U.S. strikes Iran, SpaceX's unique IPO, Kalshi's insider trading fight and more in Morning Squawk

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Happy Wednesday. Keep an eye out for the latest consumer inflation data dropping at 8:30 a.m. ET. If Wall Street's consensus forecast comes true, it would mark the first time annual price growth registers above 4% since 2023.

Stock futures are lower this morning following a mixed day on Wall Street.

Here are five key things investors need to know to start the trading day:

Stock futures are falling before the bell after President Donald Trump said in a Truth Social post this morning that Iran "will have to pay the price" after taking "too long to negotiate a deal." His comments come after the U.S. launched what it called "self-defense strikes" on Iran yesterday.

Here's what to know:

The Trump family was entitled to around half a billion dollars from a crypto transaction last year. But as CNBC's Matt Peterson reports, the investors didn't fare nearly as well.

Shares of what was then called Alt5 Sigma, one of the companies involved in the deal, have plunged more than 90% since just before the transaction was announced. A rebrand to become AI Financial Corp. hasn't helped, and the company has warned investors that it may not be able to remain in business. The stock could be delisted from the Nasdaq if it doesn't exit penny-stock territory.

Watchdogs and former regulators say the Securities and Exchange Commission should investigate the company's disclosures and relationship with the Trump family. The White House said there are no conflicts of interest involving the family in the transactions.

SpaceX's IPO is unique in more ways than one. For starters, it's offering a take-it-or-leave-it price instead of offering a range and pricing based on demand. The rocket startup is also aiming to allocate 30% of shares being sold to retail investors, much higher than IPO's typical range of 5% to 10%.

People familiar with the matter told CNBC that SpaceX plans to stop taking orders today. That will give the Elon Musk-led company more time to allocate shares tomorrow ahead of its Friday debut.

Meanwhile, sources told CNBC that more than 100 current and former SpaceX employees have banded together to have their newfound wealth managed following the IPO. The group has created a new, low-fee offering with Choreo, a Chicago-based investment advisor.

Anthropic announced its latest artificial intelligence model yesterday, two months after it privately rolled out its Mythos model amid concerns that its advanced cybersecurity capabilities could cause harm if it landed in the wrong hands.

Anthropic said Claude Fable 5 is equally powerful to Mythos but has new safeguards that can block responses in high-risk areas such as cybersecurity and biology. The model will be available for enterprise customers and paid users.

As CNBC's Ashley Capoot notes, Anthropic is making good on its "eventual goal" to roll out Mythos-class models at scale. The announcement also helps build investor buzz ahead of a potential IPO as soon as this year.

Kalshi is trying to crack down on insider trading. The prediction market platform said yesterday that it will start to require traders' employment information in certain cases and offer an enhanced whistleblower feature, amid increased scrutiny of possible insider trading on prediction markets.

Kalshi will now provide a "risk score" for markets with the potential for manipulation or insider trading. If the market's score meets a certain level, traders will then have to verify their employment.

Speaking of Kalshi: The company told CNBC that it crossed the $1 billion volume mark for perpetual futures within a week of the offering's launch. CEO Tarek Mansour told CNBC's "Fast Money" yesterday that the results of the rollout have been "incredible."

— CNBC's April Roach, Kevin Breuninger, Spencer Kimball, Ananya Chetia, Sean Conlon, Matt Peterson, Ari Levy, Leslie Picker, Robert Frank, Ashley Capoot and Davis Giangiulio contributed to this report.

CJ Haddad assisted in the production of this newsletter. Josephine Rozzelle edited this edition.

Disclosure: CNBC and Kalshi have a commercial relationship that includes customer acquisition and a minority investment.