SpaceX's historic June 12, 2026 IPO, priced at $135/share, raised $75 billion, valuing the company at $1.77 trillion. The stock opened at $150 (+11.1%), hit $176.52 intraday, and closed between $160-$173 (+19-28%), pushing its market cap above $2.1 trillion. The central thesis highlights severe negative convexity, typical of hyper-valued tech IPOs, with a 2025 revenue…
1. Carbon Pricing Framework: Explicit (EU ETS) vs. Implicit/Internal Shadow Pricing
TotalEnergies employs an internal carbon price (ICP)1 or shadow price in its project evaluations and asset impairment testing. Currently, its base case includes a minimum price of $100/tCO₂ (or higher jurisdictional prices) starting in 2023, with a 2% annual increase after 2030.
Sensitivity…
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Carbon Credit Market