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 check out our new daily news show covering all of the top stories in 5 minutes, downloadable on Apple Pod or Spotify.

GM!

Today’s top news:

• Crypto majors grind up on Iran War peace progress; BTC +1% at $63,800
• SPCX trades at $177 on Hyperliquid ahead of this morning’s IPO
• Coinbase launches tool for AI Agents to trade and pay
• BTC ETF outflows slow to lowest level in weeks
• CARDS rallies 50% as Pokemon gacha meta heats back up

🚀 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.

• The launch business that most are familiar with and which brought in about $4 billion in 2025. It flies roughly 85% of everything the world puts into orbit, on Falcon 9, Falcon Heavy, and the Dragon crew capsule, with Starship still in testing.
• Starlink (the crown jewel) brings in around $11.4 billion in revenue for its global internet service. That’s 61% of the company’s top line, with more than 10 million subscribers across 164 countries, and the only segment actually minting cash.
• The third leg is AI, the xAI business folded in through February’s merger, and it has quietly turned SpaceX into one of the largest compute landlords on Earth. xAI moved its own training onto a newer cluster and leased out the entire Colossus 1 supercomputer in Memphis, all 220,000 Nvidia GPUs, to Anthropic at $1.25 billion a month, then signed Google at $920 million a month, deals that annualize to roughly $26 billion in compute rentals going forward.

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.

• 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 a set of guardrails: session caps, per-trade size limits, and spending controls that keep it boxed in.
• The agent can then pull live market data and act on it, placing limit orders, rebalancing toward a target mix like 60% BTC with 20% each in ETH and SOL, dollar-cost averaging, or parking idle cash. It can also pay for premium data and tools on its own through x402, which settles in USDC and runs gasless on Base.
• Run it in an isolated sub-account and the agent never sees your main holdings.

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.

🌎 Macro Crypto and Markets

• Crypto majors are green after Trump said the Iran War is over; BTC +1% at $63.4k; ETH +1% at $1,670; SOL +3% at $66.80; HYPE +8% at $60.30
• LAB (+25%), XMR (+11%), and JUP (+8%) led top movers
• Oil -4% at $84; Gold +2.7% at $4,226
• Stock futures are green on Iran peace hopes and ahead of SpaceX go-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 bill
• Citigroup rolled out blockchain-based digital depositary receipts that give investors access to private company shares
• Canton Network creator Digital Asset raised $355 million to power Wall Street’s push onchain

Corporate Treasuries & ETFs

Meme Coin Tracker

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

📈 Myriad Market of the Day

💰 Token, Airdrop & Protocol Tracker

🚚 What is 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