Happy Friday. J, crypto had its second straight big day, Unitree’s IPO popped, and a missile startup had a massive fundraise. Let’s dive in!
📺 Watch: Our latest investor briefing on the burgeoning space economy and current and future investment opportunities within it.
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📈 DAILY MARKETS
🏡 RENTAL MARKET
According to Zillow’s newest rental market report, typical U.S. asking rents were up 2.3% year-over-year, the fastest annual pace in over a year. However, nearly 40% of all listings offered a rental concession, up 4 percentage points from last year. Realtor.com paints a different picture of the market, recording a 1.4% annual decline in asking rents for 0-2 bedroom units in the top 50 U.S. metros. Both reports found the San Francisco Bay Area to be the strongest rental market, and Texas markets to be the weakest.
➨ TAKEAWAY: The metros with higher concession rates and bigger rent declines are not coincidentally the ones who have added the most supply in recent years. The recent multifamily construction boom is fading, but the effects are still apparent. Investors evaluating markets should look at recent construction rates and rental growth rates, and look deeper at specific submarkets and neighborhoods as well.
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📺 EVENT REPLAY
Vincent CEO Eric Cantor, Orbit2Orbit CEO Bradley Hatton-Jones, and Mach33 CEO Aaron Burnett talk about why space is becoming one of the most compelling investment opportunities for the next decade. They explore the future of commercial space economy and why investors are paying attention.
📰 NOTABLE NEWS
🪙 Crypto rally continues: Bitcoin rose by 8%for the second consecutive day, pushing past the $75,000 mark for the first time in three months. Multiple other major tokens saw double-digit gains, and the crypto market as a whole gained around 6%.
🤖 Unitree IPO: The Chinese robotics startup famous for its backflipping robot made its stock market debut in Shanghai and its shares skyrocketed by 460% on the first day of trading. The company raised around $900 million its in IPO and now carries a market cap of around $50 billion.
🚀 Castelion fundraise: The defense tech missile startup raised $1 billion at a $13 billion valuation, nearly five times its $2.8 billion valuation last December. The company aims to mass produce hypersonic missiles, an urgent need as the U.S. has depleted its stockpiles due to the war in Iran.
🎰 Hedge fund bets on prediction markets: Cantor Fitzgerald is planning to serve as a broker to its 3,000 institutional clients, allowing them to take big positions in Kalshi’s prediction markets, further legitimizing the platform as an investment option.
🎨 South Asian art forgeries: As the market for South Asian art has exploded in the past few years, it was inevitable that the forgeries would follow, and specialists in India and Pakistan reported seeing an increase in fakes. Collectors and investors should always be confident of a work’s provenance before purchasing it.
🤖 EliseAI funding round: The AI property management startup is reportedly raising $300 million at a $3.7 billion valuation, up nearly 70% from its $2.2 billion valuation from a year ago.
📝 IN CASE YOU MISSED IT
Monday: 🤖 AI coding startups, 🚘 Monterey Car Week
Tuesday: 🚀 Drone fundraising rounds, 🏡 Homebuilding confidence index
Wednesday: 🏡 Construction data, 🏢 Top CRE markets
Thursday: 🪙 Crypto rally, 📈 Etched doubles valuation
Have a great weekend!
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