SpaceX Just Became the Most Valuable Post-IPO Company Ever

SpaceX’s expected IPO was described as potentially the largest ever, with a $1.77 trillion post-IPO valuation that would put it above Saudi Aramco’s $1.7 trillion. David Kanellis said the offering could raise $75 billion, far exceeding Aramco’s record-setting $29.4 billion IPO. Business Insider reportedly said retail investors had submitted $100 billion in orders, and BlackRock had placed a $5 billion order. Kanellis also predicted Elon Musk would become the world’s first trillionaire once trading closed and his net worth was finalized; these figures and outcomes were presented as expectations, not completed results.

SpaceX pre-IPO shares traded on Hyperliquid had settled just above the expected $135 initial share price, according to Kanellis. He said retail investors using crypto rails would have needed to enter months before the IPO to secure a meaningful price advantage. The market’s implied valuations for OpenAI and Anthropic were $1.24 trillion and $1.57 trillion, respectively, and both had fallen over the previous two to three weeks. Kanellis suggested the declines might reflect buyers moving toward SpaceX rather than rejecting the AI companies, while stressing that these were small markets: nearly 12,000 addresses held SpaceX tokens, just over 4,000 held OpenAI tokens, and fewer than 5,000 held Anthropic tokens.

Nakamoto sold about 600 Bitcoin and Bitcoin-related derivatives for roughly $48 million in net proceeds, then used $45 million to repay debt owed to Payward Interactive, which does business as Kraken. Its shares reportedly rose about 20% on the balance-sheet news before falling 8.5% in premarket trading, giving back about half their gains. The sale came as Nakamoto and Strategy were selling Bitcoin, in contrast with Tom Lee’s Bitmine, which continued building its Ether position.

Bitmine held more than 5.5 million ETH, representing about 4.59% of circulating supply and roughly $9 billion in value. It was estimated to be buying 150,000 to 350,000 ETH per month, slower than its nearly 500,000 in December. Despite that accumulation, Bitmine stock was down 47% year to date and Ether’s ratio against Bitcoin had fallen 22%, suggesting the buying had not materially improved ETH’s performance relative to BTC. Over the past year, Bitmine deployed $19.3 billion to buy Ether, compared with Strategy’s $21.2 billion to buy Bitcoin. Bitmine’s share of ETH supply had surpassed Strategy’s share of Bitcoin supply and was growing faster; in the first 337 days of their respective strategies, Bitmine also accumulated ETH faster than Strategy accumulated Bitcoin. Strategy’s holdings were valued at $52 billion. Lee has said Bitmine is targeting 5% of ETH supply, but whether it will continue buying after reaching that target remains unclear.

Prediction-market interest in the World Cup was growing faster than interest in the NBA Finals on Polymarket. Open interest in the World Cup-winner market was around $25 million, versus roughly $20 million for the NBA Finals market, which was relatively steady. The speaker suspected DraftKings might be drawing users away from crypto-enabled markets but offered that only as a possibility: DraftKings reportedly recorded $1.3 billion in prediction-market trading volume, while Robinhood said sports betting accounted for 30% of Kalshi’s trailing volume. The World Cup was identified as the main event to watch for a potential rise in prediction-market activity.