NEWS: SpaceX IPO set to hand a $20B stake to one hedge fund, the Financial Times reports. But that headline is misleading. D1 Capital Partners, led by Dan Sundheim, is not receiving a $20B stake. Their existing SpaceX position could simply be worth $20B once the company lists at its $1.75T target valuation on June 12. They already own the shares. The IPO just makes them liquid. This is what happens when early investors hold through a company going from a $350B private valuation to a potential $1.75T public one. The wealth was already there. The IPO just puts a price tag on it.

NEWS: CZ's $500M Twitter bet in 2022 has become indirect SpaceX equity ahead of the June 12 IPO. When Elon Musk acquired Twitter for $44B in 2022, CZ put in $500M as an equity investor, taking roughly a 1.1% stake. That stake has since traveled through two mergers. X merged into xAI in March 2025. xAI then merged into SpaceX in February 2026, valuing the combined entity at $1.25 trillion. Each merger diluted CZ's position. His original 1.1% of Twitter is now roughly 0.066% of the combined SpaceX entity. If SpaceX hits its $1.75T IPO target on June 12, that slice is worth approximately $1.16 billion. A 2.3x return on a $500M bet placed three years ago on a social media platform.

NEW: Xi Jinping privately told Trump that Putin might "end up regretting" his invasion of Ukraine, going further than any of his public statements on the war. The revelation comes just as Putin arrives in Beijing for his 25th anniversary summit with Xi. Source: FT

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