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SpaceX officially filed its S-1 with the SEC on Wednesday, confirming plans for what could become the largest IPO in history.
Key facts
The filing reveals the company is targeting a $1.75 trillion valuation with an $80 billion raise, dwarfing Saudi Aramco’s previous record of $29.4 billion
The platform now captures 43% of all onchain fees, approximately $11 million weekly, with an annualized revenue run rate approaching $850 million
Then Pre-IPO contracts followed: OpenAI, Anthropic, Stripe, and now SpaceX SPCX, which went live on Hyperliquid’s Trade
Keel Infrastructure +9%, IREN +8%, Hive Digital +9% all jumped
Summary
Morning Minute is a daily newsletter written by Tyler Warner. Crypto majors are slightly red on the day, following a NVDA beat; BTC at $77.1k. HYPE leads all tokens up 15% on the day to $57.40, caught $25M in ETF inflows. SpaceX discloses $1.45B in BTC holdings in IPO filing, purchased for $661M. Vitalik outlined Ethereum’s privacy roadmap, while Bankless founder sells all his ETH.