It’s Monday, May 4. This is The Front Page, your daily window into the world of The Free Press—and our take on the world at large. Today: The Iran-backed group behind attacks on Europe’s Jews. Hollywood doesn’t understand George Orwell. The quest for Viagra for women. And much more.

But first: The civilizational ambition of SpaceX.

This spring or early summer, Elon Musk’s SpaceX is going to go public. It is set to be the biggest IPO in history and, as Patrick McGee writes today, the “most consequential financial event this year.” Already the pundits are pouring cold water on the move. They say only blinkered Musk fanboys would believe that an unwieldy network of satellites, rocket launches, and vague plans to go to Mars could be one of the 10 most valuable companies in the world. One Atlantic story described SpaceX as “a huge meme stock.”

But they said that about Tesla, too, didn’t they? In his lead story today, Patrick examines Musk’s gargantuan SpaceX wager, which is as much a bet on human ambition as it is on any one technology. In fact, it might just be the most audacious bet in business history. But will it pay off? That’s the question on everyone’s lips as SpaceX prepares to go public, and it’s the one at the heart of Patrick’s story.

—Mark Gimein

For years, big pharma often overlooked and neglected women’s health. That is changing, with billions being spent, and made, catering to female customers in new ways. The change brings promise—and peril. Today, two stories about that paradox.

First: perimenopause, a term that is suddenly everywhere on the internet. From celebrity confessions by Drew Barrymore and Katherine Heigl to influencers pushing “Perimenopause Is Hot” merchandise, the hormonal transition into menopause has become a cultural touchstone.

How did perimenopause wind up in the spotlight? Kara Kennedy explores how a once-taboo topic transformed into a highly marketable obsession—and why perimenopause is not the catchall explanation it’s sold as.

Meanwhile, a new documentary is out addressing a different kind of hormonal question: Why isn’t there “Viagra for women”? While The Pink Pill: Sex, Drugs & Who Has Control blames medical sexism for the rocky rollout of the libido pill, Jennifer Block argues that the truth is more complicated. Read her full take on how what really brought down the “female Viagra” was weak data and worrisome side effects.

More From The Free PressThe NewsSpirit Airlines shut down at 3 a.m. Saturday after its bondholders rejected a bailout proposal including up to $500 million from the federal government. (Giorgio Viera/AFP via Getty Images)

• Spirit Airlines shut down at 3 a.m. Saturday after its bondholders rejected a bailout proposal including up to $500 million from the federal government. All Spirit flights were canceled and about 17,000 direct and indirect employees lost their jobs. The Biden administration blocked a Spirit merger with JetBlue in 2024, and the Trump administration turned down a deal that would have given the government a 90 percent stake in the airline.

• Acting Attorney General Todd Blanche asserted that the indictment of former FBI director James Comey relies on more than his spelling out “86 47” using seashells in an Instagram post. “This is about a body of evidence that [prosecutors] collected over the series of about 11 months,” Blanche said on Meet the Press, which he said he was not “permitted” to share.

• A search and rescue operation is underway for two U.S. service members missing off the coast of Morocco. The soldiers were participating in the annual African Lion training exercise with troops from over 30 countries in the Sahara Desert.

• President Trump said Iran’s latest peace proposal was “not acceptable.” The plan sought a 30-day timeline to end hostilities, demanded the U.S. lift sanctions and withdraw regional forces, and included a 15-year uranium enrichment freeze, rejecting the U.S.’s demand to dismantle nuclear infrastructure.

• Former New York mayor and Trump attorney Rudy Giuliani is in critical but stable condition, his spokesperson said. The statement did not say why the 81-year-old was hospitalized.

• Danco Laboratories, one of the manufacturers of the abortion pill mifepristone, filed an emergency appeal asking the Supreme Court to restore telehealth and mail access to the pills. On Friday, an appeals court granted Louisiana’s request to reinstate a requirement for abortion pills to be dispensed in person.

• The Trump administration has fast-tracked $8.6 billion in emergency arms sales to Israel, Qatar, Kuwait, and the United Arab Emirates, bypassing standard congressional review and drawing criticism from Democratic lawmakers. The State Department cited national security needs amid the war with Iran.

• Almost 45 percent of Americans say they are cutting back on driving in response to high gas prices, and a similar percentage say they are cutting household expenses in response, according to a Washington Post and ABC News poll. A third say they have changed their travel and vacation plans.

• At the 152nd Kentucky Derby, Cherie DeVaux made history as the first woman trainer to win the legendary race. Her horse, Golden Tempo, pulled off a stunning upset at 23-1 odds. Despite trailing in last place for most of the run, the colt charged past 17 horses to beat the favorite, Renegade, by a neck.