WSJ What’s News — PM Edition

Episode: SpaceX Files for What Could Be the Biggest IPO Ever

Air Date: April 1, 2026
Host: Alex Osola

Episode Overview

This episode delivers a brisk roundup of the top headlines in business, technology, law, and global affairs for April 1, 2026, with a spotlight on SpaceX’s confidential IPO filing, the historic Supreme Court hearing on birthright citizenship, Anthropic’s AI leak, and NASA’s Artemis 2 Moon mission. Each segment features on-the-ground updates, expert interviews, and concise analysis tailored to business and market-minded listeners.

Key Segments & Insights

Supreme Court Hears Birthright Citizenship Case

Timestamps: 00:32 – 04:34

Summary

• The U.S. Supreme Court heard arguments over possible limits to birthright citizenship, specifically questioning if children born on U.S. soil to unauthorized immigrants or temporary residents should automatically receive citizenship.
• President Trump attended the hearing—a historical first for a sitting president—and his administration defended a second-term executive order to end automatic birthright citizenship for these groups.

Key Discussion Points

• Trump Administration’s Argument:
  • Interprets the 14th Amendment’s citizenship clause as not automatically including children of temporary or unauthorized residents.
  • Focuses on the phrase “subject to the jurisdiction thereof,” insisting it requires the parents to be citizens or permanent residents.
• Justices' Reaction:
  • Initial skepticism across ideological lines; humanitarian challenges raised by Justice Alito.
  • Discussion of people having established lives in the U.S. even if legally removable, hinting at the deep societal stakes.
  • Some conservative justices later appeared open to the administration's reasoning.

Notable Quotes

• Lydia Wheeler (WSJ Legal Affairs Reporter):
  • “The Trump administration is arguing that the citizenship clause...was adopted to confer citizenship on newly freed slaves and their children, not on the children of immigrants in the country temporarily or illegally.” (01:48)
  • “The government was having a hard time...but there was this notable shift, kind of halfway through the arguments, where it really started to seem like maybe some of the court's conservative majority was actually in favor…” (03:33)

Anthropic AI Source Code Leak

Timestamps: 04:35 – 07:32

Summary

• Anthropic, an AI company valued at $380 billion and a potential upcoming IPO, accidentally published internal instructions (“Claude code”) used to direct its flagship AI agent.
• No consumer data was released, but the leak exposed proprietary methods and poses a technical and reputational risk.

Key Discussion Points

• Nature of the Leak:
  • The foundation (“the harness”) that guides the AI, enabling developers to accelerate coding was released due to a packaging error.
  • Once such internal tooling is available publicly, it can be cloned by competitors or exploited by hackers.
• Business Consequences:
  • Damages Anthropic's image as a 'safe' and 'secure' AI company.
  • Competitors gain unprecedented insights, creating competitive and security risk just as Anthropic eyes its IPO.

Notable Quotes

• Sam Schechner (WSJ Tech Reporter):
  • "If suddenly they're kind of giving away the recipe, even accidentally, for how they put that together, that's a big deal." (05:23)
  • "It also reveals the trade secret of how they make Claude code work. Anthropic's competitors now have a detailed roadmap..." (06:24)

Global Political and Market Updates

Timestamps: 07:37 – 10:50

War in Iran & U.S. Response

• President Trump announced the U.S. would consider a ceasefire in Iran only “when Hormuz Strait is open, free and clear.”
• Trump threatened NATO withdrawal, criticizing allies’ reluctance to support U.S. military efforts in reopening the Strait of Hormuz, escalating tensions within the alliance.

Market Wrap

Imani Moiz reports:

• Hopes of a U.S.-Iran ceasefire drove markets higher—Nasdaq up 1.2%.
• Energy sector slumped as Brent crude dropped 2.7% ($101/barrel); ExxonMobil suffered its worst one-day loss since 2008 (down 5.2%, or $36B in value).
• Egg prices plummeted, hurting producers but boosting stocks like Cal-Maine.
• GM sales down nearly 10% year-on-year due to high rates and prices.
• U.S. private sector added 62,000 jobs in March—better than expected, mainly in education and health.

SpaceX’s Record-Setting IPO Plans

Timestamps: 10:50 – 11:39

Summary

• SpaceX has confidentially filed for an IPO, targeting a monumental raise—between $40 and $80 billion—possibly the largest ever.
• The move is timed alongside rival expected IPOs from OpenAI and Anthropic; overlapping investor interest is a factor in timing and scale.
• The IPO is expected to provide unprecedented insight into SpaceX’s diverse operations: satellites, launchpads, and more.

Notable Quotes

• Corey Driebush (WSJ IPO Reporter):
  • “A lot of the same investors are going to be looking at putting money into SpaceX as OpenAI and as Anthropic. And if one of those doesn’t go well...those same fund managers might say, ‘I'm going to put it in a smaller order this time.’” (11:11)

NASA’s Artemis 2: Mission Around the Moon

Timestamps: 11:39 – 13:04

Summary

• NASA prepares for Artemis 2, its first deep space human mission since Apollo 17 (1972).
• Four astronauts to travel around the moon—coming within 5,000 miles of the surface and testing critical Orion capsule systems.
• Artemis 2 is the precursor to ambitions for a lunar base and eventual Mars exploration.

Notable Quotes

• Micah Madenberg (WSJ Space Reporter):
  • “This is a big deal...This is the effort where the agency is hoping to one day send astronauts back to the surface of the moon and then press on to sort of bigger goals...But it all kind of starts with Artemis 2.” (12:28)

Memorable Moments

• Justice Alito raises humanitarian concerns: "Normally when you think about someone who is subject to an arrest...they wouldn't say that they are domiciled...but because of our ineffective immigration laws, people have come to think of themselves as permanent residents." (02:32)
• Anthropic’s AI leak described as ‘giving away the recipe’: (05:23)
• Market shock as Exxon suffers its largest plunge since 2008. (09:08)

Timestamps for Important Segments

• [00:32] – Supreme Court hears birthright citizenship arguments (Lydia Wheeler)
• [04:35] – Anthropic AI source code leak (Sam Schechner)
• [07:37] – Iran conflict & NATO rift update
• [09:08] – Market wrap: stocks, commodities, jobs (Imani Moiz)
• [10:50] – SpaceX IPO details (Corey Driebush)
• [11:39] – NASA Artemis 2 moon mission overview (Micah Madenberg)

Tone & Style

The episode maintains WSJ’s signature brisk, fact-driven tone, seamlessly blending legal analysis, breaking tech news, geopolitical updates, and market-savvy commentary. Direct, articulate exchanges between hosts and correspondents ground complex topics for an informed yet time-constrained audience.

Conclusion

This episode spotlights a convergence of pivotal events: unprecedented legal debates about American identity, high-stakes missteps in the AI race, historic capital market moves, and a return to lunar exploration. Essential listening for anyone tracking the intersection of policy, business, and technology as they shape tomorrow’s headlines.