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Today’s Menu

• OpenAI Just Became the World's Most Valuable Private Company

• JPMorgan Calls $165K Bitcoin by Year-End

Markets

TODAY IN AI

OpenAI Just Became the World's Most Valuable Private Company

OpenAI completed a secondary share sale allowing employees to liquidate $6.6B in stock at a $500B valuation, officially surpassing SpaceX's $456B mark as the world's most valuable private company.

Buyers included Thrive Capital, SoftBank, and MGX, with employees holding shares for 2+ years eligible to participate. OpenAI authorized $10.3B in available shares, but employees sold only $6.6B - a gap insiders attribute to optimism about future upside.

The valuation jumped from $300B in March after OpenAI generated $4.3B revenue in the first half of 2025, exceeding all of 2024. The sale gives employees liquidity to compete with rivals offering nine-figure pay packages.

OpenAI now sits atop the private company universe, and the terrifying part is the valuation still feels like it has room to run higher. When the world's most valuable private company is an AI lab burning billions to build superintelligence, the market is betting everything on the technology race.

TODAY IN CRYPTO

JPMorgan Calls $165K Bitcoin by Year-End

JPMorgan just raised its Bitcoin price target to $165K by year-end - a 40% rally from current ~$120K levels - based on Bitcoin's value relative to gold.

Their model is straightforward: Bitcoin-to-gold volatility dropped below 2.0, meaning BTC now consumes only 1.85x more risk capital than gold. To match gold's $6T in private investment, Bitcoin's market cap needs to rise 42%, implying $165K prices.

The twist? This isn't institutional money driving the surge - it's retail investors piling into the "debasement trade" as hedges against deficits, inflation, and fading trust in fiat currencies.

ETF flows prove the trend. Cumulative flows into spot Bitcoin and gold ETFs climbed sharply over the past year, with Bitcoin leading early 2025 before gold caught up.

JPMorgan called $126K Bitcoin back in August. Now it's $165K. When Wall Street's biggest bank raises targets by 31% in months, the signal couldn't be louder: Bitcoin's moment isn't coming - it's already here, driven by everyday investors losing faith in traditional money.

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Until next time,

Damon James