News linked to both this project and an event.
"New Stock God" Serenity posted on X platform, reminding investors to pay attention to financing structures and the dynamics of outstanding shares, as these are crucial for investment returns, and provided examples:IREN: The financing method approaches infinite dilution, with each rebound met by selling pressure—essentially a "bad stock."NBIS: Up 153% year-to-date, thanks to an optimized financing structure (such as direct offerings, convertible bond combinations, etc.).CRWV: High debt interest; the company uses usurious loans for GPU financing, which erodes free cash flow over the long term.Serenity pointed out that if a company has strong fundamentals, one could consider going long after the original shareholding has been diluted to near zero. However, for equity value appreciation, one should stay away from companies with "toxic" financing structures or crushing debt. The risk is especially high for small-cap companies, such as $SLNH adding a $500 million ATM while its market cap is only $250 million; $BKKT continuously diluting stock for executive compensation. Essentially, these companies are transferring investor funds to the enterprise, masked by media hype or influencer promotion.Serenity emphasized that investors must carefully analyze equity structure, dilution risk, and hidden costs when screening targets, to avoid focusing solely on profits while seeing their actual equity shrink.
SpaceX, the company led by Elon Musk, disclosed in a filing with the U.S. Securities and Exchange Commission (SEC) on Wednesday that it plans to fix the offering price at $135 per share (consistent with the price disclosed by sources) before officially commencing its IPO roadshow. SpaceX stated that the company plans to issue 555.6 million shares, thereby raising $75 billion. Typically, at this stage of the IPO process, issuers set a price range to test market demand sensitivity at different price levels. However, SpaceX has adopted a more unique pricing strategy. Calculated at $135 per share, SpaceX's valuation would reach $1.77 trillion. This valuation would make SpaceX the seventh-largest publicly traded company in the US by market capitalization, surpassing Tesla, which currently has a valuation of approximately $1.6 trillion. SpaceX plans to officially list on the Nasdaq Stock Exchange on June 12. (Jin Shi)
Driven by strong market demand, quantum computing company Quantinuum is considering expanding its IPO offering size and raising its price range, potentially increasing the fundraising amount by several hundred million dollars.
Bernstein has reiterated its "Outperform" rating on Figure Technology Solutions (FIGR) and maintained a price target of $67, implying approximately 72% upside from the current share price of $38.97.Figure posted strong Q1 2026 results: loan origination volume reached $2.9 billion, up 113% year-over-year; adjusted revenue was $167 million, surpassing market expectations by 6% and up 92% year-over-year; adjusted EBITDA was $82.7 million, with a margin of approximately 50%, slightly above market consensus. However, GAAP diluted EPS was $0.18, missing expectations by about 9%, primarily impacted by $26 million in stock-based compensation expenses.Bernstein analysts believe this performance should reshape market perception of Figure, viewing it not as a traditional credit company, but as a "tokenization-driven capital markets platform." Core profitability stems from network fees and operational leverage from scaling, and the valuation framework remains based on 25x 2027 EBITDA. Additionally, the tokenization ecosystem continues to expand: the yield-bearing security token YLDS reached $598 million (up 80% quarter-over-quarter); the stock lending product balance stood at $368 million (up 79%); and the small business loan segment contributed $60 million in revenue.Figure's current share price remains not far from its 2025 IPO offering price of $36, but still significantly below its all-time high of $78. (The Block)
Odaily Odaily News According to the latest weekly report from Gate Ventures, global markets continued to strengthen last week, driven by the technology sector. Both the S&P 500 and the Nasdaq index hit new record highs, with the S&P 500 gaining 2.36% for the week and the Nasdaq rising 4.52%. In the crypto market, BTC rose 4.6% last week, ETH rose 2.1%, spot BTC ETFs recorded net inflows for the fifth consecutive week, and market sentiment recovered to the neutral range. Additionally, the total market cap of cryptocurrencies excluding the top ten assets increased by 12.6% for the week.On the macroeconomic front, the ISM Services Price Index rose to 70.7, a two-year high, coupled with energy price fluctuations and the Federal Reserve's policy expectation of "keeping interest rates higher for longer," leading to increased market focus on a "stagflation" environment. On the industry level, Payward, the parent company of Kraken, has applied to the OCC for a national trust charter, highlighting the increasingly evident trend of industry compliance. In terms of investment and financing, 10 deals were completed last week totaling $34.2 million, primarily concentrated in the DeFi and infrastructure sectors. Among them, OpenTrade completed a $17 million funding round to accelerate the development of institutional-grade stablecoin yield infrastructure; OnRe secured a $5 million Series A round to advance its Solana-based tokenized reinsurance product offerings.
According to the official announcement, the second asset launched on Bitget IPO Prime is preOPAI—a digital token issued by the regulated issuer Republic on the Solana blockchain, designed to mirror OpenAI’s post-IPO economic performance on a 1:1 basis. As the world’s leading consumer AI provider, OpenAI reports approximately 900 million weekly active users, according to official data. Its most recent funding round raised $122 billion, with participants including Microsoft, NVIDIA, Amazon, and SoftBank. Bitget IPO Prime operates on a subscription model, whereby users receive subscription quotas based on their account tier. Upon completion of token allocation, users may trade the tokens on the upcoming spot market. Alternatively, after the lock-up period for preOPAI’s underlying debt assets expires, the issuer will authorize Bitget to convert users’ holdings into either stock tokens or USDT, referencing the underlying company’s (OpenAI’s) publicly traded stock price. IPO Prime Details: • OpenAI Implied Valuation: $898.21 billion • Total IPO Prime Subscriptions: 29,082 • Total Subscription Value: $21,084,450 • Subscription Price: 1 preOPAI = $725 • Accepted Subscription Currencies: USDT or USDGO • Total Subscription Pool Cap: $300,000,000
investment bank TD Cowen on Thursday raised its price target for Strategy (MSTR) to $395 from $385, believing the market underestimates the capital efficiency of the company’s bitcoin accumulation strategy following its increased issuance of STRC perpetual preferred stock. Analysts Lance Vitanza and Jonnathan Navarrete indicated that the new target still implies over 110% upside from Strategy’s Wednesday closing price of $186.82.The analysis notes that Strategy is gradually reducing common equity financing and increasingly relying on STRC perpetual preferred stock, which yields 11.5%, to fund bitcoin purchases. STRC is also a core component of Michael Saylor’s “42/42 plan,” which aims to raise $42 billion each through equity and fixed-income instruments over three years.TD Cowen believes the market underestimates the effect of the STRC structure on boosting “BTC Yield,” a metric measuring the company’s growth in bitcoin holdings per fully diluted share. The report raised its BTC Yield forecast for Strategy’s fiscal 2026 to 18.2% from 16.7%, and for 2027 to 9.6% from 5.4%. Additionally, analysts argue that concerns about Strategy being a “perpetual dilution machine” are exaggerated. The company’s annual preferred stock dividend payments, currently around $1.5 billion, represent only about 2.2% of the value of its 818,334 BTC reserve.In TD Cowen’s base case scenario, bitcoin is expected to reach $140,000 by the end of 2026. In a bull case, bitcoin could rise to $175,000, with Strategy potentially purchasing over $5 billion in bitcoin per quarter. (The Block)