Morning Minute: SpaceX Prices Largest IPO Ever at $135
Morning Minute is a daily newsletter written by Tyler Warner . The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. And c heck out our new daily news show covering all of the top stories in 5 minutes, downloadable on Apple Pod or Spotify.
🚀 SpaceX Prices the Largest IPO Ever at $135, Trades Friday
SpaceX priced its IPO at $135 a share Thursday night, selling 555.6M shares to raise $75B and valuing the company at $1.77T. That makes it the largest public offering in history, topping Saudi Aramco’s $30 billion in 2019. The stock opens on Nasdaq on Friday under the ticker SPCX.
For a recap on the business itself, SpaceX is really three businesses stitched into one ticker.
All in, SpaceX did about $18.7 billion in revenue in 2025, yet posted a $4.9 billion net loss, because xAI’s spending swallows Starlink’s profits.
So looking across the entire company, the satellite internet business is bankrolling the higher growth potential vectors of the company (rockets and AI). But those bets (rockets specifically) may take years to pay off.
As for the crypto angle, SpaceX holds 18,712 BTC, worth just under $1.2 billion. And when the stock starts trading Friday, Backpack Securities and Sunrise are launching a tokenized version, SPCX, on Solana the same day, redeemable one-to-one for real shares and tradeable around the clock. And of course, there’s Hyperliquid which has been running pre-IPO markets for SPCX and featured heavily as the primary place for price discovery. It’s trading at $177 still on Hyperliquid, so we will see if in fact that’s accurate on today’s market open…
🤖 Coinbase Launches a Tool for AI Agents to Trade and Pay
Coinbase rolled out Coinbase for Agents, a product that gives an AI agent its own access to your Coinbase account to execute trades, manage your portfolio, and pay for services, all inside limits you set. It runs on x402, Coinbase’s payment protocol built for machine-to-machine transactions.
Here is how it works.
Coinbase says stocks, index funds, prediction markets, and commodities are coming next.
Zooming out, the agentic economy is moving from concept to live infrastructure fast, and crypto is quietly becoming its plumbing. In the span of a week, Coinbase, Mastercard, and MetaMask have all shipped ways for AI agents to hold and move money, and every one of them reached for crypto rails to do it.
Mastercard’s Agent Pay leans on stablecoins alongside cards, MetaMask shipped a wallet built for agents, and Coinbase is wiring in USDC and x402 as the defaults. The bet now is that they become the cash register for machines, and whoever owns the rails collects the toll. For Coinbase, that means pushing activity onto Base and making USDC the currency agents reach for first.
Corporate Treasuries & ETFs
Your gateway into the world of Web3
The latest news, articles, and resources, sent to your inbox weekly.
© A next-generation media company. 2026 Decrypt Media, Inc.
新闻图片
