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   DealBook: SpaceX’s coding moonshot
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   Also, a scoop on an OpenAI-Robinhood deal.
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             April 22, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          SpaceX’s potential acquisition of the coding start-up Cursor is raising a lot of eyebrows this morning. Skeptics see it as a way for Elon Musk to shore up xAI, which SpaceX bought recently and which Musk has said needs to be rebuilt from the ground up.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Some SpaceX investors grumbled about how the xAI deal diluted their stock holdings. But most will probably keep quiet if the Cursor deal happens, because they are still likely to make huge profits if SpaceX goes public this year at the $2 trillion valuation it’s hoping for. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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            <span style="color:#666;font:normal 14px georgia,serif">
             SpaceX increasingly isn’t just about space anymore.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Brendan McDermid/Reuters
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          SpaceX’s risky coding bet
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Three months ago, the promise of a SpaceX I.P.O. for investors was being able to buy a piece of Elon Musk’s industry-leading rocket and satellite internet business.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That proposition was tested in February when the company bought xAI, Musk’s money-losing artificial intelligence lab. It’s happening again as SpaceX
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          considers spending $60 billion for Cursor
         </a>
         <span>
          , a coding start-up — another sign of Musk
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          shifting his focus to A.I.
         </a>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          What’s happening:
         </span>
         <span>
          SpaceX wrote on social media that it had
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          started working with Cursor
         </a>
         <span>
          to “create the world’s best coding and knowledge work AI.” In other words, Cursor, which has said it
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          lacks computing resources
         </a>
         <span>
          , will get access to SpaceX’s technological firepower.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          More important, Cursor also gave SpaceX the right to buy it for $60 billion this year. If there’s no takeover, SpaceX said it would pay the start-up $10 billion — a potentially record-setting breakup fee.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The benefits for Cursor are obvious.
         </span>
         <span>
          It began 2025 as a clear leader in A.I.-assisted coding, raising $3.4 billion in funding. (Its valuation last year jumped 11-fold in 11 months, to $29 billion in November.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But in recent months, Anthropic’s A.I. assistant, Claude, has rapidly seized market share in coding with new agent capabilities, and OpenAI is spending heavily to promote its Codex tool. Cursor increasingly risks falling behind, even as it’s in talks to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          raise another round
         </a>
         <span>
          of funding at a valuation above $50 billion.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          It’s a more mixed picture for SpaceX, however:
         </span>
        </p>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Grok, xAI’s chatbot, isn’t considered in the same tier of coding ability as Claude or Codex. Adding Cursor could change that.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                But $60 billion is still a lot to spend, especially when
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                SpaceX’s debt reportedly jumped
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                64 percent, to $23 billion, last year.
               </span>
              </li>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Musk claims that A.I. and space exploration go hand in hand,
         </span>
         <span>
          having talked up things like A.I. data centers in space. That said, xAI can better compete against the deeper-pocketed OpenAI and Anthropic by being attached to a publicly traded SpaceX, which could more easily tap equity and debt-financing markets.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The question is whether further building out the cash-intensive xAI, which pushed the combined company to a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          nearly $5 billion loss
         </a>
         <span>
          last year, will make potential investors think twice about what increasingly feels like an xAI I.P.O. as much as it does a SpaceX one.
         </span>
        </p>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             HERE’S WHAT’S HAPPENING
            </span>
           </h3>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Markets whipsaw amid uncertainty about the war in the Middle East.
         </span>
         <span>
          U.S. stock futures are up today — but so, too, is Brent crude, the international oil benchmark — as peace talks between the U.S. and Iran
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          were postponed
         </a>
         <span>
          . President Trump indefinitely extended a cease-fire, but the Iranian navy
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          claimed to have seized
         </a>
         <span>
          two vessels near the Strait of Hormuz. Lufthansa said it would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          cut 20,000 short-haul flights
         </a>
         <span>
          through October because of the war, and United Airlines
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          slashed its full-year earnings guidance
         </a>
         <span>
          amid a jump in fuel costs.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The Gates Foundation is reportedly planning big layoffs and an inquiry into its ties to Jeffrey Epstein.
         </span>
         <span>
          The philanthropy giant will
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          cut up to 500 positions
         </a>
         <span>
          , or roughly 20 percent of its staff, according to The Wall Street Journal, and has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          opened an external review
         </a>
         <span>
          of its engagements with Epstein. The scandal could linger over the foundation as Bill Gates is set to testify before Congress in June about his relationship with the convicted sex offender.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          A Virginia ballot victory has bolstered Democrats’ chances of retaking the House.
         </span>
         <span>
          Voters approved an
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          aggressively gerrymandered electoral map
         </a>
         <span>
          for the state that could turn two to four congressional seats blue in time for the November midterm elections. Yesterday’s results essentially nullified Republicans’ efforts to protect their House majority through redistricting in states like Texas.
         </span>
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         <tbody>
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           <td style="text-align:center">
            <img alt="Vlad Tenev, wearing a dark green jacket, wears a microphone and looks to the side. A silver laptop with the CNBC logo is in front of him." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F04%252F22%252Fmultimedia%252F22DB-vlad-tenev-cwgl%252F22DB-vlad-tenev-cwgl-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzY4NTg3MzEuMjI5NjU0M30:1wFW7n:AW53AXQnf0FnUXUbJ_9mWUN-rdhUKD9YkkGtkJYAveE" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
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            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              Robinhood, led by C.E.O. Vlad Tenev, is offering retail investors a way to invest in private companies through its Robinhood Ventures Fund I.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Brendan McDermid/Reuters
             </span>
            </span>
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        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Robinhood’s venture fund buys into OpenAI
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          OpenAI and Robinhood got into a scrap last summer, when the digital brokerage said it was offering investors access to the artificial intelligence giant’s privately traded shares.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          They appear to have reconciled. Today, Robinhood Ventures Fund I, the firm’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          recently introduced
         </a>
         <span>
          publicly traded fund that invests in prominent private start-ups, is investing $75 million in OpenAI, its biggest deal yet, Niko Gallogly is first to report.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The context:
         </span>
         <span>
          Last July, Robinhood offered $1.5 million worth of tokens that it said
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          were linked to OpenAI and SpaceX
         </a>
         <span>
          . The tokens were part of the brokerage’s effort to provide retail investors greater access to private companies.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That irked OpenAI. “We did not partner with Robinhood, were not involved in this, and do not endorse it,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          OpenAI wrote
         </a>
         <span>
          on X, adding, “Please be careful.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Robinhood sees a lot of retail demand for stakes in start-ups.
         </span>
         <span>
          As companies
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          stay private longer
         </a>
         <span>
          , new investment vehicles are providing retail investors a pathway in.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “The amount of growth and wealth creation that’s happened in the private markets, it has just really increased dramatically,” Sarah Pinto, the president of Robinhood Ventures Fund I, told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          OpenAI has been courting the retail crowd.
         </span>
         <span>
          Last month, as part of its record-breaking $122 billion fund-raising round, OpenAI collected more than $3 billion
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          from individual investors
         </a>
         <span>
          . The firm also partnered with ARK Invest to give public investors access to OpenAI’s shares through three of ARK’s exchange-traded funds.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Adding Robinhood as an investor offers companies considering an I.P.O., including OpenAI, “a way to start building a relationship with their future shareholders,” Pinto said.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Broadening access to private markets can be positive for retail investors, Haim Israel, a global strategist at Bank of America, recently told DealBook. “A lot of the innovation is actually being focused in the private market, and not the public market, and investors in the retail market are missing out.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          But the risks are real.
         </span>
         <span>
          “You don’t have ground rules to protect them,” Israel said. “There always has to be a balance.”
         </span>
        </p>
        <table width="100%">
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           </td>
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           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Kevin Warsh, wearing a dark suit and tie, gestures with his left hand while speaking at a hearing." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F04%252F22%252Fmultimedia%252F22db-warsh-qfhp%252F22db-warsh-qfhp-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzY4NTg3MzEuMjI5NzU0fQ:1wFW7n:vA4wn9MuJ2cIVcaQqmOOrBJU0ZXElysH7-cwRjGZGls" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
           </td>
          </tr>
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           <td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              Kevin Warsh, President Trump’s pick to run the Fed, faced a grilling from senators, including on his commitment to central bank independence.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Kenny Holston/The New York Times
             </span>
            </span>
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        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          On sock puppets and a potential Fed compromise
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Political independence. The economic impact of artificial intelligence. A headquarters renovation project that could gum up succession at the Fed.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Yesterday’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Senate confirmation hearing for Kevin Warsh
         </a>
         <span>
          , President Trump’s nominee to run the Fed, covered plenty of ground. But it failed to give investors clarity about when the central bank might lower interest rates, or who will lead it after Jay Powell’s term as chair ends next month.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The futures market this morning sees rates on hold until September 2027,
         </span>
         <span>
          as concerns about the inflationary impact of a prolonged war in the Middle East grow.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That view is sharply at odds with Trump’s. The president told CNBC before the hearing that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          he would be disappointed
         </a>
         <span>
          if a Warsh-led Fed didn’t lower borrowing costs right away.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The “sock puppet” moment:
         </span>
         <span>
          In an effort
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          to dispel concerns about his independence, Warsh testified that the president had “never asked me to predetermine, commit, fix, decide on any interest rate decision in any of our discussions, nor would I ever agree to do so.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Warsh didn’t call for rate cuts yesterday, but he left the door open, saying that A.I. productivity gains and a smaller Fed balance sheet could justify such moves. And he largely
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          ducked taking a position
         </a>
         <span>
          on the Justice Department’s criminal investigation into Powell’s handling of the renovation project or on Trump’s effort to fire Lisa Cook, a Fed governor.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But in response to a question from Senator John Kennedy, Republican of Louisiana, Warsh asserted that he was nobody’s “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          human sock puppet
         </a>
         <span>
          .”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          A big obstacle for Warsh’s confirmation remains.
         </span>
         <span>
          Senator Thom Tillis, a Republican from North Carolina and a central member of the Senate Banking Committee,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reiterated yesterday
         </a>
         <span>
          that he would block confirmation of any Fed nominee until the Justice Department’s investigation ends.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          But Tillis supports a potential Plan B for the Fed.
         </span>
         <span>
          Some Senate Republicans have floated the creation of a special congressional committee to examine construction projects under the banking committee’s purview, including the Fed’s presumably.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Tillis suggested he’d stop blocking the Fed nominee process under such a plan, adding, “I not only think
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          it’s a good offramp
         </a>
         <span>
          , but I also think it’s good governance.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Treasury Secretary Scott Bessent reportedly
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          floated a similar idea
         </a>
         <span>
          . There’s one holdup: It’s not clear
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          whether the president would be on board
         </a>
         <span>
          .
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr aria-hidden="true">
           <td>
            <div style="width:100%;text-align:center;line-height:0">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1061896%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260422%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NzY4NTg3MzEuMjI5ODU3NH0:1wFW7n:0c16bMP2ECWdJ_JaCIOY9BhA_2Veb9pLXYoMkSAKUfQ" style="max-width:96px;margin-bottom:7px"/>
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                  <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260422%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NzY4NTg3MzEuMjMwMDd9:1wFW7n:9TrDsd9vbUP6x9gqvWYAuUAxQgt1JWQraxg3KXAVaPk" style="display:block;width:100%;max-width:480px" width="480"/>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “We deeply regret that this has occurred.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          — Andrew Dietderich, a partner at the white-shoe law firm Sullivan &amp; Cromwell, apologizing to a federal bankruptcy judge after his team submitted a court filing that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          contained artificial intelligence “hallucinations.
         </a>
         <span style="font-style:italic">
          ”
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Substack grows abroad
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Substack is making progress on its push into international markets, and has doubled its number of creators who charge for subscriptions in the last year, Jessica Testa of The Times is first to report for DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          When Substack
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          announced
         </a>
         <span>
          it had raised $100 million last summer, its founders said they would be “doubling down” on its app, where newsletter publishers can share videos, podcast episodes and short-form posts called Notes.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It was a moment of acute ambition for the company, which then had five million paid subscriptions. “I don’t see anything in the laws of physics that would prevent 100 million or more paid subscriptions being on Substack one day,” Chris Best, the platform’s C.E.O., said at the time.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The founders also teased global expansion.
         </span>
         <span>
          Of the nearly 100,000 publishers who earn money from subscriptions — up from about 50,000 in December 2024 — nearly 30 percent are based outside the United States.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          European publishers collectively earn more than $90 million annually on Substack,
         </span>
         <span>
          a company spokeswoman told DealBook. Accordingly, Substack is “nearing completion” on assembling a flock of new leaders to oversee operations in France, Germany, Italy, Spain, Denmark, Norway, the Netherlands, Sweden, Switzerland and Austria. It is also hiring, or has already made hires, in Australia, Brazil, Japan and Canada.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Top-earning newsletters abroad include those written by
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Selvaggia Lucarelli
         </a>
         <span>
          in Italy,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Zoë Yasemin
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Jonas Kooyman
         </a>
         <span>
          in the Netherlands, and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Jessica Troisfontaine
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Lauren Bastide
         </a>
         <span>
          in France.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          These markets have been particularly fruitful for fashion, food and lifestyle newsletters
         </span>
         <span>
          , according to Farrah Storr, the head of international at Substack. (The top category in the U.S. remains news and politics.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But traditional media organizations, including Der Spiegel and The Guardian, have also more readily embraced the platform in Europe and the U.K. In the U.S., the largest media outlets on Substack are New York magazine and The New Yorker.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Auto-translation of writing into 15 languages is also coming,
         </span>
         <span>
          first to Notes, starting on Wednesday.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          “
         </span>
         <span>
          It’s clear that Substack is, much like in the U.S., creating a space and home for writers,” including “those who dream of independence,” said Storr, who previously edited the British editions of Elle and Cosmopolitan magazines.
         </span>
        </p>
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          We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             THE SPEED READ
            </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Deals
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
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             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Deutsche Telekom is said to be weighing
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                a merger with T-Mobile
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , its U.S. arm, potentially creating the world’s biggest wireless carrier. (Bloomberg)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Sotheby’s arranged a debt-financing deal with KKR through which it can
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                borrow up to $100 million
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , backed by purchase fees it is owed from auction clients. (FT)
               </span>
              </li>
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          Politics, policy and regulation
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Letitia James, New York’s attorney general,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                sued the crypto companies Coinbase and Gemini
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , accusing their prediction markets of being illegal gambling businesses. (WSJ)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Supreme Court Appears to Back F.C.C. Fines
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Against Cellphone Carriers” (NYT)
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Best of the rest
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The future of Nine West, a famous Manhattan skyscraper, seemed bleak after high-profile tenants moved out in recent years. Now it’s one of the city’s
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                most desired addresses
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                again. (WSJ)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Wagyu beef commands top prices. But
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                what you’re paying for
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                has become less clear. (NYT)
               </span>
              </li>
             </ul>
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             Andrew Ross Sorkin
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            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
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             Brian O'Keefe
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             , Managing Editor, New York
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             , Reporter, London
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