SpaceX IPO takes shape

Bloomberg Morning Briefing Americas  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

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Good morning. SpaceX scales back its IPO valuation as it gears up for the big day. The summer internship may be the latest AI casualty. And we look at why the food industry is now all about over-the-top flavors. Listen to the day’s top stories. — Marc Perrier Market Snapshot S&P 500 Futures 7,590.25 +0.1% Nasdaq 100 Futures 30,344.75 +0.1% WTI crude oil futures $87.07 -2.1% Market data as of 07:02 AM ET. Data is subject to provider delays. Your watchlist SpaceX pared back its valuation target to at least $1.8 trillion in its initial public offering, people familiar said, as Elon Musk’s rocket and artificial intelligence company nears its market debut. The company, which was reported in April to be seeking a valuation above $2 trillion, tweaked its expectations following discussions with advisers and investors. Here’s a look at how SpaceX’s IPO will define the AI boom. Blue Origin’s New Glenn rocket exploded in a massive fireball while undergoing a test on a Florida launchpad. Thursday’s incident is a setback for the Jeff Bezos-backed firm’s efforts to challenge SpaceX, as well as Amazon’s ambitions to build out its Leo satellite network. US futures held steady as traders waited to see whether Washington and Iran can finalize a peace deal and ease tensions in the Middle East. Brent crude is on track for its biggest monthly decline since 2020 amid growing optimism that shipments through the Strait of Hormuz will return to normal. Check out the latest market themes here. College Mergers Take a Long Time. Trump Officials Want to Speed Them Up Read more Dell Technologies shares surged in premarket trading after the hardware maker gave an outlook for annual sales that far surpassed analysts’ estimates, fueled by demand for servers that power AI work. In other tech news, Apollo Global Management and Blackstone are said to be working to bring additional investors into a roughly $36 billion debt financing deal to help Anthropic PBC build out its AI infrastructure. And get ready for Asia’s premier tech show next week. Here’s what to watch. A new face on a big bill? Treasury Secretary Scott Bessent defended the idea of featuring Donald Trump on a special $250 note to mark the nation’s 250th anniversary. While a 160-year-old law bars living people and current officials from appearing on US currency, Bessent said it was Congress’ choice whether to relax the restrictions. Spring Sale: Save 60% on your first year Get the numbers behind the narratives. Enjoy unlimited access to Bloomberg.com and the Bloomberg app, plus market tools, expert analysis, live updates and more. Offer ends soon. Unlock 60% off Deep Dive: AI Impact Illustration: Aaron Fernandez for Bloomberg Businessweek An internship has long been a rite of passage—a chance for college students to learn the ropes and for employers to build a pipeline of future hires. But those opportunities are increasingly becoming another casualty of the AI era. About 20% of companies say they plan to hire fewer interns or skip such programs altogether this year, according to a Drexel University study. That share has risen since ChatGPT’s launch in 2022. At the same time, the proportion of businesses expanding them continues to shrink. Claude may just be the new intern. The shift is adding to concerns about an already challenging job market for young workers, with entry-level opportunities becoming harder to find. Bloomberg Tech returns to San Francisco on June 3-4. Led by Emily Chang and Tom Giles, it convenes leading CEOs, investors and innovators driving the industry forward. Register here. The Big Take Sources: Starboard Maritime Intelligence, British Oceanographic Data Centre, Asia Maritime Transparency Initiative Ship-tracking data highlights growing tensions in the South China Sea, as Vietnam expands island fortifications and China intensifies activity in disputed waters, raising the risk of confrontation between the two countries. Big Take Podcast DOJ Steps Up Pressure on Anti-ICE Posts Opinion A US citizen who had contact with an Ebola patient arrives at a hospital in May 2026. Photographer: Milan Jaros/Bloomberg The scientific community has mobilized rapidly to find ways to contain the fast-moving Ebola outbreak in the Democratic Republic of Congo, Lisa Jarvis writes. But conflict, misinformation and distrust of aid efforts continue to hamper the response. More Opinions Jonathan Levin Dwindling Savings Are the US Economy’s Achilles’ Heel Bloomberg’s Editors An Iran Truce May Be Near. That Doesn’t Make This War Any Smarter Play Alphadots! Our daily word puzzle with a plot twist. Today’s clue is: French toast? Play now! Before You Go Photo illustration: Ben Mendelewicz for Bloomberg Businessweek; Getty Images (16) Yummy. From Starbucks’s iced banana-bread matcha to hot-honey everything, flavormaxxing is taking over cafes, snack aisles and fast-food menus. Here’s why the food industry is increasingly obsessed with bold, gimmicky flavors. One More Molecular Glue Is Shaping Up to Be the Next Billion-Dollar Cancer Breakthrough More From Bloomberg Enjoying Morning Briefing Americas? Get more news and analysis with our regional editions for Asia and Europe. Check out these newsletters, too: AI Today chronicles the disruptions and threats of AI Market Moves delivers the pulse of the market to your inbox Markets Daily has what’s moving in stocks, bonds, FX and commodities Opinion Today for an afternoon roundup of our most vital opinions Texas Edition dives into the companies and people powering America’s second-largest economy Explore all newsletters at Bloomberg.com. We’re improving your newsletter experience and we’d love your feedback. If something looks off, help us fine-tune your experience by reporting it here. Follow Us You received this message because you are subscribed to Bloomberg’s Morning Briefing Americas newsletter. 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