The Rundown — SpaceX Interviewing Banks for IPO, Netflix Defends WBD Deal

Host: Zaid Admani
Date: December 15, 2025
Podcast: The Rundown (Public.com)

Episode Overview

This episode dives into major stock market trends at the close of 2025, with a focus on pivotal corporate moves: SpaceX’s progress toward an IPO, Netflix’s defense of its massive Warner Bros. Discovery acquisition bid, and key shifts in several high-profile stocks. Host Zaid Admani also previews critical upcoming economic data and reflects on why 2025 became a standout year for mergers and acquisitions.

Key Highlights & Discussion Points

1. Market Recap and Sector Rotation

• Stocks Overview ([00:40])
  • S&P 500 had a volatile week, down 0.6%, with a sharp drop after Thursday highs.
  • Nasdaq took a heavier hit: down 1.6% due to tech sell-offs.
  • Small caps outperformed: Russell 2000 rose 1.2% last week and is up 5% over the month.
• Drivers:
  • “I keep talking about the rotation out of tech stocks and into other sectors like small caps, and last week was a great example of that.” — Zaid Admani ([01:22])
  • Recent Fed rate cut benefits small caps, which gain the most from lower borrowing costs.
  • Investors grow cautious on the AI trade as major tech firms pile on debt (Oracle, Broadcom faced sharp earnings-related sell-offs).

2. Critical Economic Data and Earnings Ahead

• Upcoming Data Releases:
  • November jobs report due Tuesday.
  • CPI inflation report out Thursday.
  • These carry extra weight: “We never got the October’s data due to the government shutdown. So this will be the most up to date snapshot we've had on the economy in a while.” ([02:15])
• Major Earnings: Nike, FedEx, Micron to report this week.

3. Netflix’s $72B Warner Bros. Discovery Bid Under Scrutiny

• Netflix’s Strategy ([03:03])
  • Netflix execs Ted Sarandos and Greg Peters issued an open letter to quell Hollywood job loss fears and concerns over the future of movie theaters.
  • “Netflix would continue releasing Warner Brothers films in theaters…that will change if this deal goes through.” ([03:27])
  • Promise: No studio closures, no operational overlap, jobs at risk will be minimized.
• Competitive Landscape:
  • Paramount has delivered a hostile $108B bid, reportedly more likely to trigger layoffs due to weaker finances.
  • Regulatory risks loom, with monopoly concerns from lawmakers.
  • Netflix to regulators: their real competition is YouTube and social platforms, not just other streamers.
• Industry Impact:
  • “The fear for people working in Hollywood right now is that if WBD gets bought either by Netflix or Paramount, it’s going to lead to more consolidation and layoffs.” ([04:51])
  • Streaming & content creation still shifting: Netflix claims its biggest competition is YouTube.

4. SpaceX Moves Toward Potential Record-Setting IPO

• IPO Preparations ([05:36])
  • SpaceX will interview investment banks this week for its anticipated IPO (target: second half of 2026).
  • Company recently valued at $800B after internal share buy, could IPO at $1.5T.
• Not Guaranteed:
  • “SpaceX's CFO told staff that if the company executes well and the markets cooperate, then they could IPO. But he also cautioned that nothing is locked in yet.” ([06:13])
  • Massive interest driven by the “sexy” space sector and the “Elon factor”.
• Extra Insight:
  • The recent weekend episode features space reporter Eric Berger discussing why SpaceX may IPO: “AI data centers in space could be the reason for SpaceX's IPO.” ([06:42])

5. Stocks on the Move

• Micron
  • Upgraded by Mizuho Securities to “Buy” with a $300 target—one of Wall Street’s most bullish calls. Stock is up over 180% for the year, buoyed by AI-fueled demand for memory/storage hardware. ([07:04])
• iRobot
  • Shares down 67% after filing for Chapter 11 bankruptcy. Will go private after acquisition by Pasea Robotics.
  • Amazon previously offered $1.4B but withdrew after regulatory challenges.
  • “That’s the downside of too much regulatory scrutiny.” ([08:13])

6. 2025: A Banner Year for M&A

• Staggering Deal Volume ([08:28])
  • $4.5T in deals announced, up 40% YoY, second only to 2021.
• Mega-Deals of 2025:
  • Union Pacific buys Norfolk Southern for $85B (largest of the year).
  • Netflix-WBD ($72B), EA acquired by private equity for $55B, Kimberly-Clark buys Kenview for $49B.
• Regulatory Context:
  • Friendlier stance under Trump administration believed to encourage consolidation.
  • “It’s possible that we’re going to see more and more mega deals announced over the next couple of years as corporations try to consolidate while Trump is still president.” ([09:05])

Notable Quotes & Memorable Moments

• “I keep talking about the rotation out of tech stocks and into other sectors like small caps, and last week was a great example of that.” — Zaid Admani ([01:22])
• “Netflix even says that their biggest competition isn’t other streaming companies, but in fact YouTube.” ([04:41])
• “I do think this is going to be the biggest IPO of all time because it’s space...and then you got the Elon factor.” — Zaid Admani ([06:22])
• “That’s the downside of too much regulatory scrutiny.” (on iRobot’s collapse after Amazon’s failed acquisition, [08:13])
• “There was a massive mega deals this year and this is likely because of a friendlier regulatory environment.” — Zaid Admani ([09:02])

Timeline of Important Segments

| Timestamp | Segment | |-----------|--------------------------------------------------------------------------| | 00:40 | Weekly stock market recap, sector rotation, Fed rate cut | | 02:15 | Preview of upcoming economic data and major earnings | | 03:03 | Netflix defends Warner Bros. Discovery deal, industry/regulatory impact | | 05:36 | SpaceX IPO: steps, scale, industry implications | | 07:04 | Micron and iRobot stock moves; sector dynamics | | 08:28 | Recap: Record M&A activity in 2025 & regulatory context |

Summary of Tone and Closing Thoughts

Zaid Admani maintains an accessible, conversational, and slightly irreverent tone, making complex financial news digestible and engaging. The episode balances quick-hitting market summaries with deeper industry commentary, always with the pulse of an investor’s practical concerns.

For further detail:

• Deep dive on Oracle’s AI investments (recent Saturday episode)
• Conversation with space reporter Eric Berger on the drivers behind SpaceX’s IPO (recent Sunday episode)