SpaceX went public Friday in the largest IPO ever and closed up 19%. The Knicks won their first championship since 1973. And Michael Saylor bought 1,550 bitcoin below his own cost basis after a week of weakness.
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Big week. SpaceX went public Friday in the largest IPO in history and closed up 19%. The Knicks won their first championship since 1973. And Michael Saylor stepped in to buy the dip, picking up 1,550 bitcoin below his own average cost.
The Week in Plain English
The May jobs report came in at 172,000, more than double the 85,000 consensus. BofA flagged that a chunk was World Cup hiring — the tournament started June 11. Markets briefly priced in rate-hike risk.
Inflation hit 4.2% year over year for May, the highest since 2023, driven by energy as the Iran conflict drags on. Gasoline is up 40% from a year ago.
The 10-year Treasury yield jumped past 4.5%, its highest in over a year.
The Fed meets Tuesday and Wednesday. Warsh’s first meeting as chair. Markets are pricing in a 98% chance of no move.
3 Things Worth Your Time
SpaceX went public at $2.1 trillion
SpaceX priced its IPO at $135 per share Friday morning, opened at $150, and closed at $160.95, up 19%. It was the largest IPO in history, raising $75 billion — more than three times Alibaba’s 2014 record.
At the close, SpaceX was the sixth-largest US company by market value, bigger than Tesla. On paper, Elon Musk became the world’s first trillionaire.
SpaceX still holds 18,712 bitcoin from a 2021 buy, about $1.2 billion at current prices. The company hasn’t touched the position in years.
A fun footnote: Ontario Teachers’ Pension Plan put $300 million into SpaceX back in 2019. That position is now worth around $11.6 billion in paper gains — roughly $33,000 per pension member.
The Knicks won their first championship in 50+ years
New York beat the San Antonio Spurs 94–90 in Game 5 Saturday night to take the series 4–1. Jalen Brunson dropped 45 points in the close-out game, a Knicks franchise record for Finals scoring, and won Finals MVP. It is the first Knicks title since 1973.
The markets angle: Madison Square Garden Sports, the publicly traded company that owns the Knicks, was already up 86% over the past year and hitting all-time highs through the playoff run. Analysts project an additional $140 million in revenue from the championship.
A rare cross-section of cultural moment and market moment.
Saylor bought 1,550 bitcoin below his own cost basis
After a soft stretch for crypto, Strategy (MSTR) bought 1,550 bitcoin for $101 million at an average of $65,332. It is notable for two reasons.
One, the buy came just days after their first disclosed bitcoin sale since 2022. Two, it is the first time Strategy has bought below their own average cost basis of $75,680 per bitcoin.
Bitcoin climbed 3.5% on the news.
Bernstein, a major Wall Street research firm, reiterated their $150,000 year-end bitcoin price target this week, framing the quiet 2026 as institutional maturity rather than a broken cycle. They pointed to 61% of bitcoin’s supply sitting unmoved for over a year. Long-term holders aren’t selling.
What We’re Watching Outside Crypto
AI money is reshaping global market leadership, not just US tech.
Two stories from this week.
First, Mistral, the French AI lab, is in talks to raise €3 billion at a €20 billion valuation, roughly double their September round. ASML is already their biggest investor.
Second, Kioxia, the Japanese memory chip maker, became Japan’s most valuable listed company Friday at about $274 billion. It passed Toyota. Kioxia is up 670% year to date on AI memory demand.
AI capital isn’t just lifting Nvidia and the Magnificent Seven anymore. It is redrawing the leaderboard of major companies worldwide.
From Us
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Not financial advice. Aggregated community trends and commentary.