News linked to both this project and an event.
“White-Haired Stock Guru” Serenity posted a summary of the regional market style differences observed on X:1. USA: Bullish on all “futuristic” narratives, such as targets like $SPCX. Less sensitive to valuations, more focused on potential and imagination.2. Europe: From SIVE to SOI, attention to AI infrastructure construction is relatively weak. The time frame leans toward performance over the past 12 months (specifically noting that Belgium has performed decently, while observing France and Sweden).3. South Korea: High-leverage “Degen” style with extremely volatile markets, similar to the intense fluctuation structure of “50x Hyperliquid traders entering the stock market.”4. Japan: Generally mild and supportive, with fewer aggressive short-selling or bearish expressions.Serenity added that data on other regions such as Latin America is still insufficient, but observations will continue in the future.
Odaily Odaily notes that Stephen Davies, founder and CEO of Javelin Wealth Management, stated that the current market’s investment enthusiasm for SpaceX, Anthropic, and OpenAI has significantly outpaced their fundamentals. The valuations of these companies have already priced in a substantial amount of future growth expectations. While artificial intelligence has real-world applications and long-term value, the market still needs clearer verification of profitability. Without stable proof of earnings, the valuation expansion of AI-related assets carries the risk of excessive optimism.Regarding SpaceX, Stephen Davies believes the company still needs to establish a stronger track record of commercialization and market performance before it can become a core allocation in his portfolio. Overall, the current valuation levels of some high-growth tech assets have entered a "somewhat extreme" range, and investors should pay more attention to actual earnings support. (CNBC)
SpaceX is progressing with its IPO and seeking a valuation of approximately $1.78 trillion. If realized, it would become the world's seventh-largest company by market cap. However, the mid-to-long-term business path justifying this valuation remains unclear.Furthermore, SpaceX's core narrative is shifting. In February of this year, Musk integrated SpaceX with xAI, making artificial intelligence a key component of the company's strategy. Compared to the original core vision of "making humanity a multi-planetary species," AI now occupies a more prominent position in the company's narrative. In the first quarter, xAI-related business reportedly accounted for over three-quarters of capital expenditures, while approximately 93% of the total addressable market mentioned in the IPO filing is also related to AI.Musk has long been adept at restructuring business narratives to align with market preferences, as seen in previous cases like integrating SolarCity into Tesla and merging Twitter with the xAI ecosystem. SpaceX's new narrative combines rocket launches with AI, envisioning the deployment of AI data centers in orbit to build future computing infrastructure. However, SpaceX launched approximately 2,200 tons of payload into orbit last year, while Musk has suggested that realizing the orbital data center vision would require an annual launch capacity of about 1 million tons. Although Starlink and the rocket business already hold industry-leading positions, genuine cash flow will ultimately be needed to validate this massive valuation hypothesis. (Financial Times)
At the Q1 2026 earnings call, Michael Saylor stated that the company may sell some of its Bitcoin in the future to fulfill dividend payment obligations. Currently, Strategy’s annual dividend and debt interest obligations total approximately $1.5 billion; based on its current U.S. dollar reserves, this amount is estimated to cover roughly the next 18 months. Saylor summarized this model as: “Buy Bitcoin using credit financing, wait for its appreciation, then sell a portion of the Bitcoin to pay dividends.”
According to The Block, the cryptocurrency venture capital sector is undergoing a structural shift. Investors now broadly require startups to demonstrate real users and revenue before committing capital—marking the end of the era when early-stage fundraising was easy. Token-based exit strategies have become significantly less reliable; low-liquidity, high-valuation token launches continue to underperform the broader market, prompting investors to revert to traditional equity-oriented thinking. Meanwhile, the rise of the AI sector has siphoned off substantial LP capital and entrepreneurial talent, further intensifying fundraising challenges for crypto VCs. Nonetheless, several investors note that reduced competition, more rational valuations, and an improving regulatory environment point to 2026–2027 as the strongest investment years since 2018. Future capital will focus on areas with clear business models—including stablecoins, payments, tokenization, real-world assets (RWAs), and financial infrastructure—while the boundaries between crypto VCs and traditional VCs accelerate toward convergence.