SpaceX set a specific price of $135 per share for its initial public offering, bucking traditional IPO pricing methods. The company plans to sell 555,555,555 shares to raise nearly $75 billion, targeting a $1.75 trillion valuation. SpaceX was unprofitable in 2025, losing $4.9 billion on $18.7 billion in revenue.
Redemption Caps
Blackstone, Blue Owl and Cliffwater reverted to a 5% redemption cap after allowing bigger payouts in the first quarter.
Data Centers Delay
Supply-chain backlogs, permitting fights and availability of power supplies are among the issues that have caused the construction of data centers to fall behind targeted timelines, with the gap growing wider in recent months. More than 60% of data-center capacity planned for completion in 2027 isn’t yet under construction, and another 7% is delayed.
Housing Market
The slowest housing market in decades is stretching into its fourth year, causing many real-estate agents to leave the industry or find second jobs. The National Association of Realtors had 1.412 million members as of April, down from a peak of 1.6 million in October 2022.
U.S. Homes
The median age of a U.S. home is a record 44 years, leading to vast and rapidly increasing maintenance and modernization costs. Financial advisers now suggest setting aside 2% to 3% of a home’s value annually for upkeep, up from the traditional 1%.
Fertitta Caesars
Fertitta Entertainment, owned by billionaire Tilman Fertitta, agreed to buy Caesars Entertainment for about $5.7 billion. The acquisition will add Caesars’ more than 50 resorts to Fertitta’s portfolio, which includes Golden Nugget casinos.
New York Hotel Labor
Hotel owners in New York City signed the industry’s most expensive union contract, raising hourly wages by about 50% over eight years. Rising labor and other mounting expenses will push up hotel owners’ annual property operation costs by an estimated 15%.
Denver Office
Downtown Denver faces a crisis with nearly 40% office vacancy, the highest among the country’s top 50 cities.
Google Blackstone
Google and Blackstone plan to launch an artificial-intelligence cloud company with $5 billion in equity capital from Blackstone. The new venture aims to bring 500 megawatts of capacity online in 2027, using Google’s specialized chips and software. Blackstone will be the majority owner and has over $150 billion in existing data-center assets.
AVB EQR
Apartment owners AvalonBay Communities and Equity Residential have agreed to a merger, creating a multifamily real-estate giant worth more than $50 billion. The merger between the two REITs would bring together more than 180,000 rental apartments across the country.