Top stories today:

1. Trump Media said to raise $3B to buy cryptocurrencies
2. Elon’s SpaceX set for next Starship test launch at 7:30 PM
3. OpenAI’s o3 bypasses shutdown command in controlled test
4. EU plans to “fast-track” U.S. trade talks
5. China said to weigh new “Made in China 2025” push

0. Data and calendar

Listen to our AI-generated podcast summarizing today’s newsletter (beware of hallucinations):

1. Trump Media said to raise $3B to buy cryptocurrencies

• $2B in fresh equity and $1B via a convertible bond may be raised by TMTG.

• Wed.: the capital raising could be announced at Bitcoin 2025 in Las Vegas.

• The approach could be similar to Michael J. Saylor’s Strategy.

• The secondary share offering would be carried out on at-the-market terms.

• An ETF focused on cryptocurrency has also been in plans by TMTG.

• “[A]pparently the Financial Times has dumb writers listening to even dumber sources,” TMTG said.

3. Elon’s SpaceX set for next Starship test launch at 7:30 PM after 2 fiery failures

• The 9th flight test will take place from SpaceX’s Starbase facility.

• The last 2 tests ended with fiery upper-stage failures, scattering debris over Caribbean islands and disrupting flights.

• SpaceX is reportedly relocating its resources to the Starship project, aiming for a Mars mission in 2026.

4. OpenAI’s o3 bypasses shutdown command in controlled test, researchers find