Elon Musk officially becomes the first trillionaire in human history. On Friday evening (EST), SpaceX officially went public with its IPO, priced at $135/share, issuing 556 million shares and directly raising $75 billion—instantly surpassing Saudi Aramco's previous record to become the largest IPO in history. Target valuation: $1.8 trillion. Musk's net worth was already $835 billion (Forbes data as of 6/2), and this move pushed him past the trillion-dollar mark, making him the first person ever to achieve this. Retail investors went even crazier, with retail orders exceeding $70 billion, nearly 10x oversubscribed. To be honest, the hype feels a bit over the top—SpaceX’s main businesses are rockets and Starlink, and at its core, it’s still a growth-stage company without stable profitability. The market is willing to assign such a high valuation because it’s betting on the combo of Starlink + Starship + the Terafab chip factory to actually deliver. Drama levels maxed out: On the same day this week that Sichuan’s General TACO canceled a strike on Iran, Iran directly added SpaceX/Starlink assets to its military strike assessment list. On one side, we have the largest IPO in history; on the other, assets that might literally get bombed. Pretty sure this “geopolitical variable” wasn’t factored into the pricing model. Three key things to watch next: 1. First-week performance (with retail oversubscribed 10x, the chances of breaking issue price are slim, but the key is whether it stabilizes after a 20%+ pop at open); 2. Musk’s response to Iran’s list (will he go full Twitter-war mode, or will he buy war insurance for Starlink? This is the first real test); 3. Whether this valuation is essentially a down payment on the Terafab chip factory story (if ASML’s meeting clarifies production capacity plans, the logic might come full circle). Also, two other major events from this week to note: - $BTC dropped below $60K, marking its worst week since the FTX collapse. Bitfinex data shows a 53% pullback from the peak, ETF outflows hit record highs, and $USDT market cap surpassed $ETH to become the second largest. - On Thursday, the UAE sat down face-to-face with Iranian officials. Even the most hawkish member of the GCC is willing to talk now, and the calls for striking Iran have basically died down. The market is just this wild—on one side, you have the extreme optimism of trillion-dollar narratives, and on the other, all kinds of unexpected risks. Let’s keep watching the show.