# Сопутствующие статьи по теме IPO

Новостной центр HTX предлагает последние статьи и углубленный анализ по "IPO", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

Morningstar Valuates SpaceX at Only $780B, Less Than Half of IPO Target, 'Largest IPO Ever' Overpriced?

Morningstar values SpaceX at $780 billion ahead of its IPO, far below the company's $1.75 trillion target. The research firm's DCF model values the core launch and Starlink businesses at $611 billion and assigns only a $170 billion probability-weighted valuation to the AI segment (including xAI). Analyst Nicolas Owens calls the company "severely overvalued," citing a near-100x price-to-sales ratio based on 2025 revenue. Despite the bearish long-term view, Morningstar acknowledges short-term price support from low float and potential rapid inclusion in the Nasdaq 100. The IPO is set for June 12, featuring an unusual tiered lock-up expiration that could create selling pressure over time.

marsbit06/03 05:01

Morningstar Valuates SpaceX at Only $780B, Less Than Half of IPO Target, 'Largest IPO Ever' Overpriced?

marsbit06/03 05:01

BitMart Research Institute Weekly Highlights: ETF Continued Outflows + AI Drain, Crypto Market Seeks Bottom Amid Volatility

**BitMart Research Weekly Highlights: ETF Outflows and AI Demand Weigh on Crypto Market** The crypto market saw a correction this past week, diverging from the all-time highs in U.S. equity markets. Bitcoin (BTC) fell roughly 6%, while Ethereum (ETH) declined about 4.5%. The primary pressure point was significant and sustained outflows from U.S. spot Bitcoin ETFs, which experienced a record nine consecutive days of net redemptions totaling approximately $2.8 billion. Spot Ethereum ETFs also faced continuous outflows. This weakness in digital assets contrasted with the continued surge in traditional markets, particularly AI-related stocks. The news of Anthropic's secret IPO filing, targeting a potential $750B IPO, and Alphabet's major new AI infrastructure funding further fueled the tech rally. The analysis suggests a potential "liquidity siphon" effect, where capital is being diverted from crypto into the dominant AI investment narrative. Other notable developments include DTCC's DTC announcing plans to integrate Stellar for tokenized asset services, signaling a major step for tokenized equities. Meanwhile, MicroStrategy paused its primary mechanism for funding Bitcoin purchases to focus on debt management, removing a key institutional buyer from the market. The report concludes that the crypto market remains under pressure from the competing AI narrative and major upcoming IPOs, with a potential for a broader market bottom if an AI-driven correction occurs later this cycle.

marsbit06/02 08:52

BitMart Research Institute Weekly Highlights: ETF Continued Outflows + AI Drain, Crypto Market Seeks Bottom Amid Volatility

marsbit06/02 08:52

Issued Two Work Badges to Unitree

At the keynote of his speech at the Taipei Music Center, Jensen Huang introduced a humanoid robot named Isaac GR00T. This robot, described as a 'reference design,' is a collaboration: its body comes from Unitree Robotics' H2 Plus, its hands from Singapore's Sharpa, and its 'brain'—the chip and full software stack—is from Nvidia, powered by the Jetson Thor. Huang positioned it as a turnkey solution for universities and researchers, aimed at drastically reducing setup time for experiments. On the same day as this reveal, Unitree Robotics passed its IPO review in Shanghai, seeking to raise 4.2 billion yuan, with a significant portion earmarked for developing its own embodied AI model—its own 'brain.' The article draws a parallel to the smartphone industry, where Qualcomm's 'reference design' led to homogenized hardware and concentrated profits in chips and software. It suggests Nvidia's GR00T initiative follows a similar playbook: by open-sourcing the model and framework, it aims to establish the industry standard, potentially relegating hardware makers to low-margin roles. While currently a body supplier for Nvidia's project, Unitree is actively pursuing its own AI brain, having open-sourced initial models and tested a more advanced one. The company faces a critical window to develop a competitive proprietary system before GR00T becomes the default. The article contrasts this with Tesla's vertically integrated approach for its Optimus robot, which uses in-house chips and benefits from its automotive data and manufacturing scale. It concludes that while the robot body still holds technical value and differentiation, the race for the 'brain' will ultimately define the industry's profit centers and power dynamics.

marsbit06/02 06:03

marsbit06/02 06:03

How Far Is a16z from Going Public? $60 Billion, 7 Funds, Building Its Own Media Empire — Silicon Valley VC Is Becoming the Next Blackstone

Title: How Far Is a16z from an IPO? $60 Billion AUM, 7 Funds, Owned Media – Silicon Valley VC Is Becoming the Next Blackstone Summary: Venture capital firm Andreessen Horowitz (a16z) is positioning itself for a public listing, following the path of asset managers like Blackstone. Managing roughly $600 billion and recently raising $15 billion across seven specialized funds, a16z has built a multi-strategy platform beyond traditional VC. Key preparatory moves include obtaining Registered Investment Advisor (RIA) status in 2019, which allows holding public securities, and constructing its own media infrastructure (Future, a16z.news, Turpentine network) to control its public narrative—a crucial need for a publicly traded entity. The firm has signaled its ambition to become a "lasting company" beyond a partnership structure. Analysts suggest a potential IPO timeline of 2028-2030, after the current AI investment cycle matures. If a16z goes public, it could force a structural shift across the VC industry, pushing other major firms to follow suit and build similar permanent capital and media capabilities.

marsbit06/02 04:38

How Far Is a16z from Going Public? $60 Billion, 7 Funds, Building Its Own Media Empire — Silicon Valley VC Is Becoming the Next Blackstone

marsbit06/02 04:38

Zhou Hang: How Much is SpaceX Really Worth?

Summary: Author Zhou Hang argues that while SpaceX is arguably one of the greatest industrial companies of the past 50 years, its anticipated IPO valuation of approximately $1.75 trillion is likely overvalued by about $1.25 trillion. The analysis acknowledges SpaceX's monumental success in slashing launch costs, achieving near-monopoly in commercial launches, and building the Starlink satellite internet constellation. However, using a projected 2030 revenue of $50-80 billion and applying a generous tech company valuation multiple yields a "reasonable" valuation range of only $500 billion to $1.2 trillion. The $1.25 trillion gap stems from premiums for its long-term vision (e.g., Starship, space-based computing), its status as a U.S. strategic national asset, and retail investor enthusiasm driven by the Elon Musk narrative. The article outlines three post-IPO scenarios: valuation solidification (25% probability), sideways consolidation (50%), or a correction to fundamental value (25%). The probability-weighted expected valuation is $1.3-1.5 trillion, suggesting negative expected returns for buyers at the IPO price. The conclusion cautions investors to separate the company's undeniable greatness from the stock's price, advising against chasing the IPO and to wait for key milestones or a lower entry point.

marsbit06/02 02:20

Zhou Hang: How Much Is SpaceX Really Worth?

**Zhou Hang: How Much is SpaceX Really Worth?** SpaceX, arguably one of the greatest industrial companies of the past 50 years, is reportedly targeting a staggering $1.75 trillion valuation in its potential IPO. However, the author argues this figure is inflated by approximately $1.25 trillion when assessed through standard financial metrics. The analysis begins by acknowledging SpaceX's undeniable success: drastically reducing launch costs, achieving near-monopoly in commercial launches, and building the strategic Starlink network. Its achievement surpasses even Tesla's, given it disrupted a state-monopolized industry. Despite this greatness, a $1.75 trillion valuation places SpaceX above the combined market cap of Boeing, Lockheed Martin, Northrop Grumman, RTX, and General Dynamics. Projecting optimistic 2030 revenues of $50-80 billion and applying generous tech-sector multiples yields a "reasonable" valuation range of $500 billion to $1.2 trillion. The $1.25 trillion gap is attributed to three non-financial premiums: 1. **Long-term vision premium** for future Starship-enabled markets (e.g., space-based computing). 2. **Sovereign asset/strategic premium**, as SpaceX is deeply integrated into U.S. national security. 3. **Retail narrative/Musk cult premium**, driven by a heroic story and personal following. Post-IPO, three scenarios are outlined: valuation solidifying (25% probability), sideways volatility as narrative outpaces reality (50%), or a re-rating down to $800B-$1.2T if execution falters or Musk-related risks emerge (25%). The probability-weighted expected value is $1.3-1.5 trillion, suggesting negative expected returns for those buying at the IPO price. The conclusion advises investors to separate the company's excellence from its stock price. Buying at the IPO likely prices in excessive optimism. A more prudent strategy would be to wait for key milestones (e.g., Starship V3 stability) or a significant price correction before investing, or to treat an early purchase as a long-term, high-conviction hold with limited position size, not a short-term bet.

链捕手06/02 02:12

OpenAI Restarts Robotics Business After Six Years, Short-term Bets on Assistive Robots

On June 1st, OpenAI CEO Sam Altman announced the company's entry into the physical robotics arena, launching a new "OpenAI Robotics" team. The strategy has short and long-term goals: developing robots to assist technical workers with infrastructure in the near term, and envisioning personal robots for everyone eventually. This marks a return to robotics for OpenAI, which had a team from 2016-2019 before disbanding it to focus on large language models like GPT, leading to ChatGPT. The revival stems from the rapid progress of an internal "Worldsim" research project, now led by Sora co-creator Aditya Ramesh, and a shift in strategy following the end of a partnership with humanoid robotics firm Figure AI in early 2025 due to technical disagreements. OpenAI's approach leverages its leading AI models and "world model" capabilities, aiming to build the "brain" first before the physical body. The move also serves to present a new growth narrative—embodied AI and expansion into the physical world—ahead of its planned 2026 IPO, potentially helping to address investor concerns over its significant ongoing losses.

marsbit06/02 00:32

OpenAI Restarts Robotics Business After Six Years, Short-term Bets on Assistive Robots

marsbit06/02 00:32

Unitree Passes the Hearing, Hangzhou Reaps the Rewards

Unitree Technology, a leading company in Hangzhou's tech scene known as one of the "Hangzhou Six Dragons," has officially passed the review for listing on the Shanghai Stock Exchange's STAR Market (科创板). It plans to raise 4.202 billion yuan for the research and development of intelligent robot models and robot hardware. This milestone will make Unitree the "first humanoid robotics stock." Founded in 2016 by Wang Xingxing, the company started humbly in a small office in Hangzhou's Binjiang district. Initially, the robotics sector was not viewed favorably by the market, with Unitree's products often labeled as "toys" and struggling to secure funding. At its most critical point, with only around 100,000 yuan left, Wang stopped his own salary to keep the company afloat. A crucial turning point came in 2018 when Hangzhou's state-owned capital system provided timely support. A financial platform under the city's state-owned assets completed due diligence in three days and granted a 20-million-yuan loan within a week. This "patient capital" infusion stabilized Unitree, enabling its transition from prototype development to mass production and commercial viability. Subsequently, Hangzhou Capital, through its two major 100-billion-yuan mother funds—the Hangzhou Science and Technology Innovation Fund and the Hangzhou Innovation Fund—participated in four of Unitree's financing rounds (B2, B3, C, and C+). This continuous backing helped the company grow, attract top-tier industrial investors like China Mobile, Tencent, Alibaba, and Geely, and solidify its position as a global leader in legged robotics. By 2025, Unitree achieved significant scale, with revenue reaching 16.99 billion yuan, net profit of 5.91 billion yuan, global leadership in humanoid robot shipments, and over 33,000 quadruped robots sold worldwide. Unitree's journey exemplifies Hangzhou's strategy of nurturing hard-tech startups from "seedlings" to industry leaders. Beyond Unitree, Hangzhou's capital ecosystem has supported other "Six Dragons" like Cloudwalk, BrainCo, and DeepSeek. The city has established a 500-billion-yuan "3+N" industrial fund cluster and specialized early-stage funds like the "Runmiao Fund" with a 20-year term to fill funding gaps for very early-stage projects. This robust "capital + talent" model, coupled with an influx of over 430,000 young professionals in 2025 alone, has fostered a vibrant innovation ecosystem. Hangzhou is now home to 48 unicorns and 413 potential unicorns, building comprehensive industrial chains in AI, robotics, brain-computer interfaces, and more. As Hangzhou experiences a wave of IPOs, it is solidifying its reputation as an ideal city for entrepreneurs.

marsbit06/01 10:11

Unitree Passes the Hearing, Hangzhou Reaps the Rewards

marsbit06/01 10:11

A Detailed Look at Cathie Wood's Masterful Moves on Circle

Title: A Detailed Look at Cathie Wood's Masterful Moves on Circle ARK Invest's Cathie Wood executed a textbook investment strategy on Circle (CRCL), showcasing how a long-term investor can capitalize on short-term volatility. Key to her success was securing 4.49 million shares at the $31 IPO price before the public offering, leveraging pre-IPO access unavailable to most investors. The stock debuted at $69, fueled by extreme demand against a limited float of only 15% of total shares. Wood then began systematically selling as the price soared, driven by policy optimism like the GENIUS Act, which pushed shares to nearly $299. She sold approximately 1.7 million shares across four transactions at an average price around $210, partly triggered by ARK's internal rule to rebalance when a single stock's weight exceeds 10%. Following a steep decline due to lock-up expirations, increased supply, and interest rate concerns, Circle fell over 80% from its peak. Wood started buying back shares around $82-$86 after a strong Q3 earnings report ironically caused a price drop in November 2025. She continued buying on the way down, eventually rebuilding her position to roughly 4.5 million shares by Q1 2026. The core lessons from Wood's play are: 1) A firm, independent conviction in Circle's long-term narrative as a digital dollar infrastructure player. 2) Executing in phases—selling into strength and buying into weakness—without attempting to time exact tops or bottoms. 3) Strict adherence to position-sizing and rebalancing rules, which forced profit-taking at highs and created capacity to buy at lows. For most investors, chasing the volatile post-IPO "pop" is risky; Wood's success was built on pre-IPO access, deep research, and disciplined execution.

marsbit06/01 02:12

AI Bubble Warning: AI Investments Are Negative Returns for Most Tech Giants

The article issues a stark warning about a potential AI investment bubble. It notes that while the AI boom shares similarities with the TMT bubble of the late 1990s, its scale is vastly larger, currently driving 93% of U.S. GDP growth. Major hyperscale cloud providers like Microsoft, Alphabet, Amazon, Meta, and Oracle are planning to invest trillions in AI data centers over the coming years. However, calculations based on analyst projections for 2025-2030 reveal a concerning math problem: expected capital expenditure growth far outpaces projected revenue growth. Even under an extremely optimistic scenario of zero costs, the implied return on investment for most of these tech giants (except Amazon) is deeply negative. This suggests that the current trajectory could lead to one of history's largest shareholder value destruction events. The piece outlines two potential escapes: AI generating vastly more revenue than currently anticipated—a near-impossible task—or a significant cutback in the planned investment splurge. The latter scenario could trigger a domino effect, severely impacting the entire tech supply chain (from Nvidia to TSMC), potentially pushing the U.S. economy into recession, and causing a major stock market downturn. The author suggests upcoming high-profile IPOs by companies like OpenAI and Anthropic might represent a transfer of risk from early investors to public market participants. While the peak of the hype cycle might sustain investment through 2026, the fundamental financial dilemma remains unresolved, setting the stage for a potential market correction in 2027 or 2028, similar to the years following Alan Greenspan's "irrational exuberance" warning.

marsbit05/31 12:43

AI Bubble Warning: AI Investments Are Negative Returns for Most Tech Giants