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- [00:00]
A
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B
$160 stock right now, more than $2 trillion in market cap, meaning Space X, after already setting the record for the largest initial public offering of all time, is entering public markets as one of the largest stocks trading in public markets right now. And of course, as Charlie mentioned, Elon Musk on paper is the world's first ever trillionaire, already the world's man. He is getting significantly richer in terms of his wealth today with this debut that by all accounts, at least right now, seems to be going fairly smoothly. We had questions about whether or not the plumbing was going to run into any clogs or issues here, but right now it does seem that this debut has been relatively smooth. Again, SpaceX trading at right around $158 a share right now, up about 17.7% from that $135 IPO price. So let's get more on this now as we turn to Anthony Hughes up in New York. He's Bloomberg News equity Capital reporter and is with us now. So, Anthony, obviously we had some question as to how exactly this was going to go, given how unusually this pricing process was conducted. Elon Musk just said the price is 135. There wasn't that typical price discovery process you would see in the IPO usually. So what does the trading debut now with it significantly above that IPO price? Tell us about how, how accurate this was.
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A
Yes, well, I think the fact that the stock has gone up 11% initially and then it's up around 20% now is, you know, suggests that it's been a fairly smooth process in the in the sense that the, you know, the banks love like to, you know, manage the IPO in a way that delivers investors return. And obviously there's a balancing act between giving these investors an acceptable return but then also not giving away the stock. And it's a difficult balance sometimes and it's one that can cause a lot of complaints that either the stock traded badly or it did too well. But 20% is a level which is usually indicative of a fairly smooth ipo. The difference here though is that it's such a large offering that there is a bigger risk that the number, the amount of stock that was issued could, you know, out overshadow the amount of demand out there. But there was a lot of demand for the ipo. And you know, maybe people have been, people are disappointed that they didn't get a lot of stock because there were some significant cutbacks. But I think this performance we're seeing so far suggests that it's a fairly balanced outcome.
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B
Well, and to your point, obviously this was an incredible amount of shares that were issued, $555 million as we consider the demand picture. Talk to us about the breakdown between retail and institutional investors here, at least in, in the ipo.
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A
Yeah, there's, so there's a few different numbers floating around, but I think initially during this process, people were thinking that about 30% of the IPO might get allocated to retail. In the end, I think the number was more around 20% and that's much higher than for a normal IPO when maybe only 5, 10% of the IPO would go to retail and really the bulk of the shares would go to institutional investors. So, you know, the art of an IPO is probably making sure that, well, it is making sure that you get the stock into the hands of people who are long term investors to a large degree. And obviously there's also a portion of the stock which is being traded here early on which reflects it will be churned. It'll be the same stock being bought, bought and sold. But that's sort of making a mark on the stock and helping to establish what the banks are hoping is a fair price. But, but really the idea with an IPO is to try and get the stock as much as possible into the hands of people who are long term investors who will support the company long term. And in this case, SpaceX was pretty keen to get the shares in the hands of retail investors and particularly small investors who have seen what Tesla has done over the long term and in many cases would be quite keen to hold the stock long term in maybe some of those people were expecting an even bigger gain on the first day today. But you know, for those people who are long term believers in Elon Musk, the first day's trading is, you know, is not that important.
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B
All right, Anthony Hughes covering ECM for us at Bloomberg, thank you so much. And I want to bring it to the conversation now. Sana Passion Car who covers space for us here at Bloomberg. So, Sana, as we're looking here at Space X now trading just around $160 a share, as I've mentioned, this is a $2 trillion stock. Talk to us about what's behind that market capitalization. How much of this is space versus Elon's pitch on AI and compute power?
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C
Yes. So a lot of this is, you know, both AI and space. SpaceX's biggest gamble and what's really underpinning that valuation is Orbital Data centers, which are space based data centers. And so Elon has really, you know, pitched investors on the need for space based data centers given the constraints on energy and resources on ear. And so that's, you know, it's a combination of both space and AI. But they're really projecting that 90% of, you know, the potential future revenue of the company is based on AI computing and, you know, doing that in space rather than here on Earth, which is, you know, different than what Space X made its name for itself, which was by launching rockets and its Starlink service.
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B
Well, and as you talk about the company's revenue, obviously there was a lot of haymade going into this IPO about how this looked like it was going to price at 100 times revenue. And this obviously is not a profitable company as it comes to public markets on it. Just walk us through those, those figures and where they're projected to reach.
- [06:32]
C
Yeah, so they're, you know, they are really pitching. It's a wild valuation for a company that, you know, in 2025 it raked in about 19 billion in revenue. That's close to what Dollar Tree brings in, what Royal Caribbean Cruises brings in. But the reason that they're targeting such a is because of the projected future value of the company. You know, Musk is saying that this is going to be such a valuable company because it's going to transform the future of AI. You know, that rockets. SpaceX has contracts with NASA to send humans to the moon. The company is trying to also still send humans to Mars. So the valuation is not based on the current financial status of the company. It's, it's, you know, the value that it can bring to humanity going forward.
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B
All right, Sona Passion Curve, Bloomberg News space reporter with us from New York. Thank you so much. And also in New York. But down at the Nasdaq where this trading got underway, we find Bloom, Bloomberg's hire on it, who will check in with in just a moment as we consider Space X Now trading at 1 62, almost $163 a share we're up more than 20% from that IPO price of $135 a share. Remembering it raised 75 billion DOL in that initial offering, valuing the company at just about $1.8 trillion. That valuation, that market cap obviously significantly higher with the gain we are seeing today north of $2 trillion. So let's go to your higher now at the Nasdaq for more. So Yahira, obviously we're setting records here. What is the vibe like at the Nasdaq right now? It seems everything in this process has gone pretty smoothly.
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D
Yeah, pretty smoothly for the biggest IPO we've ever seen. And I will say the excitement, especially in the last hour as we were getting to trading was palpable. You felt it here at the nasdaq. They are all scrambling, making sure it all went off without a hit, without a hitch. And then outside you have all the Musk fans gathering, hoping to get a glimpse of him. But as you and I know, he was over in Texas. But as you said, SpaceX has officially begun trading and with the stock opening at $150 a share above its $135 IPO price and that gave investors an immediate gain of roughly. But now you said it is trading above that. But this values a company at Approximately just under $2 trillion as you said Kelly, but it instantly puts Space X among the most valuable companies in the world. More valuable than Tesla itself, of course, another Elon Musk owned company, Metta and even Saudi Aramco.
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B
It's just incredible to consider. And of course the paper wealth gains here for Elon Musk, even more incredible, a trillionaire. That's a lot zeros behind his net worth on the Bloomberg Billionaires Index. Yahir, obviously we still have just about four hours left in the trading day to go here. We know what happened when Metta debuted years ago. We saw a 20% prop like this and we ended the day with not much to show for it. What will you be watching for over the course of the next few hours?
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D
Well, yeah, as you said, well, the market has delivered its first verdict on Space X. But as the trading day still for we still have four more hours as you said so the focus will now shift to whether those gains can hold as as this trading is underway and investors digest this historic public debut on Wall Street. We know that retail investors have been a huge part of this. So we'll see if they stick with Elon Musk throughout all of this.
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B
All right, Bloomberg's higher on it live at the Nasdaq as Space X debuts. Thank you so much.
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A
Stay with us on Balance of Power. We'll have much more coming up after this. At Duke Energy, we deliver reliable energy that powers lives, grows businesses and transforms communities. That's why we're making smart investments to add up to 14 gigawatts of of new capacity over the next five years. That's enough to power 10.5 million more homes. Putting customers first, advancing American progress, powering the next generation. Learn more@duke-energy.com Powering America. You're listening to the Bloomberg Balance of Power podcast. Catch us live weekdays at noon and 5pm Eastern on Apple CarPlay and Android Auto with the Bloomberg Business app.
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B
You can also listen live on Amazon
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A
Alexa from our flagship York station.
- [11:18]
B
Just say Alexa play Bloomberg 1130 Space X right now trading at $164 a share. We're up nearly 22% from that $135 IPO price. Quite the debut we are seeing for one of the world's largest companies by market cap at this point after a record setting $75 billion IPO. And of course, that is some of the big news of the moment. But I also want to return to the breaking news we brought you just moments ago pertaining to a potential memorandum of understanding between the US As Pakistan. The mediator between these two parties says that an agreed upon text of a peace deal has indeed been reached. So for more we turn to Bloomberg Washington correspondent Tyler Kendall, who is here with me in our DC Studio. So, Tyler, throughout this conflict and its attempt to find resolution, we consistently do not hear the same things from all of the parties. The US And President Trump will say one thing. Iran says something different in this instance. Do we actually get the sense that everyone might be on the same page this time?
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E
It depends which parts we're talking about. This is positive momentum in the right direction because now we actually have all three sides saying that progress has been made. You have Pakistan coming out saying that a final agreed upon text has been reached. You had Iran's foreign minister here saying that they've never been closer towards peace. And then of course, you have the White House, which has long maintained that they are getting closer to a deal. The issue is we're getting conflicting reports about what's actually in the memorandum of understanding. A senior administration official earlier today confirmed to us that there are at least five points that we know of. The first is the reopening of the Strait of Hormuz, which both sides have said that they are working towards. The question here becomes, though is that Iranian state media earlier today did report that it would reopen, but said that would only happen after the US lifts its naval blockade. We know that the US would like to keep that leverage in place until the Strait of Hormuz reopens. And Iran also seemed to suggest that they would like to maintain some degree of control over the strait, which would not probably meet the US's definition of freedom of navigation. So that's perhaps one of the biggest sticking points in front of us. The others come from the senior administration official saying that maybe we could get some announcement around what potential curbs on Iran's nuclear program would actually look like, including the removal of Iran's stockpile of highly enriched uranium. And that Iran would dismantle was the word its nuclear program. What does that really look like in practice? Our understanding has been that those firmer details would come at a later date, that this would be a phased proposal. So there's going to be maybe some questions there. There's so much more that we could go through here. But financial relief. Iran has said financial relief needs to come first. Senior administration official telling us today financial relief is only coming after Iran needs meets its targets for the deal. That includes unfreezing the assets, at least half of them. Oil sanctions, that's another disconnect. And then lastly, the US says that Iran will end its support of proxy militia groups. Iranian state media today said the cease fire needs to extend to Lebanon, which would seem to infer that they are still backing, of course, the Iranian backed militant group Hezbollah and Israel's front against them.
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B
All right, Bloomberg's Tyler Kendall, great reporting. Thank you so much. And of course this is all coloring. The G7 summit to be held in France next week. President Trump is planning to attend. Tyler will also be covering it for us here on Bloomberg and we're looking forward to that coverage very much. Of course Tyler owns Washington coverage at Ludlow owns tech and space coverage, is the co host of Bloomberg Tech and he's here with us now on this debut day for Space X. And I feel like this is your Super Bowl. It probably is. Most people in financial markets super bowl as we're setting records here not just in terms of ipo, but in the size of this debut. We talk to me about about the demand here as we had questions as to whether or not this price was set correctly. Given the unusual lack of price discovery that happened, whether or not 555 million shares being issued was going to be met with adequate demand. Are we seeing evidence that perhaps the appetite was even more robust than initially thought.
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F
Well, it was massively oversubscribed on the institutional side which accounted for 80% of the offering and on the retail side as well, which was about 20%. And we can get into like more of the specifics of how that sliced and priced. It's trading right now 167.50, 24 above the IPO price of 135. What we reported over the last five days is that it has been Elon Musk himself along with Brett Johnson the CFO and Gwynne Shotwell, the president that really controlled and dictated the terms literally as opposed to like the bankers. Bankers have a lot of influence in IPO processes. But this time part of the rationale as it was explained to me, is that if you set it early, up ahead of a roadshow without a range, it is atypical and unusual. But you basically remove the leverage of the long only asset managers, the big institutions that would account for most of the order book anyway. It just made things on their terms. There are big questions about valuation long term. Right. It's come to IPO at 92 times or something like that that sales. But you know that that was how it was done. And so you know, there are lots of retail investors that did get an allocation. Some evidence that they are people that are also Tesla retail shareholders. Anecdotal evidence I'd say. But now there are lots of people that are, you know, reluctantly and I guess not reluctantly is not the right word. They don't want to be buying in the open market, but they are, you know, they kind of have to be be.
- [17:04]
B
Yeah, perhaps some nose holding going on here to your point at about valuation. Walk us, walk us through what the thesis is here in terms of the total addressable market that Space X is saying that it can reach and what tangibly the company is now going to need to be able to accomplish from a technology standpoint to be able to deliver on that, deliver what it's promised to customers like Anthropic and Google.
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F
So like right now, on a fully diluted basis, this is a company that has a value of more than 2 trillion. And they are pitching a story about a future where they are many things. A diversified business which most of is selling AI software. Right. They say there's a $28.5 trillion addressable market and 26.5 of that is what they are calling in an umbrella or bucket of enterprise AI. But in the near term all of that is predicated on them being able to get Starship, which is on paper the most powerful rocket and launch system humankind's ever, ever developed, to work regularly and reusably. They have done 12 test flights. They are closer, you know, in the coming weeks to doing a 13th test flight, but they've never landed or both parts of it, the, the booster and the, the spacecraft on top back on Earth. They have to do that if they are able to put into orbit satellites that are data centers. And that is kind of the middle step that gets them to that distant future where humans are living on Mars and they're able to generate most of their revenues and income from AI. It's not straightforward. And that has been a part of how much you place a value of 2030-2050. Not right now, on historic IPO Friday.
- [18:52]
B
Well, and it's also just so interesting to consider the circular nature of this, if you will, because we're talking about what SpaceX will need to do to deliver for customers like Anthropic, which, yes, at least in some parts of the wider SpaceX business here they're considering Grok, which obviously is. No, Claude, there is still competition there. Yes, just speak to that ad and how all of this is setting the stage for anthropic and also OpenAI's ultimate public debuts that we're expecting later.
- [19:16]
F
So state of play is that Anthropic has filed confidentially with the SEC for IPO and so has OpenAI. SpaceX through its XAI arm. SpaceX owns XAI, it's a subsidiary, a wholly owned subsidiary of SpaceX did a deal with Anthropic where Anthropic pays SpaceX more than a billion dollars a month to rent compute capacity from a data center, a specific data center that it built in Tennessee. On paper, if you read the prospectus and the vision that we just outlined, where SpaceX makes most of its money from selling AI software that would make them on paper, a complete rival and competitors Anthropic. But this is what's so interesting. A lot of phone calls in the last five days from existing SpaceX investors saying it's so important to talk about how they've done this. They have data center capacity that was available. They, you know, Xai and SpaceX the parent, are very good at building data centers quickly and running them, operating them efficiently on a, on a very competitive dollar per token basis. So why not rent it out and make money? And that's the near term story that that will dictate right now the stock performance and the valuation because, you know, the rest of it is so far away in another galaxy, etc.
- [20:34]
B
Excellent pun. And that's of course as we consider the performance as a public company. But Ed, you were just talking about speaking to existing Space X investors. This is obviously not a new company. It, it's more than two decades old. It's existed in private markets for some time and there was a long time in which Elon Musk was saying we can just stay reliant.
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F
Yes.
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B
On private capital. Walk us through that evolution and whether or not this is going to be a new model going forward as we consider more robust private markets.
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F
Yeah, I think, you know, 2002, Space X was seeded of about $27 million and the goal was to make a rocket booster land back on earth and be reusable. And now clearly, as we've just discussed, the story's really changed. In 2010 when Tesla went public, the company, the public company that Elon Musk is also CEO of, SpaceX, had a billion dollar valuation and rapidly kind of 2023 to 2025 in the, in the private markets, its valuation kept growing because it just dominated this business of launching payload to, to orbit. And then Starlink, which is a Internet service, but it's powered by a constellation of satellites around planet Earth, has very quickly become cash flow positive cash generator. So like you'll, you'll see all the Bloomberg stories and read the prospectus and say like how unprofitable SpaceX is and how distant it is, but in its connectivity business, actually it's a cash generating part of the business. And so you know, it's just a crazy story we don't have. You could do an entire 24 hours on Bloomberg Television and radio to explain the history of it. But again the point of the rocket business is that that next gen rocket, it needs to work for all that other intergalactic out of this world stuff to come true.
- [22:24]
B
Well, I feel like Ed probably is going to end up spending 24 hours on Bloomberg television and radio today. You're working hard. Thank you so much Bloomberg Tech co host Ed Ludlow. We appreciate it. I would just point out as we consider the demand for SpaceX shares that appears to be out there. Robinhood says it saw record breaking traffic day, blaming that for some latency and intermittent issues customers were experiencing. Though they said the systems have recovered and their teams are monitoring it closely. But clearly retail is a massive factor in this debut and of course this debut is now a massive factor in financial markets. So let's get a check on where we're trading overall as Space X trades at just about $168 a share. Charlie Pellet is keeping watch from New York. Charlie, hi.
- [23:06]
G
Thank you very much, Kelly. Indeed. SpaceX right now up by 24.3%. We've got two major stories that we're following for you. The Space X IPO and of course, diplomatic efforts in the Middle east. Hopes for a breakthrough are lifting stocks as well today. Earlier this hour we had Pakistan's prime minister saying an agreed upon text of a US Iran peace deal has been reached. Prime Minister's comments coming in a post on X. He says, quote, peace has never been this close as it is now. The Dow, the s&P Nasdaq and the Nasdaq 100 index all very much in the green. S and P up 26 to 74, 21 up 4/10 of 1%. Dow Industrials up 312 up 610 of 1%. Nasdaq up 45 up by 2/10 of 1% while the Nasdaq 100 index up by 5/10 of 1%. Small cap shares outperforming the Russell 2000 index of small cap shares up now by 1.1%. The Sox, the Philadelphia Stock Exchange semiconductor index up by 2%. The VIX just below 19 with a 10 year year 4.48% spot gold flat on the day, 4213 the ounce while West Texas Intermediate crude down now by 3.7%, 8,450 the barrel Brent 86, 97 down by 3.8%. SpaceX surging first day out, up now by 24.8%. For on demand news 24 hours a day, subscribe to Bloomberg News now. Wherever you get your podcast, I'm Charlie Pennsylvania. Pellet, Kailey Leinz. That is a Bloomberg business flash.
- [24:40]
B
All right, Charlie Pellet, thank you so much. As Charlie just mentioned, SpaceX now up nearly about 25% from its $135 IPO price right now. Shares trading north of $168 a share. 169. We are at session highs again, a 25% gain from that IPO price. This is now a more than $2 trillion company. And as we were just discussing with Ed Ludlow, though, as we consider the valuation thesis here, there are many parts to this business. Yes, There is the AI story that SpaceX seems to be relying on, the idea of bringing computing power to space and space based data centers. There's also Starlink and the satellite Internet business and there are the rockets themselves that Elon Musk still eventually wants to take people to Mars and he spoke about that space ambition in particular from Houston earlier today ahead of this debut.
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F
Not just a few astronauts, I mean
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G
you literally, you, if you watch, whoever
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F
you are watching this, SpaceX wants to
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G
be able to take you to the
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B
moon, take you to Mars and ultimately beyond.
- [25:45]
G
And I'm confident at this point that with the incredible team that we have here at SpaceX that we will do that for you.
- [25:57]
B
So let's get the take from someone who has actually been to space and can speak on this with a great deal of insight. Commander Leroy Chow is with us on balance of power, the form. A former NASA astronaut and commander of the International Space Station. He's also founder of the Space Training Company 1 orbit and author of a new book that comes out on June 16th. Dinner with an Astronaut Serving Space Stories past, present and future. Commander Chao it's the lunch hour, so I guess a lot of people get to listen to an astronaut as they have lunch today. Walk us through what you, what you see in terms of demand for the space economy and whether therefore a stock that can debut in public markets at a $2 trillion market valuation is justified in your mind. Sure.
- [26:45]
H
It's of course that everybody is touting the space economy and how huge it is and how much huger it's going to get. But I would caution, of course, you have to be careful where you invest. You know, obviously satellites are very much have been for many decades been moneymakers, rocket launchers, people like SpaceX have dominated the launch industry, bringing prices down. And SpaceX of course, is getting closer to having an operational starship. Right. So Starship is the largest rocket ever launched. They've actually caught that booster three times. They've demonstrated now that they've got their heat shield problem pretty much figured out. Starship last time came back and hovered over the ocean before, you know, flopping into it and demonstrating that it too can do that burn maneuver to be captured softly and reused. So, you know, they're making good progress. There's a lot of news out there that says that they're not, but they actually really are. And it's astounding. And you know, SpaceX of course, pioneered catching first stage boosters of the Falcon 9. And those of us in the business were really skeptical, said, you know, well, that's not easy to do. You got to carry extra fuel. How are you going to economically refurbish and reuse them? But that's exactly what they've done. Bringing launch costs down from what used to be 150 to 200 million dollars to launch a satellite down to around 35 or so. Right. So my point is, don't count Elon Musk out. You know, he's tried all these things that the experts, whether it be in space or in electric vehicles, said would never work and he's pulled it off. So I think Starship will become operational. It's going to be key, as you guys have been saying, in launching and delivering all those starlink and data center satellites to orbit. But I think it's going to happen.
- [28:34]
B
Well, and commanders, I have this conversation with you from Washington. How much of the thesis here is predicated on, on Space X maintaining a strong relationship on a contractual basis with, with the U.S. government, with NASA? Or I guess to ask it another way, does the US Government, does NASA need Space X? Is there, is this relationship now too intrinsically tied together?
- [29:00]
H
I think they absolutely need Space X because you know, NASA people, engineers quietly on the side have just been blown away by Starship and the progress that has been made by starship. And you know, I think that's going to be so much less of an expensive rocket once it becomes operational than the current SLS rocket. That is more a more traditional throwaway rocket. I think Starship is going to be disruptive. It's going to dramatically further bring down cost of launching things into space. And so yes, I think that they are intrinsically tied together. It's going to be part of the future exploration program for sure building a moon base. And of course Elon Musk said he started SpaceX back in 2002 because he wants to build these Mars colonies. You know, and I'm not sure why he wants to. I mean he talks about being a multi planetary species for survival, but I'm glad he does. I'm glad he does want to.
- [29:59]
B
Well, Commander, in our final minute here, Elon Musk has also obviously not been shy of failure. When to it comes comes to Space X, they celebrate sometimes rockets blowing up. And I wonder if you think failure is going to be more difficult in terms of being part of the process. Yes, but how it will be taken now that this is a public company and investors are watching.
- [30:20]
H
Sure. So if you've developed a new rocket or any kind of high performance vehicle, you know that the fastest way to develop it is also the most expensive way to develop it. That is you test break it, it fix it, test break, fix and you just iterate around that and that's the fastest way you're going to get a new vehicle, also the most expensive. Now NASA takes the opposite approach because that's why it took so long to get SLS and Orion flying. You know, literally a couple of decades is because they couldn't afford to have a failure. Because if they had a failure, yeah, their program could easily get canceled by the cons. Right.
- [30:57]
B
So different scenarios.
- [31:00]
H
Yeah.
- [31:01]
B
Yeah. Commander, we have to leave it there. Thank you so much for joining us, Commander. Leroy Chow, author of the new book Dinner with an Astronaut Serving Space Stories Past, Present and Future. The Future is now. SpaceX is trading $172 a share, up 27 from the percent from the IPO price.
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A
Thanks for listening to the Balance of Power podcast.
- [31:23]
G
Make sure to subscribe if you haven't already.
- [31:25]
A
Apple, Spotify or wherever you get get your podcasts and you can find us live every weekday from Washington D.C. at Noontime eastern@bloomberg.com Coffee genius here most people see a busy cafe, but I see precision at every step thanks to genius. From global payments transactions, instant inventory, precise operations in sync. Absolutely Genius. From sold out crowds worldwide to managing the more morning rush, genius keeps operations running smoothly. One Portado Flawless pour, perfectly timed. Just beautiful big league reliability for any business. That's genius when you're running a business, the best days are the ones where priorities stay on track. For midsize and large companies, risk can affect multiple parts of the organization at once, from property and liability to cyber and regulatory challenges. At that level, managing risk becomes an ongoing discipline. At the Hartford, the focus is on helping businesses manage risk before it turns into something more disruptive. And when losses do happen, that work is paired with insurance coverage shaped by years of underwriting, risk engineering and claims experience. Learn more@thehartford.com riskmitigation policies provided by Hartford Fire Insurance Company and its property and casualty affiliates Hartford, Connecticut.