Live markets: SpaceX files for massive IPO as Nvidia earnings beat Street expectations

liveUpdated 35 minutes agoLive markets: SpaceX files for massive IPO as Nvidia earnings beat Street expectationsBitcoin is lower by more than 4% over the past week, but has remained in a very tight range around $77,000 for the last three days.Elon Musk's SpaceX files for IPO (Getty images)Elon Musk's SpaceX files for IPOThe company will trade on the Nasdaq under the symbol SPCX. Goldman Sachs will lead the offering, alongside Morgan Stanley and Bank of America, among others.Prospectus is here.The company had a valuation of $1.25 trillion earlier this year, but reports say it could target a valuation above $1.5 trillion in the IPO, at which it's looking to raise $80 billion or more.For perspective, the largest IPO in history was Saudi Aramco's 2019 offering, which raised $26 billion.Per the prospectus, the company held 18,712 bitcoin (BTC) as of March 31, with a cost basis of $661 million and fair value of $1.293 billion. The price of bitcoin has risen since the end of the first quarter, so the fair value today is closer to $1.45 billion.Nvidia beats on first-quarter earningsAI powerhouse Nvidia (NVDA) reported first-quarter earnings on Wednesday, posting revenue of $81.6 billion and adjusted earnings per share of $1.87, beating Wall Street expectations yet again as investors looked for signs that demand for artificial intelligence infrastructure remains strong enough to sustain the chipmaker’s massive rally.Shares were volatile in after-hours trading following the results. They ended the day up about a percent on Wednesday.Beyond the headline numbers, investors focused on four key themes: demand for Nvidia’s next-generation Blackwell chips, future products including Rubin, AI spending from hyperscalers and whether AI demand is expanding beyond model training into inference and enterprise applications.Nvidia CFO Colette Kress said the company’s record data center revenue was “driven by the ramp of our Blackwell 300 products and demand for our InfiniBand, Spectrum-X Ethernet and NVLink solutions,” underscoring how Nvidia’s next-generation AI chips are becoming the company’s main growth engine. Kress added that Blackwell architecture products now account for the majority of Nvidia’s revenue as the company secures additional inventory and supply commitments “to meet demand beyond the next several quarters.”Bitcoin at $77,500 as stocks close, with Nvidia earnings set to hitThe next big test for all of AI's fate is about to hit the tape through Nvidia.NVIDIA, the 'AI king,' is about to report its earnings in a few moments, and the market is bracing for not just stock news but also insight into where AI hype goes next. Investors will be looking not just at "did Nvidia beat estimates?" but also at "is AI spending accelerating?" The spending, which has been one of the main indicators of where AI trade is heading next, will be under intense scrutiny as investors want to know whether the multibillion-dollar spending spree by tech giants is sustainable and can grow beyond this cycle.Here are some key points to look for in NVDA earnings:How is the Blackwell (NVDA's next-generation GPU) demand doing, and what's next (i.e., Rubin architecture)?How hyperscalers are spending on AIIs AI demand expanding beyond just training models?Commentaries on AI outlookSome estimates (according to FactSet data):Adjusted EPS: $1.75Sales: $78.9 billionData center revenue: $73.1 billionCrypto traders will likely also keep an eye on bitcoin mining stocks that have pivoted to hosting AI computers in their data centers. Stocks such as IREN, HIVE, HUT, and CIFR are likely to move on Nvidia's AI outlook commentaries. FOMC minutes confirm hawkish sentiment taking over"A majority of participants highlighted... that some policy firming would likely become appropriate if inflation were to continue to run persistently above two percent," according to the minutes from the U.S. Federal Reserve's late-April policy meeting."Some were concerned that inflation expectations could de-anchor."That hawkish tilt was likely anticipated by interest rate markets, which in recent weeks have shifted dramatically from pricing in the certainty of rate cuts this year to the certainty of rate hikes.Indeed, markets have mostly snoozed through the news, with the Nasdaq remaining higher by 1.3%, bond yields sharply lower, and bitcoin holding at $77,400, up about 1% over the past 24 hours.The Fed's next policy meeting in mid-June will be led by incoming Chairman Kevin Warsh.'Final stages': Markets swing higher on Iran hopePresident Trump has reportedly said the U.S. is in the "final stages" of peace talks with Iran.Bitcoin (BTC) is adding to gains, climbing to $77,700, up 1.6% over the past 24 hours. U.S. stocks have moved to session highs, the Nasdaq up 1.4%.Oil is adding to losses, WTI crude now down 5.2% to $98.88 per barrel. And the U.S. 10-year Treasury yield is down nine basis points to 4.58%.Markets gain as bond rout takes a breatherThe shocking rise in global bond yields is as good an excuse as any for the recent struggles in risk markets, crypto among them.Yields, though, are easing on Wednesday, likely contributing to the now-positive tone.The U.S. 10-year Treasury yield is lower by 6.5 basis points to 4.61%, and the U.K. 10-year Gilt yield is down 13 basis points to just under 5%. Germany's 10-year Bund yield has dipped 8 basis points to 3.10%.After three straight down sessions, the Nasdaq is now higher by 1.1%. Bitcoin is also higher by 1.1% over the past 24 hours to $77,300.As for what might be helping yields slide on Wednesday, traders are looking at dipping oil prices. WTI crude is lower by 3.7% to $100.50 per barrel, and Brent crude is down 4.6% to $106.98.NAKA sets 1:40 reverse stock splitBitcoin treasury firm Nakamoto (NAKA), founded by David Bailey, will implement a 1-for-40 reverse stock split on May 22, the company said, to regain compliance with Nasdaq’s minimum $1 bid price requirement.The action comes as the stock has plunged more than 99% from its peak of one year ago to the current $0.16. Shares are down 8.8% Wednesday.Reverse stock splits are a common strategy used by struggling companies to avoid removal from major exchanges. The tactic increases the stock price proportionally, but it does not change the company’s underlying market value.It's a sign of the times for digital asset treasury companies. Back in January, Strive (ASST) implemented a 1-for-20 reverse stock split to lift its share price above $1.Read More: David Bailey’s Nakamoto sells roughly 5% of its bitcoin holdings, offloading 284 BTCBitcoin (BTC) continues to trade in a tight range around $77,000 in morning U.S. action on Wednesday. The major stock indices are posting small gains after three consecutive negative sessions.Minutes from the Fed's last policy meeting are due to be released at 2:00 pm ET. That April meeting was notable as it was the last to be headed by Jerome Powell, with Kevin Warsh due to be sworn in as Fed chair on Friday.The meeting was also important for having four dissents — one from Stephen Miran, who wanted the central bank to trim rates, and three from board members who urged the Fed to drop any language suggesting an easing bias.In the weeks since, bond markets globally have taken a major tumble as unexpected economic strength has combined with resurgent inflation to force a major reassessment from rate traders.Nvidia (NVDA) reports its quarterly results after the close on Wednesday. A large stock price move in the tech bellwether is likely to lead to a sizable move in the Nasdaq. Traders accustomed to crypto's correlation with that index will be keeping a close eye.12345678910Risk-On Returns: Binance Leads the Flows PickupRisk-On Returns: Binance Leads the Flows PickupMajors are up 8.2% MTD and Binance is capturing 78% of CEX inflows. Stablecoin deposits are building dry powder while BTC outflows point to accumulation. This regime is currently trader-led.May 14, 2026Majors are up 8.2% MTD and Binance is capturing 78% of CEX inflows. Stablecoin deposits are building dry powder while BTC outflows point to accumulation. This regime is currently trader-led.Why it matters:Majors are up 8.2% MTD and Binance is capturing 78% of CEX inflows. Stablecoin deposits are building dry powder while BTC outflows point to accumulation. This regime is currently trader-led.View Full Report