News & Updates
The latest news and updates from companies in the WLTH portfolio.
CoreWeave shares gain on new Anthropic cloud deal By Investing.com
Investing.com -- CoreWeave Inc. shares rose more than 5.2% in pre-market trading Friday after the company confirmed a multi-year cloud infrastructure agreement with Anthropic. Under the deal, Anthropic will use CoreWeave's cloud platform to support the development and deployment of its Claude AI models. The compute resources are expected to begin coming online later this year. The collaboration will initially focus on a phased infrastructure rollout with potential for expansion over time. Anthropic will use the platform to run production-scale workloads. "AI is no longer just about infrastructure, it's about the platforms that turn models into real-world impact," said Michael Intrator, co-founder and CEO of CoreWeave. "We're excited to work with Anthropic at the center of where models are put to work and performance in production shows up." CoreWeave said nine of the ten leading AI model providers now use its platform. The company positions itself as a specialized cloud provider for AI workloads. Bloomberg reported on the deal prior to the official announcement. disclosed. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Bitget Rolls Out SpaceX-Linked Pre-IPO Proxy with Republic
Cryptocurrency exchange Bitget has launched IPO Prime, a proxy offering tied to the pre-initial public offering (IPO) phase of Elon Musk's aerospace manufacturing and space transportation company, SpaceX. Bitget said Friday that IPO Prime will start with preSPAX, a Republic-issued token designed to give retail users economic exposure tied to SpaceX's post-IPO performance. The exchange said the product does not give buyers direct ownership of SpaceX shares, and that SpaceX has not endorsed, approved or authorized the offering. The launch highlights how crypto exchanges are bringing more traditional investment products onto blockchain rails in a bid to attract users with round-the-clock access to assets that have historically been harder for retail investors to reach. The announcement comes a week after SpaceX confidentially filed for an IPO with the US Securities and Exchange Commission, Cointelegraph reported on April 2. The IPO could be finalized as early as June 2026, sources familiar with the matter told Bloomberg. Bloomberg reported valuation discussions of over $1.75 trillion. Bitget said the offering will be available across all jurisdictions where the exchange is compliant, through a subscription-based model where users can apply for allocations through a tiered structure. Bitget said the subscription window for preSPAX will run from April 18 to April 21, with distribution on April 21 and OTC trading scheduled to begin later that day. Gracy Chen, Bitget's CEO, told Cointelegraph that VIP users will receive early access through two exclusive pre-launch airdrop rounds ahead of the broader rollout. "Pre-IPO exposure used to be limited to small circles, but tokenization has changed that, providing access to traditional assets that were typically out of reach. preSPAX is our first offering and we will be bringing more such opportunities to our users this year." Crypto-native companies with similar pre-IPO offerings include Solana-based PreStocks, Orderbook and Republic. Competitors from traditional finance include Nasdaq Private Market, Hiive, Forge Global and EquityZen. Related: Crypto exchanges chase TradFi commodities market as pricing gaps persist Bitget positions the pre-IPO platform as a "new route" to traditional finance opportunities and part of the company's "universal exchange" ambitions, seeking to bring more TradFi assets under tokenized wrappers. Other large cryptocurrency exchanges have also launched access to TradFi investment products in a bid to widen their investor base. In January, Vienna-based crypto exchange Bitpanda said it was expanding its offering to include about 10,000 stocks and exchange-traded funds (ETFs). In April 2025, Kraken announced the launch of 11,000 US-listed stocks and ETFs with commission-free trading in an effort to bring "equities and digital assets together" under one trading platform, as part of a "phased national rollout." Coinbase exchange also launched stock trading at the end of 2025 and rebranded its wallet app as an "everything app," as the first step to enable 24/7 trading of stocks and ETFs along with crypto assets. Crypto research firm Delphi Digital called the phenomenon the "super app" race, predicting an "aggregation era" for the crypto industry, as value shifts from protocols to platforms with the most users and trading products.
Polymarket Signals Bearish Bitcoin Outlook for 2026
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
Bitget Enables Early-Stage Exposure to Companies Like SpaceX via IPO Prime - TechAfrica News
Bitget, the world's largest Universal Exchange (UEX), has launched IPO Prime, introducing a new market structure that enables users to access and trade pre-IPO exposure to global unicorn companies such as SpaceX. Powered by Republic, the launch marks an expansion beyond traditional secondary market trading, enabling participation in value creation before companies enter public markets, a phase historically limited to institutional investors and private capital networks. Through IPO Prime, Bitget extends its Universal Exchange framework into primary market access, bridging a long-standing gap between private and public market participation. IPO Prime operates through a subscription-based model, where eligible users can apply for allocations in tokenized offerings tied to specific companies. Allocation limits are determined based on user tier, with higher participation thresholds available to elevated VIP levels. Following the subscription phase, these digital assets transition into an over-the-counter market on Bitget, enabling continuous pricing, trading and circulation within a structured environment. The first offering under IPO Prime is preSPAX, a digital asset designed to mirror the economic performance of SpaceX following its potential public listing. As one of the most closely watched private companies globally, SpaceX represents the type of high-growth opportunity that has traditionally remained inaccessible to retail investors. "Since the beginning of financial markets, access to pre-IPO opportunities has been defined by exclusivity. IPO Prime allows users to participate earlier in a company's growth cycle, with the flexibility of continuous trading. This shifts how and when investors can engage with emerging companies, which gives retailers and new investors a chance to buy-in early. This is part of our greater shift towards building an UEX, democratizing access to financial equality." - Gracy Chen, CEO, Bitget To mark the launch, Bitget will introduce two rounds of preSPAX token airdrops for eligible VIP users, on April 13, 2026 at 10:00 (UTC), providing early participants with additional exposure as the platform begins onboarding its first offering. The official preSPAX token launches on April 21, 2026 at 12:00 (UTC), with the commitment period starting April 18, 2026, 18:00 and ending April 21, 2026, 18:00 (UTC). Distribution period runs from April 21, 2026 18:00 till April 21, 2026, 22:00 (UTC). The introduction of IPO Prime is a new route to traditional financial opportunities being structured and accessed. As boundaries between asset classes continue to blur, platforms are expanding beyond traditional and crypto trading to include early-stage market participation. Within Bitget's Universal Exchange model, IPO Prime moves towards integrating diverse financial opportunities into a single, unified environment.
SpaceX Hits $5B Loss in 2025 amid xAI Bet, IPO Looms
Elon Musk's rocket company SpaceX reported a $5 billion loss on $18.5 billion in revenue for 2025, according to The Information. The details emerge as SpaceX prepares for one of history's largest IPOs. Much of the loss stems from integrating its recently acquired AI startup, xAI. In February, Musk merged his AI startup with SpaceX, signaling a bold push into advanced computing and AI infrastructure. SpaceX has confidentially filed for an IPO, targeting a $2 trillion valuation and up to $75 billion in fundraising. If it stays on track, the listing could debut as early as June 2026. As one of the sector's most active players, SpaceX has launched multiple rockets and operates the profitable Starlink internet service. Musk also envisions commercial space travel and setting up data centers in space through the company. According to the report, SpaceX spent nearly $13 billion on chips and data centers for its AI arm, xAI, more than it invested in rockets and satellites combined. Notably, launch services and Starlink generated nearly $8 billion in EBITDA (earnings before interest, taxes, depreciation, and amortization) and stock compensation. However, company-wide adjusted EBITDA (including xAI) reached $6.5 billion. Heavy depreciation, including $6.6 billion on chips, rockets, and satellites, as well as $2 billion each in stock compensation and interest, led to a nearly $5 billion net loss. Reports indicate SpaceX will allocate a significant share portion to retail investors and host about 1,500 at a special June 11 event post-roadshow. The offering will notably open to investors beyond the U.S., to the U.K., Europe, Australia, Canada, Japan, and South Korea. The retail investor focus rewards loyal supporters, generates buzz, broadens the shareholder base, and aims to boost pricing and post-IPO performance. It taps into SpaceX's popularity, especially among Musk fans.
Polymarket Bets on 2026 US Bank Failure Risks | Flash News Detail
Polymarket launches market on potential US bank collapse in 2026, echoing past crises amid economic uncertainty. Traders weigh odds now. Polymarket just ignited speculation with a new prediction market questioning if another US bank will fail in 2026. Traders flock to bet on financial stability, as the platform's tweet draws eyes to lingering vulnerabilities in the banking sector. Flash back to the 2023 collapses of Silicon Valley Bank and others, which shook markets and prompted swift regulatory tweaks. Fast-forward to 2026, and whispers of economic headwinds -- rising interest rates and geopolitical tensions -- fuel these bets. Polymarket, a blockchain-based prediction powerhouse, lets users wager on real-world events, turning uncertainty into opportunity. This market taps into broader fears. Over the last six months, minor bank stresses in regional lenders surfaced, reminding investors of fragile balances. Analysts eye how such platforms influence policy, with regulators scrutinizing crypto's role in finance. As bets pour in, they signal trader confidence -- or lack thereof -- in the system's resilience.
CoreWeave Announces Multi-Year Agreement With Anthropic
All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here CoreWeave , Inc. (Nasdaq: CRWV), The Essential Cloud for AI™, today announced an agreement with Anthropic , one of the world's leading AI research and development companies, to support the development and deployment of Anthropic's Claude family of AI models. The multi-year agreement will bring compute online starting later this year. CoreWeave joins Anthropic's growing ecosystem of infrastructure partners helping to scale the adoption of Anthropic's AI models across developers, startups, and enterprises worldwide. With the addition of Anthropic, nine of the leading ten AI model providers now leverage CoreWeave's platform, reflecting the growing demand for infrastructure that can support AI at scale. Under the agreement, Anthropic will use CoreWeave's cloud platform to run workloads at production scale, while benefitting from its industry-leading performance and reliability. "AI is no longer just about infrastructure, it's about the platforms that turn models into real-world impact," said Michael Intrator, Co-founder, CEO, Chairman of CoreWeave. "We're excited to work with Anthropic at the center of where models are put to work and performance in production shows up. It's exactly the kind of real-world deployment of AI that CoreWeave was built for." The collaboration between Anthropic and CoreWeave will initially focus on a phased infrastructure roll-out with the potential to expand over time. CoreWeave's AI cloud delivers industry-leading performance and efficiency through an end-to-end technology stack optimized for modern AI workloads. CoreWeave consistently sets new standards for performance, demonstrated by an industry-leading MLPerf benchmark for AI workloads and its position as the only AI cloud to earn the top Platinum ranking in both SemiAnalysis ClusterMAX™ 1.0 and 2.0, which evaluate AI cloud performance, efficiency, and reliability. About CoreWeave CoreWeave is The Essential Cloud for AI™. Built for pioneers by pioneers, CoreWeave delivers a platform of technology, tools, and teams that enables innovators to move at the pace of innovation, building and scaling AI with confidence. Trusted by leading AI labs, startups, and global enterprises, CoreWeave serves as a force multiplier by combining superior infrastructure performance with deep technical expertise to accelerate breakthroughs. Established in 2017, CoreWeave completed its public listing on Nasdaq (CRWV) in March 2025. Learn more at www.coreweave.com . About Anthropic Anthropic is an AI research and development company that creates reliable, interpretable, and steerable AI systems. Anthropic's flagship product is Claude, a large language model trusted by millions of users worldwide. Learn more about Anthropic and Claude at anthropic.com . View source version on businesswire.com: https://www.businesswire.com/news/home/20260410890996/en/
Keir Starmer Is 'Fed Up' With Trump And Putin Over Energy Bill 'Chaos' In UK? | Israel-US Vs Iran
UK Prime Minister Keir Starmer has launched a rare public attack on US President Donald Trump and Russian President Vladimir Putin, accusing them of fuelling chaos in global energy markets that is driving up electricity and fuel bills for UK. Speaking after concluding his Gulf tour, Starmer said he is "fed up" with seeing energy costs swing wildly because of decisions taken in Washington and Moscow.#keirstarmer #trump #putin #ukenergybills #energycrisis #ukpolitics #westasiawar #iranwar #gulfofhormuz #globaleconomy #britishbills #ukpmkeirstarmer #timesnow #englishnews #breakingnews
Anthropic's 'Mythos' AI proves that obsessing over AGI is folly
For years, progress in AI has been motivated by an industry-wide yen to create software that's at least as capable as humans -- not at some tasks, but all of them. The precise definition of the goal varies, and two maddeningly overlapping terms, artificial general intelligence (AGI) and superintelligence, both get bandied around. But no matter how you look at the aspiration (or how long you think it will take to achieve), it's about the ways the world will change when software can do everything extraordinarily well. I've written -- here and here -- about why I believe fixating on that eventuality isn't the best way to think about AI and its impact. It might turn out that AI trounces humanity at some jobs and never rivals it at others. That would not be reason to take it any less seriously. This week brought some of the clearest evidence of that point so far. On April 7, Anthropic announced a new version of its Claude model called Claude Mythos Preview. Like existing Claude versions such as Sonnet and Opus, it was trained for general competency, not to be a specialist at anything in particular. But Anthropic says that when it tested Mythos, it discovered it had made dramatic strides in coding ability. It was particularly good at finding and exploiting vulnerabilities in existing software, surpassing "all but the most skilled humans."
Anthropic Agrees to Rent CoreWeave AI Capacity to Power Claude
Try refreshing your browser, or tap here to see other videos from our team. Anthropic, along with OpenAI, has been at the forefront of the explosion in AI services, and at times has struggled to keep its products online in the face of what it called "unprecedented demand." The company is working to build more computing capacity, including committing $50 billion toward new AI data centers in the US. San Francisco-based Anthropic is among the most-valuable closely held companies, at $380 billion, including $30 billion it raised recently.
Anthropic Agrees to Rent CoreWeave AI Capacity to Power Claude
Anthropic PBC agreed to rent data center capacity from CoreWeave Inc. as part of efforts to handle increasing demand for its artificial intelligence services. The multiyear deal will help Anthropic build and deploy its Claude AI models, CoreWeave said Friday in a statement. The capacity will include a variety of Nvidia Corp. chip architectures at data centers in the US, CoreWeave Chief Executive Officer Michael Intrator said in an interview. The companies declined to disclose financial terms of the agreement. Anthropic, along with OpenAI, has been at the forefront of the explosion in AI services, and at times has struggled to keep its products online in the face of what it called "unprecedented demand." The company is working to build more computing capacity, including committing $50 billion toward new AI data centers in the US. San Francisco-based Anthropic is among the most-valuable closely held companies, at $380 billion, including $30 billion it raised recently. Earlier this week, Anthropic announced a partnership with Broadcom Inc. and Alphabet Inc.'s Google to gain 3.5 gigawatts of energy. A gigawatt is enough electricity for about 750,000 US households at any one time. CoreWeave is part of a group dubbed "neoclouds," which specialize in renting out high-performance cloud computing for AI workloads. Customers such as Microsoft Corp. have turned to neoclouds to quickly boost their ability to build and offer AI products. CoreWeave has 43 active data centers and has contracted out over 3 gigawatts of power for server farms, the company said in February. On Thursday, CoreWeave announced a $21 billion commitment from Meta Platforms Inc. to purchase its computing power. With the agreement, CoreWeave now counts the four largest AI model makers -- Anthropic, OpenAI, Google and Meta -- as customers, Intrator said.
CoreWeave Announces Multi-Year Agreement With Anthropic
CoreWeave joins Anthropic's growing ecosystem of infrastructure partners helping to scale the adoption of Anthropic's AI models across developers, startups, and enterprises worldwide. With the addition of Anthropic, nine of the leading ten AI model providers now leverage CoreWeave's platform, reflecting the growing demand for infrastructure that can support AI at scale. Under the agreement, Anthropic will use CoreWeave's cloud platform to run workloads at production scale, while benefitting from its industry-leading performance and reliability. "AI is no longer just about infrastructure, it's about the platforms that turn models into real-world impact," said Michael Intrator, Co-founder, CEO, Chairman of CoreWeave. "We're excited to work with Anthropic at the center of where models are put to work and performance in production shows up. It's exactly the kind of real-world deployment of AI that CoreWeave was built for." The collaboration between Anthropic and CoreWeave will initially focus on a phased infrastructure roll-out with the potential to expand over time. CoreWeave's AI cloud delivers industry-leading performance and efficiency through an end-to-end technology stack optimized for modern AI workloads. CoreWeave consistently sets new standards for performance, demonstrated by an industry-leading MLPerf benchmark for AI workloads and its position as the only AI cloud to earn the top Platinum ranking in both SemiAnalysis ClusterMAX 1.0 and 2.0, which evaluate AI cloud performance, efficiency, and reliability. About CoreWeave CoreWeave is The Essential Cloud for AI. Built for pioneers by pioneers, CoreWeave delivers a platform of technology, tools, and teams that enables innovators to move at the pace of innovation, building and scaling AI with confidence. Trusted by leading AI labs, startups, and global enterprises, CoreWeave serves as a force multiplier by combining superior infrastructure performance with deep technical expertise to accelerate breakthroughs. Established in 2017, CoreWeave completed its public listing on Nasdaq (CRWV) in March 2025. Learn more at www.coreweave.com. About Anthropic Anthropic is an AI research and development company that creates reliable, interpretable, and steerable AI systems. Anthropic's flagship product is Claude, a large language model trusted by millions of users worldwide. Learn more about Anthropic and Claude at anthropic.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260410890996/en/
Google News is showing Polymarket bets alongside news articles in the "For you" section; in tests, Polymarket bets also appeared on the Google News homepage
@openai: We're updating our ChatGPT Pro and Plus subscriptions to better support the growing use of Codex. We're introducing a new $100/month Pro tier. This new tier offers 5x more Codex usage than Plus and is best for longer, high-effort Codex sessions. In ChatGPT, this new Pro tierA gap in understanding AI is growing, as casual users cite flaws in old free models while power users point to new models' staggering gains in technical domains -- Judging by my tl there is a growing gap in understanding of AI capability. The first issue I think is around recency and tier of use. I think a lot of people tried the free tier of ChatGPT somewhere last year and allowed it to inform their views on AI a little too much. This is
Bessent, Powell warn bank CEOs about Anthropic model risks, sources say
DeeperDive is a beta AI feature. Refer to full articles for the facts. Learn more [WASHINGTON] US Treasury Secretary Scott Bessent and Federal Reserve chair Jerome Powell convened an urgent meeting with bank CEOs on Tuesday (Apr 7) to warn of the cyber risks posed by Anthropic's latest artificial intelligence model, two sources said on Thursday. The company launched the Mythos model on Tuesday but stopped short of a broad release, citing concerns it could expose previously unknown cybersecurity vulnerabilities. Anthropic has said the model is capable of identifying and exploiting weaknesses in "every major operating system and Web browser". Last week, it shared that it was in ongoing discussions with US government officials about the model's "offensive and defensive cyber capabilities". A third source close to the matter reiterated Anthropic's outreach, saying the company proactively briefed senior US government officials and key industry stakeholders on Mythos' capabilities ahead of its release. The Treasury-hosted meeting in Washington on Tuesday was aimed at ensuring banks are aware of the risks posed by Mythos and similar models, and are taking steps to defend their systems, one of the sources said. Invitations were sent while most CEOs of the largest US banks were already in Washington to attend other meetings, a source noted. Access to Mythos will be limited to about 40 technology companies, including Microsoft and Google, the startup has said. Bloomberg News, which first reported the matter on Thursday, noted that the CEOs of Citigroup, Morgan Stanley, Bank of America, Wells Fargo and Goldman Sachs were present. JPMorgan CEO Jamie Dimon was unable to join, one of the sources told Reuters. Goldman Sachs, Wells Fargo and the Federal Reserve declined to comment. The Treasury, lenders and Anthropic did not immediately respond to Reuters' requests for a comment. REUTERS
Is Anthropic's Mythos model the most capable AI yet, what is Capybara, and why is this powerful system considered too dangerous to go public over advanced hacking risks?
Is Anthropic Mythos model the most capable AI yet? A powerful new AI has triggered global concern. Anthropic says its Mythos system has already found thousands of critical software vulnerabilities. This includes flaws across major operating systems and web browsers. The Anthropic Mythos model too dangerous debate is now trending across cybersecurity and AI search queries. The model can not only detect bugs but also build working exploits fast. Even non-experts can use it effectively. That changes everything. Anthropic has restricted access to a small group including Google and Microsoft.
The unconventional logic behind SpaceX's $1.75 trillion price tag - The Economic Times
Wall Street is employing unconventional benchmarks, comparing SpaceX to tech firms like Palantir and AI infrastructure players, to justify a potential $1.75 trillion IPO valuation. This approach aims to capture the company's unique secular growth potential, moving beyond traditional aerospace and telecom comparisons. Investors are betting on Elon Musk's vision and SpaceX's disruptive capabilities in space and connectivity.
Oil will fall back to $70-80, Sunil Singhania sees a buying opportunity in the chaos
High crude oil prices and global tensions are creating market volatility. However, fund manager Sunil Singhania sees this as a buying opportunity. He believes the current oil price premium is unsustainable. Singhania highlights India's relative insulation from direct conflict. He points to strategic investments entering India quietly. Singhania advises investors to stay connected to resilient businesses for future returns.
Elon Musk's xAI sues Colorado over AI anti-discrimination law
The suit comes shortly after the White House sent a proposed legislative plan to lawmakers last month as a framework on how to regulate AI, preempting a growing number of state measures. Tech industry leaders and venture capital firms have been vocal in supporting a national standard for AI oversight, but the proposal would need to get enough support in Capitol Hill.
The unconventional logic behind SpaceX's $1.75-trillion price tag
Wall Street is reaching for some unusual yardsticks to price Elon Musk's SpaceX. At least one of SpaceX's large institutional investors is privately benchmarking the rocket and satellite company not against aerospace rivals like Boeing (BA-N) or telecom giants like AT&T (T-N), but against market darling Palantir Technologies (PLTR-Q) and AI infrastructure plays like GE Vernova (GEV-N) and Vertiv (VRT-N) - in a bid to justify a US$1.75-trillion valuation ahead of what could be the largest IPO in history. The framework, described to Reuters for the first time by a source familiar with the company's thinking, illustrates the unusual challenge of pricing a company with no obvious public peers - and the lengths to which Wall Street is going to rationalize a premium valuation. SpaceX has confidentially filed for a U.S. IPO, Reuters reported last week. The company is scheduled to hold an analyst day on April 21, Reuters previously reported. At a potential valuation of US$1.75-trillion, SpaceX looks expensive by many traditional measures, including comparisons to the earnings and revenue multiples at firms often cited as reference points for parts of its business. In space that means Boeing and Lockheed Martin, whose United Launch Alliance joint venture competes with SpaceX in launch services. In internet access, the peers would be AT&T and Verizon. But financial backers of the firm, on track to raise US$75-billion in an IPO this year, contend that comparisons to established firms in legacy businesses miss the point of SpaceX and other Musk companies - to take advantage of the emergence of long-term, "secular" economic shifts at a time when few competitors are equipped to do so. Musk's companies have historically commanded rich multiples in part because investors are betting on him personally - Tesla being the clearest example -- and SpaceX investors expect that dynamic to carry over into any public offering. It's "pretty darn exciting" to sell into "the largest total addressable market in human history" - a potential $370 billion in space business, SpaceX CFO Bret Johnsen told IPO bankers on a conference call this week, according to two people familiar with the matter. He tabbed the potential market for the firm's Starlink internet service at US$1.6-trillion, the people said. SpaceX did not respond to a request for comment. Finding the right comparables for SpaceX lies at the centre of a fierce debate over the pricing of the massive IPO, as bankers and investors grapple with how to value the company despite few, if any, closely comparable public peers. It is common for investors and bankers to sort for comparables by sector, using the longstanding assumption that industry is a good proxy for financial opportunity and risk. But many investors contend that comparable companies do not need to operate in the same industry - because, in this view, what matters are a firm's potential cash flows, growth profiles and risk characteristics. This approach holds that a better comparison for SpaceX comes from companies selling into the AI data-center buildout, which have famously been rewarded with rising shares and high multiples. For smaller funds, the calculus is different, said Jay Bala, portfolio manager at Toronto-based AIP, which manages roughly US$100-million in assets, a large portion concentrated in SpaceX. "I'm piggybacking on the largest funds in the world. A huge amount of due diligence has already been done. I'm not going to second-guess some of the biggest investors on the planet," he said. He acknowledged it is difficult to obtain detailed financial information about SpaceX: "You can only get so much. It's hard to get numbers sometimes." For Starlink -- or what SpaceX calls its "connectivity" business -- the reflexive benchmarks are legacy telecom firms, but some investors argue those comparisons are skewed by aging fixed infrastructure, saturated domestic markets and years of modest growth. "I wouldn't look at a legacy AT&T and Verizon as being very relevant to the economic model for Starlink, even though they're both in the business of giving you communication," a senior executive at one of SpaceX's large institutional investors told Reuters, speaking on condition of anonymity to discuss confidential internal work. Instead, SpaceX investors point to Palantir for its secular growth, high return on invested capital, good margins and asset-light composition -- qualities that fans say justify the high multiples the stock commands and suggest greater opportunities down the road. Palantir is well known as one of the priciest stocks in the market, recently trading at 43 times expected revenue and 75 times earnings. Skeptics say those levels are likely unsustainable, but SpaceX fans contend that the figures show that premium valuations are attainable if backed by outstanding financial performance. That said, at US$1.75-trillion, even Palantir would be cheaper on some of these measures than SpaceX, which would trade at 110 times 2025 revenue estimates, according to a PitchBook calculation. "Investors should size positions with the understanding that they are paying a platform premium today for infrastructure-monopoly economics tomorrow," PitchBook analyst Franco Granda said in a note last month. For the rocket manufacturing side of the business, SpaceX investors contend that the firm's accomplishments - for instance, it has built a reusable launch system, driven down unit costs dramatically and expanded into a commercial market where demand for launch capacity continues to grow -- demand valuations far above those prevailing at Lockheed, which traded recently at around 20 times next year's expected earnings. Boeing's current high multiples mostly reflect its state as a turnaround story. Instead, they turn to industrial names such as GE Vernova and Vertiv - companies whose stocks have soared on the back of AI data-center spending - arguing that SpaceX's launch operations deserve a similar re-rating to the "picks and shovels" of the data-center age. Even these preferred comps do not look a lot like SpaceX, however. GE Vernova was recently trading at around 30 times expected cash flow and four times last year's revenue. Vertiv, which sells power and cooling equipment for data centers, traded recently at 19 times expected operating profit and 6 times last year's sales. Bankers and investors say SpaceX is difficult to price because of the company's unique space operations and AI business, which is particularly difficult to value at an early stage. "Pricing is always going to be messy here," said Aswath Damodaran, a valuation expert and finance professor at New York University's Stern School of Business. "Nobody else has that capacity to launch satellites in numbers and at the price that they can do -- that's their big advantage." He adds that much of the current pricing reflects investors justifying their decision to purchase the shares rather than relying on traditional metrics. "They're hoping there's enough mood and momentum behind SpaceX, and when it goes public, the mood and momentum will take the stock up." "They've made the decision already that SpaceX is a great buy," Damodaran said. "Now they're looking for some way that they can justify that, and this pricing sounds like that exposed rationalization."
Bitget Launches IPO Prime With Tokenized SpaceX Access Through Republic
The first asset under the program is preSPAX, a digital instrument tied to the economic performance of SpaceX. Bitget is moving into tokenized private market access with a product that aims to bring pre-IPO exposure closer to retail users, not just institutions and private wealth circles. The exchange said Friday that its new offering, called IPO Prime, will begin with preSPAX, a digital asset linked to the economic performance of SpaceX. The private rocket company is currently valued at $1.54 trillion on secondary trading venue Nasdaq Private Market, according to the report. IPO Prime is powered by Republic and built around a subscription model. Eligible users apply for allocations in tokenized offerings, with allocation limits determined by user tier. Higher VIP levels receive access to larger thresholds, which gives the product a familiar exchange-style structure even though the underlying theme is private market investing. Once the subscription phase ends, the digital assets move into an over-the-counter market on Bitget, where they can continue trading. That is an important detail. The pitch here is not only early access, but also liquidity. Traditional pre-IPO exposure is usually defined by waiting. Bitget is trying to shorten that distance. The first use case, tied to SpaceX, gives the product immediate visibility. SpaceX is one of the most closely watched private companies in the world, and demand for indirect exposure has been strong for years. Bitget chief executive Gracy Chen said the product is meant to shift access to pre-IPO opportunities beyond institutional investors. That is the core argument behind IPO Prime. Let users participate earlier in a company's growth cycle, then give them ongoing trading flexibility rather than locking them into a static private market position. There is a broader industry angle here too. Crypto exchanges have spent years trying to prove they can offer more than token speculation. Products like this suggest the next phase may involve using crypto infrastructure to repackage traditional private market access in a more liquid, app-based format.
