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Svmuu reports that BIT has pointed out that the market is repricing around SpaceX's potential largest-ever IPO, with a target valuation of approximately $1.75 trillion. However, expectations in the secondary market have already been revised upwards to around $2.3 trillion, corresponding to a premium of approximately 34% on the Pre-IPO contracts traded on Binance and Hyperliquid.
The market pricing logic has shifted from a "rocket company" to an "AI + Global Connectivity + Space Infrastructure Platform." As SpaceX integrates into the xAI asset system, its total addressable market (TAM) has expanded to approximately $28.5 trillion. This includes an AI-related market of roughly $26.5 trillion, a global connectivity network of about $1.6 trillion, while traditional space business accounts for only $400 billion. The core business, Starlink, generated $11.4 billion in revenue in 2025, a 50% year-over-year increase, with an EBITDA margin of 63%. However, its ARPU has declined from $99 to $66, reflecting the rebalancing pressure between growth and profitability structure.
In the long term, the core of the market's bet remains the expansion of the space economy. The global space economy is expected to grow from $630 billion in 2023 to $1.8 trillion by 2033, with the integration of satellite networks, orbital data, and AI computing infrastructure seen as the main growth driver. SpaceX's current valuation is already highly discounting future expectations. In the short term, attention must be paid to valuation and liquidity constraints. However, looking at the medium to long term, the "AI + Space + Communications Infrastructure" convergence narrative it represents could still become one of the core themes in the next phase of the tech capital market.

Svmuu reported that Bitwise Chief Investment Officer Matt Hougan posted on the X platform, stating that HYPE is no longer just an altcoin, but a "second-generation" cryptocurrency with actual value capture, buybacks, and institutional demand. HYPE is currently setting a benchmark for the industry, and others will follow suit.

Svmuu News “1011 Insider Whale” agent Garrett Jin pointed out in his latest market commentary that, against the backdrop of the Middle East conflict, the Strait of Hormuz has been effectively “blockaded” for three months. However, the market has already become “desensitized” to this geopolitical risk, and the AI narrative is reshaping traditional risk pricing logic. As a result, AI is significantly weakening the market's sensitivity to oil prices and geopolitical shocks. Since the emergence of ceasefire signals, U.S. stocks have “decoupled” from energy shocks, with gains in chip and tech stocks offsetting the impact from the energy sector, leading the market to gradually overlook the Strait of Hormuz risk. Nevertheless, he cautioned that the AI sector faces short-term risks of overvaluation and crowded trades, and a pullback could occur at any time.
In the energy market, the earlier assessment that the Strait of Hormuz risk had not been fully priced in has proven correct. Oil prices had risen due to supply shock expectations, but peaked and then declined following the release of strategic reserves and the U.S. intervention as a “supplier of last resort.” A successful exit was achieved on April 29-30. He believes the current risk-reward ratio for oil prices is no longer attractive.
On the macro and equity market front, U.S. households' holdings of stocks as a percentage of financial assets have reached approximately 47%, surpassing the level seen during the internet bubble era. This means a market downturn would, in turn, constrain policy. The VIX volatility index triggered different policy shift thresholds around 30 and 50, reflecting a “risk-off driven policy” characteristic.
In the gold market, the recent pullback in gold is not due to the fading of a war premium but rather changes in long-term structural demand. Since 2022, central banks globally have been purchasing gold at an average annual rate of over a thousand tons, primarily for de-dollarization and hedging against sanctions risks. He defines gold as “an ultimate exit tool outside the dollar system” rather than a mere safe-haven asset.
In the crypto market, the liquidity inflection point occurred last October, with funds flowing more toward AI assets, leading to a periodic drain from the crypto market. However, he believes the market is currently in a cyclical bear phase. Rebound rallies exist, but they do not equate to the start of a new bull run. The market must wait for liquidity to restart in a new cycle. The AI era is emerging as the dominant capital narrative. Even if a bubble exists, the structural opportunities it brings represent “a rare window of opportunity for ordinary investors.” Nevertheless, market cycle discipline should not be overlooked.

Svmuu reported that on-chain analyst ZachXBT posted on X platform, stating that the account Thomas A. Whitaker, after the Blue Origin rocket explosion accident, deliberately exaggerated the disaster and falsely claimed that the only launch tower was destroyed, thereby spreading panic. This account is actually a new sockpuppet of an account that deliberately provoked arguments and sought attention in the past. It masquerades as a US user but is actually located in Canada. The related post includes screenshots of the account's historical statements and geographical location as evidence.

Svmuu reported that Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, is calling on regulators to create a level playing field, allowing licensed institutions to offer around-the-clock on-chain perpetual contracts. ICE executives stated that while platforms like Hyperliquid are already conducting such trading, traditional institutions are restricted by regulations and unable to follow suit.
ICE has engaged in discussions with Hyperliquid to explore areas of synergy between traditional finance and the crypto industry. Additionally, ICE recently partnered with OKX to launch crude oil-related perpetual contracts, while also teaming up with institutions to build a blockchain-based securities trading system, comprehensively deploying 24/7 on-chain trading operations. (Cointelegraph)

According to data from MSX.COM, U.S. pre-market quantum computing concept stocks extended gains, with ServiceNow up over 8%, IBM up over 4%, Oracle up over 3%, and Infleqtion up over 1%.
Several Federal Reserve officials delivered remarks. Fed Daly stated that policy is currently in a good place and expressed "cautious optimism" about the economy. Fed Schmid noted that consideration may need to be given to how to tighten monetary policy further, potentially using the balance sheet to set policy constraints, and that flexibility to move interest rates up or down is necessary. Fed Kashkari stated that after the April PCE inflation data was released, it is still too early to assert that an immediate rate hike is needed.

Svmuu reported that Sui officially announced a network outage on its mainnet due to a vulnerability in the Gas billing logic of version 1.72, temporarily halting all transactions and on-chain activities. The Sui Core team has now completed emergency response, and the mainnet has resumed normal operations. The official statement indicated that a comprehensive post-mortem report will be released subsequently, detailing the cause of the incident and the fix.

Svmuu reported that the Arbitrum Foundation has initiated a new funding request to the Arbitrum DAO, planning to secure $16 million in stablecoins, 1,740 ETH, and 230 million ARB tokens, with a total value of approximately $43.5 million. The funds raised will be specifically allocated for the Foundation's operational work in 2027, covering areas such as technical infrastructure, ecosystem development, marketing, and governance services.
The ARB tokens requested in this proposal account for 3.7% of the total supply. In comparison, the Arbitrum DAO's total revenue for 2025 is approximately $23.49 million. Currently, this funding proposal is still in the community governance discussion phase. (forum.arbitrum)