Dear Friend,

SpaceX is doing something no mega-IPO has ever done.

30% of shares reserved for retail investors. Through Robinhood. Fidelity. Schwab.

Sounds generous, right?

It's not.

At $1.75 trillion, you're buying the most expensive IPO in history — at 266 times earnings — on Day 1.

The institutions who got in at $800 billion need someone to sell to. That someone is you.

But there's another way.

One small company in Musk's supply chain is still trading at a fraction of its value. It builds the power infrastructure Colossus can't run without.

You don't need an IPO allocation. You need this ticker.

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“The Buck Stops Here,”
Kelly Maguire
Behind the Markets

BREAKING NEWS

📈 It’s Official. One Of The Biggest IPOs In History Is Coming.

Sam Altman did not wait for a reporter to break the news. OpenAI quietly filed the paperwork for its IPO and then posted about it on X before anyone else could. Their reasoning was refreshingly honest: "We expect it to leak so we're just announcing it."

To understand how big this is, consider that OpenAI now has more than 900 million weekly users across its products. ChatGPT remains the fastest-growing consumer application ever built. The company is generating roughly $25 billion in annualized revenue while spending enormous sums to expand its AI infrastructure. Investors will get a much clearer picture of the business once OpenAI releases its IPO paperwork.

Here is what we know so far:

• OpenAI filed what is called a confidential S-1 with the SEC. An S-1 is the official document a company submits before going public. It’s the first step in a process that could still take months or even years to complete.

• OpenAI said directly that it has not decided on timing yet and may stay private for a while longer because some of what it wants to do is easier without public shareholders watching every move. That is the most honest thing any pre-IPO company has ever said out loud.

• OpenAI was last valued at $300 billion by private investors. The big question now is what the public market will think it's worth. When the IPO arrives, that valuation will become the most watched number on Wall Street.

The Munch Take: Everybody is focused on SpaceX this week but pretty soon, that will shift to OpenAI. They built the most talked-about technology in a generation and they’re now taking the first steps toward letting regular people own a piece of it. The honest part of their announcement is what stands out most. They basically said we filed the paperwork, we know someone will leak it, and we have no idea when we are actually going public. That level of transparency from a company worth $300 billion is almost refreshing. The IPO may not have a date, but the countdown has officially started.

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THE MARKET WATCH

🪙 The Founder Of The World's Biggest Crypto Exchange Has A Message For You. Don't Panic.

$BTC Bitcoin has been having a rough few weeks. Down over 50% from its all-time high. Below $60,000 at points. Military strikes in the Middle East spooking markets. Liquidations piling up. The headlines have been brutal.

Through all of that walked Changpeng Zhao, better known as CZ, the founder of Binance, the largest crypto exchange in the world. His message was seven words long. "Bitcoin won't be dead for too long." Then he added: "Don't panic, in large friendly letters."

That’s it. No chart. No price target. No detailed analysis. Just a man who has seen every crypto crash since 2013 telling everyone to calm down.

Here is why people listen when CZ speaks:

• CZ built Binance from nothing into the biggest crypto exchange on earth. He has watched Bitcoin get declared dead hundreds of times since 2010. It keeps surviving and so does he.

• CZ went to federal prison in 2024 for four months after pleading guilty to money laundering violations at Binance. He walked out, got straight back to work, and is still one of the most trusted voices in crypto. Not many people pull that off.

• Bitcoin has recovered from every single crash in its history. The 2018 drop from $20,000 to $3,000. The 2022 drop from $69,000 to $16,000. Both times it came back. That is the entire argument CZ is making in seven words.

The Munch Take: The founder of the world's biggest crypto exchange went on Twitter during one of Bitcoin's worst stretches in recent years and told everyone not to panic. He didn’t explain why. He didn’t share a chart. He just said it plainly and let the words do the work. Sometimes that is the most powerful thing you can say. My wife uses the same strategy whenever I start stressing about the portfolio. She just looks at me and says "it will be fine." No data. No analysis. Just calm. She is usually right and so, historically, has been Bitcoin.

🍪 Munchy Memes

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