SpaceX IPO Hype Is Going Parabolic

Welcome back to The Warmup.

Me this weekend at the dinner table waiting to switch the conversation to trading SpaceX on Hyperliquid.

Here’s what we’re watching:

• Market Snapshot

• SpaceX IPO Hype Is Going Parabolic

• SOL Trendline Bounce Play

• Mark Cuban’s Bitcoin Thesis Just Broke

Market: Stocks continue pushing higher while crypto stays mixed, with SOL showing relative strength. Risk appetite remains healthy as the VIX keeps falling.

SpaceX IPO Hype Is Going Parabolic

What’s going on:

SpaceX reportedly filed its S-1 this week and is rumored to begin trading on June 12 under $SPCX.

At a target valuation of $1.75 trillion and a raise of up to $75 billion, this could become the largest IPO in history.

The biggest twist: retail may get 30% of shares, available through Schwab, Fidelity, Robinhood, SoFi, and ETRADE at the same price as institutions.

And business is booming.

SpaceX reportedly did $18.7 billion in 2025 revenue, with Starlink making up $11.4 billion and growing nearly 50% year over year.

What it means:

For the first time, regular investors could own SpaceX directly.

The hype will be massive.

But at a $1.75 trillion valuation, the big question is:

Is this a generational opportunity, or is the rocket already priced for Mars?

SOL Trendline Bounce Play

What’s going on:

SOL is testing a trendline support that’s held since late February, while MACD momentum may be starting to shift bullish.

Price is also sitting right below the EMA 50, making this a key decision zone.

Key levels we’re watching:

• Support: $84–85 → trendline support

• Resistance: $87–88 → EMA 50

• Breakout target: $90–95

• Breakdown risk: Lose trendline support and downside opens up

Directional Bias: Cautiously bullish

SOL is holding structure, but bulls still need to reclaim the EMA 50 for confirmation.

What we’re waiting for:

• Bounce confirmation from support

• EMA 50 reclaim

• Stronger breakout volume

• Tight risk management below trendline support

Mark Cuban’s Bitcoin Thesis Just Broke

What’s going on:

Mark Cuban reportedly sold most of his Bitcoin after deciding it failed as a hedge against a weaker dollar and geopolitical chaos.

The breaking point was the recent Iran conflict.

Gold surged, Bitcoin struggled, and Cuban said that was the exact moment Bitcoin was supposed to prove the “digital gold” thesis.

Instead, it didn’t.

He said he once saw Bitcoin as a better version of gold, but gold ripped while BTC dropped.

What it means:

Cuban’s move shows a bigger shift happening in crypto.

Some long-term holders are starting to lose patience with Bitcoin’s hedge narrative and crypto’s lack of simple mainstream apps.

Seems like another capitulation moment.

• Binance disputes latest WSJ report on alleged Iran-linked transactions

• House Oversight chair launches probe into insider trading on Kalshi and Polymarket

• Verus bridge exploiter returns 4,052 ETH, retains $2.8M bounty

Crypto is starting to split into two very different worlds. One side is still driven by narratives and capital rotation, while the other is slowly building products that could actually attract institutions and mainstream users.

That’s why projects like Hyperliquid and Venice are so interesting right now. The real question is no longer “Can crypto build cool products?” but “Can crypto build products people outside of crypto actually want to use?”

Because in the end, sustainable winners probably won’t be the loudest communities or the fastest pumps. They’ll be the platforms that successfully cross the chasm from crypto-native speculation into real-world adoption.

And if that shift really happens, the next leaders in crypto may look less like meme ecosystems… and more like the financial rails, privacy layers, and infrastructure powering the next version of the internet.

— The Warmup Team

Always do your own research. This newsletter is supplemental material to help educate readers as they make their own decisions. Projects mentioned here are provided to give a potential early-mover advantage.