The Week Ahead: May 25, 2026

What a week we’ve had and are about to have, four days that it is! The hugely consequential IPO filing for SpaceX will continue to suck the oxygen out of the room — how could it be any other way? We’re preparing a massive IPO report, more on that next week.

We’ll also see some big earnings from Marvell (MRVL:NASDAQ) and Salesforce (CRM:NYSE). Much to analyze there.

You can find prior notes and the full research archive at our NEW website: https://epistrophy.beehiiv.com.

As always, I’m focused on three things:
1) Technology-driven change;
2) the latest in innovation and startup trends, and;
3) stock fraud.

Companies Discussed

Ticker

Name

Market Cap ($B)

Price

SPCX

SpaceX

$1,750.00 B

?

GS

Goldman Sachs Group

$294.04 B

$996.73

ABNB

Airbnb

$78.55 B

$132.35

RKLB

Rocket Lab

$78.59 B

$135.76

PLTR

Palantir Technologies

$328.14 B

$136.88

SNOW

Snowflake

$59.69 B

$172.20

PLTR

Palantir Technologies

$328.14 B

$136.88

CBRS

Cerebras Systems

$56.39 B

$256.78

AMZN

$2,864.83 B

$266.32

SPOT

Spotify Technology SA

$109.04 B

$519.86

NDAQ

Nasdaq

$51.47 B

$91.01

In This Note:

New Rule: Every IPO’s Risk Factors section should picture an explosion.
Source: My kitchen table at May 20, 2026, 11 pm

Six Things SpaceX's S-1 Doesn't Say — and Should.

The biggest IPO of all time is shockingly light on basic financial details

SpaceX (SPCX: NASDAQ) S-1 document is a sight to behold:  422 pages in total. The numbers seem to say alot: SpaceX launched 2,213 metric tons to orbit last year across 150 Falcon 9 flights. Its 9,600-satellite Starlink constellation, now serving 10.3 million subscribers across 164 countries, accounts for roughly 75% of every active maneuverable satellite currently in orbit. xAI’s COLOSSUS and COLOSSUS II data centers (”the world's first coherent gigawatt-scale AI training cluster”) cost of $12.7 billion in 2025 alone, or roughly $28 million every single day. Twenty-one investment banks, led by Goldman Sachs (GS: NYSE), have signed on on to shill the stock. 

Tweet O’ The Week

Developing the SpaceX story with Connell McShane of NewsNation.

Epistrophy In The News

As soon as the SpaceX S-1 filing hit the tape, NewsNation had me on to review the numbers and discuss the importance of this offering to a national audience. Always a good conversation with Connell McShane.

📆 of Epistrophy Events

Ticker

Name

Market Cap

Expected Date

Type

🎉

Memorial Day

May 25

Market Holiday

ZS

Zscaler

$29 B

May 26

Earnings

MRVL

Marvell Technology

$172 B

May 27

Earnings

CRM

Salesforce

$147 B

May 27

Earnings

SNPS

Synopsys

$101 B

May 27

Earnings

SNOW

Snowflake

$60 B

May 27

Earnings

NTAP

NetApp

$27 B

May 27

Earnings

NRS

New Residential Sales

May 27

Economic Event

ADSK

Autodesk

$51 B

May 28

Earnings

OKTA

Okta

$16 B

May 28

Earnings

MDB

Mongodb

$26 B

May 28

Earnings

DG_ADV

Durable Goods Orders (Advance)

May 28

Economic Event

PCE

Personal Income & Outlays (incl. PCE)

May 28

Economic Event

GDP

GDP Second Q1 2026

May 28

Economic Event

CSCO

Cisco Live

$475 B

May 31

Conference

CSP

Construction Spending

Jun 1

Economic Event

SNOW

Snowflake Summit 2026

Jun 1

Conference

PANW

Palo Alto Networks

$211 B

Jun 2

Earnings

MSFT

Microsoft Build

$3,109 B

Jun 2

Conference

DG_FULL

Factory Orders (M3 Full Report)

Jun 3

Economic Event

EMPSIT

Employment Situation

Jun 5

Economic Event

ZS

Zenith Live

$29 B

Jun 8

Conference

DDOG

DASH

$79 B

Jun 9

Conference

PPI

Producer Price Index

Jun 11

Economic Event

CPI

Consumer Price Index

Jun 12

Economic Event

SPCX

IPO?

$1,750 B

Jun 12

IPO

Availability This Week

I’ll be in our San Francisco office at the Ferry Building all week. Call or, hell, come visit!

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