SpaceX shares traded under the ticker SPCX on the Nasdaq for the first time on 12 June and closed at $168.70 on 13 June — a 25 per cent premium over the $135 IPO price. MSCI fast-tracked index inclusion starting 13 June, ensuring structural buying from index funds tracking global equity benchmarks. Nasdaq-100 eligibility is expected around 7 July, which would trigger another wave of mandatory passive fund purchases.
The SpaceX S-1 revealed a complex financial picture. Starlink is highly profitable — $4.4 billion operating profit on $11.4 billion revenue — but the xAI division lost $6.36 billion in 2025. The combined entity posted a $4.94 billion net loss, making the 94x EBITDA valuation aggressive for a company that is, on a consolidated basis, losing money.
Simultaneously, the Fable 5 crisis deepened. A jailbreaker using the pseudonym 'Pliny the Liberator' published Fable 5's complete approximately 120,000-character system prompt on GitHub — the first full system prompt disclosure for a Mythos-class model. The leak followed Pliny's demonstration of a 'pack hunt' — a coordinated multi-agent jailbreak using Unicode substitution, homoglyphs, Cyrillic character substitution, and long-context reference tracking to evade classifiers.
Anthropic maintained that the attack was technique-specific rather than a universal bypass, and that the same defensive security information exists in other publicly available models. However, the leaked system prompt provides a roadmap for future adversarial engineering against the model, complicating restoration efforts.
For context engineers, the system prompt leak underscores a fundamental tension in frontier AI deployment: the more capable a model becomes, the more valuable its system prompt becomes to adversarial researchers, and the harder it becomes to protect that prompt from disclosure.
