Morning Minute: SpaceX Prices Largest IPO Ever at $135

Morning Minute is a daily newsletter written by Tyler Warner. The analyzes and opinions expressed are his own and do not necessarily reflect those of Decrypt. And cdamn our new daily news show with all the top stories in 5 minutes, available for download on Apple Pod or Spotify.

GM!

Today’s most important news:

• Crypto majors dig into peace progress in Iran war; BTC +1% at $63,800
• SPCX is trading at $177 on Hyperliquid ahead of this morning’s IPO
• Coinbase launches a tool that allows AI agents to trade and pay
• BTC ETF outflows are slowly falling to the lowest level in weeks
• CARDS surges 50% as Pokemon Gacha meta heats up again

🚀 SpaceX prices largest-ever IPO at $135, trading Friday

SpaceX priced its IPO at $135 per share On Thursday evening, 555.6 million shares were sold to raise $75 billion and valued the company at $1.77 trillion. That makes it the largest public offering in history, surpassing Saudi Aramco’s $30 billion valuation in 2019. The stock opens Friday on the Nasdaq under the ticker SPCX.

To give a summary of the company itself: SpaceX is actually three companies rolled into one ticker.

• The launch company most are familiar with that raised about $4 billion by 2025. It flies about 85% of everything the world puts into orbit, on Falcon 9, Falcon Heavy and the Dragon crew capsule, while Starship is still in testing.
• Starlink (the crown jewel) generates approximately $11.4 billion in revenue for its global Internet service. That’s 61% of the company’s revenue, with more than 10 million subscribers in 164 countries, and the only segment that actually makes cash.
• The third branch is AI, the xAI business that February’s merger collapsed and has quietly turned SpaceX into one of the largest computer rental companies on Earth. xAI moved its own training to a newer cluster and leased the entire Colossus 1 supercomputer in Memphis, all 220,000 Nvidia GPUs, to Anthropic for $1.25 billion per month, and then signed Google for $920 million per month, deals that amount to about $26 billion in computer rentals going forward.

All told, SpaceX generated about $18.7 billion in revenue in 2025, but still posted a net loss of $4.9 billion as xAI’s expenses ate up Starlink’s profits.

Looking across the business, the satellite internet sector funds the higher growth potential vectors of the business (rockets and AI). But these bets (particularly rockets) could take years to pay off.

On the crypto angle, SpaceX owns 18,712 BTC, worth just under $1.2 billion. And when the shares start trading on Friday, Backpack Securities and Sunrise will launch a tokenized version, SPCX, on Solana the same day, redeemable one-for-one for real shares and tradable 24 hours a day. And of course there’s Hyperliquid, which managed pre-IPO markets for SPCX and played a big role as the main venue for price discovery. It’s still trading at $177 on Hyperliquid, so we’ll see if that is indeed true on the current open market…

🤖 Coinbase launches a tool for AI agents to trade and pay

Coinbase has introduced Coinbase for Agents, a product that gives an AI agent its own access to your Coinbase account to make trades, manage your portfolio, and pay for services, all within the limits you set. It runs on x402, Coinbase’s payment protocol built for machine-to-machine transactions.

Here’s how it works.

• You connect an assistant like ChatGPT or Claude to your account or through a Model Context Protocol integration, with a command-line option for developers.
• From there, you hand the agent a mandate and some guardrails: session limits, per-transaction size limits, and spending controls that keep it in check.
• The agent can then pull live market data and take action on it, placing limit orders, rebalancing toward a target mix such as 60% BTC with 20% each in ETH and SOL, dollar cost averaging, or parking unused cash. It can also pay for premium data and tools via x402, which charges in USDC and runs gas-free on Base.
• Run it in an isolated sub-account and the agent will never see your main funds.

Coinbase says stocks, index funds, prediction markets and commodities will be next.

Zooming out, the agentic economy is rapidly moving from concept to live infrastructure, and crypto is quietly becoming its plumbing. In the span of a week, Coinbase, Mastercard, and MetaMask have all come up with ways for AI agents to hold and move money, and they’ve all looked to crypto rails to do so.

Mastercard’s Agent Pay leans on stablecoins in addition to cards, MetaMask has released a wallet built for agents, and Coinbase serves USDC and x402 as defaults. The bet now is that they will become the cash register for machines, and whoever owns the rails will collect the tolls. For Coinbase, this means moving operations to Base and USDC being the currency brokers that move first.

🌎 Macrocrypto and markets

• Crypto Majors Are Green After Trump Said Iran War Is Over; BTC +1% at $63.4k; ETH +1% at $1,670; SOL +3% at $66.80; HYPE +8% for $60.30
• LAB (+25%), XMR (+11%) and JUP (+8%) were the leaders
• Oil -4% for $84; Gold +2.7% at $4,226
• Stock futures are green on hopes for peace in Iran and ahead of SpaceX going live, with the DOW +0.7% Nasdaq +0.6%
• Two men were arrested in Georgia for allegedly laundering more than $389 million through Bitcoin
• Ripple CEO Brad Garlinghouse hit back at JPMorgan’s Jamie Dimon over Dimon’s criticism of the CLARITY Act market structure law
• Citi Group rolled out blockchain-based digital certificates that give investors access to shares of private companies
• Canton Network maker Digital Asset has raised $355 million to power Wall Street’s push-on chain

Corporate bonds and ETFs

Meme coin tracker

• Meme leaders were vegetables; DOGE +3%, SHIB +3%, PEPE +3%, PENGU +2%, TRUMP +25%, BONK +3%, SPX +4%, FARTCOIN +2%
• Gacha (+170%), TCG (+44%) and Cards (+27%) led Solana
• Basic movers including Velvet (+100%), Check (+20%) and Diem (+15%)

📈 Numerous markets of the day

💰 Token, airdrop and protocol tracker

🚚 What’s happening in NFTs?

• NFT Leaders were slightly red; Punks -1% at 32.5 ETH, BAYC -1% at 8.94 ETH, Pudgy even at 4.4 ETH; Hypurr’s -1% at 265 HYPE
• Metawinners (+70%) and R3ordor (+11%) led notable top movers