IPO

Unitree Robotics opened at 1,100 yuan in Shanghai, valuing the robot maker at about $66 billion and landing well above the level implied by a Hyperliquid perpetual futures market. The debut highlights both the growing influence and clear limitations of crypto-based pre-IPO price discovery.

SpaceX reported second-quarter revenue of $7.8 billion, exceeding Wall Street expectations and narrowing its net loss from a year earlier. The company also disclosed that the value of its bitcoin holdings fell to $1.10 billion from $1.64 billion at the end of 2025.

SpaceX moved tiny amounts of bitcoin between wallets tagged to the company for the first time in about six months. The transfers totaled less than $300 and did not send coins to an exchange, leaving its 18,712 BTC position intact.

SpaceX is set to enter the Nasdaq 100 after the largest IPO ever and a sharp debut rally. Recent high-profile additions such as Palantir and Strategy suggest index inclusion can coincide with volatility rather than a clean extension higher.

Kraken is evaluating a deal to acquire a 15% stake in DeFi lending protocol Aave at a valuation of $385 million, according to sources. The move comes as Payward seeks to diversify ahead of a possible IPO and as Aave rebuilds after the KelpDAO fallout.

Kalshi is seeking to raise new capital at a valuation of about $40 billion, nearly doubling its prior level, according to a Financial Times report. The move would further separate the federally regulated prediction market exchange from rival Polymarket.

Cerebras Systems fell 11% in after-hours trading after issuing a weaker gross margin outlook for the current quarter. The AI chipmaker posted strong revenue growth and a smaller-than-expected loss, but investors focused on profitability pressure.

BitGo jumped as much as 20% after approving a $50 million share repurchase program. The move comes as the stock still trades more than 65% below its January IPO price.

Ark Invest accumulated nearly 3.3 million SpaceX shares worth more than $500 million on the company’s record-setting IPO day. The move came alongside more than $325 million in stock sales across at least 13 companies.

Kraken parent Payward will acquire Hong Kong-based Reap Technologies in a $600 million deal as the crypto exchange expands its stablecoin payments infrastructure and Asia operations.

Binance's new CEO, Richard Teng, has hinted at the possibility of an IPO, marking a pivotal shift for the crypto giant. As Teng navigates regulatory challenges, the move could bring significant capital and legitimacy to Binance.