Bitget today highlighted key findings from a new independent DeFiLlama research report examining the rapid growth and evolving market structure of tokenized equities.

According to the report, tokenization’s active market capitalization has grown by more than 140% in 2026, increasing from $814 million at the beginning of the year to nearly $2 billion at the time of publication.

The research explores how leading tokenized equity platforms are evolving across market structure, liquidity, settlement, and execution quality as adoption continues to accelerate.

The report evaluates leading tokenized equity platforms across brokerage integration, reserve verification, dividend treatment, settlement mechanisms, and trading infrastructure.

It also benchmarks quoted liquidity and execution quality across multiple venues, providing an independent assessment of how the tokenized equities market is evolving.

DeFiLlama’s analysis found that Bitget recorded the lowest median bid-ask spread at 0.83 basis points and the deepest top-of-book liquidity across all five tokenized equity markets evaluated.

In its broader execution benchmark covering 36 stock perpetuals and eight metals and commodity perpetuals, Bitget led 32, 34, and 33 contracts across the 5, 10, and 50 basis point depth measurements, respectively, while also recording the greatest aggregate order-book depth across all measured depth ranges.

The findings suggest that as tokenized equity infrastructure matures, execution quality and liquidity are becoming increasingly important differentiators between platforms.

“A tokenized stock is only as good as the market behind it. Investors don’t care how the asset is packaged if they can’t trade it efficiently,” said Gracy Chen, CEO of Bitget.

“That’s why liquidity and execution matter. DeFiLlama found Bitget recorded the lowest median bid-ask spread and the deepest top-of-book liquidity across the markets they evaluated. As this market grows, those are the things investors will increasingly expect.”

The report also examines adoption trends within Bitget’s Reality rTokens, which generated more than $1.16 billion in cumulative trading volume between June and July.

Semiconductor and technology-linked assets accounted for the majority of activity, underscoring continued demand for tokenized exposure to innovation-driven public companies.

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SpaceX stock will be in focus later today as the company reports its first earnings since going public. Shares rose to $114.45 on Monday, recovering modestly from their record low of $104. Investors are now watching closely to see whether the inaugural earnings report will provide the catalyst for the stock to extend its rebound or resume its decline.

SpaceX earnings to provide color on its growth and profits

Elon Musk’s Space Exploration Technologies will be in the spotlight as the company publishes its financial results, which will provide color on its business.

These will be important numbers because they are the first ones since the company launched its highly successful initial public offering (IPO). 

Additionally, the company will likely have a chance to explain whether it is planning to merge with Tesla. As we reported last week, Tesla is considering selling its Chinese operations to make a potential deal easier. 

The most recent results, filed its S1 document, showed that its revenue jumped to over $4.6 billion in the first quarter, while its net loss jumped to over $4 billion. It also continued boosting its capital expenditure because of its vast AI ambitions, especially after its merger with xAI.

Yahoo Finance data expects the company’s revenue to come in at $6.9 billion, with the net loss narrowing to $1.9 billion. 

Still, on the positive side, the company’s future revenue growth is expected to continue soaring in the long-term. For example, the annual revenue is expected to jump to $39 billion this year and $73 billion next year. 

This growth is driven by the ongoing AI boom that has made Grok a large player in the industry. Additionally, the company has inked major deals with companies like Anthropic, Reflection AI, and Alphabet. 

Anthropic is paying it over $1 billion a month, while Reflection will be paying it over $900 million. Alphabet, on the other hand, is expected to pay it $950 million a month, and more hyperscalers may come in. 

Analysts are bullish on the SPCX stock

Top analysts are highly bullish on the SPCX stock. For example, Royal Bank of Canada (RBC) recently hiked its rating to outperform with a price target of $225, while Raymond James reiterated its strong buy rating. Needham boosted the target to $250, with the most optimistic analyst having a target of $800. 

The options market is also signaling that the stock may rebound, with more investors having calls than puts. It has a put/call ratio of just 0.30. However, the implied volatility of 207% is much higher than the historical volatility of 75%.

SpaceX share price technical analysis

SPCX stock chart | Source: TradingView

The two-hour chart shows that the SPCX stock has formed a double-bottom pattern at $106 and a neckline at $118.5. It has also moved above the upper side of the descending channel, while the Relative Strength Index (RSI) has pointed upwards.

Therefore, the most likely scenario is where the stock jumps by double digits after its earnings. If this happens, it may jump to $130 and above. However, because of the significant implied volatility, the stock may also resume the downtrend, and possibly move below $100.

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US stocks opened higher on Tuesday as strong earnings from Palantir Technologies and Caterpillar reinforced investor confidence in artificial intelligence-driven spending, while easing oil prices on hopes of a diplomatic breakthrough in the Middle East supported broader market sentiment.

The Dow Jones Industrial Average rose about 694 points, or 1.31%. The S&P 500 gained 0.57%, while the Nasdaq Composite climbed 1.05%.

Oil prices also retreated after Treasury Secretary Scott Bessent said talks with Iran were ongoing and that an agreement to reopen the Strait of Hormuz could come as soon as Tuesday or Wednesday.

West Texas Intermediate crude fell about 4% to around $76 per barrel, while Brent crude declined about 4% to roughly $80 per barrel.

Palantir, Caterpillar earnings boost market sentiment

Palantir Technologies surged more than 20% in trading after raising its full-year revenue forecast following stronger-than-expected second-quarter results.

CEO Alex Karp described the quarter as “otherworldly,” with commercial revenue jumping 149% year over year to $764 million, driven by growing demand for sovereign AI.

Caterpillar also rallied about 10% in trading after reporting better-than-expected second-quarter earnings and raising its annual revenue growth guidance.

The industrial equipment maker cited strong demand for its machinery, supported by continued investment in AI data centers, which has increased demand for power-generation and construction equipment.

The company also said full-year tariff costs are expected to come in at the lower end of its previous guidance.

The results added to growing optimism surrounding AI-related spending after strong earnings from Microsoft and Amazon last week helped stabilize market sentiment following a volatile July.

AI-linked stocks extend gains

The positive earnings reports lifted several technology and semiconductor stocks.

Micron Technology gained about 5% in trading, while Marvell Technology rose roughly 12%.

Nvidia also advanced 2% as investors continued to favor companies exposed to AI infrastructure spending.

Shares of optical networking companies Coherent and Lumentum climbed around 13% and 5% respectively after reports that the Trump administration is drafting a ban on US imports of new models of Chinese data center components.

Elsewhere, Snap rose 10% after reporting second-quarter revenue above Wall Street expectations, helped by stronger advertising spending during the FIFA World Cup and increased campaign activity from large North American advertisers.

SpaceX shares also edged 4% higher ahead of the company’s first earnings report since its public market debut, scheduled after Tuesday’s closing bell.

Investors await key economic data

Attention later in the session will turn to a series of US economic reports that could shape expectations for monetary policy.

The Labor Department’s Job Openings and Labor Turnover Survey is expected to show approximately 7.4 million job openings in June, down from 7.6 million in May.

Investors will also monitor June factory orders, international trade data, and comments from Kansas City Federal Reserve President Jeffrey Schmid for additional insight into the health of the US economy.

The data come as markets continue to assess the Federal Reserve’s next move on interest rates alongside developments in the Middle East.

According to the CME FedWatch Tool, traders currently see a 63.4% probability that the central bank will raise interest rates by at least 25 basis points at its next meeting.

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Palantir Technologies (NASDAQ: PLTR) shares surged more than 20% in trading on Tuesday after the company reported stronger-than-expected second-quarter results, prompting several Wall Street firms to raise price targets and, in one case, upgrade the stock.

The software company reported adjusted earnings per share of 41 cents, well above Wall Street expectations of 34 cents and sharply higher than 16 cents a year earlier.

Revenue climbed 93% year over year to $1.9 billion, topping analysts’ estimates of $1.8 billion.

Adjusted operating margin expanded to 62%, compared with 46% a year ago, while also exceeding projections of 60%.

Palantir also issued better-than-expected guidance for the current quarter and raised its full-year 2026 outlook, reinforcing investor optimism around the company’s artificial intelligence business.

Chief Executive Officer Alex Karp described the performance as “otherworldly,” highlighting that US commercial revenue grew 149% year over year during the quarter.

Analysts upgrade outlook after strong AI-driven growth

The earnings report prompted a wave of analyst commentary, with several firms becoming more optimistic about the company’s long-term prospects.

William Blair analyst Louie DiPalma said the results have shifted the narrative surrounding the company.

“The stellar performance defies concerns that competition with Anthropic and OpenAI is intensifying for enterprise AI workflows,” he said.

DiPalma added that there was no public software company or defense contractor with the same combination of revenue growth and profitability.

He maintained an Outperform rating and said he sees upside toward the $200 range over the next year.

Deutsche Bank upgraded Palantir to Buy from Hold while maintaining its $200 price target.

The brokerage said Palantir is “operating several steps ahead” of the broader software sector in translating AI demand into customer value.

Deutsche Bank also argued that the stock’s valuation appears “even more reasonable” following the quarterly results, adding that current levels do not fully reflect the company’s “unparalleled Rule of 155 profile” or its long-term enterprise AI opportunity.

Cantor Fitzgerald maintained a Neutral rating but increased its price target to $156 from $138.

“We continue to believe Palantir remains a leading beneficiary of secular AI growth trends,” analyst Thomas Blakey wrote.

Not all analysts turned more bullish.

Jefferies raised its price target to $80 from $70 while maintaining an Underperform rating, citing tougher growth comparisons ahead and moderating international expansion.

Morningstar assigned a fair value estimate of $153, noting that “high expectations are embedded” in the stock and warning there is “little margin for error.”

US commercial business drives growth

Palantir’s strongest momentum continued to come from the United States, particularly its commercial business.

The company reported that US commercial revenue increased 149% year over year, while US government revenue rose 90%.

Although government contracts remain Palantir’s largest business, the commercial segment is narrowing the gap as more enterprises adopt the company’s software to organize proprietary data and deploy AI applications.

International growth remained positive but lagged the domestic business, with revenue outside the United States increasing 33%.

In his shareholder letter, Karp reiterated his criticism of leading AI model developers while emphasizing the importance of enterprise control over proprietary data.

“Every organization in the world is awakening to the risks of handing the creators of the language models the keys to their institutions, of letting the models loose within their homes,” he wrote.

“The models have grown and thrived by essentially ingesting the entire written work product of our civilization. And those models, as well as their creators, now have their sights set on global industry.”

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Marvell Technology stock has tumbled sharply in recent weeks, mirroring the broader selloff across leading semiconductor stocks. After soaring to a record high of $329.48, the shares have fallen by more than 40%. 

Despite the steep correction, Wall Street analysts remain overwhelmingly bullish on the company, with investors now turning their attention to its upcoming earnings report for fresh catalysts and guidance.

Analysts are bullish on the Marvell Technology stock

Data compiled by MarketBeat shows that most analysts are highly bullish on the MRVL stock. The consensus target for the stock is $245, representing a 25% upside from the current level.

KeyCorp’s John Vinh has become the most bullish analyst with a target price of $400. Bank of America’s Vivek Arya hiked the target from $240 to $365, while Stifel has a target of $350. Some of the other banks with a bullish outlook for the company are Cantor Fitzgerald, B. Riley, and Needham. 

Nvidia’s Jensen Huang has also chimed in, noting that the company will once be worth $1 trillion. This explains why Nvidia invested $2 billion in the company.

These analysts have different reasons for being bullish on the company, but the underlying theme is that it is among the best beneficiaries of the ongoing artificial intelligence boom. 

Its top clients are also continuing to spend big over time. For example, in their recent earnings releases, companies like Amazon, Microsoft, Google, and Meta Platforms hinted that they will continue spending. In total, these firms will spend over $700 billion in capex this year.

MRVL earnings growth to continue

Wall Street analysts believe that Marvell Technology’s revenue growth will continue growing this year. The average estimate is that its revenue jumped by over 30% in the last quarter to over $2.7 billion. 

They also expect this growth to continue this quarter, moving up by 45% to $3.02 billion. For the year, analysts expect the results to show that revenues jumped by 40%, followed by 45% next year. As such, if this revenue growth continues, the revenue will jump from $11.5 billion this year to over $30 billion by 2030.

Marvell’s profits are also continuing to grow, with the earnings-per-share (EPS) moving from 67 cents to 93 cents.

READ MORE: Marvell stock could soar 410% and reach a $1 trillion valuation, Jensen Huang says

The main issue with Marvell, which even analysts admit, is that it is not a cheap company. For one, it trades at a forward price-to-earnings ratio moved to 47, higher than the sector median of 23. This multiple is also higher than the five-year average of 37. As a result, the company will need to continue publishing strong earnings to justify the valuation.

Marvell stock price technical analysis

MRVL stock chart | Source: TradingView

The MRVL stock peaked at $329 earlier this year to a low of $155 in July. This retreat was slightly above the 61.8% Fibonacci Retracement level and the 200-day Exponential Moving Average (EMA).

It has now moved above the 50% retracement level. This retracement is drawn by connecting the lowest level last year and its all-time high. It has moved above the Strong, Pivot, Reverse level of the Murrey Math Lines.

Therefore, there is a likelihood that the stock will continue rising ahead of its earnings later this month. If this happens, it may jump to the Major S/R pivot point of $250.

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