Investment banks are pricing SpaceX at USD 1.8 trillion for a company that lost USD 4.94 billion last year. That is not a miscalculation — it is a method. And that method applies to every valuation you will ever read.
SpaceX is going public at USD 1.8 trillion. Its revenue: USD 18.7 billion. Read More »
Meta acquired Manus for $2 billion. Four months later, the Chinese government ordered the deal unwound. A global first that shows how mergers and acquisitions — the operations that reshape jobs, products and strategies worldwide — can fail in ways no one anticipated.
Meta acquired Manus. China ordered it to unwind the deal. Read More »
Every year, thousands of companies merge or get acquired for trillions of dollars combined. Yet studies consistently find that most deals fail to deliver their promised value. This Fundamental breaks down how M&A actually works: why companies pursue deals, what due diligence really uncovers, why synergies are so often overpromised, and what separates the transactions that create lasting value from those that quietly destroy it.
Mergers & Acquisitions (M&A) Read More »
For the first time since the 1990s, US net interest payments on the federal debt exceed the entire national defense budget: $952 billion versus $886 billion. On May 16, 2025, Moody’s stripped the US of its triple-A, the last of the three major rating agencies to do so. A signal markets already knew. A mechanism most people have never seen explained.
Every year, thousands of companies merge or get acquired for trillions of dollars combined. Yet studies consistently find that most deals fail to deliver their promised value. This Fundamental breaks down how M&A actually works: why companies pursue deals, what due diligence really uncovers, why synergies are so often overpromised, and what separates the transactions that create lasting value from those that quietly destroy it.
On May 22, 2026, SpaceX launched Starship V3, the most powerful rocket ever built. Behind the spectacle, three things were at stake at once: a race to land humans on the Moon before 2030, a stock market debut targeted for June 12 at a $1.75 trillion valuation, and the expansion of Starlink, the only division in the company already turning a profit.
Starship V3 lifts off: what this launch really says about the race for space Read More »
For sixty years, space was a government monopoly. Then a handful of private companies cut the cost of reaching orbit by 95% in a decade. Who are these players, why are they betting billions on low Earth orbit, and what does that mean for everyone else on the ground?
The New Space Economy: How Private Industry Rewrote the Rules of the Final Frontier Read More »
In 78 days, two US tariff programs were struck down in court. This is not just a legal dispute: it signals that global value chains are now operating without stable ground rules, and every link in the chain is absorbing the cost.
US Tariffs Struck Down, One After Another: Global Trade Is Now Waiting on a Judge Read More »
Your smartphone was designed in the United States, built with components from Taiwan and South Korea, assembled in China, and shipped across three continents before reaching your hands. That journey is not an exception — it is how the modern economy works. Understanding global value chains, the return of protectionism, and the reshaping of supply chains is now essential for anyone trying to make sense of prices, jobs, and geopolitics.
International Trade and Value Chains Read More »
54–45: the narrowest confirmation vote in Federal Reserve history. But what should concern us isn’t the result. It’s what it took to get there: a criminal investigation, unprecedented political pressure, and a broken institutional norm whose consequences for rates and inflation are still entirely unresolved.
The Fed has a new chair. What should worry you is how he got there. Read More »
