SpaceX hit the moon by accident and Wall Street by design

Good afternoon, friends, and happy almost-weekend. We’ve got a breezy issue today to carry you to the finish line. Have you ever wondered what it actually takes to build an Egyptian beauty brand that earns repeat customers rather than just a first purchase? We speak with two founders who decided the answer started in the lab, years before anything reached the shelf. We also have a review of beloved actor Stanley Tucci’s memoir, which is the kind of book that will have you planning a meal before you’ve finished the chapter.

Without further ado, the news…

THE BIG STORY ABROAD-

🌐 It’s been a busy week on the global newsfront, and today is no exception. Plenty of stories are vying for top billing — here’s the rundown:

Elon Musk’s SpaceX aimed for the moon… and hit a bullseye. Just not on purpose. Early this morning, the spent upper stage of a SpaceX Falcon 9 rocket — a four-ton piece of space junk that has been drifting in orbit since January 2025 — reportedly crashed into the lunar surface near the Einstein Crater at some 5k miles per hour. The collision reportedly poses no danger to Earth, and Nasa is currently investigating the incident.

It’s a fitting headline for what has been a turbulent couple of days for Musk’s rocket company. SpaceX released its first-ever quarterly results as a public company last night — its debut earnings report since listing on the Nasdaq in June. The numbers were strong: revenue came in at USD 7.8 bn, surpassing analyst expectations and up 92% y-o-y, while the net loss narrowed to USD 541 mn. We dive into the details in this morning’s edition of Planet Finance.

Investors, however, were rattled by capital expenditure, which soared more than sixfold y-o-y to USD 18.4 bn in 2Q, with the bulk of it — 15.8 bn, compared to a 13.2 bn analyst estimate — going to AI infrastructure. Investors are skeptical that AI returns justify the spending. SpaceX stock fell some 8% in after-hours trading on the back of it.

^^Read more on: CNN, BBC, The Financial Times, and CNBC.

MEANWHILE- On the US-Iran front, US President Donald Trump claimed that negotiations are “moving along nicely,” adding: “You’ll find out. We’ll know in 48 hours,” ABC reports. The US President also noted that the Strait of Hormuz would be open “very soon,” followed by another threat against Iran if it remains closed.

Possibly empty threats? CNN reports that the US military has already exhausted roughly 80% of its interceptors on account of the Iran war, citing sources familiar with the matter. A shortage of air defense systems could impact the US’ ability to ward off Iranian strikes in the region. The White House has since pushed back against these claims.

^^Read more on: CNBC, ABC, CNN, and Reuters.

AND- Russia launched a massive wave of drone and ballistic missile strikes on Kyiv overnight, killing at least 17 people and leaving 44 others injured. Ukraine’s air force said Russia launched 24 ballistic missiles — none of which were intercepted. The main targets included civilian warehouse facilities. Ukrainian President Volodymyr Zelenskyy pointed directly at the interceptor shortage as the cause of the casualties.

^^Read more on: CNN, BBC, and The Guardian.

IN OTHER NEWS- Thirty-four-year-old Egyptian footballer and former Liverpool star Mohamed Salah has finally put an end to weeks of speculation. Salah is finalizing an agreement with Turkish football club Trabzonspor, which has taken to social media to announce the Egyptian star’s transfer as he touched down in Turkey.

^^Read more on: beIN Sports.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• Egypt’s non-oil private sector saw its strongest business confidence since mid-2022 in July, even though on-the-ground business conditions are still tough. The headline seasonally adjusted PMI went up last month to 46.8 from June’s 41-month low of 46.0. While July marks our seventh straight month below the 50.0 break-even mark;
• After a full quarter of net selling and a red June, foreign investors turned net buyers of Egyptian equities last month, picking up EGP 1.4 bn in listed stocks, even as local individuals turned net sellers to the tune of EGP 2 bn. The EGX30 rode the shift to a 5.85% monthly gain, closing at 53.4k points, marking its best month since the spring rally and reversing a 4.12% June loss;
• Egypt is planning to add about 100 mmcf / d of gas in October from five new onshore and offshore wells at a combined cost of about USD 95 mn. The campaign relies on onshore and deepwater assets. The wells are a small piece of a much bigger push already underway. The Oil Ministry is targeting 160 new oil and gas wells this FY, backed by at least USD 7.2 bn in planned investment from foreign partners;
• Nevera Egypt for Sustainable Development plans to launch an integrated media city in west Cairo, driving a broader government-backed initiative to transform the area surrounding the Pyramids Plateau into a multi-mn-sqm hub for tourism, hospitality, real estate, logistics, and commercial activities.

☀️ TOMORROW’S WEATHER- We’re in for another warm, hazy day in C-town tomorrow, with the mercury rising to 37°C before cooling down to an overnight low of 24°C. Expect lower temperatures — but more humidity — on the North Coast, with a high of 32°C and an overnight low of 23°C, according to our favorite weather app.