Unitree Robotics' $900 million initial public offering on Shanghai’s STAR Market was oversubscribed by more than 8,000 times overall.
The retail tranche alone drew a staggering 5,526-fold oversubscription. Priced at 150.80 yuan ($22.36) per share, the landmark deal values China's first mainland-listed humanoid robot maker at roughly 61 billion yuan ($9 billion) For context, SpaceX’s much larger offering was approximately 4x oversubscribed ahead of its June debut, Snowflake’s 2020 IPO was 120x, and Facebook’s 2012 deal was 20x.
The world's largest sovereign wealth fund, the $2.3 trillion Norway Sovereign Wealth Fund, has disclosed for the first time that it holds a 0.05% stake in SpaceX.
The fund's stake in hashtag#SpaceX remains quite limited when compared to the other technology stocks in its portfolio. Source: ATA CAN
Four companies now spend like a superpower.
Hyperscaler AI capex is on track for ~$733B in 2026, about 87% of the base US defense budget.
Wall Street has been buying Leopold Aschenbrenner's book
• Nebius $NBIS *Goldman Sachs disclosed a 10.5% in August • SanDisk $SNDK *Jane Street disclosed a 5% stake in August • Core Scientific $CORZ *Citadel disclosed a 6.5% stake in August • CoreWeave $CRWV *Magnetar holds 14.9%, Goldman holds another 8.1% • Applied Digital $APLD *Jane Street disclosed a 7.1% stake in May • IREN $IREN *Bank of America disclosed a 5.8% stake in June His Q2 13F is due in 3 days and his updated holdings will be public Source: Leopold Stock Tracker
Norway Sovereign Wealth Fund H1 2026 results in a nutshell Record $184B profit... but tech-driven gains + SpaceX are the real story
Source: Emmanuel – Big Tech & AI Investor
Starlink has a lot of room left to grow into, telecom is a truly massive market.
Source: Christian Keil
US stock market concentration is at unprecedented levels
US tech stocks now account for nearly 50% of US stock market capitalization, an all-time high. This is ~9 percentage points above the 2000 Dot-Com Bubble peak. The top 10 stocks alone represent a record 40% of the S&P 500's market cap, ~13 percentage points above the Dot-Com Bubble peak. Source: Global Markets Investor
The most bullish chart of the year?
Josh Schafer (via Keith Lerner) shows that future earnings expectations for '26 and '27 have soared this year. This simply doesn't happen often, as most years see things trending lower. Source: Ryan Detrick, CMT
