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SpaceX is shooting for the stars: a record-breaking $135 per share initial public offering that would value the company at $1.77 trillion.

This is about seven-and-a-half times Alibaba’s inflation-adjusted valuation in 2014, which held the record before, and 15 times Facebook’s IPO, blowing modern service giants Uber and Airbnb out of the water entirely.

SpaceX already made history by raising $75 billion on Thursday, and pulling off its anticipated IPO will make thousands of SpaceX employees millionaires and could push up Elon Musk’s net worth high enough to make him a trillionaire.

Here’s how $1.77 trillion squares with the top 20 biggest IPOs staged in the United States:

Alibaba Group Holding Ltd — $236.53 billion Facebook Inc — $118.48 billion Uber Technologies Inc — $98.75 billion AT&T Wireless Services Inc — $133.33 billion Rivian Automotive Inc — $80.18 billion Didi Global Inc — $75.19 billion United Parcel Service Inc — $119.79 billion Coupang Inc — $76.11 billion Ente Nazionale per l’Energia Elettrica (ENEL) — $109.28 billion Kraft Foods Inc — $101.27 billion Deutsche Telekom AG — $109.47 billion Banco Santander Brasil SA — $78.94 billion General Motors Co — $75.82 billion Visa Inc — $69.56 billion Airbnb Inc — $52.71 billion Gazprom — $79.85 billion Rocket Companies Inc — $46.39 billion Telefonica Moviles — $69.03 billion Blackstone — $54.93 billion Snowflake Inc — $43.73 billion

This story was originally featured on Fortune.com

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SpaceX beginnt am 12. Juni öffentlich zu handeln, mit einer Bewertung von etwa 1,77 Billionen US-Dollar und einem Angebotpreis von 135 US-Dollar pro Aktie. Retail-Investoren werden jedoch wahrscheinlich auf dem offenen Markt einen höheren Preis zahlen müssen. Aufgrund der geringen Angebotsmenge und der hohen Nachfrage könnte es zu einer erheblichen Ersttagssteigerung kommen, ähnlich wie bei vergangenen Mega-IPOs wie Alibaba und Rivian. Trotz des Hypes erscheint SpaceX jedoch überbewertet, und die Aktie könnte nach einem ersten Anstieg wieder auf den Boden zurückkehren.

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Key Points

Alphabet’s Waymo and Amazon’s Zoox look like the most credible AV rivals to Uber’s ride-hailing business. Investor outcomes hinge on whether AV fleets plug into Uber-like apps or try to replace them outright.10 stocks we like better than Uber Technologies ›

Autonomous vehicles are reshaping ride-share competition, with Alphabet(NASDAQ: GOOGL)(NASDAQ: GOOG) and Amazon(NASDAQ: AMZN) emerging as pivotal players. Discover why platform control, partnerships, and unit economics may matter more than the tech itself in the video below.

*This video was published on May 29, 2026.

Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »

Should you buy stock in Uber Technologies right now?

Before you buy stock in Uber Technologies, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Uber Technologies wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $442,220! Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,230,114!

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*Stock Advisor returns as of June 11, 2026.

Dan Caplinger has positions in Alphabet, Amazon, and Uber Technologies. Lou Whiteman has no position in any of the stocks mentioned. Toby Bordelon has positions in Alphabet and Amazon. The Motley Fool has positions in and recommends Alphabet, Amazon, DoorDash, and Uber Technologies. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Thursday, June 11th, 2026

This morning, pre-market futures are in the green, though slashed from where they were ahead of the latest wholesale inflation report. This follows a deep selloff on Wednesday, where the Nasdaq alone shed -2%. At this hour, the blue-chip Dow is +160 points, the S&P 500 +15 and the Nasdaq +103 points. The small-cal Russell 2000 is +17 points.

PPI Inflation Highest in 3+ Years: +6.5%

After yesterday's retail inflation numbers from the Consumer Price Index (CPI) for May demonstrated relatively manageable levels of price gains, this morning's Producer Price Index (PPI) — the wholesale version of inflation — suggests something decidedly more thorny: +1.1% month over month, +6.5% year over year. These have reached their highest levels since March and November of 2022, respectively.

Revisions to the prior month moved in the right direction, -30 basis points (bps) for both — +1.1% month over month (now matched with the May print) and +5.7% year over year — but these are still significantly above target inflation rates for the previous regime at the Federal Reserve. Headline core PPI — stripping out volatile food and energy prices — came in as expected month over month at +0.4%, 30 bps below the upwardly revised +0.7% from April. This counts as the sole good news in this morning's report.

Core PPI year over year reached +4.9%, and was revised up half a percentage point to +4.9% the prior month as well. This is important because we know global oil prices have increased since the start of the war on Iran, but stripped out of the core print we're still looking at bedrock wholesale inflation at its highest level since January of 2023, when these numbers were coming down drastically month over month.

Further parsing these numbers, ex-food, energy and trade adds even more nuance: +0.8% month over month, +5.1% year over year. This illustrates that trade, especially over the past month (-1.1%), was sopping up a decent amount of this inflation. The +0.8% has not been this high since March of 2022 and year over year since October of that year. These are Great Reopening numbers that were largely cured by interest rate increases month after month. We're in a very different situation today: what will it mean going forward?

One rather unnerving aspect here is when we compare the relatively benign core CPI numbers from yesterday — +0.2% month over month and +2.9% year over year — we can see that producers must have been absorbing a good deal of this inflation. How long can this be expected to last? Energy prices alone rose +10.7%; can energy companies continue to trim their margins to keep inflation under control on the retail side? Will they do so if the Strait of Hormuz remains closed for the next month or three? More questions than answers, most certainly.

Story Continues

Jobless Claims Creep Higher: +229K, +1.795M

Meanwhile, normal Thursday morning Weekly Jobless Claims are out this morning, coming in warmer on Initial Claims from expectations to +229K, up 4K from an unrevised +225K last week. These are the first levels this high since the +230K reported in subsequent months back in February of this year. We had been as low as +190K in the last week of April. Are higher energy prices moving Americans from a side gig with DoorDash DASH or Uber UBER to simply claiming unemployment benefits?

Continuing Claims remained historically low at 1.795 million (anything below 2 million longer-term jobless claims per week demonstrates a coping labor force), but up from the 1.771 million reported last week. These longer-term claims also report a week in arrears, so based on today's new claims we might expect these numb ers to tick up on the long end, as well.

European Central Bank (ECB) Raises Rates +0.25%

The first major central bank to raise interest rates since the onset of the Iran war in late February is the European Central Bank (ECB), and it has done so by a quarter-point, +0.25%. This may have an odd counter-ring to it, especially with so many Americans (including President Trump) looking for a reduction in interest rates, but Zacks Chief Economist John Blank earlier this week that this move is expected to be "insurance," rather than the start of a big hiking cycle.

"With the memory of 2022's energy crisis still fresh, Frankfurt is keen to not miss the boat this time," Blank said in his Global Week Ahead article on Monday morning. "Policymakers have a tightrope to walk as they try to hike without exacerbating the growth hit already underway from the crisis. That's why markets reckon the ECB will only hike rates two or three times this year, with the next move most likely in September." To read the full report, click here.

Questions or comments about this article and/or author? Click here>>

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This article originally published on Zacks Investment Research (zacks.com).

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In this video, I will cover four stocks that are better buys than chasing the SpaceX IPO. Watch the short video to learn more, consider subscribing, and click the special offer link below.

*Stock prices used were from the trading day of June. 9, 2026. The video was published on June. 9, 2026.

Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »

Should you buy stock in Alphabet right now?

Before you buy stock in Alphabet, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Alphabet wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $442,220! Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,230,114!

Now, it’s worth noting Stock Advisor’s total average return is 926% — a market-crushing outperformance compared to 203% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.

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*Stock Advisor returns as of June 11, 2026.

Neil Rozenbaum has positions in Alphabet, Amazon, Meta Platforms, Reddit, and Uber Technologies. The Motley Fool has positions in and recommends Alphabet, Amazon, Meta Platforms, Microsoft, Reddit, and Uber Technologies. The Motley Fool has a disclosure policy. Neil is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through his link, he will earn some extra money that supports his channel. His opinions remain his own and are unaffected by The Motley Fool.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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(Bloomberg) -- DoorDash Inc. introduced an in-app artificial intelligence chatbot to help customers make restaurant and grocery orders, and suggested the technology could also be used to unlock new enterprise revenue streams.

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Users can launch the new Ask DoorDash tool via the "Ask" button in the app's search bar, where they can interact with the chatbot using voice, written prompts or visual inputs. In addition to text responses, the answers include buttons that let users directly add items to their cart.

Recommendations are based on DoorDash customers' past purchase behavior, as well as internet sources like social media reviews and blog posts. For grocery-related inquiries, the chatbot confirms with the user what pantry staples they already have before adding ingredients to the cart. It works on Apple Inc.'s iOS and is available in select markets. Initially, Ask DoorDash will be set up for restaurant search and grocery shopping. In the coming weeks, the assistant will expand to more users in the US and gain the ability to make restaurant reservations.

Early user tests of the chatbot point to tangible business gains, according to co-founder Andy Fang. "We're seeing customers trying out new restaurants much more frequently through this experience than anything else we've tried to do in the app when it comes to ordering from restaurants," he said in an interview. Nearly half of all takeout orders made with the tool were from a place the customer had never ordered from before, the company said.

"On the grocery side, we're seeing significant increases in subtotals and that customers are actually able to build their cart five times faster using this experience than through the app," Fang added. Grocery baskets built with the tool are more than 35% larger than typical grocery orders, DoorDash said.

Fang suggested the company is ready to sell its AI technology, including the chatbot, for corporate customers to use under their own brands. That sets up DoorDash for further competition with Instacart, which has been adding enterprise offerings for grocers like Kroger and Costco.

"Given all the technology that we've invested to making this work well, we're also really excited to partner directly with grocers, restaurants, retailers to help them power their own agentic experiences as well," Fang said.

Story Continues

DoorDash, the biggest food delivery app by US market share, is the latest among its peers to leverage existing data on restaurant menus, grocery items, stock levels and customer order history to better identify what users are likely to need. In April, Uber Technologies Inc. introduced an updated search bar that can interpret natural language and more flexibly show rides and takeout options, rather than defaulting to ride destinations.

Uber Eats also has an AI-based Cart Assistant to help people build their grocery carts through text or image queries. Instacart similarly accepts natural language search in its app, and its conversational cart-building product is available within the ChatGPT and Claude apps, as well as on other grocery sites.

DoorDash began working on a chatbot as early as 2023, Bloomberg previously reported. But the company didn't release any such tool then because AI models at the time "weren't capable enough" to make conversational ordering compelling for customers, Fang said. Today's models have gotten a lot better, he added. "We just feel good now about the experience both in terms of the responsiveness of the product and also its ability to understand what you're talking about and give you compelling suggestions."

Ask DoorDash uses a combination of AI models from OpenAI, Anthropic PBC and Alphabet Inc.'s Google, as well as some open-source models to help reduce costs, according to Fang. "We feel confident it is going to pay for itself over time," he said.

DoorDash's other artificial intelligence experiment, the standalone social app Zesty, allowed the company to understand the types of questions that customers ask, while testing "the latest models in a way that was much faster" than if done within the flagship app, Fang said. DoorDash wound down Zesty in April, as it began integrating the chat features into the main app.

There is still merit in keeping the traditional keyword search, not least because it's where DoorDash is using sponsored listings to boost its advertising business.

Searching using simple phrases is still an adequate experience for people who know exactly what they want, but Fang said "we're going to work towards a solution where you don't have to think about it ideally as a customer." He added that users are already typing longer queries into the search box with the expectation that it can process their questions like AI chatbots, which can handle more nuanced queries.

"Certainly, we need to think about how ads fit into this ecosystem," Fang said, addressing the tension between advertisers and customers using the ad-free AI search. "It is a complicated set of things for us to navigate, to be honest. The internet is changing underneath our feet, so we're just trying to figure out how to move to where the puck's going."

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Key Points

SpaceX will be the largest IPO on record. The company priced its stock at $135 per share, which brings its initial market capitalization to $1.77 trillion. SpaceX's vertical integration is unique. No other company brings together the launch, connectivity, and compute technologies needed for orbital AI data centers. Historically, large IPO stocks have often declined during their first year on the market, and their long-term returns have frequently lagged the S&P 500.10 stocks we like better than Space Exploration Technologies ›

The S&P 500(SNPINDEX: ^GSPC) and Nasdaq Composite(NASDAQINDEX: ^IXIC) have declined modestly this week as Wall Street prepares for the SpaceX(NASDAQ: SPCX) IPO on Friday, June 12. The event will be historic for multiple reasons: The company will raise a record $75 billion at an unprecedented valuation of $1.77 trillion, making it the largest IPO of all time.

Investment banks involved in the deal report strong demand for SpaceX stock, priced at $135 per share and trading under the ticker SPCX. In fact, the IPO is four times oversubscribed, meaning demand exceeds the number of shares available by a factor of four, according to Reuters.

Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »

Should you buy the SpaceX IPO? In the last decade, the average IPO stock gained 25% on the first trading day, but large IPOs have historically dropped sharply during the first year. Here's what you should know.

Image source: The Motley Fool.

SpaceX is uniquely positioned to build and deploy orbital AI data centers

SpaceX (short for Space Exploration Technologies) breaks its business into three operating segments: space, connectivity, and artificial intelligence (AI).

1. Space

SpaceX has revolutionized space travel. In 2015, the Falcon 9 -- the world's first orbital-class rapidly reusable rocket -- successfully landed on Earth after being launched into space. No other company replicated that feat until Blue Origin in 2025. SpaceX aims to further cement its lead with the Starship system.

Starship will be the first fully and rapidly reusable spacecraft. It comprises a reusable first stage (Super Heavy booster) and second stage (the spacecraft), both engineered to return to the launch tower after flight, where they are caught in mid-air by mechanical arms. The company says Starship will reduce launch costs by 99% versus the historical average.

2. Connectivity

SpaceX could revolutionize the internet and mobile industries with Starlink, a constellation of about 10,000 broadband satellites that currently serves about 12 million subscribers. Starlink is already the largest satellite internet service, but it could eventually dominate the broader communications industry.

CEO Elon Musk says the Starlink constellation will ultimately expand tenfold to include more than 100,000 satellites. "If growth continues, Starlink will one day carry the majority of internet traffic. At that point, it is the internet and everything just connects to Starlink."

3. Artificial intelligence

SpaceX recently merged with xAI, an artificial intelligence research lab. The registration statement (Form S-1) states: "We own and operate what we believe to be the largest AI training data center clusters on Earth, including Colossus I and Colossus II." xAI also develops Grok frontier models and enterprise AI applications.

The company recently signed two big deals. It will provide compute capacity to Anthropic for $1.25 billion per month, and it will provide compute capacity to Alphabet's Google for $920 million per month. Those deals are worth $26 billion per year, which represents a material acceleration from the $3.2 billion in sales xAI reported in 2025.

Here's the big picture: SpaceX is unique in its vertical integration. No other company brings together the launch capacity, connectivity technology, and AI infrastructure needed to build and run orbital data centers. Musk believes orbital data centers (i.e., powered by the sun and cooled by space) will solve the energy constraints of terrestrial data centers.

Collectively, SpaceX estimates its total addressable market at $28.5 trillion. That figure includes $370 billion from space mission and launch services, $1.6 trillion from Starlink broadband and mobile services, and $26.5 trillion from AI infrastructure and applications.

History says SpaceX's stock will drop sharply during its first year on the public market

SpaceX will be the largest IPO on record, with an initial market capitalization of $1.77 trillion. That alone is not an issue, but it implies an absurdly expensive valuation. The company reported $19.3 billion in revenue in the past year, bringing its price-to-sales (P/S) ratio to 92.

For context, Palantir Technologies is the most expensive stock in the S&P 500 at 63 times sales. But SpaceX is going public at a valuation 46% higher, leaving plenty of downside risk, especially since large IPOs have historically declined in their first year on the market.

The chart below shows how the 10 largest U.S. IPO stocks (by market value at the IPO price) performed during their first year on the market. 10 Largest U.S. IPO Stocks 1-Year Return Post-IPO Meta Platforms (22%) Uber Technologies (25%) Venture Global (60%) United Parcel Service 11% Coupang (45%) Mondelez International (8%) Coinbase Global (34%) General Motors (31%) Visa 13% Kenvue (12%) Average (21%)

Data source: Barron's, YCharts. The chart shows how the top 10 U.S. IPO stocks performed during their first year on the public market.

As shown above, the 10 largest U.S. IPO stocks declined by an average of 21% during their first year. That may surprise readers, as IPO stocks (especially highly anticipated ones like SpaceX) frequently skyrocket on the first trading day. But they often give back those gains and then some.

More importantly, disappointing post-IPO returns are not limited to a single year for companies that go public with large market caps. The 10 largest U.S. IPO stocks (shown in the chart above) have underperformed the S&P 500 by an average of 99 percentage points since listing shares.

So, should you buy the SpaceX IPO? My answer is no. History suggests the stock could drop sharply in its first year and may underperform the S&P 500 in the long run. That doesn't mean you should forget about SpaceX. Instead, be patient and wait for more attractive buying opportunities.

Should you buy stock in Space Exploration Technologies right now?

Before you buy stock in Space Exploration Technologies, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Space Exploration Technologies wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $439,038! Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,277,804!

Now, it’s worth noting Stock Advisor’s total average return is 942% — a market-crushing outperformance compared to 206% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.

See the 10 stocks »

*Stock Advisor returns as of June 11, 2026.

Trevor Jennewine has positions in Palantir Technologies and Visa. The Motley Fool has positions in and recommends Alphabet, Kenvue, Meta Platforms, Palantir Technologies, Uber Technologies, United Parcel Service, and Visa. The Motley Fool recommends Coinbase Global, Coupang, and General Motors. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Alphabet Inc.-backed Waymo has reportedly acquired Apple Inc.'s self-driving proving facility in Arizona for $220 million.

Waymo Acquires Apple Facility

On Monday, the Phoenix Business Journal first reported that Waymo acquired the property from Delaware-based Route 14 Investment Partners LLC, which is associated with Apple. The 5,500-acre facility includes a 115-acre city course, as well as a four-mile oval track and a freeway course.

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Waymo didn't immediately respond to Benzinga's request for comment.

Apple acquired it for $125 million in 2021, with the Cupertino-based giant undertaking development efforts for proprietary self-driving technology since 2014 under the project "Titan" initiative. However, it was ultimately scrapped in 2024 after having spent over $1 billion annually on the project.

Waymo's Uber Solution, Robotaxi Recall

While Waymo has been at the forefront of the U.S. Robotaxi revolution, the company has faced a few hiccups recently, with a Waymo customer reportedly asking to hail an Uber Technologies Inc. or a Lyft Inc. cab after the Robotaxi abruptly ended the ride.

Waymo also operates in cities like Atlanta in partnership with Uber. However, some of the ride-hailing giant's executives painted AV-only operators like Waymo as less scalable and less reliable. The executives, instead, touted a hybrid approach with human drivers and Robotaxis being offered on ride-hailing platforms.

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The operator also issued a recall for over 3,791 autonomous vehicles after a software glitch affecting its latest self-driving stack came to light. The issue stems from a glitch that could likely cause the Robotaxis to drive onto flooded roads.

Following the reports, a Waymo spokesperson said that the company had filed a "voluntary recall" with the authorities after identifying an "area of improvement regarding untraversable flooded lanes" specific to highways. Notably, Waymo currently operates in more than 10 cities across the U.S.

Photo courtesy: Shutterstock

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Story Continues

Building Wealth Across More Than Just the Market

Building a resilient portfolio means thinking beyond a single asset or market trend. Economic cycles shift, sectors rise and fall, and no one investment performs well in every environment. That's why many investors look to diversify with platforms that provide access to real estate, fixed-income opportunities, precious metals, and even self-directed retirement accounts. By spreading exposure across multiple asset classes, it becomes easier to manage risk, capture steady returns, and create long-term wealth that isn't tied to the fortunes of just one company or industry.

Arrived

Backed by Jeff Bezos, Arrived Homes makes real estate investing accessible with a low barrier to entry. Investors can buy fractional shares of single-family rentals and vacation homes starting with as little as $100. This allows everyday investors to diversify into real estate, collect rental income, and build long-term wealth without needing to manage properties directly.

Immersed

Immersed is building technology for the future of work through spatial computing. Known for its AR/VR productivity platform that enables users to work across multiple virtual screens, the company has grown to more than 1.5 million users worldwide. Immersed is also developing Visor, a lightweight headset designed specifically for professional productivity, positioning the company at the intersection of remote work, extended reality (XR), and next-generation computing.

Vinovest

Fine wine and rare whiskey have historically moved independently of the stock market, making them a compelling alternative asset. Vinovest manages authenticated, insured portfolios of investment-grade wine and whiskey starting at $5,000 — sourcing, storage, and insurance all handled for you.

EnergyX

EnergyX is a clean energy technology company focused on direct lithium extraction and refinery technologies for the lithium-ion battery supply chain. Its proprietary DLE systems are designed to recover lithium from brine resources more efficiently and with less environmental impact, supporting efforts to expand lithium supply for electric vehicles, grid-scale storage, and other battery applications.

FarmTogether

Farmland has historically held its value through market volatility and delivered returns uncorrelated to stocks and bonds. For accredited investors, FarmTogether offers direct access to high-quality U.S. farmland starting at $15,000 — fully managed, with no landlord headaches.

EquityMultiple

For accredited investors looking beyond stocks and bonds,EquityMultiple provides access to vetted commercial real estate deals starting at $5,000, with only ~5% of opportunities passing their due diligence process.

Fundrise

Private real estate and private credit can add income and stability to a stock-heavy portfolio. Fundrise offers access to diversified private real estateand credit strategies through an easy-to-use platform, with professionally managed portfolios designed to generate passive income and long-term growth.

American Hartford Gold

American Hartford Gold is a precious metals dealer that helps clients buy physical gold and silver coins and bars, either for direct delivery or within self-directed precious metals IRAs.The company's services include gold and silver IRAs, IRA rollovers, and home delivery of bullion, giving investors a way to use tangible metals to diversify portfolios and seek protection against inflation and market volatility.

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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[Uber car service in New York City] nycshooter

Uber Technologies (UBER [https://seekingalpha.com/symbol/UBER]) is pushing back on a recently enacted New York City law that it argues would weaken safeguards for rider safety, limit its ability to remove high-risk drivers, and restrict the company’s business judgment pertaining to qualified drivers.

Enacted by the New York City Council, Local Law 52 [https://intro.nyc/local-laws/2026-52]aims to provide job security to gig workers by preventing employers from deactivating or dismissing drivers without “just cause” (fraud, egregious misconduct, harassment) or a “bona fide economic reason.”

However, in its lawsuit, Uber (UBER [https://seekingalpha.com/symbol/UBER]) says each driver agrees to the Platform Access Agreement, which delineates either party’s rights to terminate the employment agreement. The PAA “explicitly” incorporates Uber’s standards and policies and states that a violation of the agreement can lead to deactivation.

“The following provisions of [Local Law 52] would force Uber to keep drivers on its platform even if Uber has determined that they have violated its standards, agreements, and policies, and to provide them with specific information that Uber is not contractually required to provide.”

Furthermore, Uber (UBER [https://seekingalpha.com/symbol/UBER]) argues that a consequence of [Local Law 52] “would require Uber to connect riders with drivers even if Uber believes in good faith that those drivers pose a risk to rider or public safety, or have engaged in fraudulent activity.”

By impeding Uber’s (UBER [https://seekingalpha.com/symbol/UBER]) ability to exercise its business judgment, Local Law 52 “unconstitutionally interferes with Uber’s contractual agreements and violates Uber’s rights guaranteed by the United States Constitution.”

Local Law 52 takes effect July 28.

Uber (UBER [https://seekingalpha.com/symbol/UBER]) is seeking a permanent injunction plus costs.

Related tickers: Lyft (LYFT [https://seekingalpha.com/symbol/LYFT]), DoorDash (DASH [https://seekingalpha.com/symbol/DASH])

MORE ON UBER

* Uber Technologies, Inc. (UBER) Presents at Bernstein 42nd Annual Strategic Decisions Conference Transcript [https://seekingalpha.com/article/4909825-uber-technologies-inc-uber-presents-at-bernstein-42nd-annual-strategic-decisions-conference]
* Uber: Scaling For Profitability And Consolidation In Deliveries [https://seekingalpha.com/article/4909075-uber-scaling-for-profitability-and-consolidation-in-deliveries]
* Uber Technologies: The Orchestrator Of The Autonomous Revolution [https://seekingalpha.com/article/4907885-uber-the-orchestrator-of-the-autonomous-revolution]
* Uber commits nearly $500M to self-driving startup Nuro to boost robotaxi fleet [https://seekingalpha.com/news/4600522-uber-commits-nearly-500m-to-self-driving-startup-nuro-to-deploy-35k-robotaxis]
* Uber reins in AI use after depleting budget [https://seekingalpha.com/news/4599931-uber-reins-in-ai-use-after-depleting-budget]

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