SpaceX Lists on Nasdaq with $750B IPO and 18,712 BTC Holdings; MSTR CEO Clarifies BTC Sale

BBX message: Yesterday, SpaceX's IPO embedded Bitcoin for the first time into the balance sheet of a $1.75 trillion company, in the form of 18,712 BTC holdings. The CNBC clarification from Strategy's CEO provided the most direct managerial explanation for the capital strategy logic behind Bitcoin-listed companies: selling is not a retreat, but a process validation. Key Points: — SpaceX (NASDAQ: SPCX): $135/share, $75 billion raised (largest IPO in history), $1.75 trillion valuation, debuted today on Nasdaq; 18,712 BTC ($1.187 billion, per S-1 filing, average price $35,320); Starlink revenue of $11.4 billion (EBITDA margin 63%, 10.3 million users); xAI loss of $6.36 billion; MSCI inclusion on June 13, 4% float, 85% Musk voting power, rejected for rapid S&P 500 inclusion. — Strategy (NASDAQ: MSTR): CEO Phong Le clarified on CNBC that the sale of 32 BTC was for “market adaptation + process testing,” not a strategic shift; BTC price at $63,485, holdings at 843,706 BTC; average cost basis of $75,699, currently deeply unrealized. Source: bbx.com