Elon Musk became the world’s first trillionaire yesterday as SpaceX shares jumped nearly a fifth on their market debut, after the company raised $75bn in what is being reported as a record initial public offering. The valuation is being driven substantially by SpaceX’s AI and satellite ambitions rather than the launch business alone, which sets up an interesting question about what institutional investors are actually buying. Worth watching how the stock settles in the first full week of trading.

The US government has ordered Anthropic to pull its Fable and Mythos AI models following a Commerce Department finding that a jailbreak in Fable 5 poses a national security threat. Anthropic is publicly pushing back, saying a narrow jailbreak in a commercially deployed model does not warrant a full recall. The episode is the first significant instance of a US administration using regulatory authority to remove a frontier AI model from the market, and the precedent matters well beyond Anthropic. If Commerce can recall models on national security grounds, the compliance and liability calculus for every AI developer changes.

A zero-day vulnerability in Oracle’s PeopleSoft platform is actively being exploited, with attackers extracting gigabytes of data from hundreds of affected organisations. PeopleSoft is widely used in HR and finance functions across large corporates and public sector bodies. If you have exposure through a supplier or outsourced payroll provider, worth checking with your IT security team before Monday.

Iran has signalled that a ceasefire deal is close to finalisation and that the Strait of Hormuz would reopen as part of any agreement. The US, Iran, and Pakistan as mediator are all characterising the deal as nearly done. Hormuz handles roughly a fifth of global oil trade, and any credible reopening signal will move energy prices. Brent has been elevated on the closure; watch for a sharp move if confirmation comes through this weekend.

On UK politics, Starmer gave a combative BBC interview in which he set a deliberately high bar for any internal leadership challenge — reading as a direct message to the Burnham wing of the party. Separately, sources close to Andy Burnham are briefing that a decade-long programme of public ownership of water and energy would be central to any future leadership pitch. The cost implications are contested, but the briefing itself is notable for its specificity and timing.

The FT has a piece arguing that a “wait and see” approach to monetary policy risks repeating the errors of 2008, with the inflation python analogy suggesting that delayed action allows the problem to embed. No specific BoE attribution, but the framing will be familiar to anyone watching the MPC’s current posture on services inflation.

Section 702 of FISA expired overnight in the US, though existing certifications run until March 2027, meaning the surveillance programmes continue for now. The political fight over reauthorisation resumes in the autumn.

UK retail sales data for May publishes on Monday morning.

Sources

BBC News, Al Jazeera, Guardian, TechCrunch, FT, Ars Technica, Politico, The Economist — 2026-06-13