Quick overview

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SpaceX has reportedly filed confidential paperwork with the U.S. Securities and Exchange Commission as part of preparations for a potential initial public offering, with a valuation that could reach $2 trillion.

Discussions are still ongoing, and the details of the listing could change, according to reports. The company is aiming to make its market debut sometime this year.

For years, Elon Musk resisted taking SpaceX public, arguing that pressure from short-term shareholders could interfere with his long-term vision of colonizing Mars. However, the success of the Starship program and the dominance of the Starlink network have pushed the company’s valuation to levels where an IPO is increasingly seen as the logical next step.

Shares of space-sector companies rallied on Wall Street on Thursday following the reports. Intuitive Machines jumped 17%, while AST SpaceMobile gained nearly 9%.

Meanwhile, Virgin Galactic also advanced, rising about 5% during the session.

U.S. Judge Upholds Block on Subpoenas Targeting Jerome Powell

A U.S. judge on Friday reaffirmed his decision to block subpoenas issued as part of a criminal investigation into Jerome Powell, chair of the Federal Reserve, a ruling that could further delay efforts by Donald Trump to install a more compliant leader at the central bank.

U.S. District Judge James Boasberg rejected a request from the U.S. Department of Justice to reconsider his earlier ruling, which had effectively halted the criminal investigation involving Powell.

In a March 13 decision, Boasberg determined that subpoenas issued in January to the Federal Reserve Board of Governors were improperly motivated and aimed at pressuring Powell to comply with Trump’s demands for rapid interest-rate cuts or to step down.

The subpoenas—issued by Washington D.C.’s top federal prosecutor, Jeanine Pirro, a close Trump ally—sought information about cost overruns tied to renovations at the Fed’s headquarters, as well as Powell’s congressional testimony last year regarding the project.

By refusing to reconsider the ruling, the court effectively keeps the subpoenas suspended while the case moves toward a potential appeal. Legal experts say the process could extend the standoff between the White House and the central bank, adding another layer of uncertainty around the leadership of the Federal Reserve at a time when interest-rate policy remains a key issue for financial markets.