ONE DAY: that's the new record for time between between an new IPO and 2x ETF tracking it. LeverageShares' 2x $CBRS launches tmrw, a mere 24hrs after the IPO today which saw it jump 75% on $10b in volume (more than MSFT). What a country.. h/t @Todd_Sohn

JUST IN: SPACEX'S IPO PROSPECTUS COULD HIT AS SOON AS NEXT WEEK. The roadshow is slated for June 8, per CNBC. This would be the largest IPO in history, by a wide margin: The timeline: - SpaceX confidentially filed in April - Prospectus could be publicly disclosed as soon as next week - Roadshow officially kicks off June 8 - SEC rule requires the filing be disclosed at least 15 calendar days before the roadshow - SpaceX advisers aiming for a slightly earlier flip to give investors time to digest The deal size: - Targeting a listing of $70B to $75B, per Bloomberg - That is more than 2x the size of Saudi Aramco's 2019 record ($25.6B) - Largest IPO of all time, by a wide margin The valuation context: - SpaceX merged with xAI in February - That deal valued the combined entity at $1.25 TRILLION - Brookfield $BN disclosed today it has already purchased $2B of SpaceX shares at the current pre-IPO mark The distribution play: - Because this much stock has never been sold in an IPO before, SpaceX's advisers are scouting brokers in the UK, Japan, and Canada - Targeting longer-term retail holders outside the U.S. The setup for the broader AI IPO pipeline: - Cerebras $CBRS closed +68% on its debut today at a $95B market cap - OpenAI and Anthropic are both pursuing offerings as soon as this year - Both could exceed $1T in valuation if they price The market backdrop: - Wall Street has been thirsting for IPOs after a years-long drought - Cerebras was the proof point that institutional demand is back - SpaceX is the megacap test

Evercore ISI raised the firm's price target on Apple $AAPL to $365 from $330 and keeps an Outperform rating on the shares. The firm sees a path for Apple to compound earnings and free cash flow at a low-to-mid teens pace, even if iPhone units were to growth "modestly," given durable Services growth and average selling price tailwinds from a shift toward premium models, says the analyst, who sees a "bull case target" of $500 for Apple shares.