IFFCO Group, one of the Middle East’s largest consumer goods companies, has emerged as an unwelcome headache for HSBC Holdings Plc as Chief Executive Officer Georges Elhedery seeks to make the British lender leaner, simpler and more disciplined with capital, according to Bloomberg,

The CoinDesk 20 Index slipped 0.3% to 1,711.60 on Friday, a modest decline that masks a genuinely mixed session — ten of the twenty constituents traded higher, marking the first balanced session after a stretch of broad declines earlier in the week.NEAR Protocol led gainers with a 2.7% advance, followed by Cardano at 1.0% — a notable reversal for NEAR after it was among the worst performers earlier in the week, down 4.3% on Tuesday. Cardano's gain comes as the token continues attempting to stabilize near its four-year low around $0.16 following founder Charles Hoskinson's "wave of failures" warning.The index level of 1,711.60 represents a modest recovery from earlier-week lows near 1,663, though it remains well below the 2,184 level recorded in early May — reflecting the cumulative impact of five weeks of macro and crypto-specific headwinds even as Friday's session shows the first signs of two-sided trading rather than uniform selling.Friday's session arrives alongside the SpaceX IPO — the largest in history at a $1.8 trillion valuation — which is absorbing significant market attention and potentially capital that might otherwise flow toward digital assets. With ten of twenty CoinDesk 20 constituents trading higher despite that competing capital event, the balanced performance suggests crypto markets may be finding some footing independent of the SpaceX listing's gravitational pull.

6月12日，万亿美金 SpaceX 已经准备就绪，即将登陆纳斯达克——估值1.77万亿美元，募资750亿美元，这可能使创始人埃隆马斯克成为全球首位万亿富翁。

Michael Burry said stocks feel similar to the last months of the 1999-2000 bubble, pointing to parallels with the period before the dot-com downturn. According to NS3.AI, BlackRock’s Carolyn Barnette argued that the current AI-driven rally is different from that era because companies are demonstrating profitability and funding investment with cash rather than relying on less sustainable financing.

SpaceX begins trading Friday, June 12, after pricing its IPO at $135 per share — a fixed pricing decision that, while unusual, sets up one of the most consequential single trading days in stock market history. The numbers behind the offering are not just large. They are the largest ever recorded across nearly every metric that matters, and they arrive at a moment when crypto markets are watching closely to see how much institutional capital this single listing absorbs. $1.8 trillion — the largest post-IPO valuation ever SpaceX will command a post-IPO valuation of approximately $1.8 trillion at its $135 per share price — surpassing the previous record holder, Saudi Aramco, which debuted at $1.7 trillion. The gap between first and second place on the all-time valuation list is now occupied entirely by SpaceX and Aramco, with Alibaba a distant third at $175 billion — meaning SpaceX's valuation alone is larger than the next eight companies on the list combined. $75 billion raised — more than double the second-largest IPO ever SpaceX will raise approximately $75 billion through the offering — making it, without qualification, the most lucrative IPO in history by a wide margin. Saudi Aramco's $25.6 billion raise, previously the record, is less than a third of SpaceX's figure. Alibaba raised $21.8 billion. SoftBank raised $21.4 billion. NTT Mobile raised $18.1 billion. SpaceX's $75 billion exceeds the combined proceeds of the next four largest IPOs in history. $100 billion in retail investor orders Perhaps the most remarkable figure is the retail demand. SpaceX submitted share orders from retail investors totaling approximately $100 billion, according to Bloomberg — a figure that reflects Elon Musk and SpaceX's deliberate strategy to make this IPO unusually accessible to individual investors and day traders. SpaceX offered an unprecedented allocation of shares directly to retail participants, a decision that has been debated for the volatility it could introduce but that has clearly generated enormous grassroots demand. With $250 billion in total investor demand against $75 billion in available shares — a roughly 4x oversubscription — and $100 billion of that demand coming specifically from retail, the dynamics for Friday's opening trade are unusually unpredictable. Retail-heavy stocks have historically shown amplified first-day volatility in both directions, and a company of SpaceX's profile combined with this level of retail participation creates conditions for significant price swings once trading begins. BlackRock alone bid $5 billion Among institutional orders, BlackRock's reported $5 billion bid for SpaceX shares stands out for its sheer scale. To put that figure in context: $5 billion is nearly equal to the entire $5.55 billion in proceeds raised by Cerebras across its complete IPO — previously the largest offering of 2026 before SpaceX. A single asset manager's order for one company now nearly matches an entire prior record-setting IPO's total proceeds. BlackRock's involvement is particularly notable given the asset manager's parallel role in crypto markets — BlackRock's IBIT remains the dominant Bitcoin ETF by assets despite its recent record outflow streak. The same institution allocating $5 billion toward SpaceX while its Bitcoin ETF experiences sustained redemptions illustrates the capital rotation dynamic that Tom Lee and others have described throughout 2026: institutional risk capital flowing toward AI and space economy opportunities at the same time it retreats from digital assets. The business behind the numbers SpaceX's valuation rests on a business that has evolved well beyond its origins as a rocket launch company. Starlink generated $11.4 billion in 2025, growing 50% year-over-year, establishing satellite internet as a major standalone revenue driver. More significantly, new AI compute contracts with Anthropic and Alphabet are projected to bring this segment to an annualized $26 billion run rate — assuming both partners follow through on the agreements. Total 2025 revenue across all SpaceX segments reached $18 billion, with the company remaining unprofitable. Against a $1.8 trillion valuation, that implies a price-to-sales ratio of roughly 96 — among the most extreme valuation multiples ever assigned to a company of this size at IPO. The historical base rate is not encouraging Despite the extraordinary demand and historic figures, the base rate for IPO performance over multi-year horizons remains a relevant consideration. Approximately two-thirds of IPO stocks underperform the broader market three years after going public, primarily because premium valuations require sustained outsized growth that most companies fail to deliver. SpaceX's 96x price-to-sales ratio places it firmly in premium territory — meaning the company would need to grow its $18 billion revenue base into the hundreds of billions to justify its valuation through fundamentals alone, a transformation that, however aligned with Musk's stated vision, represents an extraordinary execution challenge. The scene: Times Square protests, Maye Musk at Nasdaq The human dimension of the listing was visible from the morning's events — Maye Musk arrived at the Nasdaq for the opening, while protesters gathered in Times Square, reflecting the polarized public sentiment that surrounds Elon Musk's ventures even as institutional and retail capital alike rush toward the offering in record amounts. What it means for crypto markets The scale of capital concentration in Friday's SpaceX listing — $75 billion raised, $250 billion in total demand, $100 billion from retail alone, and a single $5 billion order from BlackRock — represents the largest one-day liquidity event of 2026, dwarfing the entire $94 billion in net assets across the US spot Bitcoin ETF complex. Bitcoin enters Friday trading near $61,000 to $62,000 following Wednesday's CPI report, which delivered a core inflation beat that provided modest relief without resolving the broader macro picture. Whether SpaceX's opening trade absorbs capital that would otherwise flow toward crypto, or whether the listing's completion frees up sidelined institutional cash for redeployment elsewhere including digital assets, will be one of the more interesting capital flow questions to track in the days following the IPO. The retail enthusiasm visible in SpaceX's $100 billion in individual investor orders also offers an interesting comparison point to crypto's own retail base — at a moment when Santiment data showed Bitcoin social sentiment hitting its most bullish reading of 2026 even as institutional ETF flows remained negative, SpaceX's IPO demonstrates that retail risk appetite for high-profile, high-narrative assets remains intact. The question for crypto is whether that appetite can be redirected back toward digital assets once the SpaceX listing settles.

为什么大多数散户可能在SpaceX IPO首日亏钱？

SEC 刚刚提议废除 Reg NMS 第 611 条规则——这条"交易穿越规则"自 2005 年起便定义了美国股票市场结构。

9700亿美元。这是马斯克最新的身家数字。距人类历史上第一个万亿美元富翁，只差临门一脚。

随着SpaceX以1.8万亿美元估值启动IPO，马斯克的财富版图跃升至了一个前所未有的高度。

SpaceX 有潜力成为本世纪最具影响力的企业之一。

花旗分析师预计，如果霍尔木兹海峡关闭持续到夏末，金价可能低至3500美元/盎司。

Hungary is planning to scrap its strict 2025 crypto laws that made some unlicensed trading a criminal offence with prison terms of up to eight years.

SpaceX定于6月12日IPO，目标估值1.75万亿美元。届时它将跻身全球第八大公开上市的比特币财资公司之列。

Morpho 不只是又一个借贷协议，而是链上信贷市场的模块化地基。 随着金融体系持续向链上迁移，我们相信这块地基的重要性只会与日俱增。