Close your eyes and think of SpaceX, and the image that comes to mind is likely the giant Starship rocket (unless a chainsaw-wielding Elon Musk still haunts your mind).

But the biggest IPO in history, scheduled for launch this Friday, is just as much about the unwieldy tech conglomerate bottled inside the rocket ship. To justify its $1.75 trillion valuation, the company is banking on X (née Twitter), xAI and Starlink to soar to the moon.

Critical Cargo

In its S-1 filing with the US Securities and Exchange Commission, SpaceX says it has “identified the largest actionable total addressable market (“TAM”) in human history,” worth $28.5 trillion. That’s a gargantuan figure for a company that generated $18.7 billion in revenue and a nearly $5 billion net loss last year. That TAM, SpaceX says, is divided up neatly and equally between its myriad units, divisions, and subsidiaries: “space-enabled solutions” accounts for $370 billion, current revenue driver Starlink accounts for $1.6 trillion, while AI accounts for … $26.5 trillion.

Ok, maybe not so equally.

The AI TAM is also further segmented: $2.4 trillion for AI infrastructure, $1.3 trillion in digital ads and consumer subscriptions and … $22.7 trillion in “enterprise applications.” You’re essentially betting that xAI’s Grok model will leapfrog competitors and emerge at the forefront of a future paradigm-shifting AI revolution. In the present, Grok’s relative underuse compared to rival models has allowed the company to rent out excess compute power. Grok’s biggest rivals are lining up as customers:

• Last month, rival Anthropic inked a deal to pay $1.25 billion per month (you thought your rent was high) through 2029 to be the sole tenant of Colossus 1, a.k.a. the world’s largest data center that xAI built in Memphis, Tennessee to train Grok back in 2024.
• Last week, Google followed suit, agreeing to pay $920 million per month for access to SpaceX data centers; the deal runs through September 2029, though both companies will have the ability to opt out starting next year, SpaceX said in a filing last week. Note: Google’s parent Alphabet is a longtime SpaceX investor and and one of its largest institutional investors, holding a roughly 6% stake in the company.

Goldman Sachs, the IPO’s lead investment bank, has recently pitched institutional investors on a vision of the company’s AI revenue ballooning to $322 billion by 2030, about 100x the division’s 2025 revenue. SpaceX, meanwhile, has pitched the creation of “orbital data centers” as another key growth channel.

Link Up: It wouldn’t be the first time SpaceX grounded itself in the sturdy economics of operating as a futuristic utilities player. Starlink accounted for more than 60% of all SpaceX revenue last year, and Third Bridge sector analyst John Conca told The Daily Upside it is reasonable to expect its subscriber base of mostly rural clients could grow from around 12 million to around 30 million as it matures into a true wireless alternative with the further development of “direct-to-device” technology. Telecom companies are taking notice; last month, Verizon, AT&T and T-Mobile formed a joint venture to employ satellites to address rural coverage gaps. In the meantime, Conca said that Starship remains the biggest inhibitor of Starlink’s ceiling. The same could be said for any plans for orbital data centers. Maybe the SpaceX IPO is all about the rocket ships after all.

Tim Cook closed out his final Worldwide Developers Conference as Apple’s CEO by saying he truly believes the best is still ahead.

The keynote presentation of Apple’s annual developers conference felt like a farewell sendoff for Cook, who received a standing ovation from the crowd after being introduced by exec Craig Federighi and his famous hair (he’s nicknamed “Hair Force One”).

WWDC’s focus this year seems to be on fixing some recent flops before Cook passes the baton to hardware engineering SVP John Ternus, who’ll take over the helm in September. That’s just in time for Apple’s fall launch of fresh iPhones.

Prepping for Apple-Picking Season

WWDC is all about software and building hype for what the next generation of hardware will be capable of. While WWDC is aimed more at developers than shoppers, its announcements can lead to stronger sales of products that come out in the fall.

This year’s WWDC, whose tagline was “All Systems Glow,” fixed a few launches that didn’t go over so well. Presenters showed off an updated “Liquid Glass” aesthetic that’ll let iPhone users slide opacity for notification bars that critics said were too glassy to read. And of course, there was lots of AI:

• Siri AI is getting a makeover, leveraging Google Gemini under the hood to make this version of Apple’s chatbot better than its last iteration. Presenters demo’d Siri performing tasks like planning a park-hopping itinerary through NYC, analyzing financial documents, and renaming a pet hedgehog (exactly what everyone’s been needing AI to do). Another demo showed Siri AI setting a reminder to sign up for a Suki Waterhouse ticket lottery.
• Apple Intelligence will let users vibe-code on Shortcuts, taking AI a step further. For instance, they could add a shortcut for, per the presentation, “When I’m leaving work message Pedro I’m on my way with my ETA.”

Apple First: Apple’s counted on partners to supplement its AI abilities as it’s spent less on developing its own tech compared to peers. But it also prioritized its own ecosystem over partners’ interests. Apple’s earlier partnership with OpenAI fizzled, and Bloomberg reported that the AI startup is plotting a lawsuit against Apple after the partnership failed to drive adequate traffic to ChatGPT. Apple’s latest updates could make iPhone users close the ChatGPT tab or app on their phone and use Apple’s built-in AI instead. But Google shouldn’t grow too cozy. Apple’s first focus is still on keeping users within its own ecosystem, as showcased many times in demos yesterday that saw users move between Apple Photos, Apple Maps, and Apple Safari.

For reasons ranging from young people moving away from bars and pubs towards less alcohol-centric forms of socializing to people possibly being traumatized for life by the abomination that is a Bud Light Clamato Chelada, beer and alcohol consumption has been on a slow, steady decline. According to alcohol industry data provider IWSR, global beer sales volumes fell by 1% last year while selling for a slightly higher overall value.

Belgian-American Anheuser-Busch InBev, the world’s largest brewer and producer of megabrands like Corona, Bud Light, and Stella Artois, bucked the trend when it reported earnings last month. As the official beer sponsor of the World Cup, analysts say it’s about to get another lift as fans spend the next five weeks variously celebrating their victories and drowning their sorrows in officially sanctioned Budweiser and Michelob Ultra.

An Unsung Hero Emerges

AB-InBev’s earnings last year looked like an exaggerated version of global trends. Total sales volume fell 2.3% year-over-year, with beer volumes down 2.6%, but management offset the decline by hiking prices. This, along with slashing costs, helped fuel a 14% jump in earnings to $8.5 billion even while revenue declined just 0.7% to $59.3 billion.

Last month, however, the company turned expectations on their head, like a red solo cup at the edge of a frat table party during a round of flip cup. The brewer posted a 0.8% organic volume increase in the first three months of 2026, defying Wall Street predictions of a 0.3% decline. Record beer volumes in key Latin American markets, namely Mexico, Columbia and Brazil, outweighed declines in North America. This is all before these and other soccer-happy markets get the chance to drink themselves into a Messi-inspired messy stupor, which analysts at investment bank Jefferies has put AB-InBev “in the sweet spot to benefit from FIFA upside”:

• This year’s tournament schedule was designed for boozing, with Jefferies observing that “match timing is the unsung hero of World Cup beer consumption.” They estimated that 84% of games line up within the beer-friendly times of 5 p.m. and 11 p.m. for the participating countries.
• AB InBev’s American depository receipts are already up 21.7% this year on the Nasdaq in 2026. Jefferies expects the World Cup will lift industry volumes by 0.3% for the year, adding: “After five successive years of volatility, beer should be better in 2026.”

On Home Turf: As co-host nations, the US, Canada and Mexico can expect their people to guzzle more than their fair share of the extra billion pints on order. Looking at previous World Cups, Jefferies said beer sales during the tournament period rose 2.6% for hosts Germany in 2006 and South Africa in 2010, 4.8% in Brazil in 2014, 5.3% in Russia in 2018, and 26% in Qatar in 2022.