Today
SpaceX surges past $2 trillion on Day 1 and Musk becomes the first trillionaire — the World Bank says the Iran war is the worst hit to the economy since COVID — wholesale prices post their biggest jump in three years — and Trump promises a deal while the Navy shoots down drones at Hormuz

The largest IPO in history went live on Friday. SpaceX listed on the Nasdaq at an offering price of $135 a share, raising $75 billion. The stock opened at $150… hit $176 during the day… and closed at $160.95. A 19% gain on Day 1. The market cap blew past $2 trillion before the closing bell. And the man who owns it all just became the first trillionaire in human history.

Elon Musk’s net worth jumped more than $180 billion in a single day. Forbes now estimates his total fortune at roughly $1.1 trillion — making him the first person in history to cross that line. He is now worth more than the next five richest people on Earth combined. He holds 82% voting control over SpaceX. Public investors bought shares. Musk kept the power.

But here’s the detail that landed with a thud. Only 4% of SpaceX shares are trading on the open market. And MSCI will add SPCX to its global indexes starting today… which means retirement funds, 401(k)s, and passive index funds across the world will be forced to buy shares in a company that has published exactly zero earnings reports. With almost no shares available, that demand will push the price up on structure alone.

The S-1 filing tells the rest. SpaceX’s AI division, xAI, lost $6.36 billion in 2025. The only profitable unit is Starlink, which made $11.4 billion in revenue. Senator Elizabeth Warren asked the SEC to delay the offering over governance concerns. The SEC did not respond.

Six months ago, Musk had a desk inside the federal government. He ran DOGE — an office that accessed Social Security data on millions of Americans, canceled over 10,000 federal contracts, and planned to declare 2.7 million people dead in a government database. Today, he is the richest person who has ever lived.
Six months ago he had a desk in the government. Today he is the world’s first trillionaire.

BREAKING

The World Bank Says the Iran War Has Done More Damage to the Global Economy Than Any Event Since COVID

The World Bank cut its 2026 global growth forecast from 2.9% to 2.5% this week — the lowest since the COVID pandemic. In a worst-case scenario, growth could fall to 1.3%. Two-thirds of the world’s countries were downgraded.

The euro area was slashed to 0.8% growth, down from 1.4%. China dropped to 4.2%. India fell to 6.6%. Brent crude is now expected to average $94 a barrel this year… 36% above last year. The bank said the Strait of Hormuz closure has “dampened confidence and weakened broader economic activity” in developing nations.

But here’s the part the report buries. The United States was not downgraded. Growth held at 2.2%. The bank said America’s role as a major energy producer shields it from the worst of the shock.

The country that started the war is the only major economy not paying for it — at least on paper. The rest of the world picks up the tab.

EXPOSED

Wholesale Prices Posted Their Biggest Yearly Jump in Three Years — and 80% of It Came From Energy

U.S. producer prices jumped 6.5% in May from a year ago — the largest yearly increase since November 2022. Wholesale gasoline surged 23% from April to May alone. Compared to last year, it’s up nearly 70%.

Roughly 80% of the monthly increase came from energy. Final-demand goods rose 2.8% in a single month — the largest jump since the government started tracking the data in 2009. This is not a blip. This is a war feeding directly into the price of everything Americans buy.

Consumer prices confirmed it. The CPI rose 4.2% in May… the sharpest annual gain in three years. Gas is up 41% from last May. Airfares are up 27%. Inflation is running more than double the Fed’s 2% target. The central bank is expected to hold rates next week, but markets are now pricing in a hike by December.

Five months before the midterm elections, the cost of the war is showing up in every grocery bill, every gas receipt, and every mortgage statement in America. The people who launched it are not the ones paying for it.

Six months ago, Musk had a desk inside the federal government. Today, he is the richest person who has ever lived.

— The Seventh Floor

DEVELOPING

Trump Promised a Deal in “Two or Three Days.” Hours Later, the Navy Shot Down Iranian Drones at the Strait.

Trump called off his latest threat to strike Iran on Wednesday, telling reporters there had been a “breakthrough.” He said a deal was coming in “two or three days” and that the Strait of Hormuz would reopen “immediately upon signing.”

Hours later, the U.S. Navy shot down two Iranian drones near the strait. The drones were heading for commercial ships. The strait did not reopen. The deal did not arrive.

This was roughly the 39th time Trump has publicly claimed a deal was close. The original ceasefire was supposed to last “two weeks.” That was 67 days ago. Iran’s parliament has called the negotiations “a continuation of the battlefield.” Iran’s foreign minister says there has been “no tangible progress.”

The machine doesn’t need the deal to happen. It just needs the promise to keep coming. Two weeks buys time. Two weeks keeps markets from panicking. Two weeks keeps the supplemental funded. And two weeks keeps the war running while nobody in Washington has to explain why it’s still going.
  Connecting the Dots  

▸ The Bigger Picture

Four stories. A former government official becomes the first trillionaire through the largest IPO in history — gaining $180 billion in a single Friday. The World Bank says the Iran war has produced the worst global economic damage since COVID — but gives the country that started it a pass. Wholesale prices post their biggest yearly jump in three and a half years, driven almost entirely by war-fueled energy costs. And the president promises a deal in days while the Navy shoots down drones at the same strait he said would open “immediately.”

The press puts each one in a different section. The IPO goes in business. The World Bank goes in economics. Inflation goes on the front page. The war stays in foreign policy. Told apart, they’re manageable. Told together, they reveal a system running at two speeds.

For the people who operate the machine — there is 82% control, a $1.1 trillion fortune, and a growth forecast that holds. For the rest of the world — there is 6.5% inflation, $94 oil, a shrinking economy, and a deal that is always two weeks away.

The SpaceX IPO is live. The World Bank report is public. The inflation data is in. And the Strait of Hormuz is still closed. That’s the Seventh Floor.

They rely on the shadows.
It’s time to turn on the lights.