Bloomberg — 2026-05-20#

Lead Story#

Elon Musk’s SpaceX has officially filed paperwork to go public on the Nasdaq under the ticker SPCX, paving the way for what is widely expected to be the largest initial public offering in history. The rocket, satellite, and artificial intelligence enterprise is reportedly targeting up to $75 billion in its listing at a staggering valuation of over $2 trillion, a milestone that is all but certain to make Musk the world’s first trillionaire.

Markets & Economics#

• Fed Minutes Show More Officials Warned of Rate-Hike Scenario: A majority of Federal Reserve officials cautioned they might need to consider raising interest rates if inflation persistently exceeds their 2% target.
• Bank Indonesia Surprises With a Half-Point Hike to Defend Rupiah: In a bold move to defend a currency that has plunged to successive record lows, Indonesia’s central bank delivered a larger-than-expected interest-rate increase.
• Global Long Bond Yields Climb to Highest in Almost Two Decades: A selloff in longer-maturity government bonds has pushed yields to levels unseen since the global financial crisis, squeezing stock market valuations and highlighting mounting inflation fears.
• UK Inflation Drops Sharply in Respite from Iran Energy Shock: British inflation fell to its lowest level in over a year, prompting traders to trim bets on a Bank of England rate hike next month, though economists expect price pressures to rebound.

Business & Industries#

• NextEra to Buy Dominion for $67B to Form Power Giant: NextEra Energy agreed to acquire Dominion Energy in an all-stock deal worth roughly $67 billion, creating an unprecedented utility titan stretching from Florida to Virginia’s AI data center hubs.
• OpenAI Is Preparing to File for an IPO in the Coming Weeks: Following the dismissal of Elon Musk’s lawsuit, the ChatGPT creator is advancing plans for a blockbuster initial public offering this fall.
• Target’s Biggest Sales Gain in Four Years Signals Turnaround: Target posted a massive 5.6% jump in comparable quarterly sales, tripling analyst estimates and signaling that its turnaround efforts are gaining traction with increasingly selective shoppers.
• Samsung Reaches Tentative Union Deal, Averting Crippling Strike: The world’s largest memory chipmaker struck a tentative agreement with its labor union, averting a walkout that threatened to severely disrupt the global tech supply chain.

Policy & World#

• Trump Renews Pressure as Iran Vows Retaliation Beyond Mideast: The US and Iran remain deadlocked, with President Trump threatening to resume strikes if a deal isn’t reached soon, while Tehran warned it would retaliate globally against further attacks.
• Putin Leaves Beijing With Little Progress on Key Gas Pipeline: Despite a lavish welcome from Chinese President Xi Jinping and a pact to expand cross-border rail links, Russian President Vladimir Putin failed to secure a breakthrough on a critical natural gas pipeline.
• EU Expedites Start of US Trade Deal in Bow to Trump Demand: The European Union has finalized the text of its long-delayed trade agreement with the US, erasing levies on industrial goods to avoid Trump’s looming tariff deadline.
• Trump Tightens GOP Grip With Massie’s Defeat in Kentucky: Ed Gallrein, a Trump-endorsed former Navy SEAL, unseated longtime Republican Congressman Thomas Massie in one of the most expensive and consequential primaries on record.

Opinion & Analysis#

• Britain’s Buy-to-Let Landlords Are Abandoning the Market: A landmark tenant rights law has decisively shifted power away from property owners, triggering an accelerated wave of home sales by small investors that looks like a permanent turning point.
• High Bond Yields Are What America Needs in the AI Era: Despite Wall Street’s panic over rising Treasury yields clashing with record-high stocks, the bond market’s warning bells are a necessary counterbalance to the AI-fueled equity frenzy.
• America’s ‘Everything Is Rigged’ Era Is Toxic: From sports to politics, the growing and baseless belief in fixed contests is actively corroding public trust and democracy.