Key Highlights

• SpaceX (SPCX) launched its public trading debut Friday in a record-shattering IPO that generated $75 billion at a share price of $135
• Elon Musk’s aerospace venture achieved a $1.77 trillion market valuation, potentially elevating him to trillionaire status
• Wall Street indices showed divergent movements at opening: Dow climbed 0.2%, S&P 500 hovered near unchanged, Nasdaq slipped 0.3%
• Emerging news of a provisional US-Iran diplomatic agreement sent crude oil tumbling, with Brent dropping up to 5%
• University of Michigan consumer confidence plummeted to a historic nadir of 44.8 in May, with updated figures anticipated Friday

Wall Street experienced range-bound trading Friday morning as market participants monitored a pair of significant developments: SpaceX’s highly anticipated public market entrance and emerging details of a possible diplomatic breakthrough between Washington and Tehran.

The Dow Jones Industrial Average advanced approximately 138 points, representing a 0.2% gain, during early market activity. The S&P 500 climbed 0.2% while the Nasdaq Composite settled flat following an initial 0.3% decline at the opening bell. Thursday’s session had delivered robust gains following President Trump’s announcement that US-Iran peace negotiations were approaching conclusion.

Trading under the symbol SPCX, SpaceX established its initial share price at $135 prior to Friday’s market launch. The aerospace manufacturer secured approximately $75 billion in capital, establishing a new benchmark as the largest initial public offering in financial history. The company’s projected market capitalization reaches $1.77 trillion.

With this valuation, Chief Executive Elon Musk stands positioned to achieve trillionaire status—a first in human history.

SpaceX has outlined ambitious plans to deploy artificial intelligence computing facilities in orbital space. Market analysts have set elevated expectations for the stock’s performance, noting that any underwhelming debut-day performance will likely trigger substantial questioning.

Industry observers view this offering as a crucial barometer for overall market health, particularly as equities have weathered significant volatility centered around artificial intelligence investments throughout recent sessions.

Crude Markets Retreat on Diplomatic Optimism

Oil prices experienced substantial declines Friday as market participants incorporated the likelihood of a Washington-Tehran accord. Brent crude contracts plummeted as much as 5% during early transactions, touching their weakest levels since March, before staging a partial recovery. West Texas Intermediate crude declined 2.8% to approximately $85.26 per barrel.

Emerging intelligence indicates the two nations are advancing toward an understanding that would reestablish passage through the Strait of Hormuz, a critical maritime corridor for global petroleum shipments. G7 leadership is scheduled to convene the following week, where the accord may receive formal endorsement.

Barclays analyst Emmanuel Cau noted that a verified US-Iran agreement would “eliminate a significant macroeconomic tail risk and facilitate additional market broadening and sector rotation.”

Consumer Confidence and Digital Assets Under Watch

Market observers awaited Friday’s release of the University of Michigan’s consumer confidence assessment. The May headline figure collapsed to an unprecedented low of 44.8, underscoring persistent economic anxieties among American households.

Bitcoin continued trading within established boundaries following modest gains earlier in the week.

Gold advanced more than 2.5% amid optimism surrounding the potential US-Iran diplomatic resolution, though the precious metal tracked toward a weekly decline.

Additional aerospace-focused equities captured investor attention. Rocket Lab alongside four companion firms were slated for Nasdaq 100 inclusion, providing additional momentum to the sector coinciding with SpaceX’s market entrance.

The convergence of the SpaceX public offering, retreating energy prices, and geopolitical developments provided markets with numerous significant catalysts to process entering the weekend period.

Key Highlights

• Exodus Movement introduces tokenized asset trading through Ondo Finance collaboration

• Over 200 tokenized securities now accessible within Exodus wallet interface

• Ondo Finance provides underlying infrastructure for tokenized stock platform

• Exodus transitions from pure self-custody solution to comprehensive financial ecosystem

• Tokenized securities sector experiences significant growth as new players join

Exodus Movement has unveiled Exodus Markets through a strategic collaboration with Ondo Finance, providing qualified customers with the ability to trade tokenized securities on Solana. This new offering enables access to over 200 tokenized equities, exchange-traded funds, and real-world assets directly within the Exodus application. This strategic expansion positions Exodus beyond traditional wallet functionality and deepens its involvement in the tokenized financial sector.

Tokenized Securities Trading Integrated Into Exodus Wallet

Through Exodus Markets, customers can purchase and sell tokenized equity products without leaving their non-custodial wallet interface. The system leverages Solana’s blockchain infrastructure for transaction settlement and interfaces with Ondo Finance‘s tokenized asset ecosystem. Consequently, Exodus now consolidates trading capabilities, payment processing, transfer functionality, rewards programs, and financial management within a unified application.

The initial release encompasses over 200 tokenized instruments, spanning equities, ETFs, and real-world asset categories. The platform also features tokenized EXOD shares for customers in approved jurisdictions, contingent upon local regulatory frameworks. Access to these products remains subject to jurisdictional compliance requirements and individual user qualification criteria.

According to Exodus, integrating tokenized stock capabilities provides customers with enhanced market participation without exiting their familiar wallet interface. The organization seeks to simplify access to conventional financial instruments through blockchain-based infrastructure. This product offering reinforces the company’s evolution from a wallet service provider toward a comprehensive financial services platform.

Ondo Finance Collaboration Enables Tokenized Asset Access on Solana

Ondo Finance supplies the foundational tokenized asset architecture powering the Exodus Markets platform. This collaboration delivers tokenized equity products to Exodus customers through infrastructure specifically designed for real-world asset tokenization. Furthermore, this integration embeds Ondo’s product suite within an established self-custodial wallet serving a substantial user base.

Established in 2015, Exodus developed its reputation centered on self-custody principles and straightforward cryptocurrency access. The organization subsequently pursued a public listing on NYSE American under the ticker symbol EXOD. Notably, Exodus distinguished itself as among the earliest publicly traded entities to tokenize its own equity securities in 2021.

This pioneering background establishes Exodus’s authentic connection to the tokenized securities ecosystem it now facilitates for users. Having already implemented tokenization for its corporate equity distribution, the company applies this experience to its latest blockchain-based securities product offering.

Tokenized Securities Sector Experiences Accelerated Growth

This product debut arrives amid expanding interest in tokenized securities across both cryptocurrency and conventional finance sectors. Tokenized equities enable participants to obtain economic exposure to publicly traded shares through blockchain-native instruments. Nevertheless, these tokenized products do not confer direct ownership of the underlying securities themselves.

Additionally, tokenized instruments do not grant traditional shareholder privileges, such as voting rights in corporate governance. Exodus emphasized that customers should recognize fundamental differences between tokenized equity products and conventional stock ownership. This clarification becomes increasingly relevant as additional platforms incorporate tokenized securities and ETF products into their offerings.

The overall tokenized equity sector has witnessed substantial expansion throughout the current year. According to data from The Block, the market achieved $5.5 billion in total capitalization by June 8. This valuation represented approximately 147% growth from the $2.23 billion recorded at the beginning of the year.

Coinbase has unveiled the next stage of its expansion strategy, with plans to combine trading, lending, payments, derivatives, and AI-powered services into a single financial platform.

According to a company blog post published by Coinbase executive Max Branzburg, the crypto exchange is building what it describes as a unified account where users can access multiple financial products from one platform.

The company said the service is designed to support crypto assets, stocks, commodities, derivatives, payments, and lending while operating around the clock.

Investor interest followed the announcement. Coinbase shares rose as much as 2.58% to $164.32 during Friday’s trading session before reversing course and turning lower later in the day as attention shifted to the highly anticipated SpaceX public market debut.

Coinbase expands beyond crypto trading

In its statement, Coinbase argued that much of the traditional financial system still relies on outdated infrastructure that slows transactions and limits asset ownership. The company pointed to delayed settlement times and restricted market hours as examples of inefficiencies that blockchain-based systems can address.

Coinbase said digital asset infrastructure allows markets to operate continuously while enabling faster settlement and global access. The company added that users can already access millions of crypto assets, nearly 10,000 stocks and exchange-traded funds, commodity-backed perpetual futures, and prediction markets through its platform.

Recent product launches indicate that the exchange is steadily adding new financial services. Earlier this month, Coinbase introduced a High Yield USDC vault within its application, allowing users to lend stablecoins through decentralized finance infrastructure powered by Morpho.

The allocations are managed by Steakhouse Financial, and the product offers exposure to a range of collateral assets without requiring users to move funds off the exchange.

At the same time, Coinbase has been increasing its presence in event-based trading. According to a research report published by Bernstein and previously reported by crypto.news, the exchange’s prediction market business exceeded $100 million in annualized revenue in March, only months after launch.

AI services become a central part of the platform

Alongside trading and lending products, Coinbase is continuing to invest in artificial intelligence tools. The company highlighted its Coinbase Advisor feature, which provides portfolio analysis, trading insights, and market information to users.

Further AI integration is already underway. As reported by crypto.news, Coinbase recently launched Coinbase for Agents, a system that connects large language models such as ChatGPT and Claude directly to Coinbase accounts. The rollout allows authorized AI agents to execute cryptocurrency trades, rebalance portfolios, monitor markets, manage positions, and carry out payment-related tasks on behalf of users.

Coinbase said support for stocks and prediction markets will be added to the agent framework at a later stage.

Those developments arrive as analysts see additional opportunities for Coinbase’s growing financial ecosystem. Bernstein estimated that the 2026 FIFA World Cup could generate between $5 billion and $10 billion in additional prediction market activity, with the exchange positioned to benefit from rising participation tied to the tournament’s 104-match schedule.

Coinbase said it will provide more details on June 16 when it presents what the company described as the next phase of its “Everything Exchange” initiative.

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.