Evening Scan

Markets expected SpaceX's IPO pop to cool off on day two. Instead, shares climbed another 10%+ today, pushing the rocket company past Amazon in market cap. The Anthropic-White House standoff remained unresolved after a Sunday meeting, and DeepSeek closed one of the stranger funding rounds in recent memory.

$34B — What OpenAI spent in 2025, including $19B on R&D and nearly $6B on sales and marketing, per audited figures cited by the FT. (Financial Times)

SpaceX Overtakes Amazon as Its Post-IPO Rally Rolls On

Two days in and SpaceX is already rewriting the comps — Musk's $1T revenue target for 2030 sounds less like a boast. (The Next Web)

Sources: DeepSeek Closed a $7.4B Round at a $50B Valuation Under an Unusual Structure

Investors don't get equity — they put capital into an LP run by CEO Liang Wenfeng, which is either visionary founder control or a giant red flag depending on your risk tolerance. (The Information)

Qualcomm Is in Talks to Acquire AI Chip Designer Tenstorrent for $8B–$10B

Tenstorrent was discussing raising at a ~$3.2B valuation just last year — that's a 3x markup if Qualcomm closes the deal. (The Information)

Japan Raises Rates to 31-Year High to Ward Off War Inflation (paywall)

The BOJ went ahead against the PM's wishes, under pressure from a tanking yen and energy-driven inflation — a reminder that central bank independence is having a complicated year globally. (NYT)