Morning Minute: SpaceX Files for IPO, Shares Surprising BTC Portfolio

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 are slightly red on the day, following a NVDA beat; BTC at $77.1k
• HYPE leads all tokens up 15% on the day to $57.40, caught $25M in ETF inflows
• SpaceX discloses $1.45B in BTC holdings in IPO filing, purchased for $661M
• NVDA beats earnings but Walmart issues negative outlook this morning
• Vitalik outlined Ethereum’s privacy roadmap, while Bankless founder sells all his ETH

🟠 SpaceX Files Its S-1, Discloses $1.45B in Bitcoin

SpaceX officially filed its S-1 with the SEC on Wednesday, confirming plans for what could become the largest IPO in history.

The filing reveals the company is targeting a $1.75 trillion valuation with an $80 billion raise, dwarfing Saudi Aramco’s previous record of $29.4 billion. Their roadshow starts June 4, with the Nasdaq listing coming June 12 under ticker SPCX.

The filing also disclosed that SpaceX holds 18,712 BTC with a fair value of $1.45 billion. Notably, they bought the Bitcoin for $661M, so they’re up more than 100% on the holdings.

As for the business itself, Musk clearly has lofty goals with his effort to combine launch systems, satellite internet, social media, and artificial intelligence under one company. SpaceX generated $18.5 billion in revenue in 2025. Starlink accounts for roughly 45% of that and is growing faster than the launch business. But now we know that Anthropic is under contract to pay them $1.25B PER MONTH for compute through 2029. So expect that revenue to go up.

And maybe those Bitcoin holdings as well…

💰 Nvidia Posts Its Biggest Quarter Ever

Nvidia delivered another blowout quarter Wednesday, validating the AI infrastructure thesis that has driven the sector all year.

The numbers:

• Revenue: $81.62B—beat the $79B consensus; +85% year-over-year
• EPS: $0.96 adjusted—beat estimates of $0.93
• Q2 guidance: ~$91B—well above the $87B Wall Street expected
• Buyback: $80B authorized—one of the largest in corporate history
• Dividend: sharply raised up to $0.25 per share
• China: excluded from Q2 Data Center guidance due to export restrictions

The beat lifted the entire AI compute ecosystem immediately. Keel Infrastructure +9%, IREN +8%, Hive Digital +9% all jumped. IREN separately announced a 5GW strategic AI infrastructure partnership with Nvidia alongside the earnings—shares jumped 21% on that alone.

As for the broader market impact, unfortunately Walmart issued ugly guidance this morning and stock futures are now red alongside crypto majors. One hurdle cleared with Nividia, but many more remain in the path.

📈 Hyperliquid Decouples From Crypto Majors

Hyperliquid’s HYPE token hit $57.40 on Wednesday, up over 100% year-to-date while Bitcoin is down 12% over the same period.

The decoupling is the most striking performance in crypto this year. And notably, It isn’t a meme or a narrative trade. It’s a fundamentals trade. Hyperliquid has generated $255 million in revenue year-to-date, more than the next two protocols combined, with 97% of that revenue accruing directly to HYPE holders through automated open-market buybacks. The platform now captures 43% of all onchain fees, approximately $11 million weekly, with an annualized revenue run rate approaching $850 million.

The HIP-3 release has been a key driver of growth. Before HIP-3, Hyperliquid traded crypto perpetuals only. HIP-3 opened crude oil, gold, silver, and other commodity perpetuals, all settled onchain, all trading 24/7, all generating fees that flow into HYPE buybacks. Then they started adding stock indices. Then individual stocks. When the Iran conflict sent oil toward $120/barrel, traders needed a venue for around-the-clock commodity exposure. Hyperliquid was ready. Then Pre-IPO contracts followed: OpenAI, Anthropic, Stripe, and now SpaceX SPCX, which went live on Hyperliquid’s Trade.xyz platform on May 17 at a $1.78 trillion implied valuation, days before the official S-1 dropped.

Bitwise CIO Matt Hougan put it simply: “Hyperliquid is not a crypto app. It’s a super app. It’s not targeting the $3 trillion crypto economy. It’s targeting the $600 trillion global asset market.”

And it seems like more and more folks are taking notice…

♦ Vitalik Just Outlined Ethereum’s Privacy Roadmap

Vitalik Buterin outlined three near-term Ethereum upgrades aimed at making privacy a native feature of the network rather than relying on third-party tools. The post came in response to an X user asking why ETH is still trading around $2,000 despite a long list of bullish developments.

The three specific initiatives are Account Abstraction combined with FOCIL, Keyed Nonces (EIP-8250), and Kohaku. Most of these changes are scheduled for the Hegotá hard fork, planned for the second half of 2026.

• Account abstraction and FOCIL are designed to make private transactions harder to censor by changing how accounts work and how validators must include transactions in blocks.
• Keyed nonces and new access-layer tools, such as the Kohaku privacy toolkit, aim to prevent onchain transaction linking and hide users’ wallet queries from centralized node providers.

The privacy push also directly overlaps with Ethereum’s quantum resistance work—account abstraction is central to both, meaning Hegotá could address two of the biggest long-term risks to ETH in a single upgrade window. The Ethereum Foundation meanwhile faces a wave of high-profile departures amid an internal transition tied to a new organizational mandate. So while the roadmap is public and clear, the execution environment is more turbulent than it looks from the outside.

🌎 Macro Crypto and Markets

• Crypto majors are red while HYPE steals the spotlight; BTC -0.3% at $77.1k; ETH -1% at $2,113; SOL +1% at $86; HYPE +15% at $57.30
• ZEC (+13%), LIT (+13%), MNT (+8%) and WLD (+7%) led top movers
• Oil -1% at $100; Gold +0.4% at $4,517
• Stock futures are red with the Nasdaq down 0.6% after positive NVDA earnings but bad news out of Walmart
• Fairshake went 6-0 in Tuesday’s primaries across Kentucky, Alabama, and Georgia, and the PAC’s highest-profile win was ousting Iran war critic Rep. Thomas Massie in Kentucky; Fairshake has $193M in its 2026 war chest
• Trump signed an executive order Tuesday directing the Fed and federal financial regulators to review rules restricting crypto and fintech firms from accessing US payment rails and Fed master accounts
• Tether bought out SoftBank’s full stake in Twenty One Capital Wednesday, taking uncontested majority control of the NYSE-listed Bitcoin treasury company; XXI holds 43,514 BTC (~$3.4B); Tether is simultaneously pursuing a three-way merger of XXI with Strike and Elektron Energy to create the most vertically integrated public Bitcoin company in existence

Corporate Treasuries & ETFs

Meme Coin Tracker

• Meme leaders were mostly flat; DOGE +1%, SHIB +1%, PEPE +1%, PENGU +4%, TRUMP even, BONK +1%, SPX +1%, FARTCOIN +2%
• Virl (+70%), Either (+20%) and Goblin (+30%) led notable movers on Solana
• Base movers included Gitbank (+60x), openhuman (+150%), Nook (+60%) and AVNT (+20%)

📈 Myriad Market of the Day

💰 Token, Airdrop & Protocol Tracker

🚚 What is happening in NFTs?

• NFT leaders were mixed; Punks even at 34 ETH, BAYC -2% at 9.79 ETH, Pudgy even at 4.89 ETH; Hypurr’s +14% at 340 HYPE
• DropDedGorgez (+17%) and Invisible Friends (+17%) led notable movers