He’s already IPO’d once – this time’s different
Spencer Rascoff grew Zillow from seed to IPO. But everyday investors couldn’t join until then, missing early gains. So he did things differently with Pacaso. They’ve made $110M+ in gross profits disrupting a $1.3T market. And after reserving the Nasdaq ticker PCSO, you can join for $2.80/share until 5/29.
This is a paid advertisement for Pacaso’s Regulation A offering. Please read the offering circular at invest.pacaso.com. Reserving a ticker symbol is not a guarantee that the company will go public. Listing on the NASDAQ is subject to approvals. Under Regulation A+, a company has the ability to change its share price by up to 20%, without requalifying the offering with the SEC.
"The servant-leader is servant first."
– Robert K. Greenleaf
THE ART OF LEADERSHIP
Serve First, Lead Forever
Greenleaf’s Guide to Humble Power that Listens, Lifts, and Builds Thriving Communities through Genuine Steward Leadership!
A servant-leader begins by asking a different first question: Who benefits? Greenleaf believed influence starts when we trade ego for empathy. Walk the floor, learn names, sense unmet needs. When people feel truly seen, they lend skill and spirit, multiplying beyond any policy memo.
Care without competence breeds confusion, so mastery matters. Share context, open books, and teach the why until all can steer. Decision rights follow expertise, not rank. When a recruit can stop a line to protect a customer, stewardship has taken root. Encourage cross-training so that work flows smoothly in crisis, and honor the moment when silos share resources.
Success is proven by succession. Ask: if I left, would our values still walk? Build forums for dissent, rituals for quiet contributors, and stories where failure instructs. Then step back and watch others step forward. Legacy is a harvest from seeds planted in soil we may never see. Recall: power hoarded rots; power shared returns with new insight on each tide.
Spot a need, serve quietly, coach one colleague who lifts another, show that leadership thrives when humble hands act today, not when chasing applause!
COMMERCIAL CONSTRUCTION
Microsoft Dumps 2GW Builds, Jolts Builders Nation
Redmond giant axes $20B U.S. data-center leases, freeing 2GW, stalling crews, and forcing utilities to clamp down on phantom load proposals nationwide!
Microsoft stunned builders by axing or deferring 2 GW of leased U.S. data-center capacity this week, trashing about $20 billion in concrete, steel, and MEP orders. TD Cowen says some sites were days from pour; now they revert to graded dirt and idle backhoes.
Bechtel, DPR, and Mortenson had crews staged for spring slab pours in Phoenix, Columbus, and Des Moines. Instead, they are mothballing trailers, renegotiating cranes, and shifting superintendents to TSMC’s Arizona fab and Meta’s Iowa build. Electrical subs facing furloughs pivoted to retrofit gigs within hours. Local switchgear and chiller vendors see a three-month revenue hole.
Utilities call the retreat proof that “phantom load” clogs their queues. Dominion and Xcel propose non-refundable deposits covering up to 80% of the requested power before studies commence. Developers cry foul, but regulators smell leverage; if the rules stick by fall, speculative AI campuses may dry up while better-vetted deals grab the freed labor and steel.
INFRASTRUCTURE INDUSTRY
Brightline West Breaks New Ground on Vegas–LA Rail
Brightline West seals $2.5B bonds; 11k workers mobilize on I-15 Las Vegas–LA line, kicking off heavy build of 218-mile high-speed rail this summer
Brightline West’s desert bullet train hit financial close on May 19 as it sold $2.5 billion in private-activity bonds, the catalyst for unlocking federal grants and state permits. With money, the 218-mile Las Vegas–Rancho Cucamonga line shifts from geotech probes to heavy civil work in the I-15 median.
Crews began clearing brush and drilling shafts near the future Las Vegas station, while a Kiewit-Skanska-Granite team preps a 100-acre yard to cast 35-foot girders. Caltrans will order night shoulder closures so 1that 1,000 craft workers can widen medians, shift fiber, and set viaduct piers to hoist track across Cajon Pass.
Brightline targets late-2028 service with 186-mph Siemens sets covering Vegas-LA in 2 h 10 m, removing 400,000 tons of CO₂ a year and ending six-hour holiday traffic. Backers cite 35,000 jobs and $10 billion in spin-offs; critics warn of tortoise habitat loss. Regulators must clear wildlife overpass designs by December to stay on schedule.
RESIDENTIAL RESEARCH
Mass Timber Tax Credit Sets Housing Market Ablaze
A new federal Mass Timber Housing Credit offers up to $12K per single-family build, launching a CLT demand spike and new factories across the Heartland.
Congress jolted lumber on May 22, tucking a Mass Timber Housing Credit into the farm bill. It pays up to $12,000 per house or duplex whose structure is at least 70% cross-laminated or glue-laminated wood from certified forests, a bid to cut embodied CO₂ and resuscitate mill towns.
Boise Cascade will restart a dormant Louisiana press, and Oregon’s D.R. Johnson plans to double CLT output by spring. Lennar and Pulte rushed bids for four-story town-homes that crane-set walls in two days. 84 Lumber saw a 300% jump in calls; analysts say the credit trims the total build cost by four percent, even after accounting for crane fees.
Skeptics fear log shortages after wildfires cut Western supply 15 % since 2020, and steel lobbies warn of distortion. Insurers hint at lower premiums after tests showed char protects cores. The Joint Committee on Taxation pegs lost revenue at $1.8 billion annually, but boosters cite payroll gains. Analysts predict that mass timber will account for 9% of U.S. starts by 2030 if taller wood codes are passed.
TOOLBOX TALK
The Importance of Preventing Dehydration on Construction Sites
Introduction
Good morning, Team! Today's toolbox talk focuses on preventing dehydration. Construction work often involves strenuous tasks, making hydration essential to your health and safety.
Why It Matters
Dehydration can cause dizziness, confusion, fatigue, and heat-related illnesses, thereby increasing the risk of accidents and injuries.
Strategies for Preventing Dehydration
Drink Regularly:
Frequently consume water throughout the day, even if you're not thirsty.
Recognize Early Symptoms:
Watch for symptoms such as dizziness, dry mouth, fatigue, or headaches, and address them promptly.
Take Hydration Breaks:
Schedule short breaks regularly to rest and drink fluids.
Limit Caffeine and Sugar:
Reduce intake of caffeinated or sugary drinks, as they can worsen dehydration.
Provide Easy Access to Water:
Ensure clean drinking water is readily available on-site at all times.
Discussion Questions
Have you experienced dehydration symptoms at work? How was it handled?
How can we further encourage proper hydration on-site?
Conclusion
Preventing dehydration is critical. Stay hydrated, recognize symptoms early, and take regular breaks.
Stay hydrated, stay safe!
The key to a $1.3T opportunity
A new trend in real estate is making the most expensive properties obtainable. It’s called co-ownership, and it’s revolutionizing the $1.3T vacation home market.
The company leading the trend? Pacaso. Created by the founder of Zillow, Pacaso turns underutilized luxury properties into fully-managed assets and makes them accessible to the broadest possible market.
The result? More than $1b in transactions, 2,000+ happy homeowners, and over $110m in gross profits for Pacaso.
With rapid international growth and 41% gross profit growth last year, Pacaso is ready for what’s next. They even recently reserved the Nasdaq ticker PCSO.
But the real opportunity is now, before public markets. Until 5/29, you can join leading investors like SoftBank and Maveron for just $2.80/share.
This is a paid advertisement for Pacaso’s Regulation A offering. Please read the offering circular at invest.pacaso.com. Reserving a ticker symbol is not a guarantee that the company will go public. Listing on the NASDAQ is subject to approvals. Under Regulation A+, a company has the ability to change its share price by up to 20%, without requalifying the offering with the SEC.