The SpaceX contract on Binance momentarily surged above $183, implying a valuation of $2.39 trillion.

June 12 — Even though Elon Musk sold part of his SpaceX stake through the company’s initial public offering (IPO), he hasn’t given up control of the space firm. Per SpaceX’s prospectus, post-IPO, Musk will hold 82.4% of total voting power, retaining absolute authority over the company’s major decisions. SpaceX uses a dual-class stock structure: Class B shares come with 10 votes each, while Class A shares only have one vote apiece. Musk will keep the vast majority of these super-voting Class B shares after going public, letting him hold overwhelming control over board elections, mergers and acquisitions (M&A), and other key corporate calls. Unlike many tech companies where control usually becomes more dispersed after an IPO, SpaceX will stay a public entity firmly controlled by Musk.

June 12, via Fortune: SpaceX is on track to close the largest IPO in history, a milestone poised to generate an unprecedented wealth effect—benefiting not only its billionaire founder but also thousands of employees and investors. The biggest gains will flow to top executives and early insiders. SpaceX COO Gwynne Shotwell and CFO Bret Johnsen each hold stakes expected to be worth more than $1 billion. For Antonio Gracias, a SpaceX director and founder of Valor Equity Partners, his shares could eventually be valued at around $65 billion. Another director, Luke Nosek, stands to hold roughly $5 billion in SpaceX stock. Wealth creation isn’t limited to the executive level, though. According to analysis from Hill, a San Francisco-based investment platform, approximately 400 current and former SpaceX employees hold shares worth over $100 million each. That means SpaceX’s IPO won’t just create a new generation of tech billionaires—it’s also on track to be one of the largest employee wealth-

June 12 Flash: According to Bitget market data, European stock indices opened higher, with Germany’s DAX30 up 1.4%, France’s CAC40 gaining 1.3%, Euro Stoxx 50 advancing 1.38%, and the UK’s FTSE 100 climbing 0.6%.

June 12 — Global banks are clamping down on hedge funds’ leverage-fueled bets on top Asian chipmakers including SK Hynix and Samsung Electronics, Bloomberg reported, citing sources, amid concerns of a potential pullback following this year’s sharp sector rally. Brokerages like Citigroup, JPMorgan Chase, and Goldman Sachs have hiked financing costs for hedge funds trading SK Hynix and Samsung Electronics stocks via derivatives, sources said. Lenders are also tightening new trade limits and narrowing eligible counterparties: some firms have outright rejected requests for new derivative positions, while others review such asks on a case-by-case basis. Similar restrictions apply to Taiwan Semiconductor Manufacturing Co. (TSMC). Bitget market data shows SK Hynix dipped nearly 7% from its intraday high during the session, while Samsung Electronics fell 4.5% below its intra-day peak.

June 12: Elon Musk may become the first person in history to reach a $1 trillion net worth, as SpaceX is set to go public on the Nasdaq today. A May 20 S-1 registration statement filed with the SEC reveals Musk held a roughly 42% personal stake in SpaceX ahead of its IPO—an ownership share that will dilute to about 40.5% post-listing. Forbes currently estimates Musk’s net worth at $982.6 billion. In separate revisions to SpaceX’s registration filings last week, the company noted Musk’s total 6.4 billion share holding—including both Class A and Class B shares—will be locked up for 366 days, barring him from selling any of those shares during that period. Other SpaceX executives, however, can begin selling their holdings earlier under a phased unlocking arrangement.

June 12: SpaceX priced its IPO at $135, valuing the company at roughly $1.77 trillion. Below is how top analysts and institutions are weighing in on its post-listing performance, in line with American financial media tone: Morningstar analyst Nicholas Owens pegs SpaceX’s fair value at around $780 billion—more than 55% below its $1.77 trillion IPO valuation. He calls the stock overvalued for the near to mid-term, noting the early opening could see a brief rally due to low liquidity and its upcoming inclusion in indexes like the Nasdaq 100. Still, Owens advises investors to skip buying at the high opening price, wait for the hype to cool, and enter at a lower point for more attractive long-term returns. NYU professor and valuation guru Aswath Damodaran puts SpaceX’s equity value at $1.25 to $1.3 trillion—well below its IPO price. He says current pricing is way too high; he’s not buying, nor shorting, but forecasts a big post-listing pullback like Facebook or Uber (which both droppe