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Welcome to Sunday issue of the Boba Brief Newsletter. This is last 24hrs in crypto, macro, ai, tech world and little added topic with my thoughts.
UPCOMING BOBA to keep and eye on
SPACEX- Biggest IPO (INITIAL PUBLIC OFFERING) in history to be listed on 12th June at Nasdaq.
CRYPTO Brief
Morgan Stanley partners with Galaxy; now users can lend crypto assets to Galaxy and receive spot crypto ETP shares in return. This will lower transactions minimum from $25M to $5M and onboarding times will be much faster.
Grayscale files with SEC for Canton Network spot ETF.
Bitcoin-to-cash withdrawals launched by MoneyGram & Kraken, across 100+ countries.
$1.7B wiped out from Bitcoin ETF as the biggest weekly outflow in over a year.
MACRO & AI Brief
SpaceX revenue to reach $3.4 trillion by 2040, projected by Morgan Stanley; meanwhile Google has signed a $920M per month deal for AI compute capacity with SpaceX.
S&P 500 announced that Marvell $MRVL and FLEX $FLEX will be added on the index.
OG youtuber “pewdiepie” is back with a FREE AI app rival to chatGPT, called ODYSSEUS.
Anthropic has urged to pause AI development globally, as its now nearing capability to improve itself without human intervention.
TOP COINS in last 24hrs
ZCASH, Solana, Pudgy Penguins, SUI, Allora, Hyperliquid and more.
COINS I am watching
HYPE $56
ZCASH $358
BITCOIN $60,000
BIG BOBA BRIEF OF THE WEEK
The largest IPO in the history of financial market.
A rocket company that also owns an AI firm, satellite internet network, a social media platform and holds 18,712 bitcoin is going to list on Nasdaq.
SpaceX lists on 12th June; the world's most talked about private company for years is now going public.
On June 3, 2026, the S-1 went public, the actual numbers are available for anyone to read. Not projections from analysts, not leaks from insiders but real revenue, real losses and the real balance sheet; filed with the SEC and publicly accessible.
Lets check the numbers for IPO in it :
IPO price (fixed, no range) : $135 per share
Shares offered : 555.6 million shares
Total raise : $75 billion
Implied valuation : $1.77 trillion
Ticker / Exchange : SPCX / Nasdaq
Pricing date : Wednesday June 11
First trading date : Thursday June 12
Retail allocation : 30% of float - 3x industry norm
Lead underwriter : Goldman Sachs
Musk voting control post-IPO : 85.1% - absolute control
Lock period : 366 days
Over allotment : 15% (100% primary)
The most important thing is that SpaceX is not one business. It's three fundamentally different businesses with completely different financial profile, bundled into one offering at one valuation.
CONNECTIVITY - STARLINK
$11.4B 2025 revenue · $4.4B 2025 operating profit · 10.3M subscribers in 164 countries
This is the financial engine of the whole company. Starlink's revenue grew 50% in 2025, had $1.19 billion in profit in Q1 2026 alone. But average revenue per user has declined from ~$99 in 2023 to $66 in Q1 2026 as SpaceX pushes into lower-priced international markets. Volume is doing the work that pricing can no longer do; strip away everything else. Starlink alone could justify a few hundred billion of the total valuation, the remaining trillion+ is a bet on everything else imo.
SPACE - FALCON, STARSHIP, STARSHIELD
About 80% global commercial launch market share · Government/defense contracts · Starship development costs ongoing
SpaceX is the undisputed dominant force in commercial launches. Falcon 9 reusability has made it the most cost-efficient launch provider on earth. Starship is the long-term bet, once operational at scale, it could reduce launch costs by another order of magnitude. The Space segment is investing heavily in that future and current financials reflect that spending. SpaceX also plans to begin deploying AI data centers in space as early as 2028; launching satellites that function as orbital AI compute nodes powered by near-continuous solar energy.
AI - xAI, GROK, X, DATA CENTERS
$818M Q1 2026 revenue · $2.47B Q1 2026 operating loss · $6.36B 2025 operating loss · $7.7B Q1 2026 capex
In February 2026 SpaceX merged with xAI in an all-stock deal but this is where it gets complicated. xAI generated $6.36 billion in operating losses in 2025 alone, in Q1 2026 it burned $2.5 billion more. SpaceX's AI segment consumed $7.7 billion in capital expenditure in Q1 2026, annualizing above $30 billion. Starlink's profits are directly subsidizing this AI buildout. xAI's Q1 revenue of $818 million is growing 13% year over year but the gap between revenue and spend is enormous and not closing quickly.
CRYPTO CONNECTIONS
18,712 Bitcoin on the balance sheet confirmed in S-1 filing. Fair value of $1.29 billion as of March 31, 2026, placing SpaceX among the largest corporate Bitcoin holders globally. When SpaceX lists on 12th June, one of the world's largest companies by market cap will be a publicly traded entity with Bitcoin on its balance sheet.
Hyperliquid priced it before Goldman Sachs did. The SpaceX pre-IPO perpetual on Hyperliquid was trading at $200 per share, way above the official $135; and even before Goldman set the official number.
$75 billion leaving the market creates liquidity pressure. The largest capital raise in IPO history pulls money from somewhere. Analysts are watching whether institutional capital rotates out of risk assets, including crypto; to fund SPCX allocations. The short-term crypto price reaction around June 11-12 is worth watching.
The potential Tesla-SpaceX merger would create the world's largest corporate Bitcoin holder. CNBC reported on May 27 that Musk explored combining Tesla and SpaceX. Tesla holds approximately 11,509 BTC and SpaceX holds 18,712 BTC. Combined: over 30,000 BTC.
Coming back to the IPO, at $135/share SpaceX trades at roughly 100x trailing twelve-month revenue which is about 40% more expensive than Palantir, currently the priciest stock in the S&P 500 by revenue multiple. Morningstar's analysts called it "significantly overvalued" and said investors will have opportunities to buy at lower levels after the IPO. ARK Invest, meanwhile, argues Starlink alone could support a $2 trillion valuation.
Both can be true simultaneously.
Nothing i write or share is financial advice (NFA)
BOBA BRIEF
