With SpaceX's highly anticipated IPO expected on June 12, we wanted to share our latest research to help you stay informed. At Astoria, we've been doing the work to help our clients understand what this means for their portfolios. Here are the three things every investor should know: Key takeaways: • Scale & Financials: SpaceX generated $18.7B in revenue in FY2025 (+33% YoY), driven primarily by Starlink connectivity ($11.4B revenue, 63% EBITDA margin). The IPO targets a ~

All Three Major Indices Close May at Record Highs Despite rising global yields and renewed inflation concerns, equities moved higher in May on the back of a strong US earnings season and continued momentum in AI-related stocks. The tech-heavy Nasdaq Composite gained 8.4% for the month, while the S&P 500 rose 5.3% and the Dow Jones Industrial Average was up 2.9% All three indices closed the month at record highs. The S&P 500 also saw its best two-month gain since May 2020, cli