Reef

[Space Investor @SpaceInvestor_D]

The Great Space Corridor

[AB Kuai.Dong @_FORAB]

结束了，全都结束了。

一位名为 betoor619 的老哥，在昨晚拿 100 万美金，押注西班牙会战胜佛得角，当时西班牙获胜概率为 92%，但因为最终爆冷平局，这笔钱蒸发了。

他此前习惯押注，胜率极高的队伍，所以老哥胜率极高。

[The Assembly @InTheAssembly]

This is actually insane.

SPCX just hit $3 trillion market cap. Bigger than Amazon and Microsoft. Less than a week after IPOing at $1.75T

Here’s why this is happening:

Only about 4% of total shares were released in the IPO. The other 96% is locked up. Insiders, employees, early investors, big institutional holders. All on a staggered release schedule.

So when buyers come in, they are hitting a tiny pool of actual tradable shares. The order book has almost nothing on the ask side. Price has to gap higher to bring out marginal sellers, which is why you are seeing these violent moves on what looks like normal volume.

And here is the kicker. Market cap is calculated on every share that exists. Even the locked-up 96%. So the headline number is exploding past $3T while the real float is tiny.

This is low-float mechanics at a scale nobody has EVER seen before.

Now the important part.

The insiders cannot sell yet. The lockup releases happen in phases. First big chunks come in August after the first earnings report. Then more through the fall with performance-based gates. Then scheduled tranches into December. Elon is locked up for 366 days on top of all that.

Right now, supply is frozen.

That changes soon.

Once those unlock dates hit, the float starts expanding in waves. And if most of this buying has been speculative momentum (which I suspect it has), the balance is going to shift fast when sellers can finally hit the market.

This is a supply-constrained squeeze.

At The Assembly, we are a team of 10 with one goal: position you for the long term and help you buy the right stocks.

Follow us and turn on notifications so you do not miss our alerts.

A lot of people will wish they followed us sooner.

[Ryan Detrick, CMT @RyanDetrick]

I'm old enough to remember another very big/popular IPO that was broadly panned as too expensive and that was Google in 2004.

[SpaceX @SpaceX]

Watch @ElonMusk provide a technical update on SpaceX’s capability to manufacture, launch, and operate AI satellites at scale → https://t.co/PSCyWrNsOg

[Sawyer Merritt @SawyerMerritt]

SpaceX has just officially unveiled its AI1 satellite, the first generation of its AI satellite.

Overall Specs:
• 150 kW peak compute payload
• 120 kW average compute payload
• 70 kW per ton
• Compute provider interchangeable

Dimensions:
• Wingspan: 70 meters
• Deployed height: 20 meters

Thermal System:
• 110 m² deployable liquid radiator
• Redundant pumping loops
• Integrated micrometeoroid shielding
• Deployable liquid radiators

Solar Power System:
• 150 kW solar array
• 250 W/m²
• SpaceX-manufactured solar technology from Bastrop, Texas

Architecture:
• Centralized compute module
• Large deployable solar arrays
• Deployable liquid-radiator thermal management system
• AI-focused compute satellite design ("AI1 satellite")

Elon: "The AI satellite is much simpler than a Starlink satellite. The AI satellite is essentially a lot of solar cells, you still need some laser links, but you don't have all of the super complex antennas that you have on a Starlink satellite. The easier one to design for is the AI satellite. It's bigger. A lot of this is technology we've already made with the Starlink V3 satellites."

[Fan_Monty @AFC_Monty_]

Mikel Arteta's Arsenal. 2020-2026. Champions.

[*Walter Bloomberg @DeItaone]

$TSLA - TESLA'S FUTURE IS ROBOTICS, NOT CARS

J.P. Morgan upgraded Tesla to “neutral” from “underweight,” saying the stock’s value is increasingly tied to autonomous driving, robotics, AI, and software rather than near-term EV earnings. The bank raised its price target to $475 from $145, citing Tesla’s strong hardware-software integration and long-term growth potential. However, it warned that regulatory, safety, and execution risks remain significant.

[Sawyer Merritt @SawyerMerritt]

Wow, the S&P Dow Jones Indices has just officially announced that they will NOT be changing their inclusion rules to make it easier for “MegaCap” companies (such as @SpaceX) to be fast-tracked into the S&P 500.

Their reasoning:
"S&P DJI determined that exceptions to the financial viability, seasoning, and IWF requirements should not be granted solely based on market capitalization. The decision not to adopt the proposed exceptions preserves core index principles by maintaining consistent application of these key requirements. Although there may be trade-offs between strict adherence to these eligibility requirements and broad representativeness, the current methodology provides substantial market coverage and sector balance. As a result, the indices can continue to meet their stated objectives while preserving their role as representative and investable benchmarks for the U.S. equity market.

No changes will be made to the eligibility criteria including financial viability screens, seasoning period, or minimum IWF, for the S&P 500, S&P MidCap 400, or S&P SmallCap 600 as a result of the S&P Dow Jones Indices consultation on the treatment of MegaCap companies. Accordingly, there will be no changes to existing methodology for this index family."

This means that the earliest @SpaceX could be eligible to be added to the S&P 500 would now be June 2027.

The requirements that will now remain in place are:
• No changes to S&P 500 eligibility rules for mega-cap companies.
• Mega-cap companies will still need to wait 12 months after their IPO before being considered for S&P 500 inclusion.
• S&P will not waive profitability requirements for mega-cap companies. The company must have positive GAAP net income in the most recent quarter, and the sum of the most recent four consecutive quarters.
• S&P will not waive minimum public float requirements for mega-cap companies. At least 10% of a company's shares must be publicly tradable ("free float").

The S&P rejected proposals that would have:
• Reduced the IPO seasoning period from 12 months to 6 months
• Waived profitability requirements
• Waived minimum public float requirements

[a16z @a16z]

World Labs CEO Dr. Fei-Fei Li: "The world is not made of words."

"Language models have given machines an extraordinary command of concepts, vocabulary, and reasoning, but the physical world, virtual or real, runs on a different substrate."

"Where language models learn the statistical structure of text, world models learn the statistical structure of space and time: how light falls on a surface, how a garden looks from an angle no camera has captured, how objects respond to force and follow the laws of physics."

"Language gave machines a way to talk about that world. World models are how machines will finally come to understand, imagine, reason and interact with it."

Full piece: https://t.co/C9qOJg5wuc

[𝗔𝗹𝗲𝘅-𝗩𝗶𝗱𝗲𝗼 @alexvideo_]

History rewritten. Thierry Henry refuses to let the Penalty be missed 😄

[Elon Musk @elonmusk]

Built with Grok

[Tesla Aaron L @TeslaAaronL]

FSD is absolutely jaw-dropping.

You’ve never seen anything like this.

It reversed for a full 7 minutes… right on the edge of a cliff.

Credit: Douyin AE68 & 卢23
Source video: https://t.co/YRFDJuGpvV

[Rory Talks Football @Rory_Talks_Ball]

Gutted for Mosquera, but what a costly mistake that was

Simply no need to make the challenge either

[Heisenberg @Mr_Derivatives]

When you go buy a Dell laptop bundle only to find out that the CPU is Intel, the RAM is Micron, the GPU is AMD, the internal Hard Drive is Seagate, the external Hard Drive is Western Digital, and they toss in a bonus SD Card that is SanDisk.

It all makes sense now...

It all makes sense.

[Teslaconomics @Teslaconomics]

So... who's investing in the SpaceX IPO? 🙋🏻‍♂️

[Hassan AFC @HassanGooner10]

ستان كرونكي - مالك آرسنال يملك حالياً أغلى إمبراطورية رياضية في العالم بقيمة مجمعة تبلغ 23 مليار دولار

[The Overlap @WeAreTheOverlap]

Arsenal fans, this one's for you! 🏆

Something special is coming soon! ⏳

[Elon Musk @elonmusk]

Inspiring!

[Premier League @premierleague]

Guiding Arsenal to their first Premier League title in 22 years 🔝

Mikel Arteta is your @barclaysfooty Manager of the Season 👏