WS #7834

The dominant signal in this window is the SpaceX IPO filing, confirmed by multiple sources (Benzinga, NPR, CNBC, TechCrunch, The Verge, CoinDesk, Alpaca, AP, Bloomberg, Business Insider, Reuters). The S-1 reveals a $1.75 trillion valuation target, $75B raise, $18.67B in 2025 revenue, 18,712 BTC holdings worth $1.29B, and Elon Musk retaining 85.1% voting power. Underwriters include Goldman Sachs, Morgan Stanley, and Bank of America. The IPO is expected to be the largest in history. This is the highest-significance event and is STABLE (no new data beyond the filing details). NVIDIA's Q1 earnings beat (revenue $81.6B vs $79.2B est., EPS $1.85 vs $1.78, Data Center $75.2B vs $73.5B est.) and strong Q2 guidance ($90.6B vs $87.2B est.) are also high-signal, with the CFO stating 'customers do not buy GPUs, they build AI factories' and reaffirming $1T revenue forecast for Blackwell/Rubin. However, a potential dividend cut controversy surfaced on social media, creating a MAG7 carve-out signal that contradicts the bullish macro. The narrative is STABLE for NVIDIA earnings, with the dividend cut concern as a new counter-signal. Geopolitical noise includes Iran ceasefire negotiations (Trump says 'final stages'), US sending new text proposal to Iran via Pakistani mediators, Iran establishing a controlled maritime zone in the Strait of Hormuz requiring prior authorization for transit, and Ukraine hitting 10 Russian oil sites in May. These lack new actionable data but the Strait of Hormuz development could impact oil shipping. Other notable items: Meta initiating 8,000 job cuts globally, Intuit down 10.3% after hours on workforce cut and revenue miss, e.l.f. Beauty up 5% on beat and plans to reverse tariff-related price increases, and Anthropic projecting $10.9B revenue for Q2 (130% surge). OpenAI is reportedly preparing to file for an IPO 'in the coming weeks'.