[Comparative Daily News Picks] SpaceX rose 19% on the first day of listing, breaking $2 trillion to become the sixth largest company in the US; Galaxy Research: Bitcoin has not yet formed a bottom of this round and is expected to be between $4-4.6 million; Trump intends to create a super weekend: hoping to sign the US-Iran agreement before his 80th birthday

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AI · Dynamic

[SpaceX rose 19% on the first day of listing, breaking $2 trillion to become the sixth largest company in the US]

Comparing news, SpaceX (SPCX.O) surged on the first day of its listing on the NASDAQ on Friday, and its market capitalization topped $2 trillion. The listing transaction was more stable than many observers had anticipated. The stock began trading late Friday morning and was up 15% to 30% from Thursday's pricing for most of the intraday period, with little fluctuation. At the close, the stock price was around $161, up 19%, making the company the sixth-largest company in the US. The final settlement price is yet to be determined. The transaction volume exceeded 500 million shares, with a turnover of about 80 billion US dollars. As Anthropic and OpenAI's large-scale listing plans are gaining momentum, market observers have feared that after a long period of relatively scarce IPOs, the influx of new shares may drag down market performance. However, investors of all kinds, from large institutions to Musk's retail fans, were in high spirits at the close of the day.

“SpaceX not only broke records in terms of the scale of capital raised during its listing, but also left other big companies far behind. When the initial valuation was close to $2 trillion, it was impressive that the market capitalization increased so much in a blink of an eye,” said Dan Coatsworth, head of marketing at AJ Bell.

[Goldman Sachs and Morgan Stanley are each expected to receive approximately $100 million in underwriting fees from the SpaceX IPO]

Comparatively, according to the Wall Street Journal, Goldman Sachs and Morgan Stanley are each expected to receive approximately $100 million in underwriting fees from SpaceX's initial public offering.

[Changxin Technology Group Co., Ltd. IPO review status changed to registration effective]

Comparing news, the official website of the Shanghai Stock Exchange shows that the IPO review status of Changxin Technology Group Co., Ltd. has changed to effective registration.

[Meta: As AI costs soar, the company plans to strengthen control over employee token usage]

According to The Information: Meta Platforms (META.O) in an internal memorandum, the company plans to strengthen control over employee token usage as the cost of artificial intelligence soars. The cost of using artificial intelligence within Meta is expected to reach several billion dollars by 2026.

[MiniMax M3 is officially open source, with native multi-modal support for millions of contexts]

According to the news, MiniMax, a major domestic model manufacturer, officially open-sourced the native multi-modal hybrid expert (MoE) model MiniMax M3 weights on Hugging Face. MiniMax M3 has a total number of 428 billion parameters, a single token activates 23 billion parameters, and natively supports 1 million ultra-long contexts. In order to reduce the cost of deploying video memory, the development team simultaneously released a quantized version of MXFP8 and adapted to mainstream inference frameworks such as SGLang, vLLM, and Transformers. In terms of multi-modal design, MiniMax M3 performs joint text, image, and video training during the pre-training phase to achieve native semantic fusion, rather than multi-modal alignment in the post-training phase. In terms of operating mechanism, the model provides dual inference modes, divided into Thinking (Thinking) mode for complex logic and tool orchestration, and Non-Thinking (non-thinking) mode for low latency conversation and code generation. The underlying kernel that supports millions of ultra-long contexts is MiniMax Sparse Attention (MSA for short), a lightweight attention kernel library that is simultaneously open source.

According to officially released data, MSA uses the packet query attention (GQA) block retrieval mechanism. Compared with the traditional full attention mechanism, the MSA operator optimized for the NVIDIA Blackwell (SM100) architecture can achieve more than 9 times faster pre-filling and 15 times faster decoding, while significantly reducing inference expenses.

Crypto · Marketplace

[Encrypted data provider Blockworks acquires Messari]

Crypto data provider Blockworks announced the acquisition of Messari, according to reports, Blockworks will pay more than $10 million, while Messari will be valued at around $300 million in 2022.

[Galaxy Research: Bitcoin's bottom has yet to be formed, estimated at $4-46,000]

Comparative news, according to the Galaxy Research report, Bitcoin's 4-year cycle model is still in effect, but the fluctuation rate is narrowing with each cycle.

According to the report, the peak-to-bottom declines for the 2013, 2017, and 2021 cycles were 85%, 84%, and 77%, respectively, while the biggest retracement from the October 2025 high to now is only 51%.

Since the top of this round is relatively mild, Galaxy believes that the bottom of this cycle will also be relatively shallow. The benchmark scenario is expected to be in the range of $40,000 to $46,000, possibly before the fourth quarter of 2026.

The report emphasizes that currently, only 8 months have passed since the top, which is far below the 12-13 months required to form the bottom of the historical cycle, and most of the bottom signals of the cycle have yet to appear, so the bottom of this round has not yet been formed.

[F2Pool Lianchuang Wang Chun's associated wallet withdraws 15,740 ETH again]

According to Lookonchain monitoring, on June 12, F2Pool co-created Wang Chun's associated wallet to withdraw 15,740 ETH from Binance again within 2 hours, worth about $26.4 million.

On the 5th and 6th, Wang Chun extracted 9719 and 17,560 ETH respectively.

Macro · Organization

[Iran's Foreign Minister: A memorandum of understanding between Iran and the US may be signed within a few days]

Comparative news. According to Iranian media reports on the 12th, Iranian Foreign Minister Alagzi said that once Iran and the US complete the final stage of negotiations, the memorandum of understanding will be signed and announced immediately. The first phase will be signed electronically remotely, and “this could happen in the next few days.”

[Trump Intends to Build a Super Weekend: Hoping to sign a US-Iran agreement before his 80th birthday]

Comparing the news, according to the Wall Street Journal, Trump has always hoped this weekend would be his political highlight: return to the US for the World Cup on Friday (first time in 32 years); host a UFC boxing match on Sunday on his 80th birthday, the White House will welcome thousands of guests; and fly to the G7 summit in France immediately after the match. However, he suddenly proposed on Thursday that the US and Iran may reach an agreement to end the war this weekend, further pushing market expectations to the peak.

On Friday, Iran's Meher News Agency listed the details of the 14-point Memorandum of Understanding between the US and Iran. The draft revealed by Iran's semi-official media was rejected by Trump in an article published later that day.

Ali Waez, director of the Iran Program at the International Crisis Group, analyzed that Trump's escalating threat, on the one hand, showed a tough stance against Iraq to domestic hardliners, and on the other hand, he actually sought a victorious exit for himself.

Vaez revealed that while Trump is harshly speaking, the Pakistan, Turkey, and Qatar mediation teams have made substantial progress in negotiations with Iran. Meanwhile, Iran's first direct attack on Israel last weekend (the Israeli army had previously attacked Hezbollah in Lebanon) also made the US realize that Israel would be strongly counterattacked by Iran, and the cost of America's commitment to defend Israel increased sharply. Trump wants an end to the war, but what he wants is an aura of victory and a safe exit; it is difficult to have both.

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