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Caixin: SpaceX IPO First Day Free Float Market Cap Could Be Between $440 Billion and $530 Billion
Caixin published an article titled "SpaceX's $1.75 Trillion IPO Approaches: Who Can Buy and Is It Worth It?", which points out: Wall Street has never encountered a listed company with such a massive IPO scale while simultaneously having such a complex relationship with the U.S. government. Nasdaq has previously passed a new "Fast Entry" rule, allowing newly listed companies with a market capitalization ranking among the top 40 of the Nasdaq 100 Index to be quickly included in the Nasdaq 100 within 15 trading days after listing. This rule will officially take effect on May 1, 2026, and is also considered to be designed for the upcoming SpaceX IPO, while potentially paving the way for the listings of OpenAI and Anthropic, which may occur in 2026 or 2027.Assuming SpaceX lists with a $1.75 trillion valuation and a free float ratio of 25% to 30%, the free float market cap on the first day of the IPO would be approximately between $440 billion and $530 billion. Based on the weight calculation of the Nasdaq 100, SpaceX would directly enter the top ten weighted stocks. According to market sources, the S&P 500 is also evaluating some form of "fast inclusion" plan, though details have not yet been disclosed. (Caixin)
Today’s Top 100 Cryptocurrencies by Market Cap: H up 14.53%, M down 9.26%
According to CoinMarketCap data, the top 100 cryptocurrencies by market capitalization performed as follows today: Top 5 Gainers: Humanity Protocol (H): +14.53%, currently priced at $0.1639; Binance Life: +9.11%, currently priced at $0.3754; Siren (SIREN): +7.30%, currently priced at $0.7059; Pi (PI): +5.45%, currently priced at $0.1915; Tezos (XTZ): +5.34%, currently priced at $0.3842. Top 5 Losers: MemeCore (M): −9.26%, currently priced at $3.55; DeXe (DEXE): −6.32%, currently priced at $13.43; Zebec Network (ZBCN): −6.26%, currently priced at $0.003695; Zcash (ZEC): −5.70%, currently priced at $334.42; Chiliz (CHZ): −5.07%, currently priced at $0.04609.
CoinGecko Releases Q1 2026 Crypto Industry Report: Market Cap Drops 20.4%, Crypto Winter Persists
According to a CoinGecko report, the cryptocurrency market continued its bearish trend in Q1 2026, with total market capitalization declining by 20.4% (approximately $622 billion) to $2.4 trillion—down roughly 45% from its October 2025 peak. Key drivers of the downturn included tightened monetary policy expectations following Kevin Warsh’s nomination as Federal Reserve Chair and geopolitical shocks stemming from the U.S.-Iran war. The stablecoin market remained broadly stable, with total market capitalization rising slightly to $309.9 billion. USDT’s supply declined for the first time since Q2 2022, falling to $184.1 billion; USDC grew 2.4% to $77.1 billion; and USD1—issued by WLFI—rose 32.5%, boosted by Binance’s airdrop campaign. In terms of asset performance, crude oil prices surged 76.9% due to supply disruptions caused by the U.S.-Iran war, making it the strongest-performing asset this quarter; gold rose 8.1%; while Bitcoin fell 22.0%, underperforming both the Nasdaq (-7.1%) and the S&P 500 (-4.8%). Regarding trading volume, spot trading volume across top centralized exchanges dropped 39.1% to $2.7 trillion; March volume totaled just $0.8 trillion—the lowest since November 2023. Binance maintained a 37.0% market share. Among decentralized exchanges, Solana retained leadership with a 30.6% share—but was overtaken by Ethereum in March.
Chaos Lab: WLFI Team Engages in Large-Scale Circular Lending, Collateral Utilization Approaches Cap
Risk management firm Chaos Labs tweeted that the World Liberty Finance (WLFI) team has recently significantly increased its borrowing activity on the Dolomite protocol, pushing WLFI token collateral utilization close to the 510 million token cap. The activity primarily involves two multisig wallets (0x5be9 and 0x44a6). Wallet 0x44a6 pledged 300 million WLFI tokens (approximately $242 million) and borrowed roughly $40.7 million in stablecoins—primarily USD1. Wallet 0x5be9 employed a circular borrowing structure: it borrowed $111 million in USD1 and $89 million in USDC, then reused the borrowed USD1 as collateral to borrow additional USDC. Under the current setup, WLFI would need to decline by approximately 75% before liquidation is triggered. The team has already repaid about $10 million in USD1 and stated it will add further collateral if needed. As of now, World Liberty Finance accounts for 82.7% of Dolomite’s total supply and 85.3% of its total borrows. This situation remains ongoing and evolving.