☕️ SpaceX's $93.5B IPO funds its spending gap

Hi there, this is your daily ☕️ Finpresso.

In today's newsletter:

📌 SpaceX's $93.5B IPO funds its spending gap

🚀 Bitcoin nears $70K as Trump pushes crypto bill

🇺🇸 US moves to close Nvidia China cloud loophole

🤖 Marvell gives Google $12.2B stake option

📈 SK Hynix jumps 12% on stock buyback

Plus: 🌍 10 macro news, 🏢 10 corporate news, and 📑 6 research & reports.

📊 Before The Bell

• SpaceX poured $18.37 billion into capital projects last quarter against just $7.81 billion in revenue, spending roughly $2.35 for every dollar it earned as it races to build out AI data centers.
• The June IPO's $85.7 billion in net proceeds and a $25 billion bond sale left SpaceX with $93.5 billion in cash, enough to cover about five quarters of spending, since operations funded only 12% of the first-half build-out.
• At a roughly $146 share price, SpaceX is valued near $1.9 trillion, about 60 times annualized quarterly revenue, with $14.1 billion of new cloud contracts and a $100 billion revenue run-rate target testing whether it can self-fund before the cash runs low.

• Bitcoin approached $70,000 after President Trump urged Congress to pass legislation expected to benefit the crypto sector, breaking out of a six-week range that had trapped the token between $62,000 and $66,000.
• The rally was fueled by a US Treasury plan to roughly double its buybacks of 20- and 30-year bonds, which pushed yields lower and, analysts said, made higher-risk assets like Bitcoin more attractive to investors.
• The surge triggered the second-largest short liquidation on record, lifted ether about 19% over seven days to $2,251, and drove trading in BlackRock's iShares Bitcoin Trust to more than 4.5 times its 30-day average.

• Washington has switched from an outright ban to case-by-case export licenses for Nvidia's H200 chips into China, letting small batches arrive but keeping tight conditions on who can buy them.
• The reopening comes as Nvidia's share of China's AI chip market slides toward 8% in 2026 from nearly 40% a year earlier, with Huawei rising above 50%, prompting the company to build zero China compute sales into its roughly $91 billion quarterly guidance.
• Beijing is capping fulfilled orders at about 200,000 H200 chips for training on public data only, while steering roughly $294 billion of planned data-center spending toward local suppliers, meaning at least 80% of core technology comes from Chinese manufacturers.

• Marvell has granted Google the right to buy up to 58.97 million of its shares, a stake worth roughly $12.2 billion if fully exercised, tying Google's ownership to its spending on custom AI chips through fiscal 2033.
• Only about 1.36 million shares are guaranteed, vesting quarterly over the first year; the remaining 57.61 million unlock in 240 slices, each triggered by another $500 million in custom-chip revenue Google generates for Marvell, at an exercise price of $206.58.
• Marvell shares surged 10.94% to $239.62, hitting an intraday high of $245.49 from Tuesday's $216 close, while rival Broadcom, which signed its own Google chip deal in April, fell more than 2% in premarket trading.

• SK Hynix shares jumped more than 12% in Seoul on Thursday after the chipmaker said it would speed up a 40 trillion won ($28.7 billion) program to buy back and cancel its own stock.
• The company also pledged to return more than 50% of the free cash flow it generates between 2025 and 2027 to shareholders, a move Citi analyst Peter Lee said should provide a "meaningful floor" for the share price near-term.
• The buyback follows SK Hynix's plan earlier this month to spend 54 trillion won on new memory chip plants, signaling confidence in AI-driven demand despite current headwinds in the memory market.

🌍 Macro News

• Federal Reserve minutes showed many officials at July's meeting expect they will need to raise interest… LINK
• U.S. government debt has crossed $40 trillion… LINK
• The US Office of the Comptroller of the Currency is rushing to finalize rules by November… LINK
• The US derivatives regulator, the CFTC… LINK
• Standard Chartered and HSBC have completed the first live cross-border payment on Swift's new blockchain-based ledger… LINK
• President Trump said the US will mount what he called the "most crushing economic operation ever… LINK
• The UAE severed all economic ties with Iran after reporting two inbound Iranian ballistic missiles that… LINK
• Oil rose for a fifth consecutive session after President Trump unveiled measures aimed at crippling Iran's… LINK
• Gold jumped 3.6% to $4,487.91 an ounce on Wednesday… LINK
• The US Treasury said it will at least double the size of its government debt buybacks… LINK

🏢 Corporate News

• Amazon plans to expand its Prime Air drone deliveries to nearly 500 U.S. cities and towns… LINK
• Unitree Robotics, the Chinese maker of humanoid and four-legged robots… LINK
• Samsung shares jumped 9.49% on the Seoul exchange after reports it is preparing an investor payout… LINK
• A former Meta safety researcher testified in a landmark California trial that CEO Mark Zuckerberg ran… LINK
• Samsung is raising prices on some of its contract chipmaking by as much as 15% and… LINK
• Ant International has signed six global banks… LINK
• Cantor Fitzgerald will become one of the first firms to give institutional clients large-scale trading access… LINK
• Nebius saw its shares fall 13%… LINK
• Moderna shares nearly doubled in pre-market trading Wednesday after its personalized mRNA cancer vaccine… LINK
• Hong Kong's IPO revival is reaching beyond the "fashionable" tech sector… LINK

📈 Stocks

📑 Research & Reports

• Boston Fed economists argue that tariffs alone cannot explain why US inflation stuck near 3% in… LINK
• Stock ownership in the U.S. jumped from under 30 percent of households in the mid-1980s to… LINK
• Fidelity Digital Assets says AI could sharply boost crypto activity… LINK
• Big Tech is funding its AI build-out with $3.1 trillion in off-balance-sheet commitments… LINK
• U.S. industrial robot installations climbed 11% in 2025 to roughly 38,000 units as companies turned to… LINK
• Fannie Mae sharply raised its mortgage rate outlook… LINK

📅 Market Calendar

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