SpaceX just pulled off the largest IPO in history, and it is already asking lenders for another $40 billion to buy Nvidia chips. The chips aren't the story. The borrowing is. When an entire build-out shifts from cash flow to credit, the price lenders charge starts setting the pace, and the first real test of that price arrives with this deal.

Bitcoin plunged below $63K as global tariffs shook markets and liquidated hundreds of millions in crypto positions. Yet Strategy kept buying Bitcoin, miners shifted toward AI infrastructure, XRP network activity surged, and gold reached new all-time highs. Here’s what the market move really means.