Crypto Morning Brief: Moonshot AI in Talks for Pre-IPO Financing at $50 Billion Valuation, SpaceX Stock Price Hits New Low Since Listing
TechFlow Selected TechFlow Selected
Crypto Morning Brief: Moonshot AI in Talks for Pre-IPO Financing at $50 Billion Valuation, SpaceX Stock Price Hits New Low Since Listing
Grayscale has filed a Worldcoin ETF registration statement with the U.S. SEC, planning to list on Nasdaq.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
Moonshot AI Negotiates Pre-IPO Financing at $50 Billion Valuation
According to reports, Moonshot AI plans to initiate negotiations for its final pre-IPO funding round in August, leveraging market enthusiasm generated by its latest large model to seek a valuation of up to $50 billion. Sources revealed that Moonshot AI expects to complete a funding round launched this summer within the next few days, with this round valued at approximately $31.5 billion.
Upon completion of the financing, the company will immediately commence negotiations for a new round of financing with potential investors, which could be its last capital injection before listing in Hong Kong. Sources stated that Moonshot AI plans to complete adjustments to its offshore Red Chip structure by the end of this month, paving the way for domestic financing and IPO preparations. The company could potentially list on the Hong Kong capital market as early as this year.
Grayscale Submits Worldcoin ETF Registration Statement to U.S. SEC, Plans to List on Nasdaq
According to The Block, Grayscale has submitted a Grayscale Worldcoin ETF registration statement to the U.S. Securities and Exchange Commission. The document shows that the fund will hold World Network's native token WLD. As a passive investment tool, its share value will be determined based on the value of WLD held by the trust minus relevant fees.
If approved, the ETF will be listed and traded on Nasdaq according to Nasdaq's generic listing standards. BNY Mellon will serve as the transfer agent, and BitGo Bank & Trust will serve as the custodian.
Base Co-founder: Will Advance 1:1 Backed Tokenized Stock Layout with Coinbase
Base co-founder Jesse Pollak stated that Robinhood Chain has made certain progress in advancing tokenized stocks within the Ethereum Virtual Machine environment, while Base is relatively lagging in this direction. He expressed regret over this but stated that Base is close to solving this issue together with Coinbase.
He pointed out that Base plans to launch 1:1 asset-backed tokenized stocks in the future, rather than a derivatives model. This solution is expected to have better scalability in terms of trust foundation, capital efficiency, and institutional acceptance. Jesse Pollak believes that combining the world's largest capital market with the financial programmability of the enhanced Ethereum Virtual Machine on Base will form a potential combination.
Merger of Three Crypto Companies Under Tether Called Off, Mallers Steps Down as Twenty One Capital CEO
According to Bloomberg, the merger plan among Tether's Twenty One Capital, Strike, and Elektron Energy has been terminated. Jack Mallers, CEO of both Twenty One Capital and Strike, has stepped down from his position at Twenty One Capital, succeeded by Elektron CEO Raphael Zagury.
Arthur Hayes Buys 1,332.5 ETH Again 3 Hours Ago, Worth Approximately $2.53 Million
According to on-chain analysis platform Lookonchain, Arthur Hayes bought 1,332.5 Ethereum again 3 hours ago, worth approximately $2.53 million.
A Certain Whale Continuously Added Positions in ETH and WBTC in July, Unrealized Profit Exceeds $12.59 Million
According to on-chain analyst Ai Yi (@ai_9684xtpa), a whale has been continuously building positions in ETH and WBTC since July, adding another $9.87 million worth of WBTC within the last 24 hours. As of now, the whale holds a cumulative 49,500 ETH and 600 WBTC, with a total value of approximately $122 million. The average building cost is approximately $1,706 and $63,950 respectively, and the current unrealized profit has reached $12.593 million.
SpaceX Rocket Launch Fails Again, Stock Price Continues to Hit New Low Since Listing
According to Bitget market data, SpaceX (SPCX.O) closed down 3.3% on Monday local time, with the stock price hitting a new low since listing.
SpaceX planned to launch the Falcon 9 rocket on July 20 to execute a mission delivering 24 Starlink satellites. However, the launch rarely failed. After counting down to 0 seconds, the engines ignited but the rocket did not launch. The live broadcast commentator immediately announced that the launch plan had been canceled, marking the second aborted launch mission recently. SpaceX subsequently announced that Starlink launches are suspended effective immediately to ensure safety.
In addition, SpaceX announced that it will release its financial and operational results for the second quarter of 2026 on August 4. Last week, SpaceX's "Starship" rocket was originally planned to conduct its 13th test flight from Texas, but triggered an automatic abort program 1 second before liftoff. (Jin10)
BlackRock Leads At Least $12 Billion Debt Financing to Support Meta's Large Data Center Project in Texas
According to sources cited by the Wall Street Journal, BlackRock is leading a debt financing deal of at least $12 billion to fund the large data center project in El Paso, Texas, jointly supported by itself and Meta Platforms.
Sources stated that BlackRock and its infrastructure and private credit business units hold 80% equity in the data center project, while Meta Platforms, which will use the data center, holds the remaining 20% equity. The park is expected to have a computing capacity of approximately 1 gigawatt.
Sources indicated that JPMorgan Chase and Morgan Stanley are responsible for underwriting this large-scale debt issuance and are contacting other potential investors. Over the past year, BlackRock has continued to collaborate with AI hyperscale cloud service providers, investing tens of billions of dollars in data centers, including spending $40 billion to acquire Aligned Data Centers.
Sources stated that Meta recently also agreed to lease a large Aligned Data Centers project under construction in Shippingport, Pennsylvania.
Google: Gemini 3.5 Pro Being Tested with Partners, Pre-training on Gemini 4 Has Begun
Google (GOOG.O): Gemini 3.5 Pro is currently being tested with partners and is planned to be widely launched as soon as it is ready. Pre-training on Gemini 4 has begun.
Today's Market Conditions
Recommended Reading
Bernstein Research Report Interpretation: For Every 1GW Increase in AI Data Centers, $8 Billion More in Semiconductor Equipment Must Be Purchased, Sector Valuation May Be Undervalued
https://www.techflowpost.com/article/32697
Semiconductor equipment stocks have fallen 30% from their highs but have still risen 80% year-to-date.
Bernstein provided an answer using a bottom-up calculation. For every additional 1GW of computing capacity built in AI data centers, $8 billion more must be spent on equipment. Calculating based on an annual addition of 50GW, cumulative equipment expenditure from 2027 to 2029 will exceed $700 billion, with annualized WFE heading straight for $300 billion.
This figure carries significant weight. The current market pricing for equipment stocks implies an annual WFE expenditure of only $120 to $150 billion, a full twofold difference. If the pace of AI construction remains unchanged, current equipment stocks are not only not expensive but may be very cheap.
Bernstein is generally bullish on the equipment sector, favoring Applied Materials (AMAT) the most. DRAM and HBM account for more than half of the incremental wafer demand, and Applied Materials has the largest exposure in this field. Applied Materials, Lam Research, KLA, ASML, Tokyo Electron, Kokusai, and Lasertec all outperformed the market, while Screen was flat.
Podcast Notes | 5 Stocks Favored by Morningstar's Chief Strategist
https://www.techflowpost.com/article/32686
Dave Sekera is Morningstar's Chief U.S. Market Strategist. Every Monday on The Morning Filter podcast, he reviews the market, previews earnings season, and provides specific stock picks. This episode is dense: divergences in AI prospects are dominating short-term market volatility, inflation data has cooled but rate hikes are far from over, TSMC and ASML stock prices fell after fair value was significantly raised, IBM plummeted 25% overnight, PayPal received an acquisition offer from Stripe, and SpaceX fell below its IPO price.
Most noteworthy is Dave's adjustment to position strategy. At the beginning of the year, he recommended a barbell strategy of overweighting value plus overweighting growth. Now that the discount magnitude for the three types of stocks (value, core, growth) is about the same, he suggests shifting to an equal-weight allocation and adjusting again when new misalignments appear in the second half of the year. Finally, this episode recommended 5 stocks that have "both value attributes and growth attributes": Intercontinental Exchange (ICE), American Tower (AMT), Northrop Grumman (NOC), Hershey (HSY), and Amazon (AMZN), all selected based on Morningstar fair value discounts.
Exclusive Interview with Ultiland CEO Stark: From Art and Culture IP Vault to AI Asset Valuation Model, How ARTX Paves the TradFi Path for Art and Culture Assets
https://www.techflowpost.com/article/32672
Art assets were previously a room belonging to a few people. What Ultiland aims to do is open this door. However, this door cannot be opened simply by putting on-chain labels on artworks.
In the past few years, the Web3 market has seen many art, trend IP, celebrity resource, and collectible projects: they had hype, had stories, and had short-term trading sentiment. But after the hype subsided, many projects encountered the same problem: assets were not truly understood, rights boundaries were not clarified, there was a lack of continuous liquidity after issuance, and the secondary market lacked a stable supporting structure.
Art assets never lack value; what is lacking is a structure that can be verified, traded, supported, and continuously operated by the market. This is exactly the problem Ultiland is attempting to solve.
Among the UltiLens AI Valuation and Rights Readiness Engine, IP Vault Asset Organization Framework, ARToken Single Asset Issuance Unit, UltiGallery Structured Exit and On-chain Liquidity Protocol, and ARTX Platform Sovereign Assets, Ultiland is committed to gradually building a complete market chain for art and culture assets.
At the same time, this path is being chosen by more and more influential art and culture creators: At 20:00 on July 7, 2026, Simon Yam's frameless limited edition print work "3025 #3 Art Print" launched on Ultiland. This versatile best actor, who shaped countless classic roles during the golden age of Hong Kong films, chose to join hands with Ultiland to become a new pioneer in pushing art and culture assets from being viewed and collected towards a new stage of being rights-confirmed, issued, and participated in.
At the time of the launch of "3025 #3 Art Print", we had an in-depth conversation with Ultiland CEO Stark to discuss how Ultiland moves from "putting artworks on-chain" to "art and culture asset capitalization infrastructure", and how ARTX undertakes the platform's long-term value within this system.
JPMorgan Chase Research Report Interpretation: AI Sell-off is Technical Mispricing, Semiconductors Near Bottom, Buy the Dip
https://www.techflowpost.com/article/32679
In the past few weeks, AI-related stocks experienced a fierce sell-off. The South Korean stock market fell 25% from its highs, the Philadelphia Semiconductor Index fell 20%, and individual stocks like Samsung and Micron fell between 20% and 50%.
There are two things the market should truly worry about and is currently worrying about.
The core driver of this decline is technicals and position liquidation; fundamentals have not deteriorated. New supply in the semiconductor industry will not be released until 2028, earnings remain strong, and technical indicators are near oversold. Prices will eventually revert to earnings, and the possibility of stock prices repairing upwards is greater.
a16z: After Claude Code Launch, Software Development Jobs Rise 14.6% Against the Trend, Market Proves AI Makes People More Valuable
https://www.techflowpost.com/article/32683
When the entire tech industry laid off 7%, software development jobs instead grew by 14.6%—the reason is that AI tools allow novices to write production-level code. This is not a story of "AI stealing jobs," but evidence that tools make people more valuable. From the surge in internship positions to leading teen wage growth, the signal from the labor market is clear: people who can use AI are becoming a hot commodity.
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
深潮TechFlow
