When SpaceX Goes Public
On April 1, SpaceX filed confidentially with the SEC. It's targeting a June listing on the Nasdaq, a valuation of $1.75 trillion, and a raise of roughly $75 billion — which would dwarf every IPO that's ever come before it, including Saudi Aramco's $29 billion debut in 2019.
And here's the thing Wall Street won't say loudly: up to 30% of the shares are reportedly being allocated to retail investors. That's three times the typical amount. If you've been locked out of every hot IPO for the last decade because you're not an institutional player — this one's different.
But before you get too excited, let's be clear about what you're actually buying.
SpaceX isn't just a rocket company anymore. In February, it completed its merger with xAI — Musk's AI startup — in a $1.25 trillion all-stock deal. So the entity going public now bundles together: Starlink (9+ million subscribers, $10B+ in 2025 revenue), commercial launch services (roughly 60% of all orbital launches globally), and xAI, which includes the Grok AI model and the social platform X.
The Starlink story is the part worth understanding. It's growing fast, it's profitable, and analysts project revenue between $16–20B by end of 2026. That's the anchor. xAI, on the other hand, is burning around $28 million a day. So what you're really pricing is: "How much do I believe in the Starlink engine carrying the weight of Musk's AI bet?" The public S-1 — which details the actual financials — is expected in late April or May, before the roadshow kicks off.
The S-1 will be the real moment of truth. Until then — and this is my honest read — you're paying for the story, not the spreadsheet.
The Fed Is in a Mess. And Your Portfolio Feels It.
Let's talk about what broke yesterday, because it matters more than people realize.
On April 15, Trump told Fox Business he would fire Fed Chair Jerome Powell if Powell doesn't leave when his term expires — May 15. That's less than a month away. Kevin Warsh, Trump's pick to replace him, has a confirmation hearing on April 21. But it's getting complicated: an ongoing DOJ criminal probe into the Fed's $2.5 billion headquarters renovation is blocking Warsh's path, and at least one Republican senator (Thom Tillis, NC) has vowed to hold up confirmation until that probe is dropped.
Powell's response? He's not going anywhere voluntarily. He said he'll stay on as "chair pro tem" if Warsh isn't confirmed by May 15. Federal prosecutors actually showed up unannounced at the Fed's construction site on Tuesday and were turned away. A federal judge has already quashed earlier DOJ subpoenas, calling the probe's purpose "to harass and pressure Powell."
Here's why this matters for your investments right now: markets hate uncertainty about the institution that sets interest rates. If Trump moves to actually fire Powell, expect a sell-off — Columbia Business School professor Brett House put it plainly: "There's little question that markets will sell off." With inflation still elevated (partly from the Iran war's effect on energy prices), whoever runs the Fed next faces an impossible situation. Rate cuts that Trump wants would stoke inflation. Holding rates steady frustrates the White House.
EDITOR'S NOTE:
“I've watched a lot of Fed transitions over the years. This one is different — not because of the personalities, but because the pressure campaign is so visible. When the judiciary has to tell the DOJ to back off the central bank, that's not noise. That's a signal. The risk to your fixed-income holdings and dividend stocks isn't hypothetical anymore.”
The broader pattern here — government reaching further into financial institutions — isn't just a Powell story. The Senate is still debating the Anti-CBDC Surveillance State Act (the House passed H.R. 1919 last July). The bill bans the Fed from issuing a digital dollar that could track and potentially freeze individual accounts. It hasn't passed the Senate yet. Which means the question of how much control Washington could eventually have over your bank account is genuinely unsettled.
🖇 Fortunately, there are 4 simple steps you can take to safeguard your savings. Discover these 4 simple steps here. (ad)
Gold Is at $4,830 This Morning. Here's the Math Behind It.
Gold hit an all-time high of $5,595 on January 29. It's pulled back since — trading at $4,830 as of this morning. And now the question everyone's asking is: is the run over?
Short answer: probably not. JP Morgan's current forecast is $5,055 by Q4 2026, rising toward $5,400 by end of 2027. The drivers are still in place: a weaker dollar, geopolitical tensions (the Iran war sent energy prices surging), tariffs driving inflation anxiety, and central banks that collectively bought around 585 tonnes per quarter of the stuff. That's not speculative mania — that's structural demand.
Over the past 12 months, gold is up about 47%. Compare that to the S&P 500, which has had one of its more volatile stretches in years — tariff shock, AI disruption, Middle East energy fallout. The volatility is real and it's landing hardest on people who don't have time to wait out a three-year recovery.
🖇 Did you know there’s an IRS rule — 408(m) — that may allow certain retirement savers to move part of a 401(k), IRA, TSP, or 403(b) into physical gold and silver…
without triggering early-withdrawal penalties and while keeping retirement tax advantages intact? Most Americans have never even heard of it. We broke it down step-by-step in a FREE 408(m) guide.
Physical gold, silver, the role of the dollar, retirement account diversification — these aren't new topics. But the context of 2026 makes them feel a lot more urgent than they did in 2022.
One thing worth keeping in mind: gold doesn't pay dividends. It doesn't compound. It's a store of value, not a growth engine. The argument for it right now isn't "get rich" — it's "don't lose what you built". Those are two very different conversations, and it's worth knowing which one you're having with your portfolio.
CLOSING THOUGHTS — WHAT TO WATCH NEXT
Not financial advice, just straight talk.
🔗 April 21: Kevin Warsh's Senate confirmation hearing is the single most important macro event of the week. If it gets messy — or delayed further — expect bond markets and rate-sensitive stocks to react. Watch it like you'd watch a Fed meeting.
🔗 Late April / Early May: SpaceX's public S-1 filing. This is when the actual numbers land — revenue, margins, xAI's full cost structure. Until then, every valuation figure you read (including ours) is based on leaks and estimates. The S-1 is what separates hype from homework.
🔗 Gold: If it holds above $4,700, the pullback from January's high looks like consolidation, not collapse. A break below $4,500 would change that read. JP Morgan's Q4 target of $5,055 only holds if the macro drivers — dollar weakness, geopolitical tension, central bank buying — stay in place. Right now, they are.
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Allegiance Gold, LLC is not a broker-dealer and does not provide investment, tax, or legal advisory services. No statement in this communication should be construed as a recommendation to purchase or sell any security, or as investment, tax, or legal advice. Precious metals, like all investments, carry risk, are not suitable for all investors, and past performance does not guarantee future results. We do not guarantee any investment performance. Please consult your own investment, tax, or legal advisor prior to making any investment decision. Third-party information quoted or presented by us in this communication represents only the opinions of the third party and we do not endorse any third-party source of information. We are not affiliated with the U.S. Mint or any government agency. Copyright Allegiance Gold, LLC 2026
