SpaceX-Strategic-Talk-Rewire Morning Post

SpaceX priced the largest IPO in the history of 1.77 trillion dollars, the same day three institutions called out AI foam. Markets are pricing in the future and pricing fears。

1 spaceX pricing $135 per share, 1.77 trillion valuing the largest IPO in the history of start-up

SpaceX submits a revised S-1 to the SEC, publishing IPO pricing: $135 per share, $555.6 million per unit, and $555.6 million per unit, with an estimate of approximately $1,77 trillion, and planned funding of $75 billion. Listing is scheduled for June 12th, code SPCX, the road show starts today. This is 2.5 times the 2019 IPO record ($29.4 billion). Fixed prices, rather than price bands, are rare operations, reflecting absolute self-confidence in demand。

The same day, however, the morning star analyst Owens pointed out that SpaceX had a real value of approximately $78 billion, 55 per cent lower than the IPO valuation. In 2025, $18.7 billion was collected in a combined operation, with an operating deficit of 2.6 billion. The 1.77 trillion core support is not cash flow, but a narrative premium of 9 million users of the chain combined with xAI. On the same day, a San Francisco owner registered a residence of $3 million and declared his acceptance of the Anthropic or OpenAI shares as payment. Equity in private technology companies is becoming an alternative currency. (Continuing yesterday's coverage)

(Source: Wealth / Axios / SEC / Morning Star / CoinDesk)

2 Google Finance went up to 85 billion on a global record, and Meta sold AI on whatsApp on the same day

Google increased equity financing from $80 billion to $84.75 billion, making the world ' s largest distribution record, surpassing Brazil ' s national oil stock of 70 billion in 2010. Birkhel has committed 10 billion of them. All finance points to AI computing infrastructure. On the same day, Google announced that Gemini had made a breakthrough of 900 million, twice as much as the same period last year, and Gemini 3.5 Pro is expected to be launched in June. The year-round guide to capital expenditure is unchanged from $180 billion to $190 billion。

On the same day, whatsApp AI of Meta formally went online globally, billing token. This is the first time a large technology company has adopted OpenAI token pricing for consumer-grade AI products. In India, Mexico and Brazil, over 1 million businesses had access during the pilot period. Smart bodies can handle customer counselling, recommend goods, make appointments and complete transactions. Large technology companies are doing two things at the same time to finance AI infrastructure on a record scale, while starting to charge volume from AI products. The end of expenditure and the end of income send a signal in the same week。

(Source: TechCrunch / Bloomberg / Financial Times / SEC /36 Krypton)

3 |Dalio, DoubleLine, Morgan Stanley issued an AI bubble warning on the same day

Dalio, Double Line Chief Investment Officer, Cohen, Morgan Stanley, warned AI on the same day. Bridge Water estimates that AI infrastructure expenditure will reach $65 billion in 2026, up 59 per cent from 415 billion in 2025. The bridge water consortium CIO Jensen claims that the cycle has entered a "more dangerous phase" because the companies that can finance AI happen to have the largest index weight, and once investors think that spending is ahead of the return, pressure from a few giants can drag the whole market。

DoubleLine's Cohen points out that the AI bubble is spreading to the credit market. Morgan Stanley created the term "chip inflation". AI demand drives the price of storage chips up six times in the past year, with manufacturers giving priority to high-profit production capacity over data centres, with the consequent surge in memory costs for consumer electronics. Cell phones and PC manufacturers are forced to raise prices or accept more modest profits. Three separate macro voices point to the same conclusion within 24 hours: AI expenditure has grown to become a macro variable。

(Source: Bloomberg / Morgan Stanley / BNN Bloomberg)

Iran's attack on Kuwait Airport killed 1 and the House of Representatives successfully passed a war power resolution against Trump for the first time

The Iranian drones attacked the passenger terminal at Kuwait International Airport, killing one person and seriously damaging the facilities. Kuwait suspended flights and expelled Iranian diplomats. On the same day, Iran launched missiles and drones at Bahrain. This was the first massive spill of conflict into the civilian infrastructure of the Gulf allies since the end of February when the United States and Israel joined forces against Iran。

On the same day, the United States House of Representatives passed a war power resolution by 215 votes to 208, calling for the cessation of military operations against Iraq by Trump and the defeat of four Republican deputies. Among them, Fitzpatrick invoked the 60-day time limit of the War Powers Act to state that "law-abiding or law-reform may not be unlawful". The resolution could not be vetoed by the Senate and the President, but it was the first such final vote in more than three months. For the first time, the Republican anti-war cracks were turned into a vote。

(SOURCE: AL JAZEERA / NPR / WEALTH / CNN / WASHINGTON TIMES)

The European Union has launched a technology sovereignty package to "ensure that no one holds the switch."

The European Commission issued the European Science and Technology Sovereignty Package, which refers directly to the dependence on American science and technology. The EU currently has over 80% of key digital products, services and infrastructure from non-EU countries. The three legs of the plan are Chips Act 2.0, Clouds and AI Development Act, and Open Source Strategy, which aim at the construction of an advanced crystal-crystal plant in Europe, doubling data centre capacity within a period of five to seven years, expanding the availability of open source alternatives to cloud and network security。

EUROPEAN UNION OFFICIALS TOLD CNBC THAT "TO MAKE SURE NO ONE HOLDS THE KILL SWITCH." IT'S NOT A CATCH-UP STORY, EUROPE DOESN'T THINK IT CAN WIN SILICON VALLEY ON AI OR CHIPS, BUT IT'S BUYING INSURANCE FOR THE WORST. WHEN THE PRESIDENT OF THE UNITED STATES IS ABLE TO CHANGE THE BOUNDARIES OF THE BEHAVIOUR OF TECHNOLOGY COMPANIES BY EXECUTIVE ORDER, WHEN THE CONTROL OF THE CHIPS BECOMES A GEO-WEAPONS, RELIANCE IS ITSELF A RISK EXPOSURE. THIS IS BEING WRITTEN INTO LEGISLATION IN EUROPE。

(SOURCE: EUROPEAN COMMISSION / CNBC / BLOOMBERG / NEW YORK TIMES)

And it's worth knowing, Zoo

The AI Music Company Suno completed $400 million in D round finance at $5.4 billion, double the value last November. Bond Capital voted. After a copyright collaboration with Warner last year, Suno will launch the first AI model developed with the music industry. The pricing of copyright litigation is changing. (Source: Bloomberg / Variety)

Stripe, Visa, Mastercard and Coinbase are also negotiating to join. Three have acquired Bridge (Stripe, $1.1 billion) and BVNK (Mastercard) over the past two years, and are now moving from construction to co-construction infrastructure. Traditional payment networks are treating stable currency as a settlement upgrade rather than a competitive threat. (Source: CoinDesk / PYMNTS)

Trump AI Executive Orders continue to ferment, IBM CEO supports light regulation, and Otmann will testify against the model approval system in Congress. However, Ars Technica points out that DOGE has reduced the number of security assessment agencies such as CISA, and that the implementation capacity of the 30-day voluntary review framework is in doubt. The gap between the political signal of the executive order ( "I'm in charge of AI") and the actual enforcement capacity continues to widen. (Source: Axios / Reuters / Ars Technica / NPR)

Google Open Source Gemma 4 12B model, 11.95 billion parameters, Apache 2.0 permission, standard 16GB notebooks can be operated locally. When most manufacturers pursue larger models, Google completes the product lines at the small model end. On the same day, Gemini made a breakthrough of 900 million, 3.5 Pro is expected to be released in June. (Source: Venture Beat / Ars Technica / 36 Kryptonian)

THE WORLD SEMICONDUCTOR TRADE STATISTICS ORGANIZATION PROJECTED A GLOBAL CHIP MARKET OF $1.51 TRILLION IN 2026, AN INCREASE OF NEARLY 90 PER CENT OVER THE SAME PERIOD. STORAGE CHIPS INCREASED BY 249.5 PER CENT, SURPASSING $80 BILLION IN SCALE, EXCEEDING THE OVERALL SEMICONDUCTOR MARKET SIZE IN 2025. AI IS RESHAPING THE VALUE DISTRIBUTION OF THE ENTIRE CHIP INDUSTRY. (SOURCE: ECONOMICS / 36 KRYPTON)

Microsoft publishes Project Solara AI, a platform of enterprise equipment from chips to clouds for AI Agent. The conceptual reference equipment includes desktop partners and wearable badges, and hardware design aims at running AI smarts rather than non-traditional applications. (Source: Tom's Hardware)

Bitcoin touches the lower point of the PowerLaw model, a position that has historically been a sign of a rebound. However, the lack of new investors was considered by Citigroup Analyst to be the core issue at the moment, and Strategy's first sale was a trigger, not a cause. (Source: CoinDesk / Citigroup)