Bigger Than SpaceX (and Almost nobody can buy in)

SpaceX just set the record for the largest IPO in history.

It may hold that record for about eight more weeks.

According to the Financial Times, investors now expect the AI company Anthropic to go public in October at a valuation of $2 trillion or more.

That would make it the biggest public debut ever.

Goldman Sachs, Morgan Stanley, and JPMorgan are already running the book.

And here's the part that matters for you...

...almost nobody outside Silicon Valley can buy a single pre-IPO share.

See the 3 public stocks positioned for the filing.

☕️ GM Munchers! I'm at a cottage with my wife right now and snuck away to write this from what I am pretty sure is a closet. Market addiction confirmed. Marriage status pending.

On today’s menu:

• 🔥 The Trade War Is Heating Up

• 🚜 The Tractor Stock Nobody's Watching

• 📈 Bitcoin Just Touched $80K For The First Time Since May

• 🍿 Tasty Movers & Shakers

• 🤑 Nvidia Employees Are Crazy Rich

Yesterday’s numbers:

BREAKING NEWS

🔥 The Trade War Is Heating Up

Yesterday didn't just bring more Canada drama, it brought a second front entirely. While the Canada fight keeps escalating, Bloomberg reported the U.S. is also set to slap an additional 7.5% tariff on China, tied to allegations Beijing is flooding the world with more manufactured goods than demand justifies. Two separate trade wars, both heating up on the same day.

Let’s start with Canada. Trump announced yesterday that tariffs on all Canadian cars, trucks, auto parts, and steel are jumping to 50%, effective January 1, 2027. That stacks on top of the 50% tariffs already in effect since Saturday on Canadian dairy, alcohol, and building materials. Prime Minister Carney has set Canada's own retaliatory tariffs to hit September 8, and Ontario has already pulled American liquor off shelves and canceled a $100 million Starlink contract.

Now China. This new 7.5% tariff would push total U.S. duties on Chinese goods to around 20%, a level Beijing has previously said it's willing to tolerate under the current trade truce. The timing is what makes it interesting. This surfaces just weeks before a planned September summit between Trump and Xi, and the broader U.S.-China truce itself expires November 10.

• 🚗 Canada's auto tariffs: 50% on cars, trucks, parts, and steel starting January 2027, on top of tariffs already in effect since Saturday.

• 📅 Canada's deadline: Retaliatory tariffs from Ottawa kick in September 8.

• 🇨🇳 China's new number: A fresh 7.5% tariff would push total China duties to around 20%, right before the Trump-Xi summit next month.

• ⏳ China's clock: The existing U.S.-China trade truce expires November 10, adding real pressure to that meeting.

The Munch Take: Running two trade wars on two continents at once is either a real show of strength or somebody in the tariff department needs a vacation. We've seen this movie enough times to know how it ends. The can gets kicked, the deadline quietly slides, and nothing major actually happens, which is exactly why the market barely blinked at the news. Canada's September 8 deadline and China's November 10 truce expiration are the two dates worth actually watching.

3 Tickers Smart Money Is Rotating Into (Ad)

The SpaceX chart tells a brutal story. $135 at the IPO. $225 three days later. $108 by early August.

Anyone who chased the hype at the top is still sitting on losses near 40%, even after the bounce.

But here's the part almost nobody noticed.

While retail rode that round trip, the smart money quietly rotated into 3 other space stocks...

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STOCK OF THE DAY

🚜 The Tractor Stock Nobody's Watching

$DE John Deere closed at almost $650 yesterday, up an absurd 16,086.75% since its earliest trading days. Nobody's talking about it because everyone's staring at chips and chatbots. When the whole crowd is looking left at AI, sometimes the real move is looking right.

Here's the twist nobody expects. This run isn't really about tractors right now. Deere's traditional farm equipment business is actually struggling, with large agriculture sales down double digits as farmers deal with tight budgets and rising costs. What's carrying the stock is Deere's construction and forestry division, which is riding the exact same AI infrastructure boom everyone else is chasing, just from a completely different angle. Building all those data centers requires bulldozers, excavators, and heavy equipment, and Deere makes a lot of that gear too. The company also just posted its fifth straight quarter of beating expectations on both revenue and earnings.

📈 The Bull Case:

• Construction equipment sales are riding the AI data center boom directly, with that segment up double digits while old-school farm equipment struggles.

• Management called 2026 the bottom of the agriculture downturn, meaning the weakest part of the business may already be turning a corner.

• Deere keeps beating Wall Street's estimates quarter after quarter, and it raised its full-year profit forecast again this quarter.

📉 The Bear Case:

• The stock trades at a P/E near 36, well above its historical norm, meaning a lot of good news is already priced in.

• Large agriculture equipment demand is still forecast to drop 15% to 20% this year, and low commodity prices put a real ceiling on how fast that recovers.

• Tariffs and rising input costs are squeezing farmer budgets further, and any stumble in the construction rebound would remove Deere's main growth engine right now.

The Munch Take: How much does this thing have left to run? Genuinely hard to say at a P/E this rich, but the setup is interesting precisely because nobody's paying attention to it. Everyone's fighting over the same five AI chip stocks while a 200-year-old tractor company quietly became a backdoor way to play the exact same data center buildout. That's usually when it's worth taking a second look, not when everyone else already has.

MARKET OVERVIEW

🍿 Tasty Movers & Shakers

💰️ FREE Bonus Report: Before you buy an ETF, read this (from Tuttle Capital)

✈️ $EXPE Expedia Group gained 5.47% after Evercore ISI raised its price target to $430. Sometimes all it takes is one analyst deciding your stock deserves a bigger number.

🏠 $Z Zillow climbed 3.26% on a proposed FTC order that would keep its rental-listing partnership with Redfin intact. A regulatory scare that fizzles out is basically a gift to the stock.

🚗 $TSLA Tesla slipped 3.83% even after winning approval to run up to 5,000 robotaxis in Nevada over the next year. Good news, wrong direction, apparently investors had other things on their minds.

💊 $HIMS Hims & Hers Health sank 7.99% after Visa flagged a rise in customer disputes tied to its weight loss subscriptions. Nothing spooks a subscription stock like customers asking for their money back.

🪙 $COIN Coinbase fell 3.76% despite rolling out a new service letting investors trade U.S. stocks directly on its crypto network. Launching something new doesn't always buy you a good day in the market.

MARKET NEWS

📈 Bitcoin Just Touched $80K For The First Time Since May

Bitcoin flirted with $80,000 yesterday, its highest level since May, after ripping more than 20% in just seven trading days. Just two weeks ago, this thing was sitting around $63,000. That's a genuinely violent move, and it didn't come from nowhere.

The catalyst was the Treasury. When the Treasury announced it would double its long-term bond buybacks back on August 19, yields dropped, the dollar hit a three-month low, and money went hunting for a new home. Bitcoin ETFs then posted their best week of inflows all year, and short sellers got squeezed hard, adding fuel on top of fuel. Trump's public push for the CLARITY Act added another layer of optimism on top of all that.

• 💵 The trigger: Treasury's bond buyback announcement sent yields lower and pushed money into risk assets.

• 📈 The confirmation: Bitcoin ETFs logged their strongest inflow week of 2026, a sign real institutional money is showing up, not just retail excitement.

• 🎯 The next test: $79,000 to $80,000 is a real resistance zone, and some of this move came from short sellers being forced to cover, not fresh buying.

The Munch Take: We've been bullish on Bitcoin for months and have been buying steadily the whole way through the June bloodbath and everything since. We're not chasing this move. A run this fast, this far, this fast usually earns itself a breather, and we'd rather buy a real pullback or a retest of $70,000 than pay up at the top of a 20% weekly spike. Still all in on the thesis. Just not adding at these exact prices.

TRADING SUCCESS

🤑 Tuesday Motivation

🚀 Pre-Market Fuel

1. 👀 Your sign to finally look into ETFs (Ad)

2. 🇺🇲 This politician just bought Bitcoin.

3. 🤑 Nvidia employees are crazy rich.

4. 🙏 Quote of the day.

🍪 Munchy Memes

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