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Here Are 7 Important Things Investors Learned from SpaceX’s S-1 Filing


SpaceX, the aerospace and artificial intelligence (AI) company founded by Elon Musk, recently filed its S-1 prospectus ahead of its eagerly anticipated IPO. Let’s review seven of the most important facts and figures from that filing — and if they make SpaceX and IPO to embrace or avoid.

1. SpaceX’s growth is cooling, and it’s racking up steep losses

In 2025, SpaceX’s revenue rose 33% to $18.67 billion. But in the first quarter of 2026, its revenue only grew 15% year over year to $4.69 billion.

SpaceX generated a net profit of $791 million in 2025. Still, it posted a net loss of $4.94 billion in 2026 after it recast its financial results to reflect its acquisition of xAI — which owns X (formerly known as Twitter) and the Grok AI platform — this February.

Image source: Getty Images.

2. SpaceX is still mostly Starlink

SpaceX’s connectivity business, which houses its Starlink satellite business, accounted for 61% of its 2025 revenue and 69% of its revenue in the first quarter of 2026. The segment’s revenue rose 50% in 2025 and 57% year over year in the first quarter of 2026, but its average monthly revenue per user (ARPU) dropped from $81 at the end of 2025 to $66 in the first quarter.

On the bright side, Starlink’s growing subscriber base, which reached 10.3 million in the first quarter — along with a 59% reduction in the manufacturing costs of its terminals in 2025 — kept the connectivity segment firmly profitable.

But that segment is still SpaceX’s only profitable business: it generated an operating profit of $4.42 billion in 2025, but that was more than offset by the space segment’s operating loss of $657 million and the AI segment’s operating loss of $6.36 billion.

In the first quarter of 2026, the connectivity segment generated an operating profit of $1.19 billion — but that was erased again by the space segment’s operating loss of $619 million and the AI segment’s operating loss of $2.47 billion. Therefore, investors should expect its satellite business to continue to subsidize its Falcon rocket launches and AI expansion for the foreseeable future.

3. The AI business will remain a money pit

SpaceX plans to keep ramping up its AI infrastructure spending. Meanwhile, X’s higher-margin advertising revenue declined by $100 million year over year — which puts more pressure on the social media subsidiary to expand its paid subscriptions. In other words, the AI business will likely remain a money pit and the company’s weakest link.

4. SpaceX is paying Tesla a lot of money

In 2025, SpaceX spent $131 million on Tesla‘s (TSLA +1.94%) Cybertrucks. It also spent $697 million on Tesla’s battery energy storage systems throughout 2024 and 2025.

Those deals raise a few eyebrows, since Musk controls both companies. The Cybertruck purchases also occurred right after a series of safety-related recalls hit the popular pickup.

Tesla Stock Quote

Today’s Change

(1.94%) $8.12

Current Price

$425.97

5. It plans to put data centers in space

SpaceX plans to put data centers in space as early as 2028. Those orbital data centers would initially be more expensive to build than terrestrial data centers, but they would be cheaper to operate because they use solar power. Those efforts will further squeeze its near-term margins, but they might eventually pay off as more companies start using orbital data centers.

6. A $28.5 trillion addressable market

SpaceX claims it has a total addressable market of $28.5 trillion — including a $22.7 trillion enterprise applications market, a $2.4 trillion AI infrastructure market, an $870 billion market for Starlink’s broadband business, a $740 billion market for Starlink’s mobile business, a $600 billion digital advertising business, and other nascent markets.

7. Its IPO could be too hot to handle

SpaceX reportedly wants to raise about $75 billion and seek a valuation of up to $2 trillion, making it the largest IPO in history. But at that market cap, it would trade at 107 times its trailing sales. That’s a meme stock valuation for a company with slowing sales growth, steep losses, and aggressive AI spending plans.

I expect Musk’s involvement and the market hype to initially drive SpaceX’s stock higher. Still, it will inevitably pull back when investors take a closer look at its wobbly business model. It’s less of a space exploration company and more of a satellite communications company that is propping up a deeply unprofitable AI and social networking company. So while SpaceX’s IPO will make Musk much richer, it could burn retail investors who chase its initial gains.

5 Best books 📚 on Crypto Trading || cryptocurrency #books #shorts



5 Best books 📚 on Crypto Trading
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From Spotify and UMG’s landmark AI deal to Shamrock’s $813M raise… it’s MBW’s Weekly Round-up


Welcome to Music Business Worldwide’s Weekly Round-up – where we make sure you caught the five biggest stories to hit our headlines over the past seven days. MBW’s Round-up is exclusively supported by BMI, a global leader in performing rights management, dedicated to supporting songwriters, composers and publishers and championing the value of music.


This week, Spotify and Universal Music Group unveiled a licensing deal that will let fans create AI-powered covers and remixes of UMG songs, sold as a paid add-on to Spotify Premium.

Meanwhile, Shamrock Capital, the firm that sold Taylor Swift back her masters last year, closed a new $813 million content rights fund.

Elsewhere, UMG and TikTok struck a fresh multi-year licensing renewal, with expanded AI protections for artists and songwriters.

Also this week, Chord Music Partners’ John Chapman told an invite-only audience at an industry breakfast co-hosted by MBW and The Raine Group in London that a wall of insurance-sector capital is heading for music rights.

Plus, Spotify scrapped its Premium Lite tier in India, Indonesia, Saudi Arabia, South Africa, and the UAE – cutting standard Premium prices to what Lite previously cost.

Here are some of the biggest headlines from the past few days…


1. SPOTIFY AND UNIVERSAL MUSIC GROUP STRIKE LANDMARK DEAL TO LET FANS CREATE AI COVERS AND REMIXES – AS A PAID PREMIUM ADD-ON

Spotify and Universal Music Group announced licensing agreements on Thursday (May 21) that will let fans create AI-powered covers and remixes of songs from participating artists and songwriters.

The new tool will launch as a paid add-on for Spotify Premium subscribers, creating what the companies described as an additional revenue stream on top of existing royalties.

The agreements span both recorded music and music publishing. All Spotify users will be able to play the created tracks… (MBW)


2. AFTER SELLING TAYLOR SWIFT HER MASTERS, SHAMROCK CLOSES NEW $813M FUND – TARGETING RIGHTS INCLUDING MUSIC

Less than a year after selling Taylor Swift back the master rights to her first six studio albums, Shamrock Capital has closed a new content acquisition fund with total capital commitments of USD $813 million.

The vehicle – Shamrock Capital Content Fund IV – will target entertainment rights including music, film, television, sports, video games, and creator economy opportunities. Content IV was oversubscribed at first close and completed its fundraise in just over three months, exceeding its $700 million target… (MBW)


3. UNIVERSAL MUSIC GROUP AND TIKTOK STRIKE NEW MULTI-YEAR LICENSING DEAL — WITH EXPANDED AI PROTECTIONS FOR ARTISTS AND SONGWRITERS

Universal Music Group and TikTok have struck a new multi-year global licensing deal. The agreement keeps UMG‘s recorded music and publishing catalogs available to TikTok‘s global community, while expanding commercial and creative opportunities for Universal’s artists and songwriters.

It builds on the “multi-dimensional partnership” struck between the two companies in May 2024 – a deal that ended a months-long licensing standoff between UMG and TikTok….. (MBW)


4. CHORD MUSIC PARTNERS’ JOHN CHAPMAN ON THE NEXT WAVE OF CAPITAL HEADING FOR MUSIC RIGHTS

John Chapman, who manages the family office behind Chord Music Partners, has voiced strong optimism for the future value of premium music catalogs – pointing to a seismic shift driven by a new source of capital: the insurance sector.

“Nobody understands how much insurance money is coming this way,” Chapman said on Tuesday (May 19) at an invite-only industry breakfast co-hosted by MBW and The Raine Group at London’s Charlotte Street Hotel. Chord has rarely spoken publicly since emerging as one of the world’s largest independent music rights platforms, making Chapman‘s remarks among the most detailed the firm has offered on its strategy… (MBW)


5. SPOTIFY SCRAPS NEW ‘PREMIUM LITE’ TIER IN INDIA, INDONESIA, SAUDI ARABIA, UAE, AND SOUTH AFRICA – WHILE SLASHING STANDARD PREMIUM PRICES

Spotify has discontinued its Premium Lite subscription tier across all five markets where it launched the product in November 2025. The move affects not just India – where the change was flagged earlier – but also Indonesia, Saudi Arabia, South Africa, and the UAE.

In each market, Spotify has cut its Premium Standard price to the level previously charged for Premium Lite, effectively giving subscribers the full Standard feature set at the old Lite price… (MBW)


Partner message: MBW’s Weekly Round-up is supported by BMI, the global leader in performing rights management, dedicated to supporting songwriters, composers and publishers and championing the value of music. Find out more about BMI hereMusic Business Worldwide

KeyBank $300 Bonus For New Key Smart Checking® Accounts


Key Points

  • Earn a $300 cash bonus with a Key Smart Checking® account
  • Must open an account online by December 11, 2026 and complete qualified activities
  • Key Smart Checking® is a free, non-interest-bearing account that has no minimum balance requirement

KeyBank is offering a promotional bonus for customers who open a new Key Smart Checking® account and meet qualifying activity requirements. 

This bonus offer is open until December 11, 2026, and is open to new KeyBank customers. To qualify, you need to make the minimum opening deposit of $10, plus a total of $2,000 or more in eligible direct deposits within the first 90 days of account opening.

Beyond the bonus offer, Key Smart Checking® currently offers one of the best checking accounts with no minimum balance requirement, automatic overdraft protection from a linked KeyBank savings account, paper checks, and more!

Open a Key Smart Checking® account here >>

About KeyBank

KeyBank was founded 200 years ago in Albany, New York, but today, the financial institution is based in Cleveland, Ohio. As one of the 20 largest banks in the United States, it boasts over $18 billion in assets as of December 31, 2025. 

KeyBank offers physical branches in 15 states. However, customers can manage their funds through KeyBank’s well-established online banking platform or mobile app.

Deposits are FDIC-insured, ensuring peace of mind for account holders.

Key Smart Checking® Account Features

Key Smart Checking® is a free, non-interest-bearing account that has no minimum balance requirement, offers automatic overdraft protection from a linked KeyBank savings account, paper checks, and more! 

They are very mobile friendly, have access to over 40,000+ KeyBank and Allpoint® ATMs nationwide. You must live in one of the following states to open an account: AK, CO, CT, ID, IN, ME, MA, MI, NY, OH, OR, PA, UT, VT, WA.

Open a Key Smart Checking® account here >>

Promotional Offer

Right now, through December 11, 2026, you can earn up to a $300 bonus when you open a new Key Smart Checking® account and complete qualifying activities.

To qualify, you need to make the minimum opening deposit of $10, plus a total of $2,000 or more in eligible direct deposits within the first 90 days of account opening.

Your $300 cash bonus will be deposited into your account within 60 days of meeting requirements. Accounts must not be closed at the time of gift payment.

Final Thoughts

Key Smart Checking® is one of the best checking account offerings available, and this promotional offer sweetens the deal. 

If you’ve been looking for an excuse to switch banks and find a better checking account, now’s the time to take advantage of this awesome promotion. Open a Key Smart Checking® Account here >>

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The post KeyBank $300 Bonus For New Key Smart Checking® Accounts appeared first on The College Investor.

British Airways Reward Flight Pricing Changing on May 27


British Airways Reward Flight Pricing Changing on May 27

British Airways has notified Executive Club members that Reward Flight pricing will change starting May 27, 2026. The airline says the increase will only affect the cash portion of award bookings, while the Avios required for flights will remain unchanged.

According to the notice sent to members, any Reward Flights booked before May 27 will still price under the current rates. After that date, travelers redeeming Avios will pay higher cash surcharges and fees on award tickets.

British Airways has provided a few updated pricing examples for off-peak travel:

  • Round trip Club World from London Heathrow to New York JFK: 176,000 Avios + £499
  • Round trip World Traveller from London Heathrow to Cape Town: 66,000 Avios + £190
  • One-way Club Europe from London Heathrow to Rome: 22,000 Avios + £20
  • One-way Euro Traveller from London Heathrow to Amsterdam: 10,000 Avios + £2.50

British Airways award bookings have long been known for high taxes, fees, and carrier-imposed surcharges, especially in premium cabins. The good news is that Avios pricing itself does not appear to be changing for now. Still, higher cash copays reduce the overall value of Avios redemptions.

Guru’s Wrap-up

British Airways is increasing the cash portion of Reward Flights in just a few days. The airline already charges some of the highest surcharges in the industry on award tickets, so any increase makes these redemptions even less attractive. If you were planning to book a British Airways award flight soon, it may make sense to lock in current pricing before the changes take effect on May 27, 2026.

HT: LoyaltyLobby

‘You kind of ruined it with your trans obsession’: House points fingers as Smithsonian Women’s museum funding fails



What started as a widely backed proposal to locate a new Smithsonian American Women’s History Museum on the National Mall devolved into a partisan fight Thursday after Republicans revised the legislation to ensure no transgender people are included in the exhibits.

The House rejected the bill, 204-216, an outcome that leaves the next steps uncertain. The revised bill also would ban a “diversity” of views and give President Donald Trump the final say on where the museum would be located.

“It was a simple bill. You kind of ruined it with your trans obsession and your culture wars,” Rep. Teresa Leger Fernandez, a Democrat from New Mexico and chair of the Democratic Women’s Caucus, said earlier in the week.

But Republicans argued it was Democrats who were overreacting to the changes and now threatening progress toward establishing the long-sought women’s museum in the nation’s capital.

Republican Rep. Nicole Malliotakis of New York, the bill’s chief sponsor, said “it’s a disgrace” that Democrats would be standing in the way of the bill’s passage.

“Perhaps the party that is opposing a women’s history museum on the National Mall because they want to have transgender exhibits — maybe they are the ones who are trans obsessed,” Malliotakis said.

In the final tally, a handful of Republicans voted against the bill, joining Democrats who led the opposition. The chamber came to a standstill as GOP leaders scrounged for support from their ranks.

Among the Republican opponents, some conservatives simply disapproved of a museum focused on women at all.

“We say we need to unite this country, but then we isolate every group,” said Rep. Tim Burchett, R-Tenn., who was among several from the conservative Freedom Caucus who voted against it.

Future of museum is now uncertain

The turn of events puts at risk the long effort to open a museum in Washington dedicated to women. Legislation authorizing the museum was approved during Trump’s first term, in 2020, and this latest bill would secure its location on the National Mall. Trump has taken interest in reshaping the capital’s cultural institutions, from the Kennedy Center to the Lincoln Memorial Reflecting Pool.

At the start of the year, the bill had secured some 230 sponsors, a rare show of bipartisanship in the split House, where Republicans hold a slim majority. But because of the changes to the bill, the Democratic Women’s Caucus opposed the final version, and Democratic leaders encouraged a no vote.

“A museum about women, fought for and supported by women, should not be controlled by one man,” the leaders of the women’s caucus said in a statement. “Republicans traded the representation of women for Trump’s gain and ego. It’s as embarrassing as it is disappointing.”

House Speaker Mike Johnson said the changes shouldn’t be controversial, but his effort to pass the bill with Republicans alone over the objections of Democrats failed.

“Why are they backing out? Simply because the bill reinforces an objective truth that a museum for women, get ready, should showcase only women,” said Johnson, R-La.

On Thursday, Rep. Kat Cammack, R-Fla., said she brought her young daughter, Augusta, to the chamber to see history being made.

“Biological women deserve to have their stories told,” Cammack said, holding her child during her speech.

But Rep. Joe Morelle of New York, the top Democrat on the House Administration Committee, said the Republicans ditched the bipartisan bill for one favored by Trump’s White House.

Changes to the bill angered Democrats

Initially presented as a step toward securing the museum’s location, the legislation was revised during a committee vote last month in several ways.

One change added a mission scope that states, “The Museum shall be dedicated to preserving, researching, and presenting the history, achievements, and lived experiences of biological women in the United States.”

It also adds a prohibition which states, “The Museum may not identify, present, describe, or otherwise depict any biological male as a female.”

Another change added specific detail about where the museum would be located on the mall — near 14th Street Southwest and Jefferson Drive, “except that the President may designate an alternative site for the Museum within 180 days of the date of the enactment of this subsection.”

Democrats said that the provision change gives Trump the authority to decide where the museum would ultimately go. “And we do not agree with that,” said Leger Fernandez.

But Republicans argued that the provision is simply a fail-safe in the event there’s any problem with the proposed site to ensure the museum can move ahead.

An additional revision this week removed the word “diversity,” saying instead the museum’s organizing council should ensure a “range” of political viewpoints and experiences.

“I just think it’s ridiculous that we are arguing over this,” said Malliotakis.

She said it’s bothering Democrats that it will be Trump who breaks ground on the museum, “but that’s the reality.”

___

Associated Press writers Stephen Groves, Joey Cappelletti and Kevin Freking contributed to this report.

Which Is Right for You?


Choosing between a 15-year and 30-year mortgage is one of the most important decisions you will make when buying a home. Your loan term affects your monthly payment, total interest paid, and how quickly you build equity.

Our Favorite Management Tips on Giving Feedback


A curated list from one of HBR’s most popular newsletters.

Amazon: Get 50% Off When Using Membership Rewards Points (Up To $80 In Discounts)(YMMV)


Update 5/22/26: Deal is back. Some things/changes to note:

  • Now requires redeeming $10 in points (1,429) to get the discount for some people. Others still see $5 in points required. 
  • Valid until 6/30/26
  • Not sure on maximum discount. Highest I’ve seen so far is 50% back up to $80. Previously best was 50% up to $80. 

Hat tip to reader Moon

The Offer

Direct link to offer (affiliate links in this post)

  • Amazon is offering 15%/30%/40%/50% off, up to $15/$30/$60/$80 discount, when you use American Express Membership Rewards points to pay at checkout with Shop With Points.
  • Note: most version require you use at least 1,429 points ($0) in order to get the discount.

See a full list of cards you can link to Amazon at this link. You’ll also see there all cards you’ve already linked.

The Fine Print

  • Please see the offer page for full terms and conditions. This is a limited time offer.
  • The promotion button will expire concurrently.

Our Verdict

Similar to previous offers. If you’re not targeted then follow these instructions, although that hasn’t been working as well as it once did. We’ve added this to our Complete Guide to Saving Money on Amazon.

You can typically use these promotions in a single transaction or across multiple smaller transactions. This deal works on third party gift cards, but not Amazon gift cards. Samples gift cards available on Amazon:

  • Link to all physical gift cards on Amazon (scroll down to find the third party cards)
  • Link to all electronic gift cards on Amazon (scroll down to find the third party cards)
  • Visa gift card (digital or physical)
  • Safeway
  • Whole Foods
  • Giant Foods
  • Albertson’s
  • Best Buy (physical or electronic)
  • Netflix
  • Gamestop
  • Uber
  • Lyft
  • Airbnb
  • Hotels.com
  • Southwest
  • Starbucks
  • Chipotle
  • Nordstrom
  • Lowe’s

 

 
 
 
 

🎓 Confused Between B.Com, BBA, and BMS? Here’s breakdown that clears the confusion in 60 seconds!



🎓 Confused Between B.Com, BBA, and BMS?
Here’s a quick breakdown that clears all the confusion in just 60 seconds! 🧠💥

➡ B.Com (Bachelor of Commerce)
📚 Focus: Accounting, Taxation, Economics
👨‍💼 Best for: CA, CS, CMA, Banking, Govt. Exams
📈 More theory, less management

➡ BBA (Bachelor of Business Administration)
📊 Focus: Business Management, Marketing, HR
💼 Best for: MBA Aspirants, Corporate Jobs, Entrepreneurship
📘 Mix of practical + theory

➡ BMS (Bachelor of Management Studies)
📈 Focus: Strategic Management, Business Analytics
🚀 Best for: Leadership Roles, Startups, MBA (International)
🧠 More analytical & modern business-focused

💬 Which one suits your vibe the best?
Drop your choice in the comments — B.Com, BBA, or BMS 💥
🔁 Share this with your classmates or younger siblings — it can save someone a LOT of career confusion!

📌 Follow for more career clarity in 60 seconds!

#After12th #CareerConfusion #BcomVsBbaVsBms #StudentGuide #CollegeDecisions #CareerCounselling #BcomStudents #BBAIndia #BMSLife #ReelForStudents #EducationReels #Reels #StudyWith

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