Alternative Investing Report - May 25, 2026

*as of 5/24, Sources: S&P, BTC, FTSE, DJRE, GOLD

SpaceX’s S-1 filing was released to the public last week, giving investors their first look into the financials of the most valuable private company in the world. The company brought in $18 billion of revenue in 2025 and grew 18% in Q1, but it posted a net loss of nearly $5 billion because of xAI’s $6.35 billion operating loss. A deal with Anthropic was also made public, where the AI startup is paying $1.25 billion per month for access to SpaceX’s data centers.

➨ TAKEAWAY: The projected value of the IPO is reportedly nearing $2 trillion, a high revenue multiple even considering the Anthropic deal. Still, there is likely to be significant demand, and shares are skyrocketing on the secondary market. Given its size and scope, this IPO is going to dominate the investing world over the next couple of weeks. The amount of liquidity generated is projected to be more than every other VC-backed IPO in the past decade combined. There will be significant consequences for both public and private markets, something we will discuss in our next investor briefing on June 8 at 3 PM ET.

In the newest episode of Smart Humans, Vincent co-founder Slava Rubin and Sacra co-founder Jan-Erik Asplund take an in-depth look at public funds that offer investors access to private shares in companies on the path to an IPO like SpaceX, OpenAI, and Anthropic. They break down how these vehicles are structured and what investors are actually getting exposure to beneath the surface.

📊 Consumer sentiment at all-time low: The University of Michigan’s consumer sentiment index fell by 10% to the lowest level since the survey began in 1952. The war in Iran has led to high gas prices and fears of inflation, with lower-income people and those without college degrees reporting the largest declines in sentiment.

🎰 Minnesota bans prediction markets: Minnesota has become the first state to ban prediction markets, making it a crime to host or even advertise a prediction market, and extending the ban to any service supporting prediction markets, such as VPNs. The CFTC immediately filed suit against the state, setting up a legal battle that will set an important precedent for the industry.

🚀 Oura files for IPO: The healthtech startup best known for its health and wellness tracking “smart” ring just filed its draft IPO prospectus with the SEC. It was last valued at $11 billion in October, and is reportedly on track to generate $2 billion in revenue in 2026.

🏡 Home prices tick up: Redfin’s Home Price Index showed a 0.2% gain in April and a 2.1% climb year-over-year. San Francisco and Chicago were the cities with the highest year-over-year gains, while Dallas, San Antonio, and Jacksonville saw the biggest declines.

🪙 SEC delays stock tokenization: The agency was reportedly ready to release an exemption allowing crypto exchanges to offer tokenized stock, but that plan has now been delayed indefinitely due to a number of concerns.

🤖 Hark fundraise: The secretive agentic AI startup raised a $700 million round at a $6 billion valuation, a significant figure considered the company was only launched in late 2025.

Today: Memorial Day, public markets are closed.

Tuesday: S&P Case-Shiller home price index and FHFA house price index released; Consumer confidence index released.

Thursday: Personal Consumption Expenditures (PCE) and Core PCE indices, the Fed’s preferred inflation metrics, will be released; New home sales report released.