TL;DR

SpaceX targets $400B valuation; Shein files for Hong Kong IPO; Robinhood launches tokenized stock trading in EU.

Highlights

• • SpaceX is targeting a $400B valuation in a secondary share sale, up $50B since December, driven by Starlink’s growth and a $22B launch backlog 1.
• • Shein confidentially filed for a Hong Kong IPO, aiming to accelerate its listing and pressure UK regulators; 2023 revenue was $38B with net income down 40% to $1B 2.
• • ReserveOne will go public via a $1B SPAC merger, backed by $1.75B in new capital and major crypto investors; aims to offer a public crypto treasury vehicle 4.
• • Robinhood launched tokenized trading of 200+ US stocks (including OpenAI and SpaceX ) in the EU, triggering regulatory scrutiny and an 8% share price jump 6.
• • Meta hired Apple ’s former AI models chief Ruoming Pang to lead its Superintelligence division, intensifying competition for AI talent 9.
• • Microsoft partnered with Replit to integrate its AI coding platform into Azure, expanding Replit’s enterprise reach and posing challenges for Google Cloud 11.
• • OpenSea acquired Rally Wallet to strengthen its mobile NFT trading capabilities amid rising competition and user migration to mobile 3.
• • Waymo began allowing teens (14–17) to ride solo in Phoenix robotaxis, expanding its addressable user base as it scales operations 10.
• • Concentra Biosciences acquired Cargo Therapeutics for $4.38/share plus a CVR, continuing its roll-up of distressed biotech assets 7.
• • Monzo was fined £21M by UK regulators for historic AML failings, despite reporting strong profit growth 8.
• • Jack Dorsey launched Bitchat, a Bluetooth mesh messenger for offline, encrypted chats, with potential for offline bitcoin transactions 12.
• • Moonvalley launched Marey, an AI video model trained on licensed data, targeting filmmakers seeking legal and production cost advantages 13.
• • Epic Games settled its antitrust suit with Samsung over app store restrictions; disputes with Apple and Google continue 14.
• • Sequans Communications raised $384M to establish a bitcoin treasury, among the first European chipmakers to do so 15.

Commentary

Late-stage private company valuations remain robust, as evidenced by SpaceX ’s $400B secondary sale—an increase driven by Starlink’s scale and a substantial launch backlog 1. This pricing signals continued appetite for dominant, capital-intensive platforms with recurring revenue, but also raises the bar for growth-stage exits in deep tech and space.

Liquidity strategies are evolving: Shein’s confidential Hong Kong IPO filing highlights the regulatory and geopolitical hurdles facing global consumer tech companies 2. The move may revive Hong Kong’s listings market, but also underscores the need for flexible exit planning amid shifting regulatory regimes. Meanwhile, ReserveOne’s $1B SPAC deal 4 and Robinhood ’s tokenized equity launch 6 provide new templates for liquidity and exposure to private assets, but both face heightened regulatory scrutiny that could affect deal pacing and structure.

AI and Web3 remain active areas for both talent and product innovation. Meta ’s recruitment of Apple ’s AI lead 9 and Microsoft ’s Replit partnership 11 show incumbents aggressively expanding their AI capabilities, which may drive further M&A and acqui-hire activity. OpenSea ’s Rally acquisition 3 and Dorsey’s Bitchat launch 12 reflect a push toward mobile-first and decentralized solutions, with potential implications for user acquisition and retention in competitive, fast-evolving markets.

Regulatory risk remains a central theme: Monzo’s AML fine 8 and the Epic-Samsung settlement 14 highlight ongoing compliance challenges for fintech and platform businesses. Investors should expect continued scrutiny in regulated sectors, which could affect timelines for exits or follow-on financings. In biotech, Concentra’s acquisition of Cargo Therapeutics 7 continues the trend of consolidating undervalued assets, while Moonvalley’s licensed AI video model 13 addresses legal risks in generative AI adoption.

VCs should monitor late-stage pricing signals, regulatory developments in tokenization and cross-border listings, and M&A activity in AI and Web3 as key drivers of deal flow and exit opportunities in the coming quarters.