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JUST IN: 🇮🇷 Iran to require ships passing through the Strait of Hormuz to pay tolls in Bitcoin, FT reports.

$STRC is our iPhone moment. $5B in cumulative revenue in 7 months, faster than virtually any product, including the iPhone.

$122 billion is the largest private funding round in history. The number everyone should pay attention to is who wrote the checks. Amazon put in $50 billion. As part of the deal, OpenAI expanded its AWS compute commitment by $100 billion. Nvidia put in $30 billion. OpenAI's training fleet and inference stack run on Nvidia GPUs. SoftBank put in $30 billion, funded partly by a $40 billion bridge loan. The three largest investors in this round are also three of OpenAI's largest vendors. Amazon gets the money back through cloud contracts. Nvidia gets it back through chip orders. The capital isn't just flowing in. It's circulating. OpenAI is generating $2 billion a month in revenue. It is also projected to lose $14 billion this year alone. Revenue tripled year over year and losses grew alongside it. The IPO isn't a liquidity event. It's a financial necessity. Internal projections show the $122 billion gives them roughly 18 to 24 months of operational runway before they need to raise again. Meanwhile, $35 billion of Amazon's commitment is contingent on OpenAI either going public or hitting AGI by end of 2028. That's a $35 billion put option disguised as a capital commitment. $852 billion valuation. $24 billion annualized revenue. That's a 35x revenue multiple for a company that has never posted a profit, burns $150 million a day, and just shut down Sora because it couldn't afford the compute. The fundraise is real. The money is real. But follow where each dollar actually goes and you'll find most of it returns to the companies that wrote the checks.

Likely going to put in a bottom on Monday…in the short term, at least.