AI Brought In Over Half of SpaceX's Revenue | Getty Heads Private Through Court | Brent Is Back Above $110 | Merger Bets Lean to 2027

Stock futures edged higher early Wednesday after Tuesday evening's AI results.

Nasdaq-100 futures rose about 0.5%, S&P 500 futures about 0.2%, and Dow futures were little changed. On Tuesday, the Dow rose 1.0% and the S&P 500 rose 0.3%, while the Nasdaq Composite was flat. South Korea's Kospi won back most of Tuesday's 3.7% loss, closing 3.3% higher. The 10-year Treasury yield ended Tuesday at 5.12%. Brent rose about 1.3% to near $110.20, gold held near $4,150, and bitcoin traded near $83,400.

U.S. spot bitcoin funds took in $23 million on Tuesday, after a $527 million Monday. Solana is set to start switching its consensus system at about 9:20 a.m. Eastern.

Seoul sold the AI trade on Tuesday.

It bought it back on Wednesday.

AI revenue beat forecasts, and the spending behind it is set to double.

SpaceX's AI unit brought in more than half of its third-quarter revenue. Revenue rose 161% to $14.58 billion, well above forecasts. Capital spending was about $19.6 billion. The company guided fourth-quarter spending to $35 billion to $40 billion, roughly double. Shares were indicated about 8% higher. The same call disclosed merger committees at SpaceX and Tesla (TSLA), so the move is not the quarter's alone.

Super Micro Computer (SMCI) estimated fiscal first-quarter revenue of $18.5 billion to $19.5 billion. Its guidance had been $14.5 billion to $15.5 billion. The gross profit behind the new estimate beat the figure implied by its guidance by about 46%. Its shares were indicated about 12% higher.

Catching Up, Still Behind

On Tuesday morning, the question was whether SpaceX's revenue was catching up with its spending. Revenue beat forecasts and still trailed capital spending by about $5 billion. The fourth-quarter plan roughly doubles that spending. Super Micro's estimate shows one supplier selling more and keeping more of each dollar. If SpaceX's quarterly filing shows its AI revenue concentrated in a few customers, the financing question returns.

One company is going private through a court, and one fund closed its exit.

Getty Images' founding family and Koch would own all of it after a prepackaged bankruptcy. Getty began the case in Delaware on Wednesday. The family and Koch would invest up to $533 million. A Koch affiliate is lending up to $143 million for the case. Under the filed terms, noteholders would retire $270 million of unsecured notes for about $170 million in cash. Common shareholders would receive nothing.

MA Financial moved from a 1% redemption limit to a full freeze in its property credit fund. The Australian manager cited a weaker housing market slowing loan repayments. The suspension is reported to run until at least March 31, 2027. Real estate credit is about 15% of the assets it manages. The company said its corporate lending is performing.

Who Gets Out

Getty's plan sorts its capital structure by who leaves. Unsecured noteholders would take cash and exit, and common holders would get nothing. The family and Koch would take the whole company without a tender offer or a merger vote. Investors in MA Financial's fund cannot leave at any price until it reopens. Objections from Getty's common holders would be the first test of how far the court accepts that route.

Fuel lifted British inflation, and oil climbed back overnight.

UK inflation rose to 3.5% in September, a tenth above forecasts. Motor fuel prices were up 29.8% from a year earlier. Services inflation rose to 3.7% from 3.4%. The statistics office said air fares gave services the biggest push, because they fell less this September than last. Before the release, traders had priced about a 96% chance of a Bank of England hike on Nov. 5.

Brent gave back $3.20 on Tuesday's mediation hopes and was back above $110 early Wednesday. Iranian media reported on Tuesday that Tehran gave Pakistan's army chief a message. There would be no talks with Washington until its demands are met. Industry data showed U.S. crude stocks fell 4.93 million barrels last week.

Fuel Is Doing the Work

Fuel drove Britain's headline, and air-fare timing led its services jump. A base effect of that kind can reverse as fast as it appeared. Oil's dip on Tuesday rested on diplomacy, and Brent recovered most of it overnight. If October's services rate rises without help from air fares, the Bank of England has a trend, not a quirk.

Merger bets favored a later deal, and a state sued market makers.

On SpaceX's call, Elon Musk said both companies have formed committees of independent directors to discuss a merger. The committees "have not reached agreement on the terms of any transaction," he said, and Tesla approval faces "quite a high hurdle." On Polymarket, both merger contracts jumped after his remarks. By morning, each was within about 2 points of where it started. At about 7 a.m., the 2026 contract was quoted at 19 to 20 cents and the 2027 version at 67 to 69 cents. Both pay on an official announcement, even if a deal never closes.

Utah's gambling case against Kalshi also targets two Susquehanna entities. That extends the case to market makers whose quotes keep contracts tradeable. The state seeks an injunction and an estimated $30.6 million to $61.2 million in fees from Utah accounts. Kalshi says federal rules govern it. A federal judge ruled in August that Utah's gambling law applies to Kalshi, which has appealed.

A Deal Later, a Bill Now

The 2026 merger bet spiked and reversed within about an hour, rose overnight on no identified news, then slipped back. The 2027 bet kept about a third of its gain, in line with Musk's own caution. The Polymarket merger contracts each hold about $27,000 to $40,000 of liquidity, so a few orders can move them. If market makers quote less in states like Utah, thinner books would weaken prices on Kalshi. Neither price is evidence that a deal will come.

Wednesday opens with...

AI revenue running ahead of forecasts and spending running ahead of revenue.

SpaceX's AI unit brought in more than half its sales. Getty's family and Koch moved to take the whole company through court. An Australian property credit fund closed its exit. Tesla reports after the close.

Capital moves early. Coverage catches up. The gap between the two is worth watching.