Key Takeaways
- SpaceX (SPCX) launched its debut $20 billion investment-grade bond offering to refinance debt, reporting a massive $100.8 billion cash pile as of June 19.
- Microsoft (MSFT) announced a multibillion-dollar, 2-gigawatt datacenter campus in Pecos, Texas, supported by a $7 billion power deal with Chevron (CVX).
- China’s gold imports surged 76% year-on-year to 692 tonnes for Jan-May 2026, with May volumes hitting a two-year high of 163 tonnes.
- Alan Greenspan, the legendary former Federal Reserve Chairman who steered the U.S. economy for nearly two decades, has passed away at the age of 100.
- Oil markets saw a significant shift as two supertankers entered the Strait of Hormuz to load four million barrels, signaling a potential easing of regional shipping blockades.
SpaceX Debuts High-Grade Bond Offering with $100B Cash Reserve
SpaceX (SPCX) has officially entered the high-grade bond market, kicking off an offering expected to be at least $20 billion. The move follows the company's landmark IPO earlier this month and is primarily intended to refinance a $20 billion bridge loan maturing in September 2027. Despite the new debt, the aerospace giant disclosed a robust balance sheet with $100.8 billion in cash and cash equivalents as of June 19, 2026.
Market reaction was mixed as shares of SpaceX (SPCX) fell roughly 5% in pre-market trading. Some investors expressed concern over the "cash burn" implied by back-to-back fundraising, while analysts noted the move is a routine optimization to replace short-term bank loans with long-term, fixed-income instruments. The company recently received investment-grade ratings in the BBB tier from S&P, Moody’s, and Fitch.
Microsoft and Chevron Partner for $7B Texas AI Infrastructure
Microsoft (MSFT) is expanding its AI and cloud footprint with a massive new datacenter campus in Pecos, Texas. The project will involve a multibillion-dollar investment over the next five to seven years and is expected to add 2 gigawatts (GW) of capacity. To power the energy-intensive site, Microsoft signed a 20-year agreement with Chevron (CVX) for a $7 billion natural gas-fired power plant, dubbed "Project Kilby."
The facility is designed to be "behind-the-meter," allowing Microsoft to maintain a private energy supply and minimize reliance on the public grid. Construction is expected to support over 6,000 jobs at its peak, with the first power generation slated for 2028. This move underscores the escalating "power crunch" facing the AI sector as tech giants race to secure reliable energy sources.
China Gold Demand Hits Multi-Year Highs
China's appetite for physical bullion remains relentless, with May imports reaching approximately 163 tonnes, the highest level in over two years. Total import volumes for the first five months of 2026 have surged 76% year-on-year to roughly 692 tonnes. The spike in demand comes even as global gold prices face pressure, suggesting strong domestic interest in physical bars and gold accumulation plans.
Analysts suggest the surge may have been partly driven by banks utilizing existing quotas before a new, less restrictive import licensing regime took effect on June 1. Despite a moderation from the record-breaking frenzy seen in January, Chinese retail and institutional demand continues to be a primary catalyst for global bullion markets.
Tributes Pour in for Alan Greenspan; UK Political Shakeup
The financial world is mourning the loss of former Federal Reserve Chair Alan Greenspan, who died at age 100 due to complications from Parkinson’s disease. Greenspan, who led the Fed from 1987 to 2006, was famously known for his "Fedspeak" and his stewardship during the 1990s productivity boom. Kevin Hassett, a former advisor to the White House, praised Greenspan as a "brilliant mind" and noted that today's AI sector is "printing money" in a way that mirrors the internet boom Greenspan managed.
In the UK, a major political shift is underway following Prime Minister Keir Starmer's announcement that he will step down. Minister for Defence Readiness Luke Pollard publicly backed Andy Burnham to succeed Starmer. Burnham recently won a high-profile by-election, positioning himself as a leading candidate to take over the Labour Party leadership and the premiership.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.