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Some underlying details about SpaceX—do ordinary people need to get involved in its IPO? It was written after The Information revealed its segment-by-segment financial reports. If SpaceX goes public, it will be the largest public offering in human history. Many exchanges in the industry have already started pushing mirror listings for early subscription, and the timeline has grown lively. Before jumping in, there’s some data worth taking a quick look at first: SpaceX’s 2025 revenue is $18.5 billion, and its net loss is $5 billion.

【CZ Autobiography 006 | The Most Brain-Teasing and Valuable Methodology in This Book】 Reading CZ's book on the sixth day. BTC today surged intraday to $74,480, rebounding 18% from the lowest point two weeks ago. When I saw this number, I remembered — just two weeks ago, no one in the entire crypto community was talking about coins. The timeline was full of AI, new models, and how much funding a certain AI company had raised again.

New韭: On-chain $DOT resets to zero, go quickly to the exchange to short DOT, no wait, why isn't it falling yet?
Polkadot's bridge on Ethereum, Hyperbridge, was found to have a vulnerability by hackers.
The hackers forged a message, tricked the proof verification, and gained admin rights to the bridged DOT contract on Ethereum.
Then they arbitrarily issued 1 billion fake DOTs out of thin air and immediately sold them on DEXs like Uniswap v4 and Odos.

This time, there are no safe-haven assets. From February to now, gold has fallen 25%, and BTC has fallen 42%. All in the same war.
This time, there are no safe-haven assets—only assets that have had their liquidity taken.
That’s how the textbook puts it: with geopolitical conflict, buy gold; with currency devaluation, buy BTC.
When these two things happen at the same time, the two assets that should rise should go through the roof.

【CZ Autobiography 005 | Today's Reflection: The industry does not reward intelligence; it rewards reverence】
In February 2014, a few days before Mt.Gox's collapse, CZ almost signed a contract to become the CEO of Mt.Gox China, holding 10% equity.
Susquehanna Hedge Fund recommended him, and he flew to Tokyo to meet Mark Karpeles; the cooperation plan was already discussed and agreed upon.
If that contract had been signed a few days earlier—CZ would be the head of Mt.Gox China.

Cold and headache, after finishing this article, my head hurts even more...
Sun Yuchen is tearing into WLFI today, which is especially shocking, since Brother Sun has always managed his "emotions" very well, until I looked into these details.
To the greatest extent, I condensed how the Trump family’s on-chain printing press operates, who got in, how much they lost, all in one article.

【CZ Autobiography 004 | This scene, Chapter 4, A Vital Life】 Today, it's very lively on CT. I want to find in the book how CZ handled the flying attacks and rumors during his most difficult time in life. Originally reading in order, these past two days I’ve been circling around the earlier parts: childhood kerosene lamps, immigrating at twelve, and McDonald's at fifteen.

【 CZ Autobiography 003 | The Most Hidden Thread in This Book 】 I think most friends won’t read the first 60 pages carefully. Because the first 60 pages are about how CZ grew up in a place called Zhonghu Village in Jiangsu before he turned 12. The village had no electricity, no running water, and the nearest well was 300 meters away. Under the light of a pea-sized glow from a kerosene lamp, he did his homework, while his mother carried a shoulder pole back and forth many times each day.

【Apple's Big Drop Essay】 Yesterday, Apple fell nearly 4%, making it the biggest loser in the S&P 500. The superficial reason was a leak from Nikkei, claiming that the foldable iPhone encountered some issues during testing. But a phone that hasn't even held a launch event having a small problem, is it really worth a 4% market cap evaporation? That's a bit humorous. What the market is really thinking about is another matter: in the AI era, is Apple's hardware brand still worth that much?

🙏 I’m happy that CZ noticed me. I just got to read that part from 2014. There are always more opportunities in the future. I’ll take my time to read and write, one article at a time.

【CZ Autobiography 002｜In 2014, My Mom Kept Asking Why I Didn't Get a Decent Job】 When I reached the part about 2014, I paused for a long time. Most people don't know: CZ was also hacked and lost 100 BTC. In January 2014, he had just sold his apartment in Pudong and started buying Bitcoin in large quantities. The price dropped from 800 to 600, then to 400. I kept adding to my position, with an average cost of around $600 per coin.

【Simplified Chinese C T are all joking around, bringing chaos and pushing the hype, but I actually think he’s truly someone doing real work for the crypto industry.】
People often say that the top figures in the crypto world are rough and unrefined.
In other industries, the top figures are quite respectable: investing professionals in suits and ties, tech people getting invited to the White House, and consumer figures gracing the cover of Forbes.

【Everyone is waiting for him to admit defeat】 $14.5 billion. This is the unrealized loss for Strategy in the first quarter. Xiaomi worked hard for a whole year, with a net profit of 39.2 billion RMB. Saylor wiped out two and a half years of Xiaomi's work on the books in just three months. Then this week, he bought another BTC. I checked the data. BTC has fallen 20% over the past three months, the worst Q1 start since 2018.

deBridge Monthly Report is out, and a few key signals are worth highlighting. 1/ First, look at revenue. In March, protocol revenue was $481k, cross-chain transaction volume reached 533 million, with 217k transactions across 23 chains. In the current market environment, protocols that can generate this level of cash flow are few and far between. 2/ Next, where did the money go? The Foundation has been using protocol revenue to continuously buy back DBR on the open market, with a total of 481k so far.

Regarding SpaceX & Starlink: The last piece. The Nasdaq just experienced its worst quarter of the year, and the war is still ongoing. In this environment, submitting an IPO, Musk's judgment is probably that the window won't get better, but it won't be so bad that it can't open. Besides whether you can buy in, there's one more thing worth noting. A $75 billion financing scale will draw a large amount of liquidity from the market.

Why is SpaceX's rocket business considered cool but not highly profitable? The real money-maker is Starlink. Now with over 10 million subscribers, last year's revenue surpassed $10 billion, and this year it is expected to reach $24 billion. There are few companies worldwide capable of providing satellite internet, and Starlink has captured the vast majority of the market. Rockets are responsible for launching satellites, while Starlink handles the monthly billing.

What does SpaceX have going for it? The timeline is all about SpaceX submitting an IPO application. It hasn't gone public yet, but its valuation is already three times the combined value of Boeing, Lockheed Martin, Airbus, and Northrop Grumman. However, its annual revenue is only 5% of theirs. If it happens, this will be the biggest IPO in human history. Saudi Aramco raised $29 billion in 2019, and SpaceX is 2.5 times that.

The experience from the Russia-Ukraine conflict in 2022 is that oil prices remained high for nearly half a year after the ceasefire expectations emerged. The inflation expectations that drove prices up, the lowered profit forecasts, and the disrupted supply chains all have lagging effects. From the start of the war on February 28th to now, oil prices have risen from $63 to $109, and US gasoline prices have broken $4. Yesterday, Bank of America raised its global inflation forecast for this year by 90 basis points and lowered GDP expectations by 40 basis points.

Crypto has never been short of threats. Mt.Gox, Luna, FTX—each time, someone says this time it's really over. And each time, it survives, and survives even stronger. The industry's ability to respond to these threats may be better than any traditional industry. Open-source communities, global developers, over a decade of upgrade experience. Segregated Witness in 2017, Taproot in 2021—each time, there was fierce debate, but in the end, they all got implemented. Google

Newcomers are asking if Bitcoin is still safe. Veteran investors are saying, "Here we go again, every year it's the same hype." Both sides have their reasons, but this time the paper is truly different from before. The previous industry consensus was that quantum computing would need millions of qubits to crack BTC, which is still far off. Google has designed two attack methods, each requiring only about 1200 to 1450 high-quality qubits.