By Tyler Warner
7 min read
Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. And check out our new daily news show covering all of the top stories in 5 minutes, downloadable on Apple Pod or Spotify.
GM!
Today’s top news:
SpaceX officially filed its S-1 with the SEC on Wednesday, confirming plans for what could become the largest IPO in history.
The filing reveals the company is targeting a $1.75 trillion valuation with an $80 billion raise, dwarfing Saudi Aramco’s previous record of $29.4 billion. Their roadshow starts June 4, with the Nasdaq listing coming June 12 under ticker SPCX.
The filing also disclosed that SpaceX holds 18,712 BTC with a fair value of $1.45 billion. Notably, they bought the Bitcoin for $661M, so they’re up more than 100% on the holdings.
As for the business itself, Musk clearly has lofty goals with his effort to combine launch systems, satellite internet, social media, and artificial intelligence under one company. SpaceX generated $18.5 billion in revenue in 2025. Starlink accounts for roughly 45% of that and is growing faster than the launch business. But now we know that Anthropic is under contract to pay them $1.25B PER MONTH for compute through 2029. So expect that revenue to go up.
And maybe those Bitcoin holdings as well…
Nvidia delivered another blowout quarter Wednesday, validating the AI infrastructure thesis that has driven the sector all year.
The numbers:
The beat lifted the entire AI compute ecosystem immediately. Keel Infrastructure +9%, IREN +8%, Hive Digital +9% all jumped. IREN separately announced a 5GW strategic AI infrastructure partnership with Nvidia alongside the earnings—shares jumped 21% on that alone.
As for the broader market impact, unfortunately Walmart issued ugly guidance this morning and stock futures are now red alongside crypto majors. One hurdle cleared with Nividia, but many more remain in the path.
Hyperliquid’s HYPE token hit $57.40 on Wednesday, up over 100% year-to-date while Bitcoin is down 12% over the same period.
The decoupling is the most striking performance in crypto this year. And notably, It isn’t a meme or a narrative trade. It’s a fundamentals trade. Hyperliquid has generated $255 million in revenue year-to-date, more than the next two protocols combined, with 97% of that revenue accruing directly to HYPE holders through automated open-market buybacks. The platform now captures 43% of all onchain fees, approximately $11 million weekly, with an annualized revenue run rate approaching $850 million.
The HIP-3 release has been a key driver of growth. Before HIP-3, Hyperliquid traded crypto perpetuals only. HIP-3 opened crude oil, gold, silver, and other commodity perpetuals, all settled onchain, all trading 24/7, all generating fees that flow into HYPE buybacks. Then they started adding stock indices. Then individual stocks. When the Iran conflict sent oil toward $120/barrel, traders needed a venue for around-the-clock commodity exposure. Hyperliquid was ready. Then Pre-IPO contracts followed: OpenAI, Anthropic, Stripe, and now SpaceX SPCX, which went live on Hyperliquid’s Trade.xyz platform on May 17 at a $1.78 trillion implied valuation, days before the official S-1 dropped.
Bitwise CIO Matt Hougan put it simply: “Hyperliquid is not a crypto app. It’s a super app. It’s not targeting the $3 trillion crypto economy. It’s targeting the $600 trillion global asset market.”
And it seems like more and more folks are taking notice…
Vitalik Buterin outlined three near-term Ethereum upgrades aimed at making privacy a native feature of the network rather than relying on third-party tools. The post came in response to an X user asking why ETH is still trading around $2,000 despite a long list of bullish developments.
The three specific initiatives are Account Abstraction combined with FOCIL, Keyed Nonces (EIP-8250), and Kohaku. Most of these changes are scheduled for the Hegotá hard fork, planned for the second half of 2026.
The privacy push also directly overlaps with Ethereum’s quantum resistance work—account abstraction is central to both, meaning Hegotá could address two of the biggest long-term risks to ETH in a single upgrade window. The Ethereum Foundation meanwhile faces a wave of high-profile departures amid an internal transition tied to a new organizational mandate. So while the roadmap is public and clear, the execution environment is more turbulent than it looks from the outside.
Decrypt-a-cookie
This website or its third-party tools use cookies. Cookie policy By clicking the accept button, you agree to the use of cookies.