Rocket Launch, Athletic Brewing, and the Miss AI Pageant

In partnership with

Ariane 6 Blasts Off

The European Space Agency's next-generation Ariane 6 rocket lifted off for the first time yesterday from French Guiana, a French territory in northeastern South America. The long-awaited launch (see video) is part of Europe's efforts to regain independent access to space after roughly a year of relying on Elon Musk's SpaceX for missions such as satellite deployments. 

The $4.5B rocket carried a variety of satellites and experimental spacecraft, most of which were successfully deployed. However, a technical issue during the flight's final phase prevented the last batch of cargo from being released. Ariane 6's maiden voyage was set for 2020 but faced delays due to technical issues, the COVID-19 pandemic, and the Russia-Ukraine war. The 200-foot-tall rocket comes in two versions: Ariane 62 and Ariane 64. Both succeed Ariane 5, which retired one year ago. Ariane 5 had exploded minutes into its inaugural flight in 1996 before achieving 112 successful flights out of 117 launches. 

The Ariane 6 has 30 missions lined up, including 18 to help build out Amazon's new Kuiper satellite-internet constellation. 

Athletic Brewing Grows

Upstart nonalcoholic beer producer Athletic Brewing Company raised $50M in equity financing this week, doubling its overall value in just two years to $800M. The company, led by former hedge fund trader Bill Shufelt, has been credited with catalyzing a boom in nonalcoholic beer options since its brightly colored cans hit stores in 2018. 

Shufelt and head brewer John Walker came together in 2017 to produce a nonalcoholic brew with a comparable taste to alcoholic beers, marketing it toward customers with active lifestyles as an additional option to alcohol, not a substitute. Nonalcoholic beer accounted for roughly 2% of all US beer sales in 2022, and the industry has grown over 30% annually in recent years.  

Athletic's success mirrors a broader shift toward nonalcoholic options in the US, especially among younger generations. Overall, beer sales are in decline, and health-conscious Gen Z adults reportedly drink 20% less than other generations at their age. See alcohol trends here.

Drug Pricing Probe

The Federal Trade Commission released an interim report yesterday on pharmacy benefit managers, highlighting concerns about their impact on drug pricing and accessibility. The two-year investigation found the six largest PBMs manage nearly 95% of all prescriptions filled in the US, with the top three—CVS Caremark, Express Scripts, and OptumRx—controlling about 80%.

PBMs act as pharmaceutical middlemen, deciding which drugs are covered and often setting patient out-of-pocket costs. The report (see here) suggests PBMs may be overcharging for certain drugs, imposing unfair contract terms on independent pharmacies, and steering patients toward higher-cost pharmacies. The FTC claims these practices resulted in nearly $1.6B in revenue for the three biggest pharmacies from just two cancer drugs over three years. PBMs have disputed the report's conclusions, maintaining their practices save money for employers, the government, and patients.

The findings could potentially lead to further investigations, legal action, or increased regulatory efforts at both federal and state levels.

In partnership with EnergyX

Supercharging The Lithium Supply Chain

In partnership with EnergyX

How GM Is Securing Its Lithium Supply

The world will need to produce 3.8 million tons of lithium per year by 2035 to meet the demand for EVs. GM is turning to one startup to unlock US-based lithium supply: EnergyX. EnergyX’s technology can extract up to 300% more lithium than traditional methods.

GM led a $50 million funding round in EnergyX last year. Now, they’ve opened the opportunity to join them to all investors. For a limited time, EnergyX invites you to join them as a shareholder.

Please support our sponsors!