TLDR

• SpaceX set its IPO offering at $135 per share, securing capital at a $1.77 trillion market cap — establishing the largest public offering in global history.
• Shares are tracking to debut at $175 on Friday, approximately 30% higher than the offering price.
• Oppenheimer launched coverage with an “outperform” designation and $190 price objective; New Street Research established a $165 target.
• The company recorded a $4.94 billion net deficit in 2025 following its xAI combination, contrasting with a $791 million gain in 2024.
• Morningstar assigns a fair value of merely $63 per share, labeling it excessively priced, while prominent short seller Jim Chanos has challenged the $1.77 trillion assessment.

SpaceX (SPCX) is poised to create a watershed moment on Friday, with indications showing shares opening at $175 — representing approximately 30% appreciation over the $135 offering price. This trajectory would elevate the aerospace manufacturer’s market capitalization to nearly $2.29 trillion before executing its initial public trade.

The public offering secured capital at a $1.77 trillion assessment after the company distributed 555.56 million shares priced at $135 apiece on Thursday. This positioning already places it beyond JPMorgan Chase, Berkshire Hathaway, Eli Lilly, Meta Platforms, and even Elon Musk’s electric vehicle manufacturer Tesla in market value.

This represents the most substantial initial public offering on record. Saudi Aramco’s 2019 market debut generated $25.6 billion at a $1.71 trillion assessment. SpaceX has now eclipsed that benchmark.

Interest from individual investors exceeded $100 billion, based on Bloomberg reporting. BlackRock independently submitted a $5 billion institutional commitment, according to the Wall Street Journal. SpaceX additionally reserved 30% of shares for individual investors — a substantially greater portion than typical mega-cap offerings.

Starlink, the company’s orbital internet platform, contributed approximately 60% of SpaceX’s $18.67 billion in 2025 revenue. The service currently supports around 10.3 million subscribers through 9,600 satellites, delivering connectivity across 164 nations and territories.

Oppenheimer emerged as the first leading investment firm to publish analysis, assigning an “outperform” rating alongside a $190 valuation target. Analyst Timothy Horan characterized SpaceX as “the only vertically integrated AI company with the required capital, data, LLMs, hardware, manufacturing and engineering talent.” New Street Research projected a 12-month objective of $165.

The Bear Case

Not all market observers share the bullish sentiment. Morningstar calculates SPCX’s intrinsic value at $63 per share — representing a 53% markdown from the offering price. Its highest-probability scenario, weighted at just 7% likelihood, reaches only $154. Valuation authority Aswath Damodaran estimates the enterprise value at $1.22 trillion.

Renowned short seller Jim Chanos stated directly: “The company is not worth, in my opinion, $1.75 trillion based on any reasonable assumptions over the next five years.” He emphasized SpaceX commands approximately 90x sales, versus Tesla’s 14x ratio.

The financial statements support certain concerns. SpaceX generated a $4.94 billion net deficit in 2025 after finalizing its xAI combination, reversing a $791 million surplus in 2024. Revenue expanded 33% annually, yet profitability deteriorated significantly.

Governance and Index Inclusion

Elon Musk maintains an estimated 80–85% of voting authority. This configuration leaves public shareholders with minimal influence over corporate decisions — a framework attracting examination alongside the valuation controversy.

Regarding index membership, Nasdaq recently modified listing standards that might facilitate SPCX’s entrance into the Nasdaq 100. Nevertheless, S&P Global rejected making accommodations for expedited S&P 500 admission. This indicates automatic purchasing from passive index portfolios may materialize slower than certain market participants anticipate.

Space-sector equities including AST SpaceMobile, Viasat, and Rocket Lab all declined in preliminary trading on Friday preceding SpaceX’s market entrance.

Humanity Protocol has attributed a roughly $36 million token theft to hackers linked to North Korea after an investigation found that attackers gained access to critical private keys through a compromised developer device.

According to Humanity Protocol’s June 13 disclosure of a security investigation conducted by Quantstamp, attackers obtained control of key infrastructure and drained approximately 141 million H tokens from the project’s Ethereum bridge before minting additional tokens on BNB Smart Chain.

The findings provide a clearer picture of an incident that triggered a sharp sell-off in the H token and raised new concerns about operational security practices across crypto projects. 

Quantstamp stated that the attack involved tooling and certificate-signing activity commonly associated with intrusions attributed to North Korean threat actors.

Compromised private keys enabled authorized transactions

Details released by Humanity Protocol indicate that the breach began when attackers gained root access to a developer machine infected with malware. According to the project’s incident report published earlier this week, the device contained backups of seven private keys that had been inadvertently stored during Humanity Protocol’s June 2025 mainnet launch.

Those credentials included an admin hot wallet key, three Ethereum Safe owner keys, and three BNB Safe owner keys. Humanity Protocol said access to those keys gave the attacker control over multiple production systems from a single device.

Using valid credentials rather than exploiting smart contract code, the attacker was able to authorize transfers, execute Safe transactions, and approve contract upgrades. Humanity Protocol stated that the transactions carried enough signatures to satisfy Safe threshold requirements, causing the actions to appear legitimate on-chain.

Following the contract upgrade, roughly 141 million H tokens were removed from the Ethereum bridge in a single transaction. Quantstamp reported that additional H tokens were later minted on BNB Smart Chain, with most of the proceeds ultimately converted into ETH.

Humanity Protocol emphasized that neither its bridge contracts, token contracts, nor Safe architecture were compromised. According to the project, the incident resulted entirely from stolen private keys rather than a vulnerability in the underlying infrastructure.

Token collapse followed as investigators traced the attack

Market reaction was immediate after details of the exploit became public. According to reports cited by Humanity Protocol, the H token lost between 80% and 90% of its value shortly after the breach was disclosed.

Earlier reporting by crypto.news noted that approximately 447 million H tokens were affected across Ethereum and BNB Smart Chain. Although the token later recovered part of its losses, Humanity Protocol (H) price was still trading near $0.214 on June 13, up about 20% over the previous 24 hours but down roughly 74% over the past week.

Independent blockchain investigators also examined the incident. Analyses published by Lookonchain and pseudonymous on-chain researcher ZachXBT pointed to a malware-related private key compromise as the central cause of the breach. While their findings supported the attack pathway described by Humanity Protocol, attribution to state-sponsored actors remained a topic of discussion among some researchers.

Quantstamp’s assessment places Humanity Protocol among several crypto projects reportedly targeted by North Korea-linked groups in recent years. According to the security firm, the attack demonstrates how a single compromised device can expose high-value infrastructure when sensitive credentials are not properly isolated from production environments.

The Commodity Futures Trading Commission has taken New Mexico to federal court over efforts to regulate prediction markets.

The lawsuit targets state officials after New Mexico moved against Kalshi over alleged unlicensed sports betting activity. The dispute adds another chapter to the growing conflict between state regulators and federal authorities over prediction market oversight.

CFTC challenges New Mexico enforcement action

According to a complaint filed in the U.S. District Court for the District of New Mexico, the CFTC sued Gov. Michelle Lujan Grisham, Attorney General Raúl Torrez, and other officials. The agency seeks to stop New Mexico from applying state gaming laws to federally regulated prediction market contracts. 

The filing centers on Kalshi, a platform that offers event-based contracts under federal oversight. Federal regulators argue that state authorities cannot regulate products that fall under CFTC jurisdiction. The lawsuit asks the court to block enforcement actions tied to those contracts.

The legal action followed New Mexico’s move against Kalshi last week. State officials alleged that the company operated without a required license. Authorities also claimed the platform allowed participation from individuals below the state’s legal gaming age. New Mexico law sets the minimum age for gaming activities at 21 years old. Those allegations formed the basis of the state’s action against the company.

State officials target Kalshi sports contracts

Attorney General Raúl Torrez defended the state’s position in a public statement. Torrez said lawful gaming in New Mexico operates through tribal-state gaming compacts or state regulations. He stated that those rules help ensure honest gaming and prevent corruption. State officials have maintained that sports betting falls within their regulatory authority. The dispute now places those claims before a federal court.

New Mexico’s action focuses on Kalshi’s sports-related prediction contracts. State officials said the platform offered those products without meeting state gaming rules. The complaint brought by the CFTC argues that those contracts fall under federal derivatives law. The case now places Kalshi’s market structure at the center of a state-federal dispute. It also follows similar conflicts involving prediction markets in other states.

Agency cites federal law in prediction market dispute

The CFTC based its case on the Commodity Exchange Act. The agency argued that federal law grants exclusive authority over designated contract markets and related derivatives products. According to the complaint, state enforcement efforts interfere with that authority. Federal officials said the government has a protected interest in maintaining the existing regulatory framework. The filing seeks court intervention before New Mexico proceeds further.

CFTC Chair Michael Selig addressed the lawsuit in a statement. Selig said, “New Mexico is the latest state seeking to nullify black-letter law and decades of judicial precedent.” He argued that federally regulated exchanges fall under the agency’s exclusive jurisdiction. His comments aligned with the CFTC’s recent efforts involving prediction markets. The agency has continued pursuing a federal oversight approach under his leadership.

As revealed in a series of our reports, New Mexico joins several other states involved in similar disputes. In recent months, the CFTC has challenged actions in Wisconsin, Illinois, Arizona, Connecticut, and New York. The agency also proposed rulemaking related to prediction markets earlier this week. At the same time, states have continued asserting authority over sports betting activities. Gov. Lujan Grisham’s office had not responded publicly at the time of reporting.

Key Highlights

• SpaceX’s market debut breaks all records with $75 billion capital raise and nearly $1.8 trillion market capitalization
• OpenAI’s confidential IPO filing signals upcoming public market access for AI investment
• Cloud infrastructure and AI spending momentum shows no signs of slowing
• Enterprise software companies including Snowflake, Datadog, and MongoDB positioned as emerging AI beneficiaries
• Nvidia (NVDA) maintains AI chip leadership while developing China-focused products

SpaceX has shattered every previous IPO record, securing approximately $75 billion in capital and achieving a market capitalization approaching $1.8 trillion.

The overwhelming investor enthusiasm signals sustained confidence in innovative technology enterprises, even amid persistent worries about monetary policy and market valuations.

This landmark public offering has sparked renewed enthusiasm across the broader space industry, boosting publicly traded peers such as Rocket Lab, AST SpaceMobile, Planet Labs, and Intuitive Machines.

Investors are actively searching the space sector for emerging opportunities that could capitalize on the expanding commercial space economy.

The successful market entry may encourage additional prominent private technology firms to consider going public in upcoming quarters.

OpenAI Prepares for Wall Street Debut

Emerging reports suggest OpenAI has submitted confidential paperwork for a public offering, potentially creating one of this decade’s most significant technology market events.

The company’s explosive expansion, driven by ChatGPT’s success and rapidly growing enterprise solutions, has positioned it as the centerpiece of artificial intelligence innovation.

Going public would provide retail investors unprecedented direct exposure to a leading force shaping AI’s future.

Market observers suggest that public listings from OpenAI and Anthropic could eventually redirect capital flows from AI infrastructure investments, marking a transformative shift in how investors approach the AI sector.

Cloud and AI Infrastructure Maintain Momentum

AI infrastructure investments continue representing one of 2026’s most compelling market themes.

Companies delivering critical components—semiconductors, networking equipment, data centers, and supporting software—for AI systems continue capturing substantial investor capital. Leading cloud platforms maintain aggressive spending programs to expand their AI capabilities and meet surging demand.

Enterprise Software Emerges as AI’s Next Frontier

Following an extended period of underperformance relative to chip makers and infrastructure providers during AI’s initial surge, software companies are capturing Wall Street’s renewed focus.

Organizations successfully integrating AI capabilities into their core offerings stand to benefit from accelerated customer acquisition and improved profit margins.

Analysts have spotlighted Snowflake, Datadog, MongoDB, Twilio, and JFrog as companies positioned to capitalize on AI’s maturation phase.

Should enterprise AI investment transition from infrastructure buildout to practical application deployment, software providers may emerge as the primary beneficiaries over the coming years.

Nvidia (NVDA) Maintains AI Market Dominance

Nvidia continues commanding attention as the central player in AI-focused investment strategies.

The semiconductor giant maintains its commanding position in AI accelerator markets while allegedly engineering specialized processors tailored for Chinese market requirements.

Robust demand persists across cloud service providers, corporate enterprises, government agencies, and academic research facilities. Investment professionals widely regard Nvidia (NVDA) as the most direct equity vehicle for capturing AI’s transformative growth potential.