2026-06-12
SpaceX goes public. Iran deal nears Sunday. Section 702 expires tonight.
Good afternoon. SpaceX IPO just set records. U.S.-Iran memorandum could close Sunday in Geneva. And Congress let a surveillance law lapse for the first time.
Lunch Brief
Company trades under ticker SPCX. $75 billion valuation puts it instantly among the largest public firms ever. Musk launched Starlink satellites the same morning—because why not.
Argument for changing judicial power's math, not just adding seats. The legitimacy question lingers. Commentary arrives as the Court still stands.
Memorandum of understanding to end the war nearing completion. The U.S. and Iran reportedly close enough that Sunday's the target date. Report arrived Thursday; both sides stayed quiet.
NSA and FBI warrantless surveillance authority lapses tonight. Congress couldn't agree on renewal after Trump's pick to lead intelligence agencies sparked backlash. The law will not survive today.
Foreign Intelligence Surveillance Act provision due to lapse at midnight. Trump's intelligence director nominee provoked enough resistance that lawmakers couldn't move the renewal. First expiration in the statute's history.
Markets opened higher Friday morning after reports that U.S.-Iran agreement neared completion. SpaceX IPO also lifted sentiment. Futures: cautiously optimistic.
Largest IPO in history opened trading Friday. Musk rang the opening bell while a Falcon 9 rocket launched Starlink satellites hours prior. The irony was not lost—but he didn't labor the point.
President posted Thursday morning that the U.S. would attack Iran "VERY HARD" that evening. No strike came. Hours later, reports surfaced that a deal was near. The post and the silence speak different languages.
- Suspect linked to U.S. consulate shooting on run in Canada, officer killed
- U.S. plans to cut NATO fighter jets and warships
- Third Gulf War weaponizes water infrastructure
- Israel strikes southern Lebanon with air raids, artillery
- Oracle warns of critical PeopleSoft vulnerability
- UK readies under-16 social media ban despite child charities' concern
- Facebook, Instagram, WhatsApp down for many users
"Standard noise. Calibrate accordingly."
"The wire took a breath. Don't get used to it."
SpaceX broke records. Congress let surveillance law lapse. Iran deal nears Sunday.
Back at 6:00 PM ET with the night owl brief.