Gemini Raises IPO Price Range, Eyes $3B Valuation in Crypto Market Surge

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Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has increased its IPO price range to $24–$26 per share, aiming for a valuation of up to $3.08 billion. The move reflects heightened investor appetite for crypto ventures amid a broader revival in U.S. equity markets.

IPO Details

  • Shares Offered: 16.67 million

  • Proceeds: Up to $433.3 million at the new range

  • Previous Range: $17–$19 per share

  • Private Placement: Nasdaq to purchase $50 million in shares, as reported by Reuters earlier Tuesday.

  • Ticker Symbol: GEMI, to list on Nasdaq

  • Lead Bookrunners: Goldman Sachs and Citigroup

Market Context

  • IPO Climate: U.S. listings have picked up pace as lower interest rates and strong equity sentiment bolster demand.

  • Crypto Firms in Focus: Figure Technologies also raised its IPO size and pricing range the same day.

  • Regulatory & Institutional Support: Tailwinds from ETF approvals and institutional adoption are narrowing the divide between traditional finance and digital assets.

Competitive Landscape

  • Gemini will become the third publicly traded crypto exchange, following:

    • Coinbase (COIN.O): First to join the S&P 500

    • Bullish: Shares more than doubled after its NYSE debut last month

Background

  • Founders: Cameron and Tyler Winklevoss, known for their 2008 legal dispute with Facebook (now Meta) and early Bitcoin investments.

  • Positioning: Gemini holds billions in assets and offers a mix of trading, custody, staking, and institutional services.

Oracle Cloud Orders Near $500 Billion, Shares Jump 27%

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Oracle (ORCL.N) announced Tuesday that it expects its booked revenue in cloud infrastructure to surpass half a trillion dollars, sending shares soaring 27% after hours. The surge reflects rising demand for its low-cost AI cloud infrastructure and strong multi-cloud partnerships.

Key Highlights

  • Booked Revenue (RPO): Jumped 359% year-on-year to $455 billion in Q1 (ending August 31).

  • Future Growth: CEO Safra Catz said upcoming multi-billion-dollar deals are expected to push RPO beyond $500 billion.

  • Revenue Forecast: Oracle projects 77% growth in OCI revenue this fiscal year to $18B, rising to $144B over the next 4 years.

  • AI Integration: Customers can now directly connect databases to ChatGPT, Gemini, and Grok via Oracle Cloud.

  • MultiCloud Strategy: Partnerships with Amazon, Google, and Microsoft drove a 1,529% increase in first-quarter multi-cloud revenue. Oracle plans 37 new datacenters, bringing the total to 71 with hyperscaler partners.

Market Impact

  • Shares: Up 45% YTD, boosted further by the after-hours spike.

  • Contracts: Four multi-billion-dollar deals with three customers supported overall Q1 revenue growth of 12% to $14.93B.

  • Q2 Guidance: Total revenue expected to rise 12–14%, with cloud revenue growing 32–36%.

Analyst Views

  • Analysts see Oracle emerging as a key AI cloud player, despite being smaller than hyperscaler rivals.

  • “Oracle is not just keeping up but actually leading the way in the cloud space,” said Melissa Otto, S&P Global Visible Alpha.

  • Jacob Bourne, eMarketer: “Enterprises are clearly eager for cost-effective AI cloud tools, and Oracle is positioning itself to capture that demand.”

Neuralink Expands Human Trials, 12 People Now Using Brain Implants

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Elon Musk’s Neuralink announced Tuesday that 12 people worldwide have received its brain implants, marking steady progress in its clinical rollout.

Key Details

  • Patient Numbers: Up from 7 in June, when partner Barrow Neurological Institute confirmed its involvement.

  • Usage Stats: Collectively, patients have logged 2,000 days of implant use and over 15,000 hours of activity, using the device to control both digital and physical tools through thought.

  • Trials Abroad: A new clinical study will launch in the UK, partnering with University College London Hospitals and Newcastle Hospitals.

  • Funding: Neuralink raised $650 million in June to support expansion.

Background

  • Neuralink began human trials in 2024 after overcoming U.S. FDA safety objections that initially blocked approval in 2022.

  • The company’s implants are aimed at restoring movement and communication for people with severe paralysis, representing a major step in brain-computer interface (BCI) technology.

Outlook

  • The trials will help Neuralink test long-term safety, reliability, and potential new medical applications.

  • If successful, the technology could pave the way for broader use cases — from medical rehabilitation to advanced human-computer interaction.