ASX Runners of the Week: DXN, Energy World, Sheffield & KTEK

The hype machine for the impending SpaceX initial public offering is now in overdrive, with news spreading that the float is now due to list on June 12th at $135 a share. This would make it the biggest IPO in history with a colossal $1.77 trillion market cap, accompanied by a lazy $125 billion raising.

Goldman Sachs reported it expects SpaceX AI revenue – cornerstoned by Grok - to grow 100-fold by 2030 to US$332 billion – who or how they did those calculations we’ll never know but the figures are certainly impressive and will no doubt add to the fever pitch around the float. Those numbers would appear to be optimistic given the company’s xAI lost US$6.4 billion from operations in 2025, dragging the company definitively into the red despite its profitable Starlink satellite operation still making a quid.

In a move that screams “retail, come on in” financial services giant Fidelity has quietly slashed its minimum account requirement for the major IPO, from US$500,000 down to just US$2,000. That 99.6 per cent haircut is set to open the floodgates to millions of mum-and-dad punters just days before the biggest stock debut ever.

Many of the AI majors are seemingly following suit too, queueing up to put their hands out, with Alphabet and Anthropic announcing raises for US$80 billion (A$112.5 billion) and US$65 billion (A$91 billion) a piece.

One can’t help but wonder: do these cap raises reflect the glorious AI revolution, or are they the savviest cash-ups in history before the energy bottlenecks bite and we get a dot-com style bubble pop of almighty proportions?

The US markets feel increasingly toppy, with uncontrollable gains and fresh all-time highs for anything with even a whiff of AI, all while Microsoft is telling its top engineers to control their AI bills and a very real war rages in the Middle East, suffocating our oil and gas energy supplies.

Higher energy prices needed to power these monster data centres are showing they could be sticking around for longer. With Elon Musk continually warning that energy could become the new currency - and right now, that currency is getting very expensive.

Adding to the carnage, Bitcoin mogul Michael Saylor - the world’s number two largest holder - has finally broken his famous “never sell” doctrine, hitting the eject button on the crypto, which has dropped nearly 14 per cent since Sunday.

Labor is also crashing in Australia’s political polls, as Pauline Hanson’s One Nation party has incredibly taken first position this week, following the Labor government’s socialist leaning budget assault on the next gener