

• Asian markets finished higher overnight; European equities closed lower

• The U.S. dollar strengthened following comments that the U.S. will not intervene to support the Japanese yen

• WTI crude traded higher, supported by a weaker recent dollar trend and U.S. weather disruptions

Economic Data Highlights

• The Fed held rates steady at 3.5%–3.75%, as widely expected

• The FOMC noted a stabilizing labor market and inflation still above target

• PCE inflation stands at ~2.8%, indicating slower progress toward the 2% goal

• Policy now appears near neutral, with the Fed signaling a patient stance

Sector Trends

• Energy benefited from higher oil prices

• Technology gained ahead of major earnings

• Real estate underperformed as yields moved higher

• Broader leadership continues to expand beyond mega-cap tech

Earnings

• Q4 S&P 500 earnings expected +9.6% YoY, led by technology (+25%+)

• Eight of eleven sectors are forecast to post earnings growth

• 2026 earnings expected to rise ~14%, supporting continued equity upside despite elevated valuations

Movers & Shakers

• (+) Intel ($INTC) +11% after Nvidia and Apple could sign new chipmaking contracts with the company.

• (+) Texas Instruments ($TXN) +10% because the semiconductor company beat earnings.

• (–) LVMH ($LVMH) -6% after the luxury stock delivered mixed results.

Prediction Markets

• Who is your pick to win the Australian Open?

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

Private Dealmaking

• Prosperity Bancshares, a regional banking company, bought Stellar Bancorp for $2 billion

• Waabi, a developer of autonomous driving solutions, raised $750 million

• Cellares, a cell therapy manufacturing platform, raised $257 million

• Flapping Airplanes, a data efficiency and frontier AI research lab, raised $180 million

• Property Finder, an online property portal serving the Middle East and North Africa, raised $170 million

• Redwood Materials, a battery recycling and grid storage company, raised $125 million

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

BOOK OF THE DAY

Deep Listening

Description: A powerful communication guide built around an eight step method for truly hearing others in an age of distraction and division. Kasriel, a former BBC journalist and mediator, shows how shifting from surface level listening to deep, empathetic presence can transform relationships, resolve conflict, strengthen leadership, and rebuild trust. Blending science, real world stories, and practical exercises, the book offers a clear path to more meaningful conversations and stronger human connection.

Book Length: 352 pages
Release Date: June 24, 2025

Ideal For: Leaders, communicators, families, professionals, and anyone who wants deeper relationships, better conversations, and more empathy in daily life.

“Listening is not about waiting to speak. It is about choosing to understand.”

DAILY VISUAL

Meta Has Made $813B From Ads Since 2019

PRESENTED BY EQUIPMENTSHARE

EquipmentShare Enters the Public Markets

EquipmentShare rang the bell earlier this month, marking a new chapter for the company founded in 2015 in Columbia, Missouri. The company operates a national equipment rental platform that combines a modern fleet with technology-enabled systems, serving customers focused on safety, efficiency, and jobsite productivity.

Company highlights:

• Revenue grew from $1.5M in 2015 to more than $4B as of September 30, 2025

• Profitable since 2020, with a reported 143% compound annual revenue growth

• 373+ locations across 45 states and more than 7,700 employees

• Plans to expand to approximately 700 rental locations over the next five years

Learn more about EquipmentShare and its next chapter here.

For informational purposes only. Not investment advice.

DAILY ACUMEN

Lindy Effect

The Lindy Effect states that the future life expectancy of non-perishable things is proportional to their current age. A book that's been in print for 100 years will likely be in print for another 100.

This means old ideas are often more valuable than new ones. Stoicism has survived 2,000 years. The longer something's been around, the longer it's likely to stick around.

Most people do the opposite. They chase the new framework, the latest diet, the trending strategy. But the newest ideas have the highest mortality rate. Most will be forgotten by next year.

Apply Lindy to your decisions. Read old books before new ones. Learn time-tested skills before trendy ones. Study businesses that survived decades.

Learn what's survived because survival itself is evidence.

ENLIGHTENMENT

Short Squeez Picks

• If you want to regulate your nervous system, make yourself uncomfortable

• How to define resilience

• Why leaders need to be less nice and more good

• Why white-collar workers shouldn’t dismiss a blue-collar career change

• There’s never been a better time to eat Chinese food

MEME-A-PALOOZA

Memes of the Day

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