post-ipo

According to Forbes, the Ontario Teachers' Pension Plan in Canada is expected to gain substantial returns from the SpaceX IPO. The fund invested approximately $220 million in SpaceX in 2019 when the company's valuation was around $33 billion to $36 billion.If SpaceX goes public as planned at $135 per share, with an estimated valuation of about $1.75 trillion, the shares held by the Ontario Teachers' Pension Plan would rise to approximately $11.6 billion, with potential paper gains exceeding $11 billion. As of the end of 2025, the Ontario Teachers' Pension Plan manages assets of about $279.4 billion, covering 346,000 active and retired teachers.The fund's Chief Investment Officer Gillian Brown previously stated that an IPO does not necessarily mean an exit point, and they may continue to hold shares in the future to see if SpaceX can initiate a new growth cycle after acquiring xAI. Notably, the fund had invested about $95 million in FTX in 2022 and wrote down that investment to zero after FTX's bankruptcy. However, benefiting from strong performances from projects like SpaceX, its venture capital portfolio is still expected to achieve a 30% growth by 2025.Currently, some institutions are cautious about SpaceX's valuation. Morningstar believes its fair valuation is less than half of the IPO target. Based on a $1.75 trillion valuation, Elon Musk's wealth, holding about 41% of the shares, is expected to rise further, potentially making him the world's first trillionaire.

According to The Block, Gemini has released its first quarterly financial report since going public, showing a net revenue of nearly $50 million in the third quarter, a 52% increase quarter-over-quarter. Trading volume reached $16.4 billion, up 45% from the previous quarter, with institutional trading volume growing by nearly 50%. Trading fees exceeded $26 million, and service revenue was approximately $20 million, accounting for nearly 40%, a significant increase from less than 30% in the same period last year.Gemini's crypto credit card has performed well, with over 100,000 accounts opened and quarterly spending reaching $350 million, doubling quarter-over-quarter; staking balances reached $741 million. The company has also obtained a European MiCA license, entered Australia in early October, and launched a self-custody wallet to accelerate its international expansion. Gemini has repaid its debts and established a $150 million credit line for credit card receivables, expecting annual service and interest income of $60 million to $70 million.However, due to IPO-related stock compensation and marketing expenses, the company reported a net loss of $159.5 million, or $6.67 per share, with an adjusted EBITDA of -$52.4 million. Following the earnings report, GEMI's stock price plummeted over 11% in after-hours trading, falling below $15, marking a new low since its listing, as investors worried about the widening losses.

According to ChainCatcher news and data from the RootData platform, the crypto primary market completed a total of 67 financing events in July, of which 38 disclosed specific amounts, with a total financing of 1.16 billion USD. In addition, RootData also recorded 18 Post-IPO type financing events.Key financing events include:Polymarket acquired the U.S. derivatives exchange QCEX for 112 million USDPump.fun completed a public round financing of 500 million USD at a valuation of 4 billion USDAgora completed a 50 million USD Series A financing, led by ParadigmStable completed a 28 million USD seed round financing, co-led by Hack VC and Bitfinex