Key Takeaways
- SpaceX's valuation is set to skyrocket to $800 billion through a new share sale, positioning it as the most valuable U.S. private company.
- Constellation Energy's (CEG) $16.4 billion acquisition of Calpine Corporation received final regulatory clearance from the U.S. Department of Justice and FERC, contingent on the divestiture of four power plants.
- The World Health Organization (WHO) maintains a low overall public health risk assessment for A(H5) influenza, despite the recent confirmation of the 71st human case in the U.S. since early 2024, with no evidence of human-to-human transmission.
- The Federal Reserve's overnight reverse repurchase agreement operations saw $1.485 billion taken by eight counterparties, amidst ongoing discussions about the facility's role in market liquidity.
SpaceX's Valuation Rockets to $800 Billion in Share Sale Talks
SpaceX, Elon Musk's rocket and satellite company, is reportedly in discussions for a share sale that would boost its valuation to an astounding $800 billion. This potential valuation would solidify SpaceX's position as the most valuable U.S. private company, significantly surpassing its previous $400 billion valuation from a recent secondary share sale. The Wall Street Journal reported on Friday that the company's Chief Financial Officer, Bret Johnsen, has informed investors about the impending sale.
Constellation Energy Finalizes Calpine Acquisition with DOJ and FERC Approval
Constellation Energy (CEG) has successfully reached a resolution with the U.S. Department of Justice (DOJ) regarding its planned acquisition of Calpine Corporation. This crucial step follows the Federal Energy Regulatory Commission (FERC)'s approval of the deal, which is valued at an equity purchase price of approximately $16.4 billion, with Constellation assuming approximately $12.7 billion in net debt from Calpine.
The regulatory approvals, including earlier endorsements from the New York Public Service Commission and the Public Utility Commission of Texas, pave the way for the transaction to close in the fourth quarter of 2025. To address potential market power concerns, the agreement with FERC and DOJ includes the divestiture of four Calpine power plants located in Pennsylvania and Delaware.
WHO Assesses A(H5) Influenza Risk as Low, Monitors Latest U.S. Case
The World Health Organization (WHO) continues to assess the overall public health risk posed by A(H5) viruses as low. However, for individuals with occupational risk of exposure, such as those working with poultry or livestock, the risk of A(H5) infection is considered low to moderate.
This assessment comes as the WHO was notified on November 15, 2025, of the 71st confirmed human case with influenza A(H5) in the U.S. since early 2024. This particular case, identified in Washington State, involved an influenza A(H5N5) virus, marking the first globally reported human infection of this specific subtype. The patient, an older adult with underlying health conditions, was hospitalized and subsequently died on November 21, 2025. Investigations suggest exposure likely originated from the patient's backyard flock of mixed domestic birds or wild birds. Crucially, contact tracing efforts have identified no further cases among contacts, and there is currently no evidence of human-to-human transmission associated with this event.
Fed Reverse Repo Operations See $1.485 Billion Taken
In the financial markets, eight counterparties participated in the Federal Reserve's overnight reverse repurchase agreement (ON RRP) operation, taking $1.485 billion. Reverse repo operations are a key tool used by the Fed to manage liquidity in the financial system by temporarily draining reserves from the banking system and influencing short-term interest rates. This activity occurs as the Fed's ON RRP facility has seen its balances significantly reduced in 2025, leading to discussions among analysts about its diminishing role as a systemic stabilizer.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.