Your 5 weekly reads:
The S&P 500 regained ~40% of its post-Iran War losses, arresting a five-week slide
SpaceX to target $2T valuation, $75B raise in what could be the largest IPO on record
OpenAI raised $122B to reach an $852B valuation; IPO expected later this year
Not ready for tax day? Tax extensions give you more time to file without penalties.
Range members can model different tax scenarios using a simple Rai prompt
1. MARKET ROUNDUP
Markets end the week with gains for the first time in over a month
The S&P 500 regained roughly 40% of its post-Iran conflict losses this week on hopes that the Straight of Hormuz will soon reopen.
WTI crude oil futures soared 11% following Trump’s Wednesday address on Iran, closing the four-day trading week at $111.54.
Unemployment ticked down to 4.3% as the economy added 178,000 new jobs in March, more than expected and a reversal of the trend set in February when 133,000 jobs were lost.
Range Takeaway: This week’s bounce may reflect a technically oversold market rather than a definitive “all-clear” on Iran. When sentiment reaches “Extreme Fear,” selling often hits a point of exhaustion where investors begin looking past headlines for a reason to buy back in. Historically, intensifying rhetoric can serve as a prelude to a diplomatic off-ramp; with economic data proving resilient and valuations reset lower, the risk of being sidelined is starting to compete with the fear of the next escalation.
2. THE BIG TAKE
Hello, Magnificent Nine
The potential arrival of OpenAI and SpaceX to the public markets this summer would represent a historic reshuffling of the global leaderboard. With combined valuations nearing $2.5 trillion, these IPOs could effectively create a “Magnificent Nine,” landing both companies in the same rarified air as Microsoft and Apple.
But "mega-IPO" doesn't always mean "immediate winner." Saudi Aramco’s 2019 debut hit $2 trillion, yet its first year faced stagnant performance once the initial fanfare subsided. Other blockbuster IPOs like Facebook and Uber famously faced first-year indigestion before eventually finding their stride.
What this means for you: If you own a broad index fund like the S&P 500, you won't immediately participate in these IPOs, but will gain exposure once the companies are included in the index. That means index holders typically bypass the Day 1 volatility, positioning themselves instead for the mandatory buying phase: when institutional funds are forced to funnel trillions into these listings to meet strict index-tracking requirements, regardless of price or sentiment.
Bottom Line: Investors don’t have to feel FOMO without allocations to these historic IPOs: waiting means you might miss the thrill of the launch, but you often gain the security of the orbit.
3. BY THE NUMBERS
Private Tech Titans
$2T: SpaceX's target valuation in upcoming IPO, which would make it the biggest-ever public debut.
$75B: Amount SpaceX expects to raise in what would be the largest IPO on record.
$122B: Capital raised in OpenAI’s record-breaking funding round ahead of an IPO expected later this year.
$852B: OpenAI's current valuation, quickly approaching the trillion-dollar club.
4. FROM THE RANGE TEAM
Time for Spring Cleaning: Financial Edition
Here are three key financial spring cleaning items to add to your to-do list.
1. If you haven’t made 2025 IRA contributions: You have until April 15 to contribute up to $7,000 ($8,000 if you’re 50+) to hit last year’s max. While you’re at it, consider contributing up to $7,500 for 2026 ($8,600 if you’re 50+) to max out this year’s limit.
2. If you had a major life event over the past six months:
Review account titling: If you have a trust in place, ensure any accounts you want the trust to govern are retitled in the trust's name, not your own.
Update account beneficiary designations: These can override your estate documents.
Revisit estate documents: A new baby, new property, or a death in the family can render an existing plan outdated.
Check in on your insurance coverage: Make sure it reflects your current net worth, dependents, and assets.
3. If market volatility has set your portfolio askew: Rebalance your holdings to remain within your desired risk tolerance and exposure when investing long-term.
Looking to build a comprehensive wealth strategy? Book your free Range demo today.
5. RANGE TIPS & TRICKS
Let Rai Model Your 2026 Tax Liability
Rai can run a personalized tax scenario analysis based on your actual financial life. Selling your home? Exercising options? First-time RMDs? Starting a 529? Ask Rai, and it'll conduct an in-depth analysis to show you how that move could impact your 2026 tax bill before you take action.
What's on the horizon for you this year? Ask Rai how it might impact your 2026 tax liability.
Want to learn more about Rai? Book a demo of the Range platform.
RAI PROMPT OF THE WEEK
Have RSUs about to vest? Rai can help you plan for the tax hit. Range Senior Product Manager, Greg MacEachern, asked: “What is the tax impact of vesting $200K in RSU's this calendar year?”
With full context on your financial picture, Rai will estimate the tax impact and suggest strategies to avoid concentration risk and reduce your tax liability after vesting.*
Before we go…
Range
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*Please see Range Advisory’s ADV Part 2A for important risk disclosures and risks related to the use of AI. Recommendations depend on the accuracy and completeness of the information you provide to us. Recommendations based on incorrect or incomplete data may not be accurate.
Disclaimer:
The information contained in this communication is for informational purposes only. This content may not be relied on in any manner as specific legal, tax, regulatory, or investment advice. While we strive to present accurate and timely content, tax laws and regulations are subject to change, and individual circumstances can vary.
Please see Range Advisory’s ADV Part 2A for important risk disclosures related to the use of AI. Recommendations depend on the accuracy and completeness of the information you provide to us. Recommendations based on incorrect or incomplete data may not be accurate.
While we strive to present accurate and timely content, tax laws and regulations are subject to change, and individual circumstances can vary. You should not rely solely on the information contained here when making decisions regarding your taxes or financial situation. We strongly recommend consulting with a certified tax professional, accountant, or legal advisor to address your specific needs and ensure compliance with applicable laws.
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