valuation

As of the market close, the official mNAV of Strategy has dropped to 0.99, indicating that the market values the company overall below the market value of its held Bitcoin. Meanwhile, the perpetual preferred stock STRC is trading at a discount of about 25% to its liquidation value of 100 dollars.

According to the official announcement, Gate has optimized and upgraded the VIP level evaluation rules. Starting today, Polymarket trading volume and asset holdings will officially be included in the VIP level evaluation system. This adjustment further broadens the VIP upgrade path, allowing Polymarket trading users to fully enjoy the level growth and exclusive rights brought by trading activities and asset holdings.It is reported that Gate continues to improve the VIP exclusive rights ecosystem, creating a high-end service system around multiple dimensions such as trading, wealth management, and lifestyle. Recently, the platform has successively launched VIP exclusive airdrop activities for whiskey, gold jewelry, and more, as well as providing exclusive financial products, higher-level income rights, and diversified benefits such as sports event viewing and invitations to offline activities.Gate will continue to organize VIP users to watch events at Inter Milan and F1 venues, experiencing exclusive hospitality and the atmosphere of top-tier events, creating a richer exclusive experience for high-level users.

According to The New York Times, informed sources revealed that due to the recent significant drop in stock prices following the SpaceX IPO and the overall sluggishness of the tech stock market, OpenAI is inclined to postpone its public listing plan from later this year to 2027.It is reported that OpenAI CEO Sam Altman insists on seeking a listing valuation of up to $1 trillion and has rejected advisors' suggestions to "accept a lower valuation to expedite the listing process." Earlier, OpenAI had secretly submitted IPO application documents to the U.S. Securities and Exchange Commission (SEC) earlier this month, but did not specify a concrete timeline. Currently, OpenAI's latest valuation is $852 billion, with revenue of approximately $13 billion last year and a net loss of $21 billion.

The Hurun Research Institute today released the "2026 Global Unicorn List." Driven by the AI wave, the total value of global unicorns surged by 43% to $8 trillion. Among them, the AI sector accounts for 36% of the total value, with Anthropic ($965 billion), OpenAI ($852 billion), and ByteDance ($480 billion) taking the top three spots on the global list; Chinese company DeepSeek entered the top 15 with a valuation of $50 billion, becoming the highest-ranked new unicorn.In the cryptocurrency and blockchain sector, there are currently 67 existing unicorn companies worldwide. Among them, the cryptocurrency exchange platform Binance saw its valuation increase by $35 billion this year, reaching a total valuation of $70 billion, marking its first entry into the global top ten (ranked 8th). Additionally, the report noted that cryptocurrency companies such as Circle, BitGo, Gemini, and HashKey have exited the unicorn sequence through successful IPOs in the past year.

According to Bloomberg, SK Hynix is expected to issue American Depositary Receipts on Nasdaq on July 10. This listing plan aims to raise nearly $30 billion and is expected to become one of the largest ADR issuances in history. The market generally believes that this move will significantly expand its global investor base and may drive a revaluation.Several asset management companies expect that if its valuation aligns with Micron, there is a 30% upside potential for the stock price in the coming year. A fund manager pointed out that SK Hynix should at least trade at a valuation level comparable to Micron, as demand for memory chips may continue to exceed supply in the coming years. This listing occurs during a rare boom period in the memory chip industry. The stock prices of Micron, SK Hynix, and Samsung Electronics have all risen over 200% this year, marking the best annual performance in decades. The demand for HBM from AI servers is widely seen as a driving force behind a structural "memory supercycle."

Grayscale posted the current protocol revenue rankings of the top 15 on-chain applications, with Hyperliquid (HYPE) ranking first with $871 million in 12-month protocol revenue, followed by Pump.fun (PUMP, $459 million) and PancakeSwap (CAKE, $322 million).The accompanying image shows that some leading applications already have real cash flow and lower operating costs, but their current valuation multiples remain low. For example, the revenue multiples for projects like PUMP, CAKE, and METEORA are only 1x, AERO is 4x, and LDO is 3x.Grayscale stated that in the context of the CLARITY Act potentially advancing in the coming weeks, these on-chain applications with real revenue and relatively reasonable valuations may become attractive investment opportunities.

According to the Financial Times, the prediction market platform Kalshi is in talks with investors for a new round of financing, aiming for a valuation of approximately $40 billion, which could be completed as early as the third quarter of this year. Previously, Kalshi just completed a $1 billion financing last month, reaching a valuation of $22 billion, with investors including Coatue, Sequoia Capital, Andreessen Horowitz, and Morgan Stanley.Data shows that Kalshi's trading volume exceeded $17 billion last month, a significant increase from less than $5 billion a year ago, with about 65% of the trading volume coming from sports event-related prediction contracts.

According to Techstartups, AI infrastructure startup Upscale AI announced the completion of a new round of financing totaling $190 million, with investors including NVIDIA and Salesforce Ventures. After this round of financing, the company's valuation reached $2 billion.This round of financing is part of its Series A extension, bringing Upscale AI's total financing to $500 million, led by Premji Invest, with new investors such as Temasek and Seligman Ventures participating, while existing shareholders including Maverick Silicon, Mayfield, Prosperity7 Ventures, StepStone Group, and Tiger Global continue to invest.Upscale AI focuses on building network infrastructure for large-scale AI clusters, attempting to solve the "computing power interconnection bottleneck" problem in AI training and inference. The company is developing a full-stack AI network architecture covering chips, systems, and software, aiming to create an open standard network interconnection solution suitable for large-scale AI workloads.The company stated that as the scale of AI clusters continues to expand, network performance is becoming a key limiting factor affecting GPU utilization and training efficiency. Inefficient interconnection can directly lead to wasted computing power and increased training costs. Currently, Upscale AI has begun collaborations with several hyperscale cloud providers and "new cloud" infrastructure providers for evaluation and deployment, but has not disclosed specific client information.Analysts point out that investment in AI infrastructure is spreading from the model layer to the underlying hardware and network layers, with network interconnection becoming one of the most关注的 key infrastructure tracks following GPUs.

According to foreign media reports, the board of ByteDance reached a consensus in early May 2026 to postpone its initial public offering (IPO) plan. Founder Zhang Yiming believes there is still room for valuation growth, and going public at this stage would transfer too many benefits to late-stage risk-free investors.Currently, the trading valuation of ByteDance in the over-the-counter gray market has exceeded $600 billion. A senior technology investment banker at Bank of America stated that the company's market value is expected to approach $1 trillion, setting a new industry benchmark.Policy and geopolitical risks have eased somewhat. In early 2026, Oracle Corporation reached an agreement with an investor consortium to jointly acquire 80% of TikTok's U.S. entity, effectively clearing most related regulatory pressures.In terms of AI business, the Doubao APP, as the largest chat assistant by user scale in the country, is adding paid tiers on top of its free service.

According to an analysis by Tommy, there is a significant gap in valuation and revenue conversion for Chinese open-source AI companies, with their price-to-sales ratio (P/S) far exceeding that of leading counterparts in the United States.Data shows that Zhipu, which developed the GLM 5.2 model, currently has a market value of approximately $137 billion, but its revenue for the fiscal year 2025 is about $107 million, resulting in a price-to-sales ratio as high as 1280 times; MiniMax has a market value of about $23 billion, with a price-to-sales ratio of approximately 290 times. In contrast, the valuations of leading AI laboratories in the United States are more solid, with OpenAI (valued at about $852 billion) and Anthropic (valued at about $965 billion) having price-to-sales ratios of only 34 times and 21 times, respectively.It is believed that due to overseas users' concerns about data privacy, they are unwilling to send data directly to China, resulting in the massive demand for Chinese AI companies not being converted into actual API revenue, leading to significant profit loss to overseas third-party inference service providers (such as OpenRouter, etc.). To support their current high valuations, Chinese AI companies urgently need to prove their data non-retention mechanisms and capture the market at low prices, or explore revenue-sharing and initial licensing collaborations with overseas inference platforms to expand their actual revenue scale.

According to sources, Meta Platforms' previous acquisition of the AI company Manus for about $2 billion may be reversed due to a request from relevant regulatory authorities in China to withdraw the decision on the transaction. Early investors in Manus are currently planning to repurchase company equity at the approximately $2 billion price originally paid by Meta. This development could allow some original investors to regain control of the company and potential valuation reassessment opportunities.

According to Bloomberg, Israeli artificial intelligence and cybersecurity company Dream has completed a $260 million financing round, with a post-money valuation of approximately $3 billion, nearly tripling from a valuation of about $1 billion in February 2025. This round was led by Bicycle Capital and Group 11, with participation from Bain Capital Ventures, Antler, Tru Arrow Partners, and others.Dream was founded in 2023 by former NSO Group CEO Shalev Hulio and former Austrian Chancellor Sebastian Kurz, initially focusing on national-level AI cyber defense. It has now launched a sovereign AI platform and AI security product Hero aimed at governments and state-owned enterprises, achieving nearly $300 million in sales to date, and will accelerate deployment in Europe, the Middle East, Asia, and the Americas.

Grayscale Research's latest report shows that Aave, as the leading protocol in the DeFi lending space, currently has a reasonable valuation range for the AAVE token of $80 to $100.The report points out that Aave's protocol revenue is expected to grow more than 6.6 times from 2023 to 2025, with an operating profit margin of about 50%, and there is still room for further improvement as the scale expands. The Aave DAO treasury has reached a maximum of $360 million, providing ample capital for the protocol's development.Grayscale believes that the current price of AAVE at around $75 implies an annualized growth rate of about 9% over the next 10 years, which is a relatively conservative expectation. If Aave can achieve an annualized growth rate of 25%, the corresponding price could reach $227; if it reaches 35%, it could reach $444.However, the report also emphasizes that Aave's future performance will still depend on the competitive landscape of DeFi lending, regulatory clarity, and the advancement of stablecoin and RWA tokenization businesses.

According to The Wall Street Journal, China's lifestyle and video sharing platform Xiaohongshu plans to go public in Hong Kong as early as the end of this year, with major investors seeking to value it at over $70 billion. Previously, the company was valued at over $50 billion in recent private secondary market transactions.

According to Bloomberg, one of Africa's most valuable fintech startups, Flutterwave, has sold a portion of its equity to blockchain company Ripple to drive the expansion of its payment business and strategic cooperation plans.Flutterwave CEO Olugbenga Agboola stated in an interview that Ripple's investment has valued Flutterwave at $3.3 billion. However, he declined to disclose the specific amount of Ripple's investment and the percentage of shares Ripple holds in Flutterwave.Flutterwave is one of Africa's largest payment infrastructure companies, providing businesses with cross-border payment, collection, and financial service solutions, while Ripple has been increasingly expanding its presence in the global payment network and stablecoin sectors in recent years. This investment is seen as an important move for Ripple to further expand into the African payment market.