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Good Morning,
There's a new hierarchy in Silicon Valley. There's also a new trillion-dollar enterprise on Wall Street. SpaceX is at the center of both.
Looking for immediate 2x exposure to SpaceX? Check out SPCU, the Defiance 2X Long SpaceX ETF built to deliver 2x the daily performance of SpaceX stock. Debuts Monday.
Let's dive in.
Before The Bell
As of 6/11/2026 market close.
Learn more about the Litquidity portfolios and subscribe to the strategies on Autopilot.*
Markets
US stocks rallied yesterday as Trump paused Iran strikes and signaled an imminent deal
KBW Bank Index jumped 1.9% to an ATH
Oil slid to a two-month low
Gold rallied some after sinking to a six-month low
Earnings
Prediction Markets
Seal it in five in Texas or bring it to MSG for a homecoming??
Trade event contracts on Polymarket, the world's largest prediction market
Headline Roundup
US canceled Iran strikes after Iran 'approved' talks (CNBC)
ECB raised rates by 25 bps to 2.25% for the first time since 2023 (CNBC)
Elon Musk became the world's first trillionaire (RT)
VC firms are set for record-shattering returns from SpaceX (BBG)
Musk's best friend Antonio Gracias will make $68B from SpaceX (WSJ)
SpaceX IPO will rewrite Silicon Valley hierarchy (BBG)
SpaceX valuation is cheap for space peers but pricey as AI stock (BBG)
SpaceX secured investment grade ratings (BBG)
Wall Street races to turn SpaceX into a leveraged retail trade (BBG)
Centerview and Venezuela discussed $150M fee for debt rework (BBG)
Europe is finally, slowly getting its act together (BBG)
OpenAI weighs significant price cuts in rivalry with Anthropic (BBG)
Amazon data centers used 2.5B gallons of water in 2025 (WSJ)
Jeff Bezos says AI will bring 'golden ages' and not mass job losses (WSJ)
Victoria's Secret defeated a proxy fight against activists (BBG)
Trump will name ex-SEC chair Jay Clayton as intelligence director (AP)
SEC proposed eliminating equities trade-through rule (BBG)
Ken Griffin ramps up Miami bet with new real estate plans (WSJ)
Ex-Moelis banker avoids jail for tipping insider-trading ring (BBG)
A Message from Defiance ETFs
SpaceX hits the public market today. The biggest IPO in market history lands on Nasdaq under SPCX, and Defiance is right behind it.
Meet SPCU, the Defiance 2X Long SpaceX ETF, built to deliver 2X the daily performance of SpaceX stock. One ticker, double the daily move, for traders who want to lean into the moment with conviction. SPCU begins trading Monday.
Know what you are trading. SPCU is a leveraged single-stock ETF that resets daily. It is built for short-term tactical use, not buy and hold. This is the company behind Falcon, Starship, and Starlink, public for the first time. SPCU turns its daily move into a 2X trade in one ticker, with no options chain and no margin account required.
If you have been waiting years for a public market shot at SpaceX, today is the day the wait ends. SPCU lists Monday.
Distributor: Foreside Fund Services. An investment in SPCU is not a direct investment in SPCX
Deal Flow
M&A / Strategic
KKR launched Helix Digital Infrastructure, an AI infrastructure company with over $10B in committed capital from Kuwait SWF KIA, Nvidia, and Vistra
Industrials giant Eaton agreed to merge its mobility business with automotive supplier Dana in a $5.1B deal, including debt
KKR will acquire a majority stake in accounting firm Crowe in a $3B deal
Activist Elliott joined bidders including JD.com in takeover talks for UK online retailer The Very Group, which could fetch a $2.7B valuation
Blackstone is in talks to acquire $2B-listed Canadian commercial REIT H&R REIT
NTT Global Data Centers, a unit of Japan's NTT, is seeking to raise $1B in fresh capital to fund data center projects in US
Blockchain-based lender Figure agreed to acquire residential transition loan lender Kiavi in a $717M deal
Dubai luxury developer AHS Properties acquired Dubai's Shangri-La five-star hotel for $300M
Yacht maker Ferretti is weighing an offer to acquire all or part of struggling rival The Italian Sea Group
OpenAI agreed to acquire Ona, a startup offering cloud services to support AI agents
Czech energy billionaire Daniel Křetínský is considering a deal to become the largest shareholder in UK soccer club West Ham United by acquiring shares from heiress Vanessa Gold
UK PE firm Permira acquired a majority stake in corporate environmental transparency non-profit Carbon Disclosure Project
VC
Jeff Bezos' physical AI startup Prometheus raised a $12B Series B at a $41B valuation from JPMorgan, BlackRock, Goldman Sachs, DST Global, and Arch Venture Partners
Theker, a Spanish AI robotics startup, raised an $85M Series A led by CRV
PhoenixAI, an agentic AI database, raised an $80M Series B led by Sky9 Capital
Endurance Energy, an ocean geothermal startup, raised a $54M Series A led by Founders Fund
Hypha, an AI-native asset intelligence platform, raised a $50M seed round led by TriEdge Investments
Exposit, an AI-based financial platform for franchise businesses, raised a $40M Series A from Chailease, Era Funds, and others
Corca Research, an AI-native collaborative workspace for mathematics, raised a $7.8M round led by NEA
Access the complete VC deal flow and data on Fundable
IPOs / Listings / Issuances / Block Trades
SpaceX raised $75B in the biggest IPO of all time; the offering drew over $100B in orders just from retail investors
Cardio-focused biotech Kardigan is seeking to raise $373M at a $1.4B valuation in an IPO
Ghana beverage maker Kasapreko raised $148M in Ghana's second IPO this year and more than double its IPO target
Digital consumer bank Forbright raised $140M at a $900M valuation in the first US bank IPO this year
Thai hospitality group Minor International is considering listing its restaurant business in Singapore instead of Hong Kong
SPAC / SPV
Data center battery firm ZincFive will merge with a SPAC backed by SparkLabs Group at a $600M pre-money valuation
Debt
UK's Lloyds Banking Group plans to issue an SRT tied to $4.2B of SME loans
Africa's Dangote Petroleum Refinery & Petrochemicals is seeking to raise $1B in a private debt placement
Funds / Secondaries
Base10 Partners, one of the biggest Black-led VC firms, raised $850M across two new funds to invest in AI startups in construction, healthcare, and other large industries
Swiss PE firm Partners Group raised a $650M first close for its fifth real estate secondaries fund
Ex-Two Sigma PM Jinger Zhao is in talks to raise $300M in seed capital from Blackstone for her new Asia-focused quant hedge fund z Star Research
Crypto Sum Snapshot
SpaceX crypto traders are betting on a $2.2T valuation
Crypto exchanges cash in on SpaceX frenzy with pre-IPO derivatives
Citigroup is rolling out tokenized shares of private companies
Crypto Sum compiles the most important stories on everything crypto. Read it here.
Exec’s Picks
WSJ thinks you cannot comprehend how much a trillion dollars really is. See how they make their case.
Also, check out what VCs and family offices are at the core of the mega IPO wave.
Financial Services Recruiting 💼
If you're a junior banker looking for your next career move, check out Litney Partners, a recruiting firm established by Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm).
We aim to place strong candidates across private equity, hedge funds, venture capital, growth equity, credit, and investment banking.
We're currently seeking talent for some incredible roles. Head over to Litney Partners to drop your resume / create your profile and we'd love to get in touch!
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*DISCLAIMER: Investment advice provided by Autopilot Advisers, LLC ("Autopilot"), an SEC-registered investment adviser. Past performance does not guarantee future results. Investing carries risks, including loss of principal. As always, be smart out there. Litquidity is compensated to promote AutoPilot. Compensation details available upon request.