The Rundown – April 2, 2026
Episode Title: SpaceX Files for IPO, Tesla Delivery Slump Continues
Host: Zaid Admani
Produced by: Public.com
Length: ~10 minutes
Episode Overview
This episode of The Rundown covers the biggest moves in the stock market, with a focus on SpaceX’s confidential IPO filing, Tesla’s latest delivery numbers, and a major day for space news. Host Zaid Admani also touches on market reactions to President Trump’s speech on the Iran war, investor volatility, and notable stock movers like Global Star and Blue Owl. The show wraps up with a “fun fact” about NASA’s Artemis 2 mission, marking humanity’s return to the moon.
Market Recap and Macro Developments
- Stock Market Rally & Volatility
- The S&P rose 0.7%, Nasdaq 1.2%, the best 2-day stretch for Nasdaq since May last year.
- Rally driven by strong U.S. retail sales (up 0.6% in February, before the oil price spike).
- “Retail sales came in above expectations, a 0.6% in February, which gave investors more confidence that the consumer is still holding up.” (01:05)
- Oil prices initially fell below $100/barrel amid optimism for peace in the Iran conflict.
- President Trump’s speech reversed that mood:
- He promised continued military action and gave no concrete plan for reopening the Strait of Hormuz.
- Resulted in a surge in oil prices and a stock market dip overnight.
- “Instead of laying out a path for a ceasefire or a de-escalation, Trump said the US would continue to hit Iran extremely hard over the next two to three weeks… not what the market wanted to hear.” (02:07)
- Expectation of increased volatility, partially because the market is closed for Good Friday.
- “We could be in for a pretty volatile day of trading today, especially because the market is closed tomorrow for Good Friday.” (03:00)
Key Company Headlines
SpaceX – Confidential IPO Filing
Timestamp: 03:32
- Filed confidential IPO paperwork with the SEC.
- Rumored fundraising target: $40–75 billion, could value SpaceX at $1.75 trillion.
- Context: This would potentially double the all-time IPO record (Saudi Aramco, $29B in 2019).
- High investor hype around both space industry appeal and SpaceX’s dominance:
- “SpaceX is the dominant player in that space, no pun intended.” (04:03)
- Starlink:
- Over 1 million customers, $8B revenue in 2024.
- AI Angle:
- SpaceX merged with X AI in February; gives exposure to the AI growth story.
- Filing is confidential, so no financials yet—but rumors say Elon Musk wants shares listed as early as June 9.
- Zaid’s speculation:
- “Given Elon’s history, I wouldn’t be surprised if he aims for June 9.” (05:13)
Tesla – Q1 Delivery Miss
Timestamp: 05:17
- Delivered 358,000 vehicles in Q1, below analyst expectations (370,000).
- Second consecutive quarter of missing delivery estimates.
- Y/Y growth: deliveries up 6%, but Q/Q down 14%.
- Demand down, traced to the end of the $7,500 federal EV tax credit:
- “Without that tax credit, buying an EV became less attractive to a lot of people.” (06:08)
- International highlights:
- Expanding market share in Europe (France).
- China-made EV sales rose for second straight quarter.
- Tesla stock down ~3% on the news.
- Noted shift in investor focus:
- “Most Tesla investors have stopped caring about the quarterly delivery numbers and they care more about the development of robo taxis and humanoid robots.” (06:43)
- Upcoming catalyst: Tesla reports earnings on April 22.
Other Stock Movers
Global Star / Amazon Buyout Rumors
Timestamp: 07:29
- Global Star shares surge after Financial Times reports Amazon is talking to buy them.
- Amazon aims to bolster its low-Earth orbit satellite network (LEO) to compete with Starlink.
- Amazon’s LEO project: 200 satellites (targeting 700 by midyear), still far behind Starlink (10,000 satellites).
- Deal complications:
- Apple owns 20% of Global Star (invested $1.5B in 2024 and reserves satellites for iPhone texting feature).
- Amazon and Apple would need to reach an agreement.
- “Global Star stock is up 10% this morning at the time of this recording, and the stock has more than tripled over the past year.” (08:18)
Blue Owl Private Credit Withdrawal Surge
Timestamp: 08:26
- Blue Owl’s stock drops as investor redemption requests surge:
- 22% of requests for its $36B flagship fund, 41% for a smaller tech-focused fund.
- Structural issue: funds are illiquid and cap redemptions at 5%.
- Blue Owl stock down >40% for the year, down 6% this morning.
- “Investors asking to withdraw their money won’t be getting all their money back right now. And that’s kind of making the sentiment around private credit even worse.” (08:58)
Space Feature: Artemis 2 Mission
Timestamp: 09:35
- NASA launched Artemis 2: first human mission around the moon in 50+ years (since 1972).
- Financial context:
- Program launched in 2017, cost ~$93B to date.
- Boeing built the rocket, Lockheed Martin the capsule.
- Each launch: ~$4B.
- Artemis 2: a 10-day loop around the Moon; Artemis 3 (manned landing) planned in coming years.
- “We’ve sent rovers to Mars, telescopes to the edge of the universe, but we haven’t sent humans to the moon in half a century.” (09:55)
- Zaid’s enthusiasm:
- “I don’t know what it is about space. It’s just, it’s just so cool, you know, maybe that’s just my Houston bias.” (10:25)
Memorable Quotes & Moments
- “The hype around this IPO has been insane because for one, space is a pretty sexy industry, especially right now.” (04:13)
- “A lot of space talk on today’s episode. We’re sending humans back to the moon and SpaceX IPO’d on the same day.” (10:12)
Useful Timestamps
| Segment | Timestamp | |------------------------------|----------| | Market update & oil surge | 00:45 | | SpaceX IPO details | 03:32 | | Tesla delivery numbers | 05:17 | | Global Star / Amazon rumors | 07:29 | | Blue Owl withdrawals | 08:26 | | Artemis 2 & NASA funding | 09:35 |
Tone and Style
The episode maintains Zaid Admani’s upbeat, conversational style: succinct finance news with pop-culture flavor, driven by curiosity and enthusiasm—especially for space. Jokes (“no pun intended”), speculation, and quick explainers are woven throughout to keep the pace fast and accessible for everyday investors and finance enthusiasts.