SpaceX plans $100 billion for a Louisiana spaceport it has not funded. Nvidia's options are pricing the smallest reaction in at least three years. Canada answered Washington with duties on C$27.6 billion of goods.
One hundred billion dollars.
That is what SpaceX (SPCX) plans to spend on a spaceport in Vermilion Parish, Louisiana. The company announced it Tuesday. Construction starts in 2027.
A $100 billion spaceport is coming to coastal Louisiana. Ten pads. SpaceX targets 2029 for the first flight.
Nvidia (NVDA) reports after the close. Options are pricing the smallest reaction in years.
Canada answered Washington with duties on C$27.6 billion of goods. They take effect September 8.
Economists flipped on the Bank of Japan, and most now see a September hike. Core PCE and revised GDP land this morning.
PMD LENS
Tuesday's PMD tracked SpaceX putting AI data centers in orbit. The target was late 2027. That letter named the lenders nobody can see. This morning names what they must fund. Louisiana does not fly until 2029. So this is the decade after the orbital plan, not the year of it.
The Big AI Story Nobody Knows
There's a website called RentAHuman.ai. Its tagline: "Robots need your body."
721,000 people across 100 countries have signed up.
And according to Alexander Green - the man who bought Apple under $1, Netflix at $1.62, Amazon under $2* - this is the clearest signal yet that Phase 2 of the AI supercycle has arrived. (Split adjusted prices)
He's identified three companies set to dominate this next phase.
- Louisiana gave up the tax base. SpaceX pays the parish $25 million a year for 25 years instead.
- The state counts 3,000 direct jobs over ten years. They average $92,600.
- Canada's 50% tier reaches past metal. Smartphones, milk and video-game consoles sit beside steel and aluminum.
- Nvidia reports fiscal 2027 tonight, not fiscal 2026.
- More than two-thirds of economists called July's yen intervention not very effective, or worse.
SpaceX Raised $110 Billion in June. It Spent a Quarter of That by July.
The Site
SpaceX says this will be the largest spaceport on earth. It sits on Pecan Island, in Vermilion Parish, Louisiana. Five complexes. Two pads each, with a propellant farm per complex. Gwynne Shotwell calls it a self-sustaining spaceport, with its own power and deep water shipping.
The Raise
June brought two rounds of money. The listing netted $85.7 billion. A debut bond sale raised $25 billion more. Most of that repaid a bridge loan. Cash ended June at $93.5 billion. It began the year at $24.7 billion.
The Spend
Capital projects took $28.5 billion in the first half. Second-quarter revenue was $7.81 billion. Capex ran at more than twice revenue. AI infrastructure alone took $15.83 billion in the quarter. A year ago the whole quarter's capex was $2.8 billion. That is a sixfold rise in four quarters. Louisiana sits on top of that curve, and it is not funded yet.
The Next Call
Buyers are paying for a company that raised $110 billion. What they are not pricing is the next hundred. The equity round and the bond debut are both done. Louisiana starts at the marginal dollar, and lenders set that price. Borrowings rising while cash falls in the Q3 report makes this a credit story.
The current economic chaos is just a preview …
What's coming next could be way scarier.
That's according to a strange investment secret- discovered just before the Great Depression…
And it's likely to catch most Americans by surprise.
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SIGNAL 1: The Options Market Stopped Bracing
Nvidia reports after the close. Traders have stopped bracing for it.
The implied move is 5.4% either way. ORATS data puts that at the smallest before an Nvidia report in three years. It compares with 6.5% ahead of May and 7.4% across twelve quarters. Consensus puts data center revenue near $85 billion.
Nobody is bracing for the company that finances its own cycle.
The Calm Nobody Bought
Traders expect a 5.4% move, against a 7.4% average. What an option price cannot carry is the borrowing underneath the demand. Concern about circular financing has built all month, and no revenue line reports it. Calm about the seller is not calm about its buyers. A data center number under $85 billion tonight makes that worry current.
SIGNAL 2: Canada Matched the Rate, Not Just the Bill
Canada answered Saturday's tariffs with duties of its own. They cover C$27.6 billion of American goods. Ottawa calls it dollar for dollar, rate for rate. They take effect September 8. Washington is weighing more.
The 50% tier reaches past metal, into smartphones, milk and video-game consoles. Trump has already promised to double Canadian auto tariffs from January. Bloomberg names the states most exposed. Ohio, Illinois, Pennsylvania, Michigan, California.
An exporter now has a date, not a negotiation.
The November Clock
Both governments have costed the goods to the dollar. Neither has costed the midterms, ten weeks out. Democrats already see openings in Michigan, Pennsylvania and Ohio. That puts a political deadline on an economic fight, and neither side chose it. A US measure taking effect before September 8 makes this a spiral, not a match.
SIGNAL 3: Japan Flipped in Five Weeks
In July, one economist in twenty expected a Japanese rate move this quarter. Now most expect one next month.
Fifty-seven percent see the Bank of Japan going to 1.25%. It set the current 1% in June. Almost nine in ten say Tokyo's fiscal plans will add to the weak yen.
That is the awkward part. The central bank has to answer for something the government built.
The 25-Point Gesture
A move to 1.25% is what the survey expects. What no survey can price is whether it works. The problem they name is fiscal, and 25 basis points does not reach it. So the hike arrives priced as a gesture the yen need not answer. A hold on September 18 would say the fiscal problem outranks the inflation one.
AI CEO Issues Code Red: Prepare for Meltdown
The CEO of this AI company (click here to get the name, 100% free) just issued a CODE RED in an internal memo…
Warning his employees that they’re dealing with a critical situation.
Another company executive even implied they might need a government bailout.
And now Jim Rickards is predicting this company is about to go bust, in a full-blown AI meltdown that could be 10 times bigger than Lehman Brothers.
- Watch Nvidia's data center line tonight, for whether the buildout compounds.
- Read core PCE and revised GDP this morning for what the Fed sees before September.
- Listen for a balance-sheet number from Warsh on Friday, or another deferral.
- Mark September 8, when Canada's duties land, for whether Washington answers.
- Hold September 18 for the Bank of Japan, and for whether a hike moves anything.
Capital Discipline
A counterparty that just raised its cheapest money has already spent a quarter of it. The margin prices everything after that, and it moves with the credit cycle. So the risk in your book is an assumption. It is that the next round costs what the last one did.
Run this before your next IC. Take the position whose thesis needs a counterparty's buildout to arrive on time. Push delivery out two years. Hold your exit date fixed. If the return still clears, you own the asset. If it only clears on the original date, you own a schedule. Price that as credit and size it there.
SpaceX named the ground. Nvidia's options went quiet. Canada set its date. Japan turned.
SpaceX put a decade of building on the record. What it left off the record is the mix. The open question is how much of this arrives as debt, and at what price. The demand answer comes tonight, August 26, after the close. The funding answer comes with the Q3 filing.