What you need to know
SpaceX jumped nearly 8% Monday to its strongest level since June, pushing Elon Musk’s fortune back above $1 trillion.
Elon is renaming SpaceXAI to SpaceXSI and skipped Monday’s New York City AI hearing, where OpenAI, Anthropic, Google and Meta representatives faced lawmakers.
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Bitcoin holds near $86,000 while crypto stocks split sharply across Monday trading
Bitcoin stayed north of $86,000 on Monday, but another attempt to get through $87,000 did not last. By press time, the coin was changing hands at $86,100, up about 1.4% for the day, after reaching $86,995 earlier on the same day.
The price action comes after Friday’s U.S. employment numbers gave Bitcoin a brief run beyond $87,000. Since then, buyers have struggled to keep it there. Markets are still balancing softer labor data against high Treasury yields and inflation that remains a concern.
Crypto-related stocks were much more mixed.
Among the biggest names, Robinhood (HOOD) was up 1.24% at $114.14, while MercadoLibre (MELI) jumped 9.72% to $1,861.50. Strategy (MSTR) added 2.77% to $164.45, and Coinbase (COIN) climbed 2.84% to $188.19.
Block (XYZ) gained 2.58% to $76.25, PayPal (PYPL) moved 3.07% higher to $54.42, and Circle (CRCL) added 2.60% to $83.36. Net Holding (NTHOL) was up 1.30% at $37.38, while Nexon (NEXOY) slipped 2.34% to $16.66.
The mining names were less consistent. IREN fell 3.02% to $40.50, Hut 8 (HUT) eased 0.36% to $89.31, and TeraWulf (WULF) dropped 4.39% to $14.81. Riot Platforms (RIOT) lost 2.08% to $19.32, Cipher Digital (CIFR) shed 1.27% to $15.51, and MARA Holdings (MARA) was down 0.45% at $11.18.
There were some winners in that group. Core Scientific (CORZ) added 1.03% to $16.62, while Neptune Digital Assets (NDA) rose 4.69% to $0.67.
Elsewhere, Bitmine Immersion Technologies (BMNR) gained 2.06% to $26.81, while Galaxy Digital (GLXY) fell 1.69% to $22.67. GameStop (GME) added 2.29% to $25.27, and Figure Technology Solutions (FIGR) fell 2.03% to $27.95.
Bullish (BLSH) was slightly higher, adding 0.34% to $34.34. Rumble (RUM) dropped 2.38% to $7.39, while Alliance Resource Partners (ARLP) gained 1.02% to $24.78. Bitdeer Technologies (BTDR) slipped 0.64% to $10.95, and CleanSpark (CLSK) fell 1.88% to $12.50.
Strive (ASST) gained 0.73% to $30.25, while Greenidge Generation (GREE) stood out with a 9.74% jump to $2.14. On the other side, Securitize (SECZ) sank 10.01% to $11.69, the steepest drop among the names listed.
Keel Infrastructure (KEEL) lost 4.42% to $3.46, while Metaplanet (MTPLF) was down 0.88% at $1.80. SharpLink (SBET) gained 2.78% to $9.61, and Twenty One Capital (XXI) added 1.21% to $6.68.
American Bitcoin (ABTC) moved 2.29% higher to $8.71, while BitGo (BTGO) was unchanged at $7.38. HIVE Digital Technologies (HIVE) fell 2.68% to $2.90, but Gemini Space Station (GEMI) gained 1.93% to $4.76.
Forward Industries (FWDI) slipped 0.49% to $8.12, and Bit Digital (BTBT) fell 5.21% to $1.54. Meliuz (CASH3) dropped 1.90% to $5.16, while Prenetics (PRE) gained 4.96% to $21.17.
ProCap Financial (BRR) eased 0.26% to $3.91, and Boyaa International (BOYAF) was flat at $0.43. Canaan (CAN) fell 4.51% to $0.33, while Exodus Movement (EXOD) lost 3.55% to $7.07.
Kulr Technology Group (KULR) was down 3.21% at $2.56, Bitcoin Group SE (ADE) declined 2.46% to $28.54, and Nano Labs (NA) slipped 1.36% to $2.17. Sol Strategies (STKE) managed a 0.29% gain to $1.72.
At the smaller end, Intchains Group (ICG) jumped 9.30% to $0.94, Argo Blockchain (ARBK) gained 3.11% to $2.32, Genius Group (GNS) climbed 8.33% to $0.16, and Fold Holdings (FLD) added 4.23% to $0.56.
Nasdaq sets another record as Big Tech rallies even with Treasury yields climbing
Wall Street finished Monday with technology shares firmly in front, sending the Nasdaq Composite into record territory again. The index gained 1.05%, touched 27,544.07 during the session and finished at an unprecedented 27,477.31.
The rest of the market also ended higher, though the moves were smaller. The Dow Jones Industrial Average added 90.94 points, or 0.18%, to 51,267.90, while the S&P 500 finished 0.66% higher at 7,773.95.
Big AI-linked names did much of the lifting. Meta Platforms gained close to 2%, Microsoft added more than 1%, and both Nvidia and Tesla were up around 2%.
That strength came even as government borrowing costs moved higher. The 10-year Treasury yield added more than 3 basis points to 5.311%, while the 30-year yield increased by a similar amount to 5.664%. Both have recently reached levels not seen in years as markets continue to price in the possibility that stubborn inflation could keep Federal Reserve rates elevated for longer.
Monday also brought a fresh read on the services side of the economy. The Institute for Supply Management’s September services PMI came in at 54.9%, roughly where economists had expected it. Growth was still positive, but the pace was a little softer than it was in August.
The next major Fed clue comes from the minutes of the September meeting. Traders will be looking for more detail on why policymakers chose to lift rates by 25 basis points last month and what that decision could mean for the months ahead.
Oil moved the other way. Brent crude finished 1.89% lower at $100.32 a barrel, while West Texas Intermediate lost 1.8% and settled at $89.43.
SpaceX jumps nearly 8% as Elon Musk’s fortune moves back above $1 trillion
SpaceX stock gained close to 8% on Monday, taking the shares to their strongest point since the middle of June and putting Elon Musk back above the trillion-dollar mark. The move comes less than four months after the company completed its blockbuster public debut.
The latest push followed a weekend research note from Morgan Stanley, where analysts argued that SpaceX still looks inexpensive at current levels. The bank pointed to upcoming AI products, further Starship development and the prospect of more neocloud deals. Morgan Stanley has a buy rating and a $300 target, which would be roughly 75% above Monday’s $171.09 closing price.
SpaceX also had a packed few days operationally. Late last week, the company completed several major launches within the same day, including a crewed NASA flight to the International Space Station and another mission that carried Google AI chips into orbit.
Elon’s role in Washington is growing too. The Pentagon named him co-leader of Project Meridian on Wednesday, a program focused on working out which weapons, technologies and military systems the U.S. could need in future conflicts. SpaceX already gets a meaningful share of its business from the federal government, with defense work becoming a bigger piece of that relationship. Data from FedScout puts the company’s total Defense Department awards above $12.7 billion.
Over the weekend, Elon also said the company’s artificial intelligence unit will lose the SpaceXAI name and become SpaceXSI, matching branding recently adopted by President Donald Trump.
Elon was missing from a New York City Council hearing on AI regulation on Monday even as SpaceX shares were rallying. Executives and representatives from OpenAI, Anthropic, Google and Meta appeared before city officials to answer questions about oversight of the technology.
Councilmember Shekar Krishnan used the hearing to criticize the economic effects surrounding AI, pointing to higher corporate valuations, land being used for data centers and the enormous personal fortunes built by leading technology executives. Shekar specifically cited Elon becoming the first person to reach trillionaire status.
Forbes’ real-time wealth tracker currently puts Elon at $1.03 trillion, including the value of his stakes in Tesla and SpaceX.
SpaceX entered the public market on June 12 and reached a closing high of $201.80 on June 16. The stock then spent several weeks moving downward before hitting its low in early August. Since that point, it has recovered by roughly 58%.