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SpaceX IPO Is Finally Here
PLUS: AI Agents Can Now Trade on Coinbase
Welcome back to The Warmup.
Happy Friday. SpaceX’s historic IPO is finally here, so the question is simple: are you buying on day one or sitting this one out?
Here’s what we’re watching:
Market Snapshot
SpaceX IPO Is Finally Here
NEAR Resistance Rejection Play
AI Agents Can Now Trade on Coinbase
Market: Crypto is showing resilience. Solana continues to lead higher while stocks drift lower, suggesting risk appetite remains healthy despite macro uncertainty.
SpaceX IPO Is Finally Here
What’s going on:
SpaceX priced its IPO at $135 per share, raising $75B and valuing the company at $1.77T.
That makes it the largest IPO in history.
The business is basically three companies in one:
Launches, which still dominate global space access.
Starlink, the cash machine with $11.4B in revenue and 10M+ subscribers.
And AI, through xAI, which is turning SpaceX into a massive compute landlord.
What it means:
SpaceX did $18.7B in revenue in 2025, but still lost $4.9B because AI spending is eating up profits.
So the story is simple: Starlink is funding the future bets.
Rockets, AI, and potentially the space economy itself.
The crypto angle: SpaceX holds 18,712 BTC, worth just under $1.2B.
And tokenized SPCX shares are launching on Solana the same day the stock trades.
Hyperliquid has already been pricing SPCX around $171, so today’s open will show whether crypto markets got it right.
NEAR Resistance Rejection Play
What’s going on:
NEAR is trading below key resistance at $2.22 after breaking down from a double-top structure.
Price has bounced, but bulls still haven’t reclaimed the neckline.
Key levels we’re watching:
Resistance: $2.22
Support: $1.85–$1.90
Upside target: $2.50 if reclaimed
Downside risk: $1.70–$1.80 if support breaks
Directional Bias: Neutral to bearish
Until NEAR closes above $2.22, this still looks like a resistance retest, not a confirmed reversal.
AI Agents Can Now Trade on Coinbase
What’s going on:
Coinbase launched Coinbase for Agents, a tool that lets AI agents trade, manage portfolios, and pay for services inside user-set limits.
You can give an agent rules like max trade size, spending caps, and portfolio targets.
From there, it can pull market data, place limit orders, DCA, rebalance, or park idle cash.
The important part: Payments run through x402, Coinbase’s machine-to-machine payment protocol.
It settles in USDC, runs gasless on Base, and lets agents pay for tools or data without a human clicking every time.
What it means:
Crypto is becoming the payment layer for AI agents.
In just one week, Coinbase, Mastercard, and MetaMask all shipped agent payment tools, and all of them use crypto rails in some way.
For Coinbase, the play is clear: Push more activity to Base, make USDC the default money for machines, and collect tolls as the agentic economy grows.
 | MORPHO: |
 | HYPE: |
 | BOTANIX: |
Which wins the AI agent money layer? |
Crypto feels dead because all the attention is going elsewhere.
SpaceX, AI, and other hot trades are pulling capital away from digital assets, but the builders haven't stopped building. Institutions are still investing billions into blockchain infrastructure, onchain finance, and tokenization.
The market may be ignoring crypto today, but some of the biggest opportunities emerge when prices are weak, sentiment is negative, and adoption keeps growing underneath the surface.
Sometimes the best signal isn't what everyone is buying. It's what nobody is paying attention to.
— 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.