Hey Nutters. ☕🥜

Today’s edition is all about moonshots, meltdowns, and machines.

🚀 SpaceX just priced the largest IPO in history.

🧘 Lululemon lost another 11% overnight while Michael Burry keeps holding.

🤖 Anthropic says AI could soon build its own successors.

Let's dive in.

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Wall Street has seen some giant IPOs before.

This isn't one of them.

This is something entirely different.

SpaceX officially priced its IPO at $135 per share, valuing the company at an eye-popping $1.77 trillion and raising a record-breaking $75 billion.

For perspective:

The previous IPO record belonged to Saudi Aramco at $29.4 billion.

SpaceX didn't beat that record.

It obliterated it.

At a $1.77 trillion valuation, SpaceX immediately becomes America's 7th-largest public company, leapfrogging Tesla's current valuation on day one.

And yes, Elon Musk still controls the rocket.

Despite going public, Musk will retain more than 82% voting control, meaning investors get financial exposure to SpaceX's future—but virtually no influence over how it's run.

Unlike many blockbuster IPOs, this isn't insiders cashing out.

The entire $75 billion raise goes directly to SpaceX.

That money will fund:

🛰️ Starlink expansion

🚀 Starship development

🤖 AI computing infrastructure

That's generally viewed as a positive signal because management is investing in growth rather than taking money off the table.

Another unusual twist?

Up to 30% of shares are being allocated to retail investors, giving everyday investors a rare chance to buy at the IPO price.

SpaceX is still burning cash.

Despite generating $18.67 billion in revenue last year, the company posted a staggering $4.94 billion net loss.

In other words:

SpaceX earns billions.

Then spends even more trying to build the future.

The battle lines are already forming.

Bears see:

❌ Massive losses

❌ Founder control

❌ A valuation larger than most countries' GDP

Bulls see:

✅ Starlink

✅ Space dominance

✅ Mars ambitions

✅ Elon Musk

And judging by the excitement around the offering, many investors appear more interested in rockets than spreadsheets.

Lululemon spent years convincing consumers that yoga pants weren't clothing.

They were a lifestyle.

Now Wall Street isn't buying it.

Shares plunged another 11% after earnings, pushing the stock down roughly 40% this year and nearly 63% over the last twelve months.

That's not a correction.

That's an identity crisis.

Management slashed guidance.

Full-year revenue expectations dropped to:

💰 $11B–$11.15B

Down from:

💰 $11.35B–$11.5B

Meanwhile earnings guidance fell by more than $1 per share.

The explanation?

Interim leadership blamed weak social-media sentiment and underwhelming product launches.

Translation:

People simply aren't excited about the brand anymore.

The biggest surprise?

North American revenue fell 3%.

China revenue surged 30%.

The company that built its reputation around American wellness culture is now increasingly dependent on Chinese consumers.

Here's where things get interesting.

Michael Burry's firm owns roughly 100,000 shares and has actually increased its position.

Based on current prices, he's sitting on an estimated paper loss approaching $12 million.

Yet he's still holding.

The bull case:

💰 Trading at just 10x earnings

💵 $1.5 billion cash balance

🔄 $358 million in buybacks

👟 New CEO Heidi O'Neill arrives from Nike this September

Americas sales continue declining.

Gross margins fell sharply.

EPS dropped from $2.60 to $1.69.

And perhaps most importantly:

The brand appears to be losing cultural relevance.

Lululemon might be cheap.

It might even be a turnaround story.

But right now investors aren't buying yoga pants.

They're buying proof.

And that proof hasn't arrived yet.

Anthropic released a surprisingly cautious blog post warning that AI systems capable of helping build their own successors may arrive sooner than society expects. The company revealed that Claude now writes more than 80% of merged code internally and argued governments and institutions need time to develop safeguards before autonomous AI development accelerates further.

Developer-favorite Supabase raised $500 million at a $10 billion valuation. Nearly 10 million developers now use the platform, and growth is accelerating thanks to tools like Claude Code and OpenAI Codex that dramatically expand the number of people capable of building software.

Airbnb CEO Brian Chesky is launching a dedicated AI research lab focused on user interaction, product design, and model development. The move signals Airbnb's intention to become more than a travel marketplace as AI reshapes consumer software.

Startup Poke became the first AI agent integrated into Apple's Messages for Business ecosystem. Users can now manage calendars, control smart-home devices, plan trips, and even edit photos directly through iMessage conversations.

Google is introducing creator profiles inside Search, allowing publishers and creators to showcase articles, videos, and social channels directly in results. The move comes as AI-generated answers increasingly reduce traffic flowing to traditional websites.

Cash App launched a $25 "tap-to-pay magic wand" inspired by a viral Gen Z TikTok trend. The accessory lets users make contactless payments anywhere Visa is accepted. Whether it's the future of payments or simply internet culture reaching peak absurdity remains to be seen.

YouTube is making AI-generated content labels significantly more visible and is beginning to automatically detect videos that creators fail to disclose. As AI-generated content floods the platform, transparency is becoming a bigger priority.

YC-backed RentAHuman launched a marketplace where AI agents can hire real humans for real-world tasks such as deliveries, errands, and data collection. The platform has already attracted more than 735,000 signups across 100+ countries.

Netflix and Spotify reportedly paid around $100 million for video rights to Jay Shetty's popular "On Purpose" podcast. New episodes will launch across both platforms beginning in July, highlighting the growing battle for premium creator content.

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Thanks for reading Cash Nut! 💰

We'll be back tomorrow with more stories, fewer buzzwords, and hopefully less corporate drama.

Until then,

Stay Nutty 🥜