Markets and geopolitics drove the business agenda today. In a major legal reckoning for crypto, a federal appeals court upheld Sam Bankman-Fried’s fraud conviction and 25-year sentence, saying the evidence from the FTX collapse was overwhelming and leaving him with only narrow options for further appeal. On Wall Street, meanwhile, SpaceX made a spectacular Nasdaq debut after a record $75 billion IPO, surging above its offer price and underscoring investors’ appetite for Musk-led growth despite the company’s continued losses. In media, the Justice Department signaled it will not challenge Paramount Skydance’s proposed $81 billion tie-up with Warner Bros. Discovery, though other regulators still have a say. And beyond the markets, business risk remained tightly linked to conflict, as a Ukrainian drone strike hit Russian energy infrastructure while President Trump publicly rejected reported leaked terms of a possible U.S.-Iran deal.