Morning brief: SpaceX targets record IPO as Asian markets hold steady ahead of Fed decision

Global markets opened on Wednesday on a cautious note as investors balanced major corporate developments with heightened macroeconomic uncertainty.

SpaceX’s push toward what could become the largest initial public offering in history, alongside muted trading across Asian markets ahead of the US Federal Reserve’s rate decision, shaped the early-session sentiment.

Additional headlines included Amazon’s expanded investment plans in India and fresh geopolitical comments from US President Donald Trump.

SpaceX IPO could become the largest in market history

SpaceX is accelerating plans for an initial public offering that could raise significantly more than $30 billion, Bloomberg reported, citing people familiar with the matter.

The company is targeting a valuation of about $1.5 trillion — a level that would place it alongside Saudi Aramco’s record-setting 2019 listing, which raised $29 billion.

Management and advisers are preparing for a potential listing in mid-to-late 2026, though the timing could shift to 2027 depending on market conditions.

The IPO momentum is being driven largely by the rapid growth of Starlink, SpaceX’s satellite internet unit, and the continued development of the Starship launch system.

The company expects revenue of around $15 billion in 2025, rising to as much as $24 billion in 2026, with Starlink contributing the bulk of sales.

SpaceX also aims to use part of the IPO proceeds to develop space-based data centers, including chip procurement for those systems.

In its latest secondary share sale, SpaceX set a per-share price of roughly $420, lifting its valuation above $800 billion.

The company is allowing employees to sell about $2 billion in stock, with SpaceX set to repurchase some shares.

Executives see this valuation reset as an important precursor to a public listing.

Asian markets steady as Fed rate cut looms

Asian equities were largely subdued as investors awaited the Federal Reserve’s decision later Wednesday.

Futures markets show an 89% probability of a 25-basis-point cut to the 3.50%–3.75% range, though analysts expect guidance to remain hawkish.

Japan’s Nikkei slipped 0.3% after opening stronger, South Korea’s benchmark was little changed, and Chinese blue-chip stocks fell 0.8% following mixed inflation readings.

Most regional traders kept positions light amid uncertainty over upcoming US economic data, including payrolls and inflation, due later this month.

Silver continued its sharp ascent, hitting a record $61.25 per ounce, more than doubling in value this year due to tightening inventories and rising demand from solar, EV, and data center industries.

Oil prices were steady, while US Treasury yields hovered near 4.18%.

India’s Nifty 50 and Sensex each gained 0.10%.

Amazon to invest over $35B in India

Amazon announced plans to invest more than $35 billion in India by 2030, positioning the country as a key hub for artificial intelligence, cloud services, and deep-tech growth.

The move follows similarly large commitments from Microsoft ($17.5 billion) and Google ($15 billion).

Amazon, which has already invested $40 billion in India, aims to boost exports from Indian sellers to $80 billion by 2030 and create an additional 1 million jobs.

Trump issues warnings on geopolitics and Europe’s energy risks

US President Donald Trump said he would intervene to stop escalating tensions between Cambodia and Thailand, claiming he could halt the conflict with a direct phone call.

In separate remarks, Trump warned that Europe risked “collapse” if leaders fail to address energy and immigration challenges.

He also recounted advising UK Prime Minister Keir Starmer to rely more heavily on domestic energy resources, criticizing wind projects in Scotland and urging development of the North Sea.