Bloomberg Businessweek Podcast Summary

Episode: SpaceX Said to Pursue 2026 IPO Raising Far Above $30 Billion
Date: December 9, 2025
Hosts: Carol Massar, Tim Stenovec
Featured Guests: Eric Johnson (Bloomberg News: Space, Aviation & Defense), David Schassler (Vaneck), Joyce Wong (American Century Investments), Sally Bakewell (Bloomberg Finance Team Lead)

Episode Overview

This episode explores three major business stories shaping the investing, tech, and media landscape:

1. SpaceX’s Potential 2026 IPO: Insights from Eric Johnson on SpaceX’s plans for an IPO that could surpass $30 billion, the largest ever.
2. Investment Strategies Amid Disruption: David Schassler discusses AI, asset allocation, and market fundamentals heading into 2026.
3. Media Mega-Deal Moves: Sally Bakewell dissects a complex, foreign-backed bid for Warner Brothers Discovery, highlighting unusual deal structures and geopolitical ties.

The hosts engage deeply with key sources, probing risks, strategy shifts, macroeconomic trends, and the personalities behind the news.

1. SpaceX’s Potential Record-Breaking IPO

Breaking News and Deal Dynamics

[02:15] Carol Massar introduces the top story: SpaceX is preparing for a 2026 IPO, targeting a raise "far above" $30 billion, likely eclipsing the record set by Saudi Aramco.

• Eric Johnson explains that SpaceX and its advisers are progressing toward a public listing as early as mid-to-late 2026, with timing subject to change.
• Unlike previous speculation, the IPO would not just spin off Starlink but would encompass the entire company.

  “If they do [launch an IPO], it would eclipse the 2019 record set by Saudi Aramco, raising, you know, more than far above, significantly more than... $30 billion.”
  (Eric Johnson, 02:51)

Starlink’s Role and Growth

[03:17] The hosts discuss the evolution of Starlink from a potential spinoff to a core part of SpaceX’s value.

• Johnson notes Starlink’s transformation: now with millions of subscribers, it operates the largest low-Earth orbit satellite network.
• The ongoing technical improvements in Starlink’s internet service are making it both more ubiquitous and competitive, especially in previously underserved areas.

  “You see the dish move... It's pretty cool.” (Host/Co-host, 03:48)

• Real-world impact: Airlines are eager for Starlink service due to spotty in-flight connections.

  “I said to him [Ben Minicucci, Alaska Airlines CEO]... What were you thinking? He goes, I can't wait for Starlink.”
  (Eric Johnson, 05:57)

Market Competition and Valuation

[06:20] The team reviews SpaceX’s competition (Rocket Lab, Firefly) but underscores SpaceX’s clear dominance.

[07:13] Valuation could exceed current estimates; bank interest is expected to be frenzied given the deal’s magnitude.

“It could be even more. There’s got to be... It’s a long process. It’s worth mentioning they’re in the beginning stages of this... Absolutely, it could be significantly higher.”
(Eric Johnson, 07:20)

Memorable Moments / Quotes

• [04:46] On Musk: “So many people believe in Musk... but many people wouldn't want to bet against him.”
• [07:36] On advisor interest: “I think it's safe to say the banks are going to be clamoring for this... we haven’t seen one this size in a long time.”

2. Investing Amid Rapid Innovation & AI

Market Themes

[11:02] David Schassler outlines the collision of three trends:

• Disruptive innovation (AI, robotics)

• Infrastructure and real asset boom

• Monetary debasement and greater liquidity

  “You've got three basically mega themes crashing together at the same time.”
  (David Schassler, 11:19)

AI’s Economic Impact

• AI’s progress unfolds in phases: first the infrastructure “build,” then investor scrutiny over returns, then broad societal adaptation.
• [13:54] Concern about job displacement: “...Anybody doing repetitive tasks where they're putting their head down and they're pushing computer keys, be concerned. Think about expanding your skill set.” (David Schassler, 14:18)
• Despite volatility, Schassler remains bullish: “AI is going to over-deliver... it's not under-hyped long term.”

Big Tech & Asset Preferences

• The “Magnificent 7” tech stocks—recent volatility means Schassler calls them a “hold,” but he would “buy into dips.”
• [16:11] On asset classes: “Bitcoin’s a top performer by the end of the year... followed by gold. Gold to hit $5,000 we think sometime in 2026.”

Notable Quotes

• [14:18] “The next few years are going to be particularly bizarre and uncomfortable for many because where AI can replace, it's already replacing.”
• [16:27] “Bitcoin's a top performer by the end of the year... followed by gold.”

3. Macro Outlook: The Fed, Inflation, and Asset Flows

Federal Reserve & Rate Cuts

[19:47] Joyce Wong forecasts a cautious Fed, expecting only one additional cut in 2026 after the December move. Most market participants are converging on a slower pace of easing due to sticky inflation.

• [21:08] "There have been more and more people joining our camp and saying that there's going to be fewer cuts next year than originally thought..."
• Ongoing labor market softness is the primary risk the Fed is considering.

Inflation Risks

• Inflation continues to reside above target, driven by persistent increases in services like insurance and healthcare.

  [24:03] “People always ask me, what is the biggest risk to markets? And I always say inflation... we've made a lot of the progress on inflation that we're likely to see.”

Asset Allocation & Flow Trends

• Strong investor preference for fixed income, particularly high-yield and municipal bonds, as attractive rates persist before Fed cuts erode yields (25:47–26:29).
• Investors are moving into small caps and select growth sectors, while still reassessing overvalued equities; continued inflows into technology names, but also growing appetite for “contrarian trades” post-Fed easing.

  [27:51] "We are starting to see some focus in our strategies that have that more growth orientation... and we're starting to see some flows coming into the contrarian trade."

4. Media Mega-Deal: Paramount, Warner Bros Discovery, and Global Capital

Takeover Story

[31:39] Sally Bakewell breaks down the details of a $54 billion bid for Warner Brothers Discovery, primarily orchestrated by Skydance and Paramount and backed by a novel mix of U.S. tech, Middle Eastern sovereign wealth, and political connections.

• Financing includes a $54B bridge loan from Bank of America, Citi, and Apollo (split equally), plus $40.7B in equity—guaranteed by Oracle’s Larry Ellison and RedBird Capital.

• Major Gulf and Saudi funds are providing much of the equity but will forgo governance rights in the deal to placate U.S. regulatory sensitivity over foreign control of media assets.

  “Providing the actual equity are this host of names from the Gulf region, including Saudi Arabia's public investment fund, the Qatar Investment Authority, and an Abu Dhabi... company called limad, as well as Jared Kushner's Affinity partners.”
  (Sally Bakewell, 32:23)

• The deal is complex, both in terms of multi-jurisdiction financing and due to its intersection with news media (e.g., CNN ownership implications), heightening political and regulatory scrutiny.

Notable Quotes

• [34:31] “There is this sensitivity around the fact that this is a major news organization at play, that their money could be money coming in from abroad.” (Joyce Wong)
• [35:36] “The 54 billion bridge loan is going to be guaranteed by Paramount's assets. Now that's apparently quite weird in the market for a loan like this.” (Sally Bakewell, on deal structure)

Deal Status & Next Moves

• The offer is not necessarily final; Paramount has 10 business days to respond. More competitive bids might follow.
• Jared Kushner is reported to have a central deal-brokering role, repeating his involvement in past Gulf-US investments.

Closing Thoughts

• The episode closes on the evolving and suspenseful nature of both the media deal and investing trends into 2026.

Key Segments & Timestamps

• SpaceX IPO Scoop & Analysis: [02:15–07:54]
• AI & Asset Allocation with David Schassler: [11:02–16:50]
• Macro, Fed, and Flows with Joyce Wong: [19:44–28:47]
• Media Mega-Deal / Warner-Paramount: [31:39–39:00]

Most Memorable Quotes

1. On SpaceX’s Ambition:
   “If they do [an IPO], it would eclipse the 2019 record set by Saudi Aramco...” — Eric Johnson [02:51]

2. On AI’s Disruptive Impact:
   “Where AI can replace, it's already replacing. So you see that in new college graduates, anybody doing repetitive tasks... be concerned. Think about expanding your skill set.” — David Schassler [14:18]

3. On Foreign Capital & Media:
   “Providing the actual equity are this host of names from the Gulf region... as well as Jared Kushner's Affinity partners.” — Sally Bakewell [32:23]

4. On Persistent Inflation:
   “People always ask me, what is the biggest risk to markets? And I always say inflation...” — Joyce Wong [24:03]

Summary

This episode stands out for its exclusive details on record-breaking IPO plans from SpaceX, the challenges and opportunities of investor strategies as AI takes hold in the global economy, and a revealing look at the globalization and politicization of media ownership. The Bloomberg team leverages direct insights from newsbreakers and practitioners to deliver a compelling, accessible narrative for business leaders and investors.