News linked to both this project and an event.
According to Chaoxiang Research, a Morgan Chase report dated August 19 noted that the individualized neoantigen therapy (INT) co-developed by Moderna and Merck met its primary endpoint of recurrence-free survival in the Phase III adjuvant melanoma trial, with the key secondary endpoint of distant metastasis-free survival also being achieved. JPMorgan previously assigned an 85% probability of success to this trial, viewing the results as in line with expectations and already factored into the stock price prior to the announcement. Moderna’s shares rose in pre-market trading, yet JPMorgan maintained an Underweight rating and a $40 price target, representing a 36% downside from the current $63. JPMorgan noted that the adjuvant melanoma indication contributes only approximately 3% to valuation, and INT data in non-melanoma indications remains the key variable driving valuation. The current valuation model already incorporates roughly $15 per share for the potential value of other indications. The price target is based on a discounted cash flow (DCF) model using a 10.5% weighted average cost of capital (WACC) and a 0% terminal growth rate.
According to a Grayscale research report, as AI-driven financial monitoring capabilities continue to expand, the demand for financial privacy is experiencing a third wave of renewed interest, potentially benefiting Zcash (ZEC). The report notes that Zcash’s zero-knowledge proof-based shielded transaction technology conceals the sender, recipient, and transaction amount, establishing a differentiated positioning compared to Bitcoin’s transparent on-chain records. Current on-chain data shows that shielded transactions now account for approximately 90% of Zcash’s total network transaction volume, while shielded supply has reached around 4.2 million ZEC, representing 25% of the circulating supply, with both figures hitting all-time highs. In terms of valuation, ZEC holds a market capitalization of approximately $8 billion, accounting for only 0.6% of the total market cap within Grayscale's "Cryptocurrency Monetary Sector". If its market share increases to 5%, the theoretical valuation space would be roughly nine times the current level. The report also cautions that Zcash faces multiple risks, including regulatory compliance, legacy issues from historical trusted setups, quantum computing threats, and protocol upgrade execution challenges, requiring investors to conduct prudent assessments.
Odaily News: According to the official announcement from MSX, the platform has officially opened redemption applications for Phase 2 Pre-IPO projects, Anthropic and Polymarket.Official data shows that as of the latest valuation, the Polymarket subscription price has risen from $152/share to $202.67/share, representing an unrealized gain of 33.3%. Anthropic's latest valuation also exceeds its subscription price.With this redemption window now open, users can choose based on their own needs to either apply for redemption at the latest market price and settle in USDT, or continue holding until the underlying projects complete their IPOs.Previously, MSX had already completed the full trading cycle for Phase 1 Pre-IPO projects, $CBRS.M and $SPCX.M, from subscription to listing. Users can log in to the MSX platform to view specific redemption rules and asset status.
According to TechFlow Research, Goldman Sachs pointed out in its August 19 research report that SK Hynix announced after hours a 40 trillion won (approximately 28.3 billion USD) stock buyback and cancellation plan, equivalent to canceling approximately 3.3% of issued shares; the buyback will start on August 20 and be executed within three months. Goldman Sachs maintained its Buy rating and target price of 3.5 million won, representing 133% upside compared to the current 1.5 million won. Goldman Sachs estimates cumulative free cash flow from 2025 to 2027 will be approximately 252 trillion won; based on a shareholder return ratio of approximately 55%, this would ultimately return approximately 140 trillion won to shareholders, and after deducting this 40 trillion won buyback and approximately 30 trillion won in dividends, there is still approximately 70 trillion won of additional buyback capacity. The research report indicates that the company hinted this is not a one-off event, and more follow-up buyback and dividend plans will be announced at the Q3 earnings conference at the end of October. This buyback can cancel approximately 24 million shares, far exceeding the 17.7 million share dilution effect brought by the recent ADR listing. Goldman Sachs raised its expected shareholder return rates for 2026 and 2027 to 3.5% and 8%, respectively, and raised its earnings per share forecasts for 2026 to 2028 by 4%, 10%, and 10%, respectively. The current stock price corresponds to a P/E ratio of approximately 3.8 times for 2026 and approximately 3.0 times for 2027; Goldman Sachs believes the valuation is still at the lower end of the historical range.
Odaily News: Enterprise AI data platform Prevalent AI has announced the completion of a $22 million funding round, with Los Angeles-based investment firm Integrity Growth Partners (IGP) participating. Founded in 2017, the company specializes in developing AI-driven data platforms that connect and integrate data from multiple systems within an enterprise, helping organizations build continuously updated "sovereign knowledge graphs" and supporting the deployment of AI Agents and automation systems. (Tech.eu)
Odaily News: It is understood that Unitree Robotics angel investor Yin Fangming invested 2 million yuan in August 2016 for a 15% stake in the company, at a post-investment valuation of only 13 million yuan. After subsequent rounds of financing dilution, as of before the IPO, Junwan Hongyi, controlled by Yin Fangming, held 11.1749 million shares, representing approximately 2.76% of the company, making it the tenth-largest shareholder of Unitree Robotics. Based on the issuance market value of 61 billion yuan, the stake was valued at approximately 1.685 billion yuan; currently, Yin Fangming still holds approximately 16.62% of Junwan Hongyi.As Unitree Robotics debuted on the Science and Technology Innovation Board (STAR Market) today and its stock price briefly surged past 1,100 yuan, the market value of Junwan Hongyi's stake once climbed to 12.292 billion yuan. At present, Unitree's stock price is tentatively reported at 884 yuan, with Junwan Hongyi's stake still valued at as much as 9.878 billion yuan, representing paper gains of 9.876 billion yuan, a gain multiple of up to 4,938 times. Compared with the 840-fold return based on issuance market value, the gains have nearly sextupled. The look-through market value corresponding to Yin Fangming's remaining personal interest is approximately 1.638 billion yuan. Counting only this portion of equity and the 1.3106 million yuan in equity transfer income disclosed in 2018, Yin Fangming's book return on his 2 million yuan angel investment has exceeded 819 times.
According to TechFlow Research, Morgan Stanley's August 18 Internet Weekly Report pointed out that the internet sector overall fell 1% last week, with Amazon and Google leading the decline with drops of 4% and 2% respectively. The current valuations of Amazon, Google, and Meta are 20x, 17x, and 19x 2026 earnings per share respectively, representing a discount of 7% to 14% compared to their respective five-year averages. The internet sector's overall NTM EV/EBITDA is at a 7% discount to the five-year average, but NTM EV/Sales remains at a 19% premium. If stock-based compensation (SBC) is treated as a cash expense, the median EV/EBITDA for the digital media, e-commerce, and travel sectors will increase by approximately 36%, 30%, and 44% respectively. The report judges that the AI ROIC debate remains the core focus of the market. There is not yet a consensus to buy at current low valuation levels, as the market has fundamental disagreements on the return on AI capital expenditure. If AI spending continues to erode profit margins, valuations may compress further; conversely, if market confidence in ROIC recovers, valuations are expected to recover. Morgan Stanley believes the internet sector is likely to remain range-bound until the AI return on investment debate shows a clearer direction.
The U.S. Securities and Exchange Commission (SEC) on Tuesday proposed new rules that would allow crypto projects to raise funds without full securities registration. The proposed "crypto asset regulation" includes two exemptions: projects raising no more than $5 million over a 4-year period, and issuers raising no more than $75 million every 12 months, subject to filing financial statements and ongoing reports. Both exemptions require information disclosure and remain subject to federal anti-fraud and anti-manipulation rules. The proposal also includes a conditional safe harbor, allowing issuers to "decouple" crypto assets from the investment contracts under which they were issued, provided SEC conditions are met. SEC Commissioner Hester Peirce stated that the exemptions will not cover all types of crypto projects, and the Commission will refine the rules based on market developments. The SEC canceled a related meeting last week citing "unforeseen scheduling issues," and resumed advancing the proposal days later. (Decrypt)
According to Bloomberg, people familiar with the matter said that Shenzhen-based robotics company LimX Dynamics has confidentially filed for a Hong Kong initial public offering, planning to raise up to $300 million. The company is working with CITIC Securities to advance the transaction. This move comes as several Chinese robotics companies prepare to go public.
Odaily News AI chip startup Groq has completed a $350 million funding round, but the company's valuation has dropped to $3.5 billion—about half of what it was nearly a year ago. The round was led by Dallas-based investment firm Disruptive, with NVIDIA also participating. Founded in 2016, Groq was once considered one of the key competitors to NVIDIA in the AI chip space, focusing on developing specialized hardware for AI computing. The company is now transitioning into an AI data center operator, with a primary focus on serving AI model inference needs. (Bloomberg)
Odaily News According to reports from the Americas, Europe, and the Middle East, family offices of ultra-high-net-worth investors are significantly increasing their investments in SpaceX, with total exposure reaching approximately $3.8 billion. This shows that private wealth institutions are competing for investment opportunities in the rocket, satellite, and artificial intelligence company founded by Elon Musk.According to data compiled by Bloomberg based on regulatory filings (13F), as of the end of June, the family office of Nick Pritzker, heir to the Hyatt hotel fortune, held a SpaceX investment position valued at approximately $1.8 billion.The report states that as SpaceX gains market attention following its initial public offering (IPO), more and more family offices are positioning themselves in the company through private market investment channels. Since SpaceX remains a high-valuation, scarce private technology asset, its equity opportunities have long been sought after by institutional investors and ultra-wealthy individuals.Investors value not only SpaceX's leading position in the commercial aerospace sector, but also its Starlink satellite internet business and its future potential in artificial intelligence infrastructure. As the AI wave prompts global capital to reassess the value of computing power, communications, and space infrastructure, SpaceX is gradually becoming an important investment target connecting the aerospace, satellite communications, and AI industries.However, due to the limited liquidity of SpaceX's private equity transactions and their high valuations, the large-scale bets by family offices also mean that investors are taking on higher long-term valuation and exit risks. (Bloomberg)
Odaily News AI model evaluation company Vals AI announced it has completed a $40 million Series A funding round at a $400 million valuation, led by a16z, with participation from 8VC, Pear VC, Bloomberg Beta, as well as HRT Ventures and Next Ladder Ventures. The new funds will be used to expand evaluation infrastructure and launch testing tools that create programming benchmarks based on enterprise GitHub code repositories.Vals AI evaluates frontier models from companies such as OpenAI, Anthropic, Google, Meta, and xAI using its independent framework, rather than relying on traditional public benchmarks. Its team members primarily come from companies including Nvidia, Meta, and Palantir. (Techfundingnews)
According to TechTimes, AI model evaluation company Vals AI announced the completion of a $40 million Series A funding round at a $400 million valuation, led by a16z, with participation from new investors such as 8VC, Pear VC, and Bloomberg Beta, as well as HRT Ventures and Next Ladder Ventures. Vals AI evaluates frontier models launched by companies such as OpenAI, Anthropic, Google, Meta, and xAI using an independent system rather than traditional public benchmarks, and the new funds will be used to expand evaluation infrastructure and launch testing tools that create programming benchmarks based on enterprise GitHub codebases.
According to Pulse2, AI agent platform Moss announced it has entered the "unicorn club" by completing a €30 million Series C funding round led by Portage and Cherry Ventures. The new funds will support its expansion into a broader Finance AI product system, building AI agent (AI agents) workflows for corporate finance departments. Users can configure AI agents based on different financial functions, retaining visibility and control over the agent's operational steps and decision-making process while tasks are automatically executed.
Odaily News: The U.S. Securities and Exchange Commission (SEC) has once again postponed its plan for a tokenization "innovation exemption." The framework was intended to allow companies to test blockchain-based tokenized trading of U.S. stocks without meeting full exchange and broker-dealer standards. The delay is tied to unresolved negotiations over Section 10505 of the draft CLARITY Act in the U.S. Senate. That provision stipulates that tokenized securities remain securities and requires the SEC to study custody, consumer protection, cross-border issues, and regulatory coordination. The SEC also postponed a vote scheduled for Friday on a proposed exemption for crypto startup fundraising, citing scheduling issues, with no new date announced. The House version of the CLARITY Act passed in July 2025, and the Senate Banking Committee version advanced by a 15-9 vote in May of this year. A procedural Senate vote is not expected before September 15. (Bitcoin.com News)
Odaily News: Bitcoin News posted on X platform stating that MSCI has proposed new rules targeting "non-operating companies." According to a simulation conducted by MSCI in May 2026, Strategy would be removed from its global investable market index. Strategy, along with Metaplanet and Yellow Cake, are the three companies listed in the simulated removal from the MSCI ACWI IMI. The proposed methodology would screen companies based on their operating assets, expenses and cash flows, non-operating fair value changes, and the extent to which they rely on accumulated assets raised through financing. The final criterion would directly target Strategy's model of accumulating Bitcoin through issuing equity and debt. The rules have not yet been finalized, with the comment period ending on September 30. MSCI is expected to make a decision by October 16, and related adjustments could be implemented during the November 2026 index review.
Odaily News: Citrini analyst Jukan posted on X platform stating that Anthropic investors believe the surging demand for its Claude series of advanced AI models and tools is sufficient to support the company's extremely high valuation expectations. According to investor estimates, Anthropic is expected to reach an annualized revenue of $100 billion to $120 billion by the end of 2026, a figure calculated using the company's preferred method, which projects full-year sales based on recent performance. If this expectation is realized, Anthropic's revenue scale would grow more than 10 times during 2026.An institutional investor commented: "If Anthropic can achieve 800% annual growth, even at a very conservative level, its valuation could reach 30 times revenue." Based on this valuation logic, Anthropic's potential market capitalization could reach $3 trillion.
Odaily Planet Daily: Crypto asset trading platform Bullish has announced its financial results for Q2 2026. The company stated that as global securities markets gradually migrate to public blockchains, Bullish is planning to build a comprehensive issuer-supported tokenized securities service system covering issuance, listing, trading, and tracking.Bullish CEO Tom Farley stated that the global securities market, valued at nearly $300 trillion, is transitioning to public blockchains, and Bullish aims to work with issuers to drive this process. Upon completion of the proposed acquisition of Equiniti, the company will form an integrated platform covering tokenized securities issuance, listing, trading, and tracking.Financial data shows that Bullish's Q2 digital asset sales reached $32.6 billion, down from $58.6 billion in the same period last year; the net loss was $280 million, compared to a net profit of $108.3 million in the same period last year, corresponding to a diluted loss per share of $1.78.However, the company's core business performance improved. Q2 adjusted revenue (non-IFRS) reached $92.6 million, up 62% year-over-year from $57 million in the same period last year; among which subscription, services, and other revenue hit a record $62.7 million. Adjusted trading revenue was $29.9 million, up 24% year-over-year; adjusted EBITDA was $29.5 million, compared to $8.1 million in the same period last year; adjusted net profit was $14.3 million, compared to a loss of $6 million in the same period last year.In terms of business progress, Bullish stated that the acquisition of UK fintech company Equiniti is progressing and is expected to be completed in early 2027, subject to customary conditions including regulatory approvals. Additionally, Bullish's CoinDesk indices continue to gain institutional adoption. Morgan Stanley has launched Bitcoin, Ethereum, and Solana-related trading products based on CoinDesk benchmark indices, attracting over $400 million in inflows during Q2.On the regulatory front, Bullish has received approval from the Gibraltar Financial Services Commission (GFSC) to provide secondary trading services for tokenized securities, becoming one of the first regulated platforms to offer issuer-supported tokenized securities trading.The company has also raised and refined its full-year 2026 guidance, projecting subscription, services, and other revenue (non-IFRS) of $225 million to $245 million, adjusted operating expenses of $225 million to $230 million, and financing costs of $52 million to $60 million. (Globenewswire)
Odaily News: ZEC treasury company Cypherpunk Technologies (Nasdaq: CYPH) has released its Q2 2026 financial report, posting a net profit of $39.39 million, or $0.18 diluted earnings per share; in the same period last year, the company reported a net loss of $16.64 million and an operating loss of $4.69 million. R&D expenses stood at $0.2 million, down from $10.54 million in the same period last year, primarily due to the completion of clinical trials; general and administrative expenses reached $4.49 million, up $2.75 million year-over-year, mainly driven by increased stock-based compensation. As of June 30, the company's cash balance was $7.6 million. During Q2, the ZEC price rose from $243.35 to $400.09, generating approximately $46 million in non-cash unrealized gains for the company. As of August 11, 2026, the company held a cumulative total of 323,400 ZEC, with an average cost basis of approximately $341.83, representing about 1.92% of ZEC's total circulating supply. On the business development front, the company has appointed Dev Ojha, founder of Valar Group, as an advisor. Valar Group focuses on Zcash network development and research, and has led the development of the high-performance full node software Zakura and the Ironwood shielded pool. The company's subsidiary, Leap Therapeutics, has reached an agreement with the U.S. FDA on the Phase III clinical trial design for sirexatamab (anti-DKK1 monoclonal antibody), and received FDA Fast Track designation in May 2026 for the treatment of patients with second-line metastatic colorectal cancer with high DKK1 expression. The company has also initiated a strategic process to evaluate pathways for advancing sirexatamab development through independent financing or collaboration with partners.
According to Bloomberg, Stockholm, Sweden-based AI programming startup Lovable announced the completion of a $400 million Series C funding round, reaching a post-money valuation of $13.3 billion. The round was co-led by Menlo Ventures and the EU-backed investment firm Scaleup Europe Fund (managed by EQT AB), with participation from multiple venture capital firms. New investors from Latin America and Asia, including Tencent Holdings, also participated. Lovable is dedicated to the AI-assisted programming field and is accelerating expansion to compete with larger-scale competitors such as Anthropic.