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SpaceX is set to launch an IPO on the Nasdaq that seeks a market valuation of $1.77tn despite posting a $4.9bn loss on $18.7bn of revenue in 2025. Analysts warn the price‑to‑sales multiple is near 100× and suggest a more realistic value closer to $780bn.SpaceX's IPO Targets a Near‑$2tn Valuation Amid Modest RevenuesThe prospectus positions the company’s mission as “making life multi‑planetary,” but the financial filing shows a stark contrast between ambition and current earnings. The offering includes up to $86bn of new shares, backed by a syndicate of major banks.Lead underwriters: Goldman Sachs, Morgan Stanley, JP Morgan, CitiKey business lines: Starlink (≈60% of revenue), launch services, and the newly integrated xAI AI unit.Financial Snapshot: Losses, Revenues, and the Price‑to‑Sales GapThe filing reveals:2025 loss: $4.9bn2025 revenue: $18.7bnProposed valuation: $1.77tn (≈100× revenue)Morningstar’s fair‑value estimate: $780bnMarket and Strategic Implications of the SpaceX ListingStarlink’s dominance in satellite broadband and reusable launch technology give SpaceX a competitive edge, yet analysts argue these assets alone do not justify the headline valuation. The inclusion of xAI and the hype‑driven “Musk factor” are expected to drive investor demand, while forced buying from index funds could amplify short‑term price momentum.Index‑fund pressure: low‑cost trackers now hold about 50% of the US market.Potential risk: over‑inflated momentum may lead to sharper corrections later.Outlook: Valuation Correction and Investor SentimentMorningstar predicts a “descent to an earthly valuation” after the initial launch, suggesting that the stock could face a significant pull‑back once the novelty fades. However, the strong brand and Musk’s track record of delivering returns may sustain demand in the near term.

The Evolution of Portraiture The Metropolitan Museum of Art's new exhibition, 'The Face of Modern Life,' challenges traditional notions of portraiture by showcasing nearly 80 works from its permanent collection. Curated by Stephanie D'Alessandro, the show explores how artists have redefined the concept of a portrait over time. Expanding the Definition of Portraiture The exhibition features works such as Max Beckmann's 'The Beginning' and Wifredo Lam's 'Ídolo,' which stretch the boundaries of traditional portraiture. These pieces are rooted in memory and myth rather than physical likeness, highlighting the evolving nature of the art form. The Intersection of Art and Literature The show also explores the intersection of art and literature, featuring works like Pablo Picasso's portrait of Gertrude Stein and an excerpt from Stein's 1923 textual poem 'If I Told Him, A Completed Portrait of Picasso.' This pairing showcases the dialogue between artists and writers on the concept of resemblance and likeness. New Acquisitions and Artistic Innovations The exhibition includes recent acquisitions like Lam's 'Ídolo' and Francis Picabia's 'Elegance,' which demonstrate the artists' innovative approaches to portraiture. These works are complemented by poet Wallace Stevens' 'Thirteen Ways of Looking at a Blackbird,' which shares themes with Picabia's bizarre woman. The Power of Portraiture D'Alessandro emphasizes that portraiture's fundamental concerns remain constant despite evolving artistic techniques and philosophical ideas. The exhibition demonstrates how portraits can function as records of human presence, emotional temperature, and texture of experience.

Discovering New Voices in Poetry A recent review roundup from The Guardian showcases a diverse selection of poetry collections, each offering unique perspectives and styles. The review highlights six exceptional works, providing insight into the world of contemporary poetry. Haunting the Black Air by Anthony Joseph Joseph's follow-up to his TS Eliot prize-winning Sonnets for Albert sees his poetic approach become more radical. He pays homage to avant-garde writers such as Will Alexander and Nathaniel Mackey, while exploring themes of nostalgia, grief, and magnetic feelings. Selected Poems by Leontia Flynn Flynn's collection is a glorious reintroduction to her mordant wit, imaginative image-making, and unerring ability to puncture pretension. Her poems remain fresh and relevant, even after more than 20 years of publishing. You Must Live: New Poetry from Palestine This anthology features over 30 poets living in Gaza and the West Bank, with work written in the last few years. The poems testify to the resilience of the artists and the role that poetry still has to give voice and bear witness in times of crisis. Melete by Jennifer Lee Tsai Lee Tsai's debut is a sprawling mix of poetry and prose exploring second-generation Chinese identity in the UK. The book feels roughly hewn, fiercely articulating the need to write and create something beautiful. Sparrow on the Rooftop by Rachel Long Long's second collection has replaced the playfulness of her debut with a directness of diction and image. The poems pull you up with their unflinching gaze, tackling topics such as alcoholism, eating disorders, and grief. Somebody Should Have Pressed Record by Galia Admoni Admoni's narrative poem explores the premise of starting a relationship with an imaginary version of an actor. Her tone is reminiscent of Georges Perec, both in its jabs at contemporary living and in what it reveals about the difficulties we have in making sense of ourselves in the absence of others.

The Dark Side of Creativity Children’s writers are sometimes cruel, and often damaged. And, as AS Byatt put it crisply when talking about her 2009 novel The Children’s Book: “Writing children’s books isn’t good for the writer’s own children.” Think of Christopher Milne, raging at having been Christopher Robin; Vivian Burnett, dragging Little Lord Fauntleroy behind him; Alastair Grahame, lying down on train tracks. The Trapped Protagonist This is fertile material, as Byatt recognised, for a grown-up book. The American author Melissa Albert, herself a very successful children’s writer, has made it the theme of her first adult novel. The Children’s protagonist is Guinevere Sharpe, who as a grown woman is trapped by a very public version of her childhood. Her mother, Edith, a sort of JK Rowling/Enid Blyton composite, wrote an era-defining run of children’s portal fantasies called the Ninth City series, in which Guin and her older brother Ennis appeared as the named protagonists. The Unraveling of a Family Their marriage turns toxic. Edith is remote and frosty. The loving and boisterous Llewellyn is stricken by an unspecified illness and the light starts to go out of him. And the children, devoted to each other and freed from the necessity of formal schooling, are left to their own devices. Meanwhile, there’s something very spooky about their old wooden house. Occult artefacts surface. Its inhabitants have disturbing dreams. Edith shows up one day with a missing finger. Unraveling the Mystery In the present tense of the novel, meanwhile, Edith and Llewellyn have died in a fire that consumed the house; the sixth and last book in the Ninth City series never got written; and Guin and Ennis, once so close, have been on nonspeakers for two decades. A conceptual artist who builds uncanny installations, Ennis has always refused to talk about his childhood and the Ninth City books – but just as Guin is publicising her memoir, he announces a new show called Mother. The Cost of Creativity What we know about the Ninth City series – that in its universe there’s a vampiric figure called the Architect who steals the dreams of children to build constantly shifting fantasy worlds – casts an ominous shadow over Guin’s story. You get a hunch Albert is saying something here about the creative process, and the cost of it. Edith is a brilliant children’s writer – but she’s not quite right. A Complex but Flawed Novel That bumper crop of mysteries is also a slight weakness of this very readable and intriguing book. There’s simply so much going on that the force of the story dissipates: Edith never comes fully into focus; Guin’s crumbling relationship with her fiance, Hank, though acutely described, struggles to carry the weight it wants to; the ending is a little rushed.

The Power of Theatre in Adversity What happens when the basic requirements of theatre-making are narrowed to their most extreme limits? Companies like Belarus Free Theatre and the Freedom Theatre have shown that theatre can still thrive even in the midst of danger. This is evident in 'Tomorrow Will Be a Palestinian Day', a collection of nine short plays written by Palestinian playwrights, poets, and artists. The Birth of a Collection Directed by Ahmed Masoud and Micaela Miranda, the show was rapidly produced with just one week of rehearsals. Four writers are currently in Gaza, while two are former political prisoners, including Walid Daqqa, one of the longest-serving Palestinian prisoners who died in custody in 2024. A Glimpse into the Plays The collection features a range of plays, including 'The Martyrs Return to Ramallah', which is both absurdist and haunting. Other plays, such as 'The Last Letter' by Mohammed Al Qudwa and 'Ruins' by Jehad Abu Dayya, showcase the intersection of lived experience and political theatre. The Impact of Lived Experience The plays take the audience on a journey from hospitals to morgues to refugee camps, highlighting the harsh realities faced by Palestinians. For example, 'We Are… Doctors' by Dareen Tatour features a Palestinian medic who is told that words of sympathy towards injured Palestinians 'can be crimes'. A Message of Hope Despite the darkness, a message of hope cuts across several of these plays. In 'Santa Claus on Holiday' by Nahil Mohana, Santa visits the bombed-out terrain of Gaza, emphasizing the importance of laughter and hope. Conclusion 'Tomorrow Will Be a Palestinian Day' is a powerful collection of plays that showcases the resilience of theatre in the face of adversity. The show will run at Theatre 503 in London until June 6.

Authors and Readers Share Their Favorite Reads of May In a recent article, The Guardian shared recommendations from writers and readers on the books they enjoyed in May. The list includes a diverse range of titles that have captured the hearts of readers. Recommendations from Madeleine Thien Madeleine Thien, author of 'The Book of Records', shared her favorite reads, including: Dorothy Tse's 'City Like Water', a novel translated from Chinese by Natascha Bruce Karen Hao's 'Empire of AI' Hsiao-Hung Pai's 'Scattered Sand: The Story of China's Rural Migrants' Hannah Lillith Assadi's 'Paradiso 17' Michael Ondaatje's selected poems, 'The Distance of a Shout' Stephen's Recommendation Stephen, a Guardian reader, recommended: Francis Spufford's 'Nonesuch', a mystical and captivating read set in early wartime London Sufiyaan Salam's Recommendations Sufiyaan Salam, author, shared his favorite reads, including: Monika Radojevic's 'Strangerland', a story about immigrant parents' love story in pre-smartphone London Alan Moore's 'From Hell', a graphic novel weaving together London's past, present, and future The Oxford Shakespeare, for its insight into the playwright's life and times Sue's Recommendation Sue, a Guardian reader, recommended: Lisa Ridzén's 'When the Cranes Fly South', a moving story about love, friendship, and the end of life

The Life and Legacy of Marjane Satrapi Marjane Satrapi, the celebrated author of the graphic novel 'Persepolis,' has passed away at the age of 56. Satrapi was a prominent figure in the world of literature, known for her thought-provoking and emotionally charged works. A Pioneer in Graphic Novels Satrapi's most famous work, 'Persepolis,' is a semi-autobiographical graphic novel that explores her childhood in Iran during the Islamic Revolution. The book has been widely acclaimed for its unique blend of history, culture, and personal narrative. Tributes and Legacy The literary world is mourning the loss of Satrapi, who leaves behind a legacy of powerful storytelling and a new generation of writers inspired by her work. Her contributions to the world of graphic novels have been invaluable, paving the way for future authors to explore complex themes and ideas. A Lasting Impact Satrapi's passing is a significant loss for the literary community, but her work will continue to inspire and educate readers for years to come. Her legacy serves as a testament to the power of storytelling and the impact one person can have on the world of literature.

Manchester United’s chief executive Omar Berrada told the Inside Carrington podcast that the club would "like him to stay" regarding captain Bruno Fernandes, yet stopped short of guaranteeing his future beyond the 2026‑27 season.Berrada Signals Uncertainty Over Bruno Fernandes’ FutureFernandes, the Football Writers’ Footballer of the Year with a record‑breaking 21 Premier League assists, has sent mixed signals. In November he said he felt "hurt" by the club and considered leaving, but in March he reaffirmed his ambition to win the Premier League. Berrada emphasized Fernandes’ leadership off the pitch and his alignment with United’s values, while acknowledging the contract expires next summer with an optional 12‑month extension.Financial Context: Redundancies, £35m Ederson Deal and Contract TimelineRedundancy programme earlier this year cut roughly 450 staff positions, a cost Berrada admitted was "very high" but now shows "fruit" in recent financial results.United have agreed a £35 million fee with Atalanta for Brazilian midfielder Éderson, signalling continued investment despite tighter budgets.Fernandes’ current deal runs out in summer 2026, with a club‑option for an additional year.Potential Ripple Effects on United’s Transfer Strategy and Squad BalanceBerrada outlined a “clear plan” that avoids market or agent pressure, aiming to replicate last summer’s template of blending experience and youth. The uncertainty around Fernandes could influence:Whether United pursue a high‑profile replacement or promote internal talent.Budget allocation, given the £35 m outlay for Éderson and the need to respect the club’s financial discipline.Team dynamics, as Fernandes is praised for mentoring younger signings.What Next? Scenarios for Fernandes and United’s Summer PlansAnalysts see three likely outcomes:Renewal: United meet Fernandes’ terms, retaining the captain and building around his play‑making.Departure: Fernandes leaves on a free or for a modest fee, prompting United to accelerate the recruitment of midfield reinforcements.Staggered Exit: A short‑term extension is agreed, allowing United to plan a phased transition while maintaining squad stability.Regardless of the path, United’s emphasis on fiscal prudence and a balanced squad suggests any decision will be weighed against long‑term competitiveness in the Premier League.

The Record‑Breaking IPO PlanSpaceX filed paperwork on 4 June 2026 to launch an initial public offering that could value the company at $1.78 trn, eclipsing the 2019 Saudi Aramco float. The filing outlines a primary raise of $75 bn, with an optional increase to $86 bn if underwriters exercise their share‑sale option.Financial Snapshot: Valuation vs RevenueNet loss in 2025: $4.94 bnRevenue 2025: $18.67 bn (up 33% YoY)Proposed valuation multiple: > 90× annual revenueBy contrast, Morningstar’s discounted‑cash‑flow model places the firm at roughly $780 bn, less than half of the IPO price.Market Reaction and Overvaluation WarningsMorningstar’s senior analyst Michael Hewson called the valuation “significantly overvalued,” suggesting investors may find “more attractive levels after the IPO.” The firm’s warning highlights the gap between the proposed price and traditional profit‑based multiples.“We think the company has been significantly overvalued and investors will have opportunities to buy the stock at more attractive levels after the IPO.” – MorningstarImplications for the Space Economy and InvestorsListing would give SpaceX fresh capital and provide “exit liquidity” for insiders, allowing pension funds and index trackers to acquire stakes in Musk’s broader ambitions, including orbital AI data centres and the Starlink network.Outlook: What Could Happen After the Float?Analysts warn that the lofty price could deter participation, risking an undersubscribed offering. If the IPO proceeds, the company could join the Nasdaq, further legitimising the commercial space sector, but the long‑term price trajectory will hinge on whether revenue growth can close the gap to the $1.78 trn benchmark.