Good morning, CFOs. Elon Musk’s SpaceX files IPO paperwork; ‘Statement No. 51’ from the Revolutionary Guard puts tech companies on high alert; plus, the C-suite executive who may be keeping CEOs up at night.

Our newsletter put the spotlight on the 2026 IPO market, when the WSJ Leadership Institute’s Kristin Broughton on Monday gave us a look at her conversation with Plaid’s CFO on the fintech company's IPO planning. That topic turns out to be a good precursor for this week.

As we noted, there are several much-anticipated tech company IPOs in the pipeline, including SpaceX, OpenAI and Anthropic; our colleagues Corrie Driebusch and Micah Maidenberg now report that Elon Musk’s SpaceX is one step closer to potentially the largest IPO ever.

Dealmaking is also back, as large corporate deals had their best quarterly showing ever. Companies are moving ahead and making huge investments despite the Iran war and other risks.

The latest news: The satellite builder and rocket operator has confidentially filed IPO paperwork with the SEC. SpaceX is aiming for an offering that could raise between $40 billion and $80 billion, as The Wall Street Journal has reported. The filing puts the company on track to potentially list shares by July, Corrie and Micah report.

Banks that will benefit: Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase and Morgan Stanley are leading the offering, people familiar with the matter said. Several other banks are set to have supporting roles in the IPO, which could reap the banks involved tens of millions of dollars in fees.

Other ripple effects? Smaller tech companies will be on the watch for the other big companies to file later this year. As Corrie and Micah report, many smaller technology-company IPOs have been pushed off in 2026 over fears about how AI will upend the software industry and how that may impact demand.

For the full details, read on here.

📆 Earnings

• Acuity

Meanwhile, major tech and financial companies are on high alert after the Revolutionary Guard accused companies of contributing to the planning and execution of attacks that resulted in the deaths of Iranian citizens.

• Companies on the list included Apple, Oracle, Palantir, Microsoft, Alphabet and JPMorgan Chase.

The Revolutionary Guard also warned employees of the companies to leave their workplaces in the region and advised civilians living within a one-kilometer radius of the organization’s facilities to relocate before 8 p.m. local time on Wednesday, according to a state-media post on X.

• Other companies named as targets included Cisco, HP, Intel, IBM, Tesla, Nvidia and Boeing.

In what it labeled “Statement No. 51,” the Revolutionary Guard asserted American information and communications technology and artificial-intelligence firms play a central role in identifying and tracking targets.

• Trump Tries to Sell Americans on War in Iran
• What Iran’s Control of the Strait of Hormuz Means for the Global Economy
• Trump Raises NATO Withdrawal as Allies Push Back on Iran War

📰 Other headlines 

• Here’s What Worked During a Rough Quarter for Markets
• State Farm Is in Trump’s Crosshairs Over L.A. Fires
• He Brought Private Credit to the Masses. Now the Masses Are Fleeing.
• Apple Has Archives That Even Tim Cook Didn’t Know About. We Went Inside.
• Anthropic Races to Contain Leak of Code Behind Claude AI Agent
• Nike Can’t Fix Its China Problem and That’s Tanking Its Stock
• Lilly’s Obesity Pill Approval Kicks Off New Front in Weight-Loss Drug Wars
• GM Sales Fall Nearly 10% as Auto Industry Sputters

And finally, is this the next shocking workout fad for executives?

• 💪 Muscles by Electricity: The Latest Fitness Craze

Where senior finance leaders confront today’s expanding remit. Connect on capital, regulation, technology, and talent—and lead with clarity.

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Zymeworks, the Vancouver, British Columbia-based biotechnology company, has hired Kristin Stafford as its new CFO. Zymeworks on Wednesday said Stafford was previously senior vice president and chief accounting officer for Royalty Pharma since December 2018. The company said Stafford will receive a base salary of $520,000, a $52,000 signing bonus and an annual bonus of up to 45% of her base pay. Zymeworks in January said Leone Patterson, who had been chief financial and business officer since September 2024, would be leaving the company during the first quarter.

                                                     —Colin Kellaher contributed to today’s Ledger.

The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy.

Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.

You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.