Good morning from the Financial Times.

Today is Friday, May 22nd, and this is your FT News Briefing.

Wall Street is getting pumped about three blockbuster IPOs,

and Turkey's president just got a big boost from a court in Ankara.

Plus, we'll take a look at the U.S. pressure campaign on Cuba.

I'm Mark Filipino, and here's the news you need to start your day. Elon Musk's SpaceX is going public, and it's about to trigger a trading frenzy on Wall Street.

SpaceX filed for an initial public offering on Wednesday.

Tech giants, OpenAI, and Anthropic are expected to file their IPOs shortly.

And the arrival of three new major companies on Wall Street has analysts talking about an unprecedented wave of stock market buying and selling.

George Steer is a market correspondent for the F.T. and he's here to tell us more. Hi, George.

Hey. So George, tell me why the SpaceX IPO is such a big deal. So the IPO is expected to be

the largest of all time. It's going to hopefully for Elon Musk raise around $75 billion, and SpaceX is targeting a valuation of around $1.75 trillion,

which would immediately rank it within the top 10 biggest companies in the world.

The way I understand it is that SpaceX isn't actually planning to release a lot of shares at the beginning, right?

No, the proportion of its total shares that will actually be traded on IPO day next month is relatively small.

So less than 5% of its total share count, which is unusually small.

But companies over the last few years have been slowly reducing the proportion of the shares that they list

because the fewer shares, the greater demand, the bigger the potential price jump on the first

day of trading, which is something that the bank is and the company itself wants to see.

So we've got the SpaceX IPO.

Then there was news this week that OpenAI is preparing to file.

Anthropic is expected to follow suit. What is this frenzy going to look like on Wall Street,

...