Blue Origin's latest rocket test ended in what the company called "an anomaly" — and what everyone else would call an explosion. Reed Albergotti (Semafor) explains why blowing things up is just part of the process and why the US Space Program is probably going to be fine.

Then, Kyle Chayka (The New Yorker) pulls back the curtain on the shadow market for pre-IPO equity in OpenAI, Anthropic, and SpaceX. It’s a mania where people are willing to take pre-IPO stock as payment for $2.9M houses. It's frothy out there.

Finally, Taylor Lorenz (User Mag) digs into the concept of a ‘permanent underclass’ — the fear that letting AI run rampant could freeze everyone in their current economic position forever. Do we laugh it off or get serious about regulation?

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