Good Morning. OpenAI is racing to file its IPO first, while the smaller rival growing faster than it eyes the same window.

We also cover parents buying their kids homes, an $18M Banksy, and the longevity case for strong glutes (forwarded this email? Join 523k readers).

OpenAI is preparing to file confidentially for an initial public offering, possibly as soon as tomorrow, working with bankers at Goldman Sachs and Morgan Stanley. The goal is to go public as early as September.

The company was valued at $852 billion in a recent funding round. It cleared a major hurdle this week by winning a legal fight with co-founder turned rival Elon Musk, though he plans to appeal. Questions remain about revenue versus massive data-center spending.

It could be the biggest year ever for IPOs. SpaceX files paperwork this week, and Claude-maker Anthropic, which has been growing faster than OpenAI lately, is exploring its own debut. See largest AI companies by market cap here.

The least affordable housing market in decades is turning home buying into a family affair. Across the country, parents and grandparents are funding down payments, cosigning, or buying houses outright for their adult kids, often with conditions.

One Phoenix dad capped his budget at $700,000 with a rule: his daughter had to live within 2 miles of him. She landed an 8-minute bike ride away and pays him $2,200 monthly. The share of 25-to-34 first-time buyers with a co-borrower 55 or older hit 2.5% in early 2023, up from 0.6% in 2000.

Older Americans now hold most of the nation's wealth, and many would rather their kids enjoy it before they die. Other new home owners are buying homes with friends.

▲ How to “Gift” a Down Payment The Smart Way

A grayscale Banksy painting of a girl reaching for a drifting red balloon sold for $18 million yesterday at a Manhattan auction (WSJ). The price hit its high estimate and ranks as the artist's third-highest ever.

This was the first major test of Banksy's market since his identity was confirmed this spring as a Bristol man in his 50s. An anonymous U.S. collector won it by phone, inside a 70-guest event at Tiffany's Fifth Avenue flagship.

The work belongs to his Crude Oils series (photo), where he paints decay onto thrift-store landscapes. Experts predict prices keep climbing, drawing comparisons to Basquiat, whose record eventually topped $110 million.

▲ Banksy Auctions: The 10 Highest Prices Ever Achieved

Jocko Willink tells a story about two Vietnam veterans who lost their legs in combat. Both faced the same brutal reality. One accepted it 100%. The other accepted it 98%.

That 2% gap was the difference between a life rebuilt and a life lost. One man wrote a Pulitzer-winning book, helped design the Vietnam Memorial Wall, then spiraled and took his own life in 1993. The man who accepted everything carried on.

The lesson is a paradox worth sitting with. Radical acceptance and refusal to quit are not opposites. You accept the reality you cannot change (the injury, the setback, the loss) completely, with no leftover bargaining. But the things you can still influence (your effort, your standards, your next move) you refuse to surrender.

The trap is the 2% you keep replaying in the back of your mind. It feels like fighting. It is actually what erodes you. Accept what happened fully, then ask the only question that moves you forward: now what am I going to do?

Watch Jocko tell it.

Forget abs. The body's largest muscle group, your glutes, is becoming the status symbol of healthy aging, and the science backs the hype.

Strong glutes drive better glucose handling, hormone signaling, and muscle retention over time. Trainers who work with CEOs say nine out of ten mobility problems (knees, hips, posture) trace back to weak glutes.

Here's the protocol the high-performers are running, three lower-body sessions a week:

One trainer's rule of thumb: as long as you can climb flights of stairs, the rest of your health tends to follow. Equinox says male bookings for its glute class jumped 17% since 2024. Start with bodyweight hip thrusts tomorrow morning and add load weekly.

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