SpaceX’s Record-Breaking Wall Street Debut

Summary

Podcast Summary: Big Take – "SpaceX’s Record-Breaking Wall Street Debut"

Date: June 12, 2026
Host(s): David Gura, Sarah Holder (Bloomberg News), Ed Ludlow (Bloomberg Tech)
Theme: The largest IPO in history—SpaceX’s public offering—and its implications for markets, Elon Musk, retail investors, and the evolving landscape of tech IPOs.

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Episode Overview

The episode explores SpaceX’s monumental IPO, which hit the NASDAQ as the largest public offering ever. Bloomberg’s David Gura and Sarah Holder interview Bloomberg Tech’s Ed Ludlow to dissect the shockwaves from this debut: financial, personal (for Musk), and strategic, while drawing key lessons for future tech IPOs (notably OpenAI and Anthropic). The discussion covers SpaceX’s business model, investor access, market skepticism, and how this event redefines norms for Wall Street and tech valuation.

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Key Discussion Points & Insights

1. SpaceX’s Monumental IPO – The Scene (02:00 - 03:47)

• Market Impact & Hype

  • SpaceX opened trading at $150/share after the largest IPO ever, instantly making Elon Musk the world’s first trillionaire (02:30).
  • The IPO created massive wealth for SpaceX employees and made headlines for its size and ambition.
  • “There are always problems on Earth... but they also have to be things that get you excited about the future... and that's the future that SpaceX wants to bring to you.” —Elon Musk (02:07-02:15)

• Investor Instruments

  • Launch of more than a dozen ETFs tied to SpaceX; options contracts set to begin trading soon (02:53).

• Vision Sold to Investors

  • SpaceX pitched investors on untested ventures: satellites as space-based data centers, crewed missions to the Moon and Mars.

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2. SpaceX’s Business Model & Vision (03:47 - 05:34)

• Capital Needs

  • Raised $75 billion to spend on GPUs, satellites, and accelerated R&D for out-of-this-world ambitions (03:53).

• Beyond Rockets

  • SpaceX’s vision extends beyond launching rockets:
    • Starlink is currently a cash cow, offering satellite-based WiFi.
    • Next phase: Satellite data centers running AI inference in orbit.

• Monetizing the Future

  • SpaceX estimates a potential $28.5 trillion market—including terrestrial and off-world AI applications (04:31).

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3. Emotional & Financial Stakes (05:34 - 06:41)

• Investor Motivation

  • IPO is access—not just to a company, but to Elon Musk’s persona: “For lots of people in markets... they want to be able to buy a piece of Elon Musk, you know, he’s still regarded as the visionary, as the, you know, real life Tony Stark.” —Ed Ludlow (05:43)

• Historic Payouts

  • Biggest payday ever for SpaceX’s long-term venture capital and growth equity backers.
  • Unprecedented retail investor interest, potentially surpassing Alibaba’s historic IPO (05:43-06:34).

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4. Defining “Success” for SpaceX (06:34 - 08:04)

• Musk’s Track Record & Execution Risks

  • Musk is habitually overoptimistic on timelines: “We accept that he will say this will happen... often it doesn’t, but it does happen in the end.” —Ed Ludlow (06:45)

• Key Technical & Economic Milestone

  • Full success depends on Starship becoming fully reusable, transforming “sci-fi” into achieved engineering (07:00).
  • No reusable Starship to date: “Starship has only ever done 12 test flights... no part... has ever successfully both re-landed on Earth and been reused. So it's like, wow, we’ve got some way to go here guys.” —Ed Ludlow (07:56)

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5. IPO Mechanics & Share Access (12:00 - 13:46)

• Unique Roadshow & Pricing Approach

  • Musk set the share price instead of relying on Wall Street’s traditional book building, selecting preferred investors (12:16).
  • Loyalty over capital: Invitations went to existing investors with whom Musk has a relationship, bypassing intermediaries.
  • “Musk... really wanted to bring people in that they believe would hold the stock for a really long time.” —Ed Ludlow (12:54)

• Retail Shareholder Dynamics

  • Some Tesla retail loyalists felt entitled to access, though the allocation favored long-term insiders.

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6. Lessons from Tesla & (Non-)Parallels (13:46 - 15:19)

• Comparing Growth Stories
  • Skepticism about direct parallels: Tesla built its business within an emerging EV industry; SpaceX is targeting new, largely hypothetical markets.
  • Musk is aiming for a $28T market, but only ~$2T exists in current lines (13:46-14:09).
  • “Reading the SpaceX prospectus is like reading a Christopher Nolan script... sci fi.” —Ed Ludlow (14:09)

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7. Index Inclusion & Market Dynamics (15:19 - 16:03)

• Fast-Tracked into Major Indices
  • SpaceX goes straight into the NASDAQ 100—much faster than typical.
  • This triggers massive passive fund flows for rebalancing, influencing financial markets at a systemic level (15:19).

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8. Valuation Skepticism – The Bear Case (16:03 - 17:19)

• High Premium, Radical Uncertainty
  • Trading at 100x sales—a higher multiple than tech IPOs considered “out there.”
  • Marketable goals require unproven tech (1M orbiting satellite data centers). Current state: Only one satellite with a powerful Nvidia AI chip is in orbit (16:14).
  • Musk pushed for a higher valuation; a “middle ground” was struck to balance ambition with spreadsheet realism.

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9. The Next IPOs – OpenAI & Anthropic (17:19 - 18:22)

• Why Go Public?

  • Despite huge private rounds (ex: Anthropic’s $65B round before filing), leaders say only public markets can provide the scale of capital they need (17:27).
  • “It is confusing to understand, like you guys are saying that the public markets are the only way, but they know... all of the giants... are looking at all... capital markets...” —Ed Ludlow (17:27)

• Big Tech’s Capital Arms Race

  • The climate is ripe; there’s urgency and FOMO on the part of both companies and investors.

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10. The FOMO Factor & Institutional Investors (18:22 - 19:28)

• Conviction on the Individual
  • “You are making an investment based on a person, Elon Musk. You are making a conviction call with the intention of holding the stock for a long period of time beyond a lockup period... they look at what happened with Tesla... That’s where it’s analogous.” —Ed Ludlow (18:37)
  • Not a “get-rich-quick” scenario; institutions and sovereign funds are prepared to wait and bet on Musk’s proven, if bumpy, path to delivering returns.

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Notable Quotes & Memorable Moments

• [02:07 – Elon Musk]: “There are always problems on Earth... but they also have to be things that get you excited about the future, that make you glad to wake up in the morning because you can't wait to see what happens next. And that's the future that SpaceX wants to bring to you.”
• [05:43 – Ed Ludlow]: “For lots of people in markets, you know, they want to be able to buy a piece of Elon Musk, you know, he's still regarded as the visionary, as the, you know, real life Tony Stark.”
• [07:56 – Ed Ludlow]: “…no part of it, the booster nor the Starship spacecraft at the top has ever successfully both re landed on Earth and been reused. So it's like, wow, we've got some way to go here guys.”
• [14:09 – Ed Ludlow]: “Reading the SpaceX prospectus is like reading a Christopher Nolan script, right? Like for some sci fi.”
• [18:37 – Ed Ludlow]: “You are making an investment based on a person, Elon Musk. You are making a conviction call... Not a sort of get rich quick play.”

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Useful Timestamps for Key Segments

• 02:00 — IPO launch, Musk becomes trillionaire
• 03:53 — Scale and scope of the IPO
• 04:31 — How SpaceX sees its business (AI software, satellites as data centers)
• 05:43 — Emotional aspect: Buying into Musk’s vision
• 06:45 — What does “success” look like for SpaceX?
• 07:56 — Technical blockers: Starship reusability
• 12:16 — Unorthodox IPO pricing and allocation
• 13:46 — Lessons (and limits) from Tesla’s story
• 15:19 — Fast-tracked index inclusion and market impacts
• 16:14 — Bear case and valuation skepticism
• 17:19 — Context on OpenAI & Anthropic’s upcoming IPO plans
• 18:22 — Institutional FOMO and betting on Musk’s track record

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Tone & Style

• The episode is analytical, energetic, and laced with the awe and skepticism that typically surround Musk’s ventures.
• Ed Ludlow brings vivid analogies (“real life Tony Stark,” “Christopher Nolan script”) and demystifies both market euphoria and underlying risk.
• Hosts maintain focus on facts, investor psychology, and the broader market implications, balancing market excitement with technical and financial realities.

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Takeaways

• SpaceX’s IPO is the largest ever, reflecting both Musk’s personal brand and investors’ hunger for growth stories.
• The company’s market cap is almost entirely predicated on future, largely speculative technology and markets.
• The move raises big questions for the business of tech IPOs, index fund dynamics, and the psychology of modern risk-taking on Wall Street.
• As OpenAI and Anthropic eye the market, SpaceX is both template and cautionary tale for capital-intensive moonshots in tech.

Transcript

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Bloomberg Audio Studios Podcasts Radio

[Ed Ludlow]

Radio News we have an Opening Trade

[Market Reporter]

Shares Open for Space X the NASDAQ

[David Gura]

Crowd Goes Wild Space X debuted on the NASDAQ this morning after the largest IPO in history.

[Elon Musk]

There are always problems on Earth. There are always things that we wish to be better, that we want to solve here on Earth, and we should solve them.

[The Hartford Insurance Representative]

But.

[Elon Musk]

But they also have to be things that get you excited about the future, that make you glad to wake up in the morning because you can't wait to see what happens next. And that's the future that SpaceX wants to bring to you.

[David Gura]

Trading started at $150 a share. That's made thousands of current and former SpaceX employees very wealthy, but none more so than Elon Musk himself. It's made him the world's first trillionaire.

[Market Reporter]

The market has finally delivered its first reverse verdict on SpaceX, so now the focus will be whether those gains can hold as trading gets underway in the coming days.

[David Gura]

More than a dozen ETFs tied to SpaceX are expected to launch and SpaceX option contracts will start trading on Tuesday. SpaceX successfully made the case to investors that they should buy into Musk's vision that the company will put data centers in space and transport people to the moon and to Mars.

[Sarah Holder]

But.

[David Gura]

But it's unclear when or even if SpaceX will deliver on that. I'm David Gura and this is the big take from Bloomberg News. Today. On the show I sit down with Ed Ludlow, the host of Bloomberg Tech, to talk about what SpaceX's record breaking IPO means for financial markets. For Elon Musk and for other companies poised to go public. This is a huge ipo. There has been no shortage of and

[Sarah Holder]

continues to be no shortage of superlatives to describe it. Walk us through a few of them. How big a deal is this?

[Ed Ludlow]

Well, literally the biggest deal in history. But like the way to think about it is, well, why would SpaceX need to raise $75 billion? SpaceX needs money to buy GPUs and to build satellites that are data centers for space. Money lets them do that more quickly. And they plan to grow from this place where they're doing really well as a rocket company with very successful satellite constellation based Internet to out of this world, something that's so far fetched and distant. And money helps, that's simple as that.

[Sarah Holder]

How should we think about this company or how do you describe it? So it's not just a company that shoots rockets into space.

[Ed Ludlow]

SpaceX has a vision where in the end most of the money it makes will be from selling AI software to companies big and small around planet Earth and potentially beyond planet Earth. Clearly there's a series of steps. So in the first instance, they dominate the market of launching rockets with something on them into orbit and that can be for a government or it can be for a private company. They have this cash cow, Starlink, which is basically for you and I. Like on planet Earth it's WI fi that works really well. It just happens to come from a satellite instead of coming from cables in the ground. And the next phase of that is to build data centers that are in a satellite form factor to run AI models inference around Earth. So you take all of those things I just talked about, the opportunity is $28.5 trillion as calculated by SpaceX and you just say I either do or don't accept that all of that economy Happens on Earth, in orbit around Earth and eventually on the Moon and on Mars. Yeah.

[Sarah Holder]

Break down the level of emotion surrounding this ipo. Yes, it has to do with the size of the numbers, but they're hoping to raise the valuation. But there's also just so much emotion here as well.

[Ed Ludlow]

Yeah, I mean IPOs are an opportunity to get access to a company, but also to a person. So for lots of people in markets, you know, they want to be able to buy a piece of Elon Musk, you know, he's still regarded as the visionary, as the, you know, real life Tony Stark. Shout out to all my Marvel fans. For the venture capital firms and the private growth equity firms that have backed SpaceX for a long time, this will be the biggest payday for them in their firms histories. Simple as that. And the kind of third bucket of it is the retail investor. It will be in the history books, it will be in the textbooks. Looking back when all the math is done, retail investors will probably account for more money in this IPO than say Alibaba raised in its entire IPO.

[Sarah Holder]

SpaceX started trading today. It's going to take some time before we're able to say was it a success, was it a failure, was it a disappointment?

[David Gura]

What does success look like for this

[Sarah Holder]

company in the context of this public offering?

[Ed Ludlow]

We always start with this caveat that Elon Musk is often wrong on the timelines that he presents. And I would say very involved investors of this company will willingly say that to me. You know, like we, we accept that he will say this will happen and I think it will happen by this date. Often it doesn't, but it does happen in the end. So they have full conviction. He'll get there. Just not in the linear fashion that he, he outlines. Success in the first instance is getting this starship system. It is the most powerful launch system on paper that man has ever created to be fully reusable. Everything be that data centers in space, humans living and working on Mars, an economy on the moon is predicated on this rocket's ability to carry payload, 100, 150 metric tons to orbit and beyond. That doesn't happen yet. And to be fully reusable because otherwise the economics just don't make sense. Starship has only ever done 12 test flights and no part of it, the booster nor the Starship spacecraft at the top has ever successfully both re landed on Earth and been reused. So it's like, wow, we've got some way to go here guys.

[Sarah Holder]

How does this giant IPO change the way that we look at companies or

[Ed Ludlow]

look at Wall street with SpaceX, we've just focus endlessly on the idea that this will be the biggest IPO initial public offering in history. That an idea that this, this company that was such a huge entity as a private company can pull off this mechanism. But really it's about a company's ability to access capital and that is not exclusive to private companies going public. So irrespective of whether you're going public or you're doing an equity offering or you're looking at the debt markets, you this is the level of capital that Wall Street's comfortable with and not just Wall street like this is happening around the world and that has changed the scale, the economics of what is or is not a good return on equity.

[David Gura]

After the break, what Tesla's trajectory could reveal about SpaceX and what this deal means for Anthropic and OpenAI as they

[Sarah Holder]

prepare to go public.

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[Sarah Holder]

The prelude to an IPO is this roadshow where the company makes its case with banks. Traditionally yes to investors didn't even seem necessary. Here Bloomberg Reporting folks are saying it's four times over subscribed. What what was that roadshow like leading up to the first day of trading? The pricing, the first day of trading.

[Ed Ludlow]

So traditionally you don't just set a price and say we're sticking with it. There's a range, there's a range and it's marketing. You go out to all of the potential investors, the pool of potential investors, and say how are you guys feeling about this? But my understanding is that basically Musk wanted to take the leverage away from the big institutional investors and said I am going to set this price. That way it doesn't matter how much deployable capital you've got. I can just select who I want to get access to this ipo. So that's unusual to pick up on

[David Gura]

what you just said.

[Sarah Holder]

Who is getting access to these shares? Elon Musk had a plan for that. Who ends up getting access?

[Ed Ludlow]

It's existing investors. And Musk has been all about loyalty. How SpaceX has managed it is they don't use intermediaries. Musk or the CFO phone you and say do you want to participate in this? These are people that they like. So that's a big part of it. The big long only asset managers. Based on my reporting, Musk and the SpaceX team really wanted to bring people in that they believe would hold the stock for a really long time. Tesla, his other publicly traded company that he's CEO of, has a very big and loyal retail shareholder space. And a lot of them really believe that they would get sort of preferential access here. And so it'll be interesting to see how those loyal Musk followers feel in the end, how they respond if they didn't get access to the SpaceX IPO.

[Sarah Holder]

You bring up Tesla and I'm curious what we can learn from that company's trajectory that might be applicable here. So it was a company that was private, relied on the devotedness of many Musk fans for a very long time. He promised it was going to be something that, in fact, it's largely turned out to be.

[David Gura]

How applicable is that, that Tesla story

[Sarah Holder]

of what we're going to see with SpaceX here going forward?

[Ed Ludlow]

I think a lot of very sophisticated people in technology and those that are investors in Elon Musk companies have cautioned against, at least cautioned me privately in trying to say that SpaceX will follow the same story, not a perfect parallel. Check the tape. The issue is that Tesla at that time was a sort of standalone, committed party to a very nascent industry and went on to dominate it. But you can't apply those same principles to SpaceX. Indeed, SpaceX is telling the world, in the end, we think the market we're going after is $28 trillion, but only 2 trillion of that is our existing launch business and our starLink business. So 26.5 trillion doesn't exist yet. It's new. So modeling for that is. I mean, how do you do that? It's science fiction to a lot of people. It's like reading the SpaceX prospectus is like reading a Christopher Nolan script, right? Like for some sci fi. And so, very succinctly, to answer your question, a lot of people will say the jump that Tesla made, from plucky battery electric carmaker to humanoid robotics and Robotaxi, it's very hard to see SpaceX following that path.

[Sarah Holder]

Retail investors are going to have exposure to SpaceX through index funds. It's going to be a part of the NASDAQ 100. Walk us through why that's so significant. It usually doesn't happen as quickly as it's happening now.

[Ed Ludlow]

So in very simple layman's terms, the NASDAQ 100 is a bucket of sort of the biggest technology companies, but they adjusted or amended their rules to fast track inclusion. The S&P 500, which is the benchmark equities index, which we all follow, but also many money managers just track and follow. Did, did not do that either way because SpaceX will become a part of those specific indices. There will be all kinds of funds that need to rebalance passive funds and that will have an impact on financial markets.

[Sarah Holder]

There has been some skepticism about SpaceX's valuation. Can you walk us through what the bear case here is why some investors think it's way larger than it should be.

[Ed Ludlow]

It's trading at a multiple that is 100 times sales. And if you look at recent history of technology iPodOS, that is a pretty, pretty premium, even over some of the sort of more out there listings that we've had. And again, the worry is like the goals this company have outlined are very out there and they require immense spending and a lot of people find it very hard to see a world where 1 million satellites that are data centers based get built, deployed and start running AI models. It's an idea hasn't ever happened before. There are some startups up there that have a very limited. Like there's one satellite in orbit right now that's running an Nvidia H100. And so people are bracing that the valuation comes down. Now what I would say Elon Musk was pushing maybe for a higher valuation. I think people did make an effort to kind of find a middle ground where the valuation made sense, had this ipo.

[Sarah Holder]

Now our focus shifts to the next big one. So it's OpenAI and Anthropic.

[Ed Ludlow]

Yeah.

[Sarah Holder]

Why is all of this happening now? Why is the environment for these IPOs so ripe?

[Ed Ludlow]

So what the leaders of Anthropic and OpenAI have said in the very limited ability that they have to speak now that the confidential filings are in, is that the going public is the only mechanism to get the level of capital that they need. What's amazing about that statement that I've paraphrased from several different individuals, is the private markets have been incredibly willing. So, you know, just before Anthropic filed confidentially to go public, they raised $65 billion in a private market round that valued them at 965 billion months after they'd done their previous round of 35 billion. So, like, it is confusing to understand, like you guys are saying that the public markets are the only way, but they know that all of the giants out there, your alphabets, the parent of Google, Amazon, Meta, they are looking at all of the breadth of the capital markets to get money.

[Sarah Holder]

I want to ask you about FOMO or potential FOMO here. Do institutional investors feel like they have to invest in a company like SpaceX? Just the level of enthusiasm and yes, optimism in many quarters is such that they have to do it. They can't decline to do so.

[Ed Ludlow]

Yeah. What the existing investors on the cap table did tell me is like you are making an investment based on a person, Elon Musk. You are making a conviction call with the intention of holding the stock for a long period of time beyond a lockup period. You know, it's not a sort of get rich quick play. The market structure does not allow you to do that. And whether you are a long only asset manager or you are sovereign wealth fund, you know, people do look at Elon Musk's track record. They look at what happened with Tesla and you know, that's where it's analogous. They think he's capable of of delivering growth and therefore returns to shareholders.

[David Gura]

This is the big take from Bloomberg News. I'm David Gura. The show is hosted by me, Sarah Holder and Juan Ha. The show is made by Aaron Edwards, David Fox, Jeff Grocott, Paddy Hirsch, Rachel Lewis, Christie, Emma Munger, Laura Newcombe, Naomi Ng, Julia Press, Tracy Samuelson, Naomi Shaven, Alex Segura, Julia Weaver, Yang Yang and Taka Yasuzawa. Our executive producer is Nicole Beemsterboer. To get more from the big Take and unlimited access to all of bloomberg.com, subscribe [e-mail] podcastoffer thanks for listening. We'll be back on Monday.

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