Bloomberg Podcasts · Bloomberg Businessweek Daily 6/12/2026

1. 1. SpaceX's IPO officially launched with shares trading at $50, raising $75 billion, and giving the company a market cap of about $2.27 trillion, making Elon Musk the first trillionaire.
2. 2. Ahead of the IPO, SpaceX pitched a total addressable market (TAM) close to $30 trillion, a massive vision that investors are currently embracing.
3. 3. SpaceX's debut saw a historic dual opening bell ceremony in Texas and New York, achieving a market valuation of $2.2 trillion, exceeding giants like Meta, Tesla, and Saudi Aramco.
4. 4. SpaceX's valuation relies heavily on future expectations, driven by its mission to enable multi-planetary human existence, with Elon Musk's compensation tied to establishing a Mars colony.
5. 5. For 2025, Starlink connectivity accounts for 61% of SpaceX's revenue, core SpaceX 22%, and AI 17%; investors are most bullish on the AI segment's immediate revenue from renting terrestrial compute capacity.
6. 6. Jim Chanos expressed bewilderment at SpaceX's pre-IPO pivot to renting compute capacity to rivals like Anthropic and Google, which he considered a "lower margin and lower valuation business" compared to its core AI ambitions.
7. 7. Nicholas from Data Track Research describes SpaceX's stock as "very expensive" relative to rational valuations, suggesting its current price is largely based on investors' faith in Elon Musk's past successes.
8. 8. Professor Campbell Harvey from Duke University warns that while IPOs offer an initial price pop, they often underperform passive investments over three years because early investors capture the "explosive upside."
9. 9. SpaceX's prospectus ties its orbital data center and Mars colonization goals to Starship's full reusability, a "holy grail of spaceflight" not yet achieved, despite its Starlink satellite deployment experience.
10. 10. Ross Gerber, a wealth manager and investor, believes a Tesla-SpaceX merger is "a foregone conclusion," and this perception currently helps prop up Tesla's stock.