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Top stories today:
- SpaceX hits $2.65T, becomes world’s 5th-largest company
- Snap unveils $2,195 “fully standalone” AR glasses with 51-degree FoV
- Fed seen holding rates as markets eye Warsh
- Z.ai’s GLM-5.2 debuts as the top open-weights AI model
- Apple’s AI camera AirPods slated for 2027
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
Listen to our AI-generated podcast summarizing today’s newsletter (beware of hallucinations):
1. SpaceX hits $2.65T in market value, becomes world’s 5th-largest company
SpaceX has surpassed Amazon, as its post-IPO rally reached 49%:
Only ~4.2% of shares were freely tradable at debut, helping fuel continued buying pressure.
A $60B agreement to acquire Cursor was announced by SpaceX on Tue.
Q3 2026: the deal is expected to close; otherwise, SpaceX would owe a $4B-$10B termination fee.
Tue.: SpaceX closed +5% after rising ~12% intraday and briefly overtaking Microsoft’s $2.93T market cap.
SpaceX generated $18.7B in revenue in 2025, versus Microsoft’s $281.7B and Amazon’s ~$717B
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3. Snap unveils $2,195 “fully standalone” AR glasses with 51-degree FoV, prescription support
Shipping this fall in the U.S., UK, and France.
Available in 47mm and 52mm sizes, weighing 132g and 136g, respectively.
Both lenses can display content.
Powered by 2 Snapdragon processors.
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*Sponsored.
5. Fed seen holding rates as markets eye Warsh
