News linked to both this project and an event.
Odaily News According to the Shanghai Stock Exchange (SSE) official website, the STAR Market IPO application of Shanghai Enflame Technology Co., Ltd. (hereinafter referred to as "Enflame") has been reviewed and approved by the exchange's listing review committee. Enflame initiated its IPO辅导 in August 2024 and completed the辅导 evaluation in January this year. Notably, the company changed its sponsor from CICC to CITIC Securities in October last year, and its listing application was accepted by the SSE on January 12, 2025.According to the prospectus, Enflame Technology plans to raise 6 billion yuan for the research and development and industrialization projects of its fifth-generation AI chip series, the research and development and industrialization projects of its sixth-generation AI chip series, and an advanced AI software and hardware collaborative innovation project. (Caixin)
on-chain analyst Ai Yi posted on platform X, stating that SPCX is about to launch, and the total share capital of SpaceX has been adjusted to 13.08 billion shares, an increase of 10%. Under the same total valuation, the pre-market contract prices will shrink by 10%, affecting platforms that have previously listed this asset and their users. Exchanges such as Binance have followed up with a rebase, and the perpetual DEX Aster has also chosen to proactively adjust to prevent user losses. TradeXYZ has announced that it will not make any adjustments, adhering to its stance as a "price-based perpetual contract," leading to long positions suffering losses. It stated that stock splits are not uncommon in US stocks, where large-cap tech stocks undergo forward stock splits due to excessively high single-share values to facilitate trading. The TradeXYZ team indicated that a solution will be provided.
financial infrastructure company TVL Capital announced the completion of a $5 million funding round, led by Framework Ventures, with participation from Flow Traders and other institutions. Co-founder Lars previously served as Head of Market Research at The Block. The company's products are benchmarked against traditional exchange-traded products, aiming to build compliant, composable derivatives and diversified yield structures, primarily targeting institutional investors to meet various structured investment and yield management needs.
Odaily Seer Channel monitoring shows that Polymarket has launched a new prediction event: "On the second trading day of SpaceX (ticker: SPCX) on the Nasdaq, will its opening price be greater than or equal to its first-day closing price (i.e., open higher on the second day)?"SpaceX officially submitted its S-1 prospectus on May 20 and is scheduled to list on the Nasdaq on June 12. This IPO breaks tradition by adopting a fixed price of $135 per share, aiming to raise $75 billion, with a valuation of $1.75 trillion. Market traders are divided: positions betting on a higher opening on the second day are mainly supported by Starlink's strong revenue performance and the potential of space-based orbital data centers and computing power from the merger with xAI (restructured as SpaceXAI) in February 2026. Meanwhile, cautious short positions are primarily concerned about its high trailing price-to-sales (P/S) ratio of 90x, the significant losses from its AI business, and the amplifying effect of Musk's dual-class share structure on stock price volatility in the early stages of listing.Odaily Seer Channel continues to monitor the prediction market, seeing the changes before the price is set.
According to The Information, as AI unicorns continue to attract massive capital inflows, venture capital (VC) firms are accelerating their fundraising efforts at an unprecedented pace. Founders Fund has already launched a new $6 billion fund this year to invest in late-stage growth companies—the first time in the firm’s 20-year history that it has raised capital from limited partners (LPs) less than two years after its previous fundraise. Reportedly, Founders Fund’s $4.6 billion fund raised in 2025 has been largely deployed, with capital allocated primarily across seven standout companies—averaging $600 million per investment—including AI and tech leaders such as OpenAI, Anthropic, Ramp, and Cognition. Market observers believe that the sustained heating of the generative AI sector, coupled with surging funding needs among top AI companies, is propelling the global venture capital industry into a new fundraising and investment cycle—and driving large funds to deploy and replenish capital at an unprecedented speed.
Bitcoin briefly fell below $60,000 last week, recording its worst single-week performance since the collapse of the FTX exchange in 2022. In the seven days through Sunday, Bitcoin accumulated a decline of 16%, retreating over 50% from its all-time high of over $126,000 in 2025.Multiple market analysts have warned that the current rebound may be difficult to sustain, and Bitcoin may not have reached the bottom of this cycle yet. Griffin Ardern, co-founder of Primal Fund, stated that the market is still "a considerable distance" from a "true bottom."Data shows that U.S. spot Bitcoin ETFs have recorded net outflows for 13 consecutive trading days, with total outflows reaching approximately $5.5 billion. Meanwhile, Bitcoin last week fell below the 200-week moving average, widely regarded as a key support level, further weakening market confidence. Paul Howard, a senior executive at crypto trading firm Wincent, described the current market conditions as a "silent bear market," arguing that breaking below the 200-week moving average is a significant confirmation signal that the market has entered a bear phase.Analysts point out that the ongoing U.S.-Iran conflict, the reversal of expectations for Federal Reserve interest rate cuts, and strong U.S. employment data are driving the market to reassess the rate path. A high-interest-rate environment is unfavorable for the performance of risk assets, including crypto assets. Additionally, some capital is flowing out of the crypto market into artificial intelligence and technology stock sectors.Despite this, the magnitude of the current correction is still smaller than historical bear market cycles. In past bear markets, Bitcoin typically retraced about 80% from its peak, whereas this cycle's decline is approximately 50%. Some traders believe that if the macroeconomic environment continues to deteriorate and companies holding large amounts of Bitcoin face financing pressures, the market still faces further downside risks in the future. (Bloomberg)
According to an independent analyst report by Markus Thielen on June 9, just days remain before SpaceX’s IPO, and market expectations continue to intensify. There is currently little indication that SpaceX will raise its expected offering price of $135, suggesting the targeted fundraising amount of $7.5 billion has already been substantially subscribed. Meanwhile, pre-IPO synthetic perpetual contracts tied to SpaceX are trading at $157 on Hyperliquid and $169 on Binance—both significantly above the expected offering price—with implied valuations on both platforms approaching $2 trillion. Although prices have retreated from earlier highs near $200, prediction markets still assign a 68% probability that SpaceX’s valuation will exceed $2 trillion by year-end, reflecting traders’ broad expectation of a strong IPO performance.
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)
“White-Haired Stock God” Serenity posted on platform X, stating that Jabil (JBL), currently with a market cap of approximately $38 billion, represents an attractive long-term investment opportunity. The market may not have fully priced in the potential value of its 1.6T LRO pluggable optical module business.By the first half of 2027, the industry bottleneck may no longer be insufficient demand, but rather the production capacity limitations of key upstream supplier SIVE. In this context, leveraging its mature global supply chain system and the advantage of taking over Intel's (INTC) pluggable optical module production line, Jabil is well-positioned to benefit from the demand growth driven by AI infrastructure construction. Compared to Applied Optoelectronics (AAOI), which relies on continuous capital expenditure to expand laser factories, if SIVE and multiple foundries including Win Semi achieve mass production of lasers, Jabil's backend manufacturing and integration model will prove more scalable.Serenity stated that Jabil currently possesses a supply chain system validated by hyperscale cloud service providers, exhibiting a growth trajectory similar to that of Innolight, while also enjoying a valuation premium in the US market. He expects that as the market gradually recognizes the relevant opportunities by the first half of 2027, Jabil has approximately 40% room for valuation revaluation. However, he emphasized that he currently holds no positions and is merely sharing research ideas for investors' reference.
According to independent analyst Markus Thielen, Strategy’s recent small-scale Bitcoin sale following its May earnings call was interpreted by the market as a test of market reaction and the flexibility of its capital allocation strategy. Analysts noted that while Strategy remains highly bullish on Bitcoin, the success and expansion of its STRC preferred stock financing instrument may take precedence in its overall financial arrangements. This move breaks the company’s “buy-only, never-sell” market image maintained for nearly six years; given Strategy’s strong influence on Bitcoin demand, this shift is quietly reshaping market expectations.
Odaily reports: Nvidia CEO Jensen Huang announced at the GTC conference in Taipei that the company has selected China's Unitree as its first humanoid robot AI platform partner for universities and research institutions. Together, they will launch the Isaac GR00T reference design, accelerating the arrival of the "Physical AI" era.The platform deeply integrates Unitree's H2 humanoid robot (approximately 1.8 meters tall, weighing 68 kg) with Nvidia's Jetson Thor computing platform, Blackwell GPU, Isaac GR00T model, and simulation software. It is also equipped with Singapore-based Sharpa's dexterous hand. The platform is open to top global research institutions, with the first batch including Stanford, ETH Zurich, UCSD, and Ai2. Jensen Huang emphasized that this initiative aims to lower the barrier to entry for humanoid robot development by providing an out-of-the-box, full-stack development environment. He believes that "Physical AI" will be the next wave following generative AI, with a long-term market size potentially reaching tens of trillions of dollars.The upgraded version, the H2 Plus, is expected to be available and open for general sale in October 2026. Notably, Unitree is planning an IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board (STAR Market), aiming to raise 4.2 billion yuan. Over 40% of its revenue comes from overseas, highlighting its significant global presence. (Techstartups)
Binance's US stock business adopts a dual-core structure of "introducing broker + clearing broker," with Nest Trading responsible for order referral, and US fintech company Alpaca Securities handling the entire process of trade execution, clearing, settlement, and asset custody.Nest Trading, formerly known as BCI Limited, obtained a broker-dealer license from the Abu Dhabi Global Market (ADGM) FSRA at the end of 2025 and officially began operations on January 5, 2026. Together with Nest Exchange and Nest Clearing and Custody, it forms Binance's compliance "troika" in ADGM. Registered on Reem Island in Abu Dhabi, Nest Trading handles key Binance services such as OTC, Convert, and Earn.Alpaca is an SEC-registered broker-dealer and a member of FINRA and SIPC, commanding a 94% market share of tokenized US stocks and ETFs, facilitating 1:1 on-chain asset conversion for platforms like Ondo Finance. In January 2026, Alpaca completed a $150 million Series D funding round at a valuation of $1.15 billion, achieving unicorn status with investments from Citadel Securities, Kraken, MUFG, and others. As of early 2026, Alpaca serves over 300 institutions, covering 9 million brokerage accounts. By the end of 2025, it held total assets of $1.386 billion and net capital exceeding $100 million.Public information indicates that Binance and its core team had no prior connection with Alpaca. This collaboration establishes a cross-border US stock trading loop characterized by "ADGM licensed connectivity + US compliant clearing."
“New Stock God” Serenity posted on X, seemingly responding to the potential investigation into Sivers, stating that Sivers (SIVE) should fully transform into a U.S. company, with Nasdaq listing as the first step—given that the company already possesses a U.S. capital structure, a significant equity stake, and support under the CHIPS Act. Such a transformation would deliver higher valuation premiums and M&A opportunities. Meanwhile, negative reporting by Swedish local media—allegedly influenced by short sellers—is hindering the development of AI photonics, whereas the U.S. market offers greater financing opportunities and support from institutions, funds, and indices.
Peter Berezin, Chief Global Strategist at BCA Research, believes the current AI boom resembles a “profit bubble” rather than a valuation bubble. Although semiconductor sector valuations have not yet spiraled out of control, market expectations for future earnings growth may be overly optimistic; investors should instead focus on shifts in AI demand indicators.
BIT has pointed out that the market is repricing around SpaceX's potential largest-ever IPO, with a target valuation of approximately $1.75 trillion. However, expectations in the secondary market have already been revised upwards to around $2.3 trillion, corresponding to a premium of approximately 34% on the Pre-IPO contracts traded on Binance and Hyperliquid.The market pricing logic has shifted from a "rocket company" to an "AI + Global Connectivity + Space Infrastructure Platform." As SpaceX integrates into the xAI asset system, its total addressable market (TAM) has expanded to approximately $28.5 trillion. This includes an AI-related market of roughly $26.5 trillion, a global connectivity network of about $1.6 trillion, while traditional space business accounts for only $400 billion. The core business, Starlink, generated $11.4 billion in revenue in 2025, a 50% year-over-year increase, with an EBITDA margin of 63%. However, its ARPU has declined from $99 to $66, reflecting the rebalancing pressure between growth and profitability structure.In the long term, the core of the market's bet remains the expansion of the space economy. The global space economy is expected to grow from $630 billion in 2023 to $1.8 trillion by 2033, with the integration of satellite networks, orbital data, and AI computing infrastructure seen as the main growth driver. SpaceX's current valuation is already highly discounting future expectations. In the short term, attention must be paid to valuation and liquidity constraints. However, looking at the medium to long term, the "AI + Space + Communications Infrastructure" convergence narrative it represents could still become one of the core themes in the next phase of the tech capital market.
Odaily News “1011 Insider Whale” agent Garrett Jin pointed out in his latest market commentary that, against the backdrop of the Middle East conflict, the Strait of Hormuz has been effectively “blockaded” for three months. However, the market has already become “desensitized” to this geopolitical risk, and the AI narrative is reshaping traditional risk pricing logic. As a result, AI is significantly weakening the market's sensitivity to oil prices and geopolitical shocks. Since the emergence of ceasefire signals, U.S. stocks have “decoupled” from energy shocks, with gains in chip and tech stocks offsetting the impact from the energy sector, leading the market to gradually overlook the Strait of Hormuz risk. Nevertheless, he cautioned that the AI sector faces short-term risks of overvaluation and crowded trades, and a pullback could occur at any time.In the energy market, the earlier assessment that the Strait of Hormuz risk had not been fully priced in has proven correct. Oil prices had risen due to supply shock expectations, but peaked and then declined following the release of strategic reserves and the U.S. intervention as a “supplier of last resort.” A successful exit was achieved on April 29-30. He believes the current risk-reward ratio for oil prices is no longer attractive.On the macro and equity market front, U.S. households' holdings of stocks as a percentage of financial assets have reached approximately 47%, surpassing the level seen during the internet bubble era. This means a market downturn would, in turn, constrain policy. The VIX volatility index triggered different policy shift thresholds around 30 and 50, reflecting a “risk-off driven policy” characteristic.In the gold market, the recent pullback in gold is not due to the fading of a war premium but rather changes in long-term structural demand. Since 2022, central banks globally have been purchasing gold at an average annual rate of over a thousand tons, primarily for de-dollarization and hedging against sanctions risks. He defines gold as “an ultimate exit tool outside the dollar system” rather than a mere safe-haven asset.In the crypto market, the liquidity inflection point occurred last October, with funds flowing more toward AI assets, leading to a periodic drain from the crypto market. However, he believes the market is currently in a cyclical bear phase. Rebound rallies exist, but they do not equate to the start of a new bull run. The market must wait for liquidity to restart in a new cycle. The AI era is emerging as the dominant capital narrative. Even if a bubble exists, the structural opportunities it brings represent “a rare window of opportunity for ordinary investors.” Nevertheless, market cycle discipline should not be overlooked.
SpaceX officially filed its IPO prospectus last week. However, CEO Elon Musk's recent social media posts detailing the company's computing power leasing agreement with Anthropic have shown clear discrepancies with the prospectus's content. The prospectus states the collaboration will last until 2029, with a monthly rent of $125 million; Musk claims the agreement is merely a 180-day short-term lease, with either party able to terminate the partnership with 90 days' notice.This divergence makes it difficult for investors to assess the company's valuation, and industry experts have raised questions about the standardization of information disclosure. Furthermore, analysts point out that the prospectus is missing several key data points. SpaceX is expected to go public on June 12. The company is currently valued at over one trillion dollars and continues to operate at a loss. (CNBC)
Odaily Seer monitoring shows that the prediction market Predict.fun has launched a new prediction event: "What will be the market cap ranking of CXMT at close on its IPO day," with total trading volume currently at $93,000.On May 27, ChangXin Memory Technologies (CXMT), a leading domestic memory chip company, successfully passed its IPO review on the STAR Market (SSE STAR) and plans to raise 29.5 billion yuan, which would mark the second-largest IPO in the history of the STAR Market. Benefiting from the memory industry upcycle, CXMT reported a Q1 2026 revenue of 50.8 billion yuan and a net profit attributable to parent company of 24.762 billion yuan for the single quarter, achieving a dramatic turnaround from losses to profits year-over-year. This strong earnings potential has sparked extremely high market expectations for its post-listing valuation, with some suggesting it could challenge the top tier of A-share market capitalizations. According to the settlement rules, this event will ultimately be settled based on the descending order of total market capitalization from the "Shanghai-Shenzhen-Beijing A-shares" section of East Money (东方财富网) at market close.Odaily Seer continues to monitor prediction markets, observing changes before prices are set.
TownSquare, an infrastructure provider for institutional yields and cross-chain lending brokerage services, has partnered with Native, a non-custodial automated trading infrastructure, to launch a $10 million yield-generating vault on the Monad L1. This vault will support assets including USD1, USDC, cbBTC, and MON, offering higher yields than conventional lending through trading-based yield generation. This marks TownSquare’s first collaboration with a trading-based yield manager. The partnership aims to bring real-world asset (RWA) and stablecoin institutional yields to a broader user base. Native is a close partner of Binance Wallet and Buidlpad, having previously launched vaults for BNB and wETH on BNB Chain and Ethereum—demonstrating its stability, scalability, and ability to generate yields for liquidity providers (LPs) managing tens of millions of dollars. This initiative also represents the first trading-yield vault on the Monad chain. Native already operates credit pools across multiple EVM chains with over $35 million in liquidity, achieving daily trading volumes of $50–100 million and cumulative trading volume exceeding $25 billion. Its Proactive Market Making (PMM) structure enables retail users to access institutional-grade trading yields. TownSquare previously launched a $100 million USD1 liquidity program and has raised over $16 million to date—including funding from this collaboration.
BIT Official released a chart analysis stating that the crypto market has already begun pricing in the SpaceX IPO ahead of time.The chart shows that SpaceX plans to IPO on June 12 with a valuation of approximately $1.74 trillion, nearly 40% higher than its latest internal valuation of $1.25 trillion. Currently, Hyperliquid and Binance have successively launched SpaceX-related perpetual contracts, with the implied valuation corresponding to the relevant market price standing at approximately $2.41 trillion.Markus Thielen believes this indicates the market is betting that SpaceX will complete its IPO at a higher valuation or deliver a strong performance after listing. Meanwhile, he pointed out that the launch of such contract products also reflects the deepening integration of the crypto market with traditional finance, as crypto trading platforms gradually expand their trading exposure to stocks and popular primary market themes.