AI Crypto Rally on SpaceX IPO Eve (2026-06-10)

Why are Altcoins Suddenly Exploding? Two Forces are Driving the Move

Altcoins ripped higher on Monday as AI-linked tokens led a sharp rebound across an oversold crypto market. Worldcoin (WLD), NEAR Protocol (NEAR), and Bittensor (TAO) posted double-digit weekly gains while Bitcoin (BTC) steadied above $63,000. Two forces explain the move: traders are positioning for Elon Musk’s SpaceX IPO and its AI arm, xAI. Yet the same charts that lured buyers also warn the altcoin rally could prove a brief dead-cat bounce.

The clearest driver is the countdown to SpaceX’s market debut. The company prices its offering on June 11 and starts trading on June 12 on the Nasdaq under the ticker SPCX. Underwriters priced the shares at $135 each, valuing SpaceX near $1.77 trillion. The company aims to raise up to $75 billion, which would rank as the largest IPO on record.

Investors increasingly read the listing as an AI trade. That framing has substance, as SpaceX acquired xAI in February 2026, bringing Musk’s AI lab into the rocket maker. The deal gave AI-themed coins a fresh narrative anchor, and capital followed quickly. Worldcoin (WLD) climbed about 12% in 24 hours and has roughly doubled over 30 days. The move tracks a broader run of AI crypto coins pumping this quarter.

NEAR Protocol rose about 7% on the day and gained nearly 40% across the month. Bittensor (TAO) added roughly 4%, extending a stretch in which AI tokens outshine the rest of the market. Each project carries its own AI credentials, which sharpen the bet ahead of SpaceX going public. Those use cases let traders treat the listing as a proxy for the wider AI theme.

The second force is more cautious. Bitcoin traded near $63,500, up about 2% on the day after sliding to year-to-date lows close to $60,000. That $60,000 area matters because it marks the cycle’s lowest level and a key psychological floor. A bounce there can look like a reversal without being one.

However, the wider trend remains weak. Bitcoin remains down roughly 11% on the week and about 21% over the month, the signature shape of a dead-cat bounce. Some named investors are already selling into strength. Arthur Hayes trimmed his stack ahead of the listing, taking profits on NEAR that signal fading conviction at the top. Analyst Michael van de Poppe has argued the opposite, suggesting that a range-bound Bitcoin gives altcoins room to outperform.

The competition for capital adds further risk. SpaceX, alongside a queue of trillion-dollar listings, is drawing institutional money that once flowed into crypto, a shift that has reshaped crypto’s IPO year. The next few sessions hinge on the SpaceX debut. A strong open could extend the AI-token bid, while a soft listing may expose how thin this rebound really is, especially if Bitcoin slips back toward its $60,000 floor.

Behind Trump’s “mediation”: Netanyahu needs the war to continue, while Trump is the opposite

June 9th news, according to Sina Finance, Axios reported that Trump has been trying to avoid a full-scale war restart in the past 24 hours. He is in a dilemma: on one hand, he understands that it is almost impossible for Netanyahu to ignore Iran’s missile attacks; on the other hand, he is worried that this cycle of retaliation will escalate into a full-scale war.

Netanyahu’s logic is that if he does not retaliate against Iran, it will send a signal to the outside world that Iran has the upper hand and can deter the United States and Israel from taking military action. When the call where Trump advised Netanyahu not to retaliate ended, the latter had not made a clear decision.

Some US officials involved in the call believe that Trump has successfully bought more time. However, Netanyahu believes that although Trump opposes retaliatory strikes, “this is not a clear ‘do not do this’ statement.”

[PANews]

Steve Eisman, the real-life inspiration for *The Big Short*, is cautious about SpaceX’s IPO.

SpaceX is preparing for a record-breaking initial public offering (IPO), but prominent investor Steve Eisman has expressed concerns about its artificial intelligence business. Eisman, the real-life trader portrayed in the film The Big Short who bet against the housing market collapse, stated in a Monday CNBC interview that while he does not plan to short SpaceX stock at the IPO, the company’s prospectus has raised some red flags.

SpaceX’s capital expenditures have surged significantly: “Capital spending accounted for only 42% of revenue in fiscal year 2023, but reached 215% of revenue in the most recent quarter—indicating the company has become highly capital-intensive.”

[Odaily]

SpaceX to Close IPO Order Books Wednesday as Demand Hits $150 Billion

SpaceX will stop taking orders for its initial public offering on Wednesday after United States markets close. Demand has already reached about $150 billion for a deal seeking $75 billion. The total means the offering is roughly two times oversubscribed. Underwriters now set final allocations and pricing, expected June 11, before Nasdaq trading begins.

A Record Listing Takes Shape: The sale ranks as the largest IPO on record by the amount raised. Elon Musk’s rocket and satellite firm filed its paperwork last month. The timeline is now tight. Books close Wednesday, pricing follows on June 11, and SPCX is set to begin trading on the Nasdaq on June 12. Musk keeps firm control of the company through the deal. He locked his entire stake for more than a year, a setup explored in these investor lock-up questions.

What Closing the Books Means: The order books are where institutional investors submit requests for shares. Closing them means underwriters stop accepting new orders and lock in total demand. After Wednesday’s close, the banks leading the sale set a final price. They also decide how many shares each investor receives. Heavy demand forces them to cut many allocations. Some investors will receive fewer shares than they asked for, a point covered in Fidelity’s eligibility rules.

Why 2x Oversubscribed Looks Modest: Oversubscribed means investors want more stock than is available. A book of $150 billion against $75 billion sits at two times demand. That sounds strong, yet hot offerings often run four or five times oversubscribed. Reuters reported the figure, which analysts view as solid but not extraordinary. Bankers still defend the level given the deal’s size. Demand of two times for the largest listing ever is harder to reach than for a smaller offering. Morningstar adds a valuation warning, pegging SpaceX near $780 billion. That sits well below the private mark, and critics say the stock is worth half its valuation. The record debut will also skip the index, as detailed in this S&P 500 exclusion report.

The Crypto Angle: The listing matters to crypto watchers too. SpaceX disclosed holding 18,712 Bitcoin (BTC) worth about $1.29 billion in its filing. That places a large BTC treasury inside one of the year’s biggest public debuts. Readers tracking surprising IPO facts can weigh that exposure. A public SpaceX gives equity investors indirect Bitcoin exposure through its balance sheet. The position is small next to the valuation, yet it ties the listing to the crypto market. Strong demand usually signals a healthy debut, though it guarantees nothing. A heavily booked deal can still fade if buyers flip shares fast. The real test comes once SPCX trades and the open market sets the price. The coming days will show whether the early interest holds.

Behind Trump’s “Peace Talk”: Netanyahu needs the war to continue, while Trump is the opposite

According to Axios, Trump has been working over the past 24 hours to prevent a full-scale resumption of war. He finds himself in a dilemma: on one hand, he understands that Netanyahu will almost certainly not ignore Iran’s missile attack; on the other hand, he fears such a cycle of retaliation could escalate into all-out war.

Netanyahu’s logic is that failing to retaliate against Iran would signal to the world that Iran holds the upper hand—and that it can deter both the U.S. and Israel from taking military action. At the end of Trump’s call urging Netanyahu not to strike back, the latter did not make a definitive decision. Some U.S. officials involved in the call believe Trump successfully bought more time. Yet Netanyahu views Trump’s opposition to retaliatory strikes not as a clear “don’t do it” directive—but rather as something less explicit.

U.S. and Israeli sources say the events of the past 24 hours further demonstrate that strategic interests between the U.S. and Israel—and political interests between Trump and Netanyahu—are increasingly diverging. One U.S. official stated: “Netanyahu needs the war to continue in order to sustain his political life in Israel; whereas Trump needs the war to end in order to sustain his political life in the U.S.”

[Odaily]

Apple releases new generation AI platform and upgraded Siri

On June 9th, Apple announced its new Apple Intelligence system, powered by technology from Google, at its Worldwide Developers Conference. The company described this upgrade as a significant improvement to its existing software ecosystem, featuring a new version of Siri equipped with Apple’s AI technology.

Apple stated that Siri has become “smarter, more knowledgeable, and more capable.” This new assistant, named Siri AI, will initially support English and will later be expanded to other languages. Apple indicated that in mainland China, Siri AI and the new Apple Intelligence features require work to align with regulatory requirements and will therefore not be available at this time.

This upgrade also enhances Apple’s visual intelligence capabilities, providing relevant information about what users see, while also improving writing tools.

[PANews]

Meta backs data center workforce training with $115 million plan

Meta has announced a $115 million training program for data center technician jobs as it expands AI infrastructure. The company said America’s Workforce Academy will offer cost-free training and guaranteed job offers to graduates. The program comes as Meta builds more data centers to support its AI systems and forms part of the company’s larger U.S. infrastructure and jobs plan.

According to Meta, the new program will train workers for data center technician roles. A Meta spokesperson said the training will cover general skills used by data center technicians, and graduates will receive full-time job offers with general contractors working on Meta’s data center construction projects. Meta did not identify the contractors involved, nor did the spokesperson say how many jobs will become available or confirm if the roles would include union positions.

“We’re launching America’s Workforce Academy (AWA): a nationwide, unprecedented fast-track to a long-term career in a skilled trade, powered by an initial $115 million first year investment,” the company stated. Associated Builders and Contractors, a construction trade group, expects to train thousands of people over the course of the initiative. Dina Powell McCormick, Meta president and vice-chairman, linked the program to changing labor needs, noting that the AI revolution is bringing both change and historic opportunities.

Meta has pledged to invest $600 billion in U.S. infrastructure and jobs over three years, with this $115 million plan representing one part of that commitment. The company continues building large data centers to support CEO Mark Zuckerberg’s AI plans, which involve AI agents capable of performing tasks like creating apps, booking appointments, and completing transactions. Last year, Zuckerberg hired AI researchers from rival companies, and more recently, Meta reorganized its internal structure, cutting about 10% of its workforce while reassigning many to units focused on AI models and tools.

The training plan addresses the need for workers in construction and technical support, as data center projects require large workforces during construction but often create fewer permanent jobs after operations begin. For example, Meta’s Texas data center project could have more than 1,800 workers on-site during peak construction, yet expects only about 100 permanent jobs once operational. A similar pattern exists at the company’s Oklahoma site, which expects over 1,000 construction jobs at peak activity but only about 100 operational jobs after completion.

Meta did not provide a launch date for America’s Workforce Academy or disclose the locations where training will begin. While the company guarantees job offers for graduates, it has not yet named the specific general contractors that will hire them.

Crypto has ‘limited utility’ in solving AI’s trust and payment issues, IC3 researchers say

Claims that crypto will be able to solve some of artificial intelligence’s biggest challenges — such as detecting AI-generated content, creating unbiased algorithms, and fully autonomous agents — are often overstated, according to a study published by researchers from several leading universities.

In a research survey published Monday, the Initiative for CryptoCurrencies and Contracts (IC3) outlined different ways crypto can be applied to AI, including a section aimed at clarifying supposed misconceptions about how blockchain technology could potentially bolster trust in key areas.

One of the misconceptions IC3 attempted to tackle is the idea that giving AI agents access to crypto wallets can make them autonomous by enabling “them to earn, spend, and survive on their own.”

“AI systems do not become more intelligent by possessing a wallet. Nor do they become more resistant to human manipulation or shutdown,” the authors said in the paper. “Instead, having access to a wallet enables automation: AI agents can programmatically trade, transact, and access on-chain infrastructure without human approval loops.”

Many companies are pitching a future in which AI agents help users manage their finances without human oversight. MetaMask, one of the most popular crypto wallets on the market, said Monday it has launched a non-custodial wallet designed for AI agents. “The next great expansion of the onchain economy won’t be driven by humans alone,” Consensys founder Joe Lubin said. “Machine intelligences will increasingly transact, coordinate, and verify one another on crypto rails because crypto protocols are uniquely well designed for autonomous actors.”

Last month, Robinhood, the popular retail trading app that has leaned more into crypto in recent years, said customers will soon be able to use AI agents to trade crypto. These agents will be able to trade on users’ behalf, separate from their main portfolio. Robinhood has started with a beta launch limited to equities.

According to the paper, IC3 said AI agents will remain dependent on humans and the infrastructure behind them, noting that traditional payment systems could also help with automation.

Additionally, IC3 evaluated the notion that blockchain technology can help to distinguish human-generated content from AI-generated content. “Blockchains are well-suited for timestamping and registering specific digital artifacts,” IC3 said. “This functionality is of limited utility for solving the broader problem of distinguishing AI-generated from human-generated content, however.”

A blockchain can’t determine how content was created, regardless if made by a human or AI, the researchers said. For that, an outside tool, or “external classifier,” would be necessary. But if that tool is wrong and then it’s recorded onchain, the mistake would also be preserved. Basically, IC3 contends that crypto is effective for record-keeping but cannot verify how the content was first created.

“In reality, the vast majority of digital content is currently created and shared using tools and platforms that do not support cryptographic anchoring, leaving unlabeled content in a state of ambiguity,” IC3 said. “Thus, while blockchains can act as a high-integrity registry for some content, their role is limited to preserving claims about content.”

IC3 also challenged claims that crypto and decentralization can solve bias and fairness problems in AI models. “Algorithmic bias is unlikely to be solved by decentralized AI, because it arises inherently in the training process and is typically mitigated by revised training or inference techniques,” the researchers said. “Hence, decentralization does not address the source of the problem.”

Simply put, while blockchains can increase transparency and the number of people participating in the governance of AI, IC3’s researchers argued there is little evidence that those benefits will reduce bias or improve model outcomes.

The IC3 team is composed of researchers from top universities like Cornell, Carnegie Mellon, Princeton, Yale and ETH Zurich. The paper was edited by Carnegie Mellon’s Giulia Fanti and Cornell Tech’s Ari Juels, who is also the chief scientist at Chainlink Labs.

[The Block]

Japanese and Korean stock markets opened higher, with the Korean stock market rising over 4%

On June 9, the Nikkei 225 index opened up 619.36 points, an increase of 0.97%, at 64643.96 points.

The South Korean KOSPI index opened up 315.11 points, an increase of 4.21%, at 7799.52 points.

[TechFlow]

OpenAI confidentially files for IPO as AI listings accelerate

OpenAI has confidentially filed for a U.S. initial public offering as major AI companies move toward public markets. The ChatGPT maker did not disclose the size or terms of the planned listing. Reports said the company may seek a valuation of up to $1 trillion.

The filing comes as Anthropic and SpaceX also pursue large stock market debuts. OpenAI could complete its market debut as early as September. A $1 trillion valuation would place the company among the largest IPO candidates in recent years.

The filing follows a period of rapid revenue growth and rising demand for AI tools. Investors have continued seeking public exposure to artificial intelligence companies, and OpenAI has become one of the most closely tracked firms in the sector.

OpenAI said earlier this year that it was raising $110 billion at an $840 billion valuation. Its backers included SoftBank, Amazon, and Nvidia. The company also disclosed more than 900 million weekly ChatGPT users and noted that ChatGPT had more than 50 million consumer subscribers.

In March, OpenAI said it generated $2 billion in monthly revenue, noting that its growth rate exceeded earlier internet and mobile-era companies. At the end of 2024, OpenAI generated about $1 billion in quarterly revenue. The latest revenue figures show a sharp increase from that level, though the company has not released new IPO terms.

Anthropic also confidentially filed for a U.S. IPO on Monday. The company has become one of OpenAI’s largest competitors through its Claude AI products, and recently raised $65 billion at a $965 billion valuation. SpaceX has also filed for an IPO that could become the largest in history, with reports suggesting Elon Musk’s company seeks a $75 billion offering that would value SpaceX at about $1.75 trillion.

Prediction markets had expected OpenAI to file before Anthropic. Both AI filings now add pressure to the U.S. IPO calendar. Bankers cited in the report said large AI offerings could affect smaller listings, as major deals may absorb capital from other planned IPOs. However, the filings could also increase activity in the U.S. IPO market.

OpenAI’s IPO filing follows changes to its partnership with Microsoft. Microsoft has invested about $13 billion in OpenAI since 2019, but OpenAI later renegotiated the partnership to pursue deals with Amazon and Google.

OpenAI began in 2015 as a nonprofit research organization and created a for-profit arm in 2019. Its structure drew scrutiny in 2023 after CEO Sam Altman briefly lost his role. In December 2024, OpenAI proposed a public benefit corporation structure. Elon Musk later sued OpenAI, but a U.S. jury ruled against him in May, removing a legal issue before the IPO filing.

Brazen bitcoin kidnapping and carjacking co-conspirator pleads guilty, faces up to 20 years in prison: DOJ

Saif Faiq, one of the organizers of a brazen bitcoin-related kidnapping scheme in 2024, has pleaded guilty to a conspiracy charge in a Hartford, CT federal court on Monday, the U.S. Department of Justice announced. He faces up to 20 years in prison and is scheduled to be sentenced on August 28.

In 2024, Faiq and his brother, Adam Iza, organized a plan to kidnap the parents of a crypto millionaire in an extortion scheme. Faiq, according to the DOJ, recruited six men from Florida, organized their travel to Connecticut, and helped plan a home invasion after surveilling his victims.

These six men, who were charged separately and pleaded guilty to kidnapping and carjacking offenses, carjacked a Lamborghini Urus in Danbury, Connecticut, in broad daylight. Local reports indicate the perpetrators rear-ended the vehicle, surrounded it with a van, pulled the occupants out, beat them with a baseball bat, and briefly took them into custody.

The two victims were Sushil and Radhika Chetal, parents of Veer Chetal, who himself had just participated in a sophisticated social-engineering scam to steal about 4,100 bitcoins and was flaunting his ill-gotten wealth in a Miami nightclub when he met one of Faiq’s alleged co-conspirators. Chetal pleaded guilty to the theft, committed with two others, last November, and awaits sentencing.

Faiq and his brother, Iza, both pleaded guilty to conspiracy to interfere with commerce by robbery. Iza pleaded on June 1. Faiq has been detained since his arrest on Nov. 12, 2025.

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[The Block]