News & Updates
The latest news and updates from companies in the WLTH portfolio.
US stocks rise after oil eases and SpaceX soars in its debut on Wall Street
SpaceX suggested plenty of demand still exists among investors for AI after its stock leaped 19.2% in its first day of trading | Image: Bloomberg US stocks rose Friday after oil prices fell again, and SpaceX soared in its highly anticipated debut on Wall Street. The S&P 500 added 0.5 per cent to close out its 10th winning week in the last 11. The Dow Jones Industrial Average climbed 353 points, or 0.7 per cent, and the Nasdaq composite gained 0.3 per cent. Stocks got a lift from a 3.4 per cent drop for the price of Brent crude oil to $87.33 per barrel, deepening its loss for the week. Oil prices have come down since President Donald Trump on Thursday called off his threat to launch strikes on Iran and said a potential deal with Iran may be imminent. A deal to end the war could reopen the Strait of Hormuz and allow oil tankers to once again deliver crude from the Persian Gulf to customers worldwide. Its near closure since the war began has sent the price of Brent up from roughly $70 per barrel and caused a wave of painful inflation for the world. Of course, financial markets have rallied in the past on hopes that an end to the war with Iran was near, only to get disappointed each time. Also Read SpaceX blows past $2 trillion valuation as stock jumps 20% after record IPO Dhan launches US stocks, ETFs investing for Indians via GIFT City route Oil prices slump to 2-month low as Trump calls off planned strikes on Iran Is SpaceX worth $1.77 trillion? Some investors call it 'pie in the sky' How Asia's locked-out investors are trading SpaceX IPO with limited access The bigger factor for Wall Street over the last week has actually been artificial-intelligence stocks, and how they have gone from roaring to records to suddenly turning lower. The concern is whether such stocks shot too high, too fast because of AI mania, and their careening moves have sometimes reversed direction by the hour. SpaceX suggested plenty of demand still exists among investors for AI after its stock leaped 19.2 per cent in its first day of trading. That gave Elon Musk's rocket company a total value of $2.1 trillion, making it bigger than Exxon Mobil, Bank of America and Coca-Cola combined. In addition to building rockets, SpaceX also owns the artificial intelligence company xAI. AI-related stocks were otherwise mixed following their roller-coaster moves over the last week. Micron Technology's drop of 1.4 per cent was one of the heaviest weights on the S&P 500, but CoreWeave jumped 5 per cent after learning it will join the Nasdaq 100 index later this month. Elsewhere on Wall Street, Adobe dropped 6.8 per cent despite reporting stronger profit and revenue for the latest quarter than analysts expected. Its stock has lost nearly 42 per cent so far this year, and it announced its chief financial officer is leaving the company on Monday. Adobe is already looking for a CEO to replace Shantanu Narayen, who announced in March that he is stepping aside after 18 years as Adobe's leader. All told, the S&P 500 rose 37.16 points to 7,431.46. The Dow Jones Industrial Average climbed 353.51 to 51,202.26, and the Nasdaq composite climbed 79.18 to 25,888.84. In the bond market, Treasury yields rose to regain some of their sharp slide from the day before, when oil prices dropped following Trump's announcement. The yield on the 10-year Treasury climbed to 4.48 per cent from 4.45 per cent late Thursday. High yields can slow entire economies and undercut prices for all kinds of investments, including stocks and cryptocurrencies. They hit investments seen as the most expensive in particular, and some critics are calling the AI industry a bubble where investment inflated too far. Yields got a boost after a report suggested sentiment among U.S. consumers is not as bad as economists feared. The preliminary survey from the University of Michigan said sentiment improved by more than expected. U.S. consumers said they were feeling some relief after gasoline prices eased a bit early in the month. In stock markets abroad, indexes rallied as they caught up to Thursday's big gains on Wall Street. South Korea's Kospi jumped 4.6 per cent and trimmed its losses from earlier this month taken because of sell-offs for AI-related stocks. The Kospi has nearly doubled since the start of the year. Tokyo's Nikkei 225 rose 2.8 per cent, and France's CAC 40 climbed 1.8 per cent for two of the world's bigger moves. More From This Section US Treasury expands bank data-sharing rules in Trump's immigration push 'False and unfounded': UAE denies reports of $3 billion transfer to Iran As officials say Iran war could end soon, some Trump objectives unfulfilled Trump accuses Iran of attacking Indian ships; Tehran rejects charge US and Iran signal peace deal near despite differences over terms
Why Oppenheimer Analysts Are Bullish on SpaceX, the 'East India Company of Space'
* Oppenheimer on Thursday initiated coverage of SpaceX with an "Outperform" rating and a price target 40% above its IPO price, citing its large potential market and technological advantages over competitors. * Elon Musk's space exploration, satellite and artificial intelligence company is expected to debut on Friday in the largest IPO ever. An early review of SpaceX stock is in, and it's glowing. Oppenheimer on Thursday initiated coverage of SpaceX stock with an "Outperform" rating and a $190 price target. SpaceX shares are expected to begin trading tomorrow under the ticker "SPCX" at a $135 IPO price. "We believe that SpaceX will use its expertise in engineering, manufacturing and space technologies to grow to the largest communications, cloud/AI company in the world," Oppenheimer analysts wrote in a note on Thursday. They expect the company's sizable technological lead in rocket and satellite technology, its vertical integration and its scale to help it grow revenue from $19 billion last year to more than $200 billion by 2030. Why This Is Important The size of SpaceX's impending IPO has made it one of the buzziest events on Wall Street in recent memory. How the market reacts to its debut, expected Friday, may set the tone for mega-IPOs from Anthropic and OpenAI that could come later this year. They see SpaceX as a leader in three distinct lines of business -- Starlink and connectivity, launch and space services, and artificial intelligence -- that overlap such that each unit contributes to the others' success and lowers costs across the company. Today, Starlink is the cash cow. It grew revenue about 50% last year, accounting for more than half of total sales. Its healthy free cash flows are helping to fund the massive capital expenditures of the launch and AI businesses. The launch business, and specifically its next-generation Starship, "is key to SpaceX's success," according to Oppenheimer. Starship is still in tests, but once operational it's expected to cut SpaceX's "cost-to-orbit" to about $100 per kilogram from about $2,700 today. Oppenheimer believes lower costs will enable SpaceX to expand its Starlink satellite constellation and make data centers in space economically viable, supporting its third business line -- AI. SpaceX puts the potential value of its AI business at $26 trillion -- about 90% of its total addressable market -- but it has a long way to go. AI is the company's least mature business, with just over $3 billion in revenue last year. Its Grok model trails competitors from Alphabet, OpenAI and Anthropic in capabilities. AI is also its most expensive business, accounting for more than 60% of SpaceX's capital expenditures last year.
Here are all the red flags in the SpaceX IPO
Say what you like about Elon Musk, but you have to give him credit for his vision and his chutzpah. The self-appointed technoking, last year's supposed U.S. budget czar, is the talk of the town thanks to his forthcoming Space Exploration Technologies -- aka SpaceX SPCX -- IPO. That initial public offering, expected to raise around $80 billion in cash, is set to take place this week and is expected to be the biggest in history -- exceeding even the 2019 listing of Aramco SA:2222, Saudi Arabia's national oil company. Most Read from MarketWatch Hardly anyone is going to read the full SpaceX listing prospectus -- which may be lucky for the company. As it's around 300 pages long, including innumerable repetitions, you may ask whether the length, and density, is a bug or a feature. The best place to hide needles is in a haystack. Read: As SpaceX IPO anticipation heats up, what 2026's biggest IPOs say about investor demand If your broker is offering you stock in this IPO, and you are wondering whether to participate, here are the things you should know about that Wall Street isn't that anxious to tell you. Wall Street banks are going to pocket $500 million in fees from this IPO. That is, observers say, surprisingly low given the offering's scale. But that shows how keen the bankers are to get their snouts in the trough of Musk's future equity sales. With that amount of money at stake, it is no surprise that Wall Street and its useful idiots in the media are pushing this stock as hard as it can be pushed. In case you missed it, jumbo Wall Street bank JPMorgan JPM had a stock analyst covering Musk's other publicly traded company, Tesla TSLA, who was resolutely bearish. By an absolutely amazing coincidence, JPMorgan a month ago suddenly reallocated that analyst. His replacement initiated coverage of Tesla with a target price more than three times as high. And Musk cut JPMorgan in on the IPO. JPMorgan declined to comment. Nothing to see here, folks. Move along. SpaceX is a financial black hole. The company is losing money with no end in sight. "We have a history of net losses and may not achieve profitability in the future," the prospectus says. The company lost $4.6 billion in 2023, $4.9 billion in 2025, and $4.3 billion in the first three months of this year -- equivalent to $2 million per hour. In total, SpaceX has lost $41 billion so far. Capital expenditures and costs will rise in the future, it warns.
Anthropic 'abruptly' disables Fable 5, Mythos 5 to comply with US govt directive; says 'this is a misunderstanding' | Company Business News
Anthropic has abruptly disabled global access to its Fable 5 and Mythos 5 artificial intelligence models after the US government issued an export control directive on national security grounds, ordering the company to block all foreign nationals from using the systems, including Anthropic's own employees who do not hold US citizenship. Anthropic received the instruction at 5:21 p.m. ET on Friday, requiring it to suspend all access to both models by "any foreign national, whether inside or outside the United States, including foreign national Anthropic employees." Anthropic confirmed that all remaining Claude models are unaffected by the directive and continue to function normally. Fable 5 was notable in that it represented the first time Anthropic had made such an advanced model broadly available to the public, a step made possible by new safeguards designed to block outputs in specific high-risk categories. Both models built directly on the groundwork laid by Claude Mythos Preview, which drew sustained attention from Wall Street and government officials in April for its advanced cybersecurity capabilities. Anthropic had indicated at that point that it had no intention of making Mythos Preview generally available, restricting access instead to a select group of organisations through a cybersecurity initiative called Project Glasswing.
US blocks foreign access to Anthropic's most advanced AI models: Report
The Trump administration is blocking foreign governments, companies and individuals from accessing Anthropic's most advanced AI models, Axios reported on Friday (Jun 12). US Commerce Secretary Howard Lutnick on Friday sent a letter to Anthropic CEO Dario Amodei saying that the Mythos 5 and Fable 5 models would be subject to export controls to any location outside of the US and to all foreign persons within the country, the report said. Reuters could not immediately verify the report. The US Department of Commerce, The White House and Anthropic did not immediately respond to Reuters requests for comment. The Commerce Department took action after another company claimed it was able to jailbreak Mythos, Axios reported, citing an administration official. Trump signed an executive order early this month asking leading AI developers to voluntarily submit their most capable models for government cybersecurity tests before releasing them to the public. A months-long dispute between Trump administration officials and Anthropic had been showing signs of easing across parts of the US government as the company prepares to go public, Reuters reported earlier in June. The Defense Department in March labelled the company a "supply-chain risk".
AWS confirms all other Anthropic models remain unaffected after service disruption
The cloud giant's architecture isolates model failures, keeping enterprise clients running while individual Claude variants experience downtime. When one of Anthropic's Claude models hit turbulence on AWS, the rest of the fleet kept flying. AWS has confirmed that a disruption affecting one Claude model on its Bedrock platform did not cascade to other Anthropic models, a detail that matters more than it might sound for the growing number of enterprises betting their AI workflows on the platform. How Bedrock's isolation architecture works AWS Bedrock serves as a managed platform where enterprises can access a menu of AI models, including Anthropic's Claude family. The key variants, Sonnet, Opus, and Haiku, each have their own independent availability schedules and endpoints. Bedrock isolates problems so that disruptions impacting one model don't ripple across the platform to affect others. The disruptions that have occurred, notably on March 2 and June 2, 2026, impacted specific endpoints rather than the entire Bedrock infrastructure. AWS attributed these issues to high demand rather than systemic platform failures. The deepening AWS-Anthropic partnership The collaboration between AWS and Anthropic has intensified significantly throughout 2026. New features like Claude Cowork have emerged from the partnership. AWS has also deployed Trainium and Graviton processors to optimize how Anthropic's models are trained and served. One nuance worth noting: Anthropic models on Bedrock operate on distinct lifecycle timelines compared to accessing Claude through Anthropic's direct API. Model versions, deprecation schedules, and feature rollouts can differ between the two channels. Enterprises choosing the Bedrock path need to plan around AWS's timeline, not Anthropic's. What this means for investors and enterprise buyers The fact that recent disruptions stemmed from demand surges rather than infrastructure failures tells two stories simultaneously. First, demand for Claude models through Bedrock is high enough to strain capacity. Second, the platform itself is structurally sound even when individual models buckle under load. Multi-model setups, where companies use different Claude variants for different tasks, become a more credible strategy when one model's bad day won't affect others running on the platform. The risk to watch is whether demand continues to outpace capacity, as enterprise clients may start hedging their bets across multiple providers if disruptions become a pattern.
SPCX Stock Alert: Here's What Analysts Are Saying Ahead of the SpaceX IPO
Wall Street analysts are beginning to issue calls on SpaceX even before it officially goes live on the Nasdaq. On June 11, both Oppenheimer and New Street Research initiated coverage on artificial intelligence (AI) and space infrastructure giant with a bullish stance. More News from Barchart These investment firms bypassed the post-IPO quiet period since neither served as an underwriter for what is expected to be the largest offering in the history of the stock market. Why Oppenheimer Is Bullish on SpaceX stock Oppenheimer analyst Timothy Horan initiated SPCX shares with a "Buy" rating and a rather bold $190 price target, signaling potential upside of more than 40% from the IPO price. He views billionaire Elon Musk's enterprise not just as a rocket manufacturer, but as an unmatched tech titan. "SpaceX is the only vertically-integrated AI firm with the required capital, data, LLMs, hardware, manufacturing and engineering talent," Horan told clients in a research note on Thursday. According to him, deploying data centers in space could ultimately prove more cost-effective than running traditional, Earth-bound facilities. SpaceX is committed to merging communications, cloud computing, AI, and space infrastructure, an ambition Horan believes no rival can replicate end-to-end. Why New Street Is Bullish on SPCX shares New Street senior analyst Pierre Ferragu also announced a bullish $165 price objective on SpaceX shares, indicating over 22% upside on the IPO price. Ferragu's baseline model sees the company generating a whopping $195 billion in revenue by the end of this decade, driven by a remarkable $650 billion in value from Starlink products and $575 billion from AI. These estimates, he argued, justify the premium valuation tied to SPCX as it warms up to list on Nasdaq on June 12. Crucially, New Street also disclosed a bull-case scenario that could skyrocket SpaceX to $330 per share, which would effectively drive its market cap into the $4 trillion range within the next five years. On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
Musk's SpaceX prices record $75 billion IPO at $135 a share
NEW YORK, June 11 (Reuters) - SpaceX on Thursday priced the biggest-ever U.S. initial public offering at $135 per share, making Elon Musk's rocket and spacecraft manufacturer one of the world's most valuable companies. The IPO raised a record $75 billion on the sale of 555.56 million shares, valuing the space, satellite and AI provider at $1.77 trillion, a record for an initial offering. Reuters reported last week that the firm was setting the price at $135. Thursday's pricing caps off a months-long effort that realized Musk's most ambitious project yet even as he stood a handful of financial traditions on their heads, and as some analysts question whether its lofty valuation is justified. SpaceX will rank seventh among U.S.-listed firms when its shares begin trading on the Nasdaq on Friday, though it lost money last year and other mega-caps far outpace its revenue. That values the company more highly than firms as varied as JPMorgan Chase, Berkshire Hathaway and Eli Lilly, as well as tech giants such as Meta Platforms and Musk's own Tesla. "The real test will be how the market digests the IPO over the next several weeks, not just one day," said Adam Sarhan, chief executive of 50 Park Investments in New York. "The pricing came in just about right - not too hot, not too cold. Clearly retail investors are buying and, at this stage, they are a big component of this. We need to see follow-through after the first day of trading." The sale breaks the previous record for the largest-ever IPO held by state-run oil giant Saudi Aramco, which raised $25.6 billion on Riyadh's exchange in December 2019, valuing it at $1.71 trillion. In inflation-adjusted terms, Aramco raised $33.2 billion for a $2.21 trillion value. SpaceX's $1.77 trillion valuation, based on 13.08 billion shares outstanding, could rise further should the underwriters exercise their right to sell additional shares, a decision typically made within 30 days after the offering. Reuters reported previously that SpaceX was seeking a $1.75 trillion valuation. The company communicated the IPO price just after 3 p.m. EDT (1900 GMT), when its pricing meeting with bankers concluded and U.S. markets were still open, in a "free-writing prospectus" filed with the Securities and Exchange Commission. SpaceX issued a press release half an hour later. Typically, the pricing meeting and the announcement of the IPO price take place after regular trading closes at 4 p.m., because securities issuers are wary of price-moving macroeconomic or news events affecting a share sale during regular trading.
US blocks foreign access to Anthropic's most advanced AI models,
WASHINGTON: The Trump administration is blocking foreign governments, companies and individuals from accessing Anthropic's most advanced AI models, Axios reported on Friday. US Commerce Secretary Howard Lutnick on Friday sent a letter to Anthropic CEO Dario Amodei saying that the Mythos 5 and Fable 5 models would be subject to export controls to any location outside of the US and to all foreign persons within the country, the report said. Reuters could not immediately verify the report. The US Department of Commerce, The White House and Anthropic did not immediately respond to Reuters requests for comment. The Commerce Department took action after another company claimed it was able to jailbreak Mythos, Axios reported, citing an administration official. Trump signed an executive order early this month asking leading AI developers to voluntarily submit their most capable models for government cybersecurity tests before releasing them to the public. A months-long dispute between Trump administration officials and Anthropic had been showing signs of easing across parts of the US government as the company prepares to go public, Reuters reported earlier in June. The Defense Department in March labeled the company a "supply-chain risk."
SpaceX IPO Makes 4,400 Employees Millionaires
Brownsville Real Estate Market Braces for Surge as SpaceX Employees Cash In With SpaceX's upcoming initial public offering (IPO) scheduled for the 12th, more than 4,000 employees are expected to join the ranks of millionaires. Accordingly, the real estate market around SpaceX is also anticipated to become active. On the 10th, local time, the New York Times (NYT), citing San Francisco-based investment platform Hill.com, reported that more than 4,400 current and former employees are projected to become millionaires following SpaceX's listing. Among them, approximately 400 are anticipated to hold assets exceeding 100 million dollars (approximately 150 billion Korean won). SpaceX has approximately 22,000 employees in total. The company is expected to list this week at $135 per share (approximately 210,000 Korean won). Based on this, its enterprise value reaches 1.77 trillion dollars (approximately 2,700 trillion Korean won). This is about five times the market capitalization of General Electric (GE), a leading U.S. electronics company. Despite posting losses in the trillions of won in the first quarter alone, the company has been granted investment-grade ratings by major global credit rating agencies such as Moody's, Fitch, and S&P. While wealth typically concentrates among founders and early investors during an IPO, the case of thousands of employees simultaneously rising to the ranks of major asset holders is considered highly unusual. Andrew Benson, founder of Hill.com, evaluated, "It is rare to have 400 individuals with assets exceeding 100 million dollars," adding, "This signifies the massive wealth generated at SpaceX." The biggest beneficiary of the IPO is founder and CEO Elon Musk. Musk holds approximately 42% of SpaceX's shares, and the market believes that this listing could make him the world's first 'trillionaire.' Employees who joined SpaceX from its early days and contributed to its growth are also expected to amass significant wealth. Trevor Hayes joined SpaceX in 2011, just before graduating from university, when the company was still a startup, and received over 100,000 shares. The NYT reported that the value of Hayes' SpaceX shares is expected to reach at least $13.5 million. Former employee Gavin Petty joined in 2012 as a launch engineer and received thousands of shares instead of a cash bonus in addition to his $80,000 annual salary. He explained that this was considered a highly risky choice at the time, as SpaceX's rockets had not yet been fully verified and there were instances of launch failures. However, not all employees will benefit from the listing. As Musk has expressed negative views on publicly traded companies, criticizing the need to disclose management information to shareholders every quarter, some employees reportedly exchanged their shares for restaurant gift certificates, such as those from Chili's, anticipating that the company would not go public. Anticipation of new millionaires has also stirred the real estate market in Brownsville, Texas, near SpaceX's launch facility 'Starbase.' Hannah Jones, chief economist at real estate information company Realtor.com, predicted, "Since SpaceX has primarily compensated employees with equity rather than cash, a significant portion of their assets remained unliquidated. Following the listing, large amounts of capital are likely to flow into the real estate market." Local real estate agent Bob Torres mentioned that after Musk encouraged relocation to the Brownsville area through social media (SNS) in 2021 to attract talent, "suddenly inquiries started coming in from across the U.S.," adding, "SpaceX employees even began competitively bidding and purchasing properties."
Polymarket's international volume drops for second straight month By Investing.com
Investing.com -- Polymarket's international prediction market platform recorded $7.1 billion in trading volume during May, marking the second consecutive monthly decline, according to data from Dune Analytics. The May figure represents a decrease from April's $9 billion in volume. Both months fell short of the platform's peak performance in March, when it processed $10.5 billion. The decline marks a reversal from earlier growth trends. Between August and March, Polymarket's volumes expanded by more than 850%, Dune Analytics data showed. The platform's U.S. operation showed different results, with volume rising to $1.77 billion in May from $1.26 billion in April. The international platform's volume decrease occurred while competing platforms reported growth. Kalshi, Polymarket's main competitor, processed more than $17.9 billion in volume during May. Early June data indicates a potential shift in the trend. Polymarket's international platform processed $1.9 billion in volume during the first week of June, the highest weekly total since late April. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
OpenAI considers drastic price cuts, anticipating war for users with Anthropic, WSJ reports
June 10 : OpenAI is considering drastically reducing the prices it charges users as it seeks to win customers from its competitor Anthropic, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. The company might lower prices for tokens, the central unit for gauging AI costs, though the discussions are still in flux, the report added. Reuters could not immediately verify the report.
WSJ: OpenAI weighs major price cuts to compete with Anthropic before IPO push | investingLive
OpenAI may slash prices to win back ground from Anthropic ahead of going public. Nasdaq at risk here. A price war between OpenAI and Anthropic would pressure margins at both companies just as they head toward public listings, testing whether their business models can sustain profitability under heavier discounting. Given the interchangeability of their products and how easily enterprise customers can switch providers, any first mover price cut could force a rapid response, accelerating a broader repricing of AI services. This comes against a backdrop of corporate pushback on AI spend, with several large companies already capping or rationing usage, suggesting demand elasticity to price could be significant if cuts materialise. OpenAI is considering major price cuts to compete with Anthropic, anticipating similar moves from its rival, as both companies prepare for IPOs, the WSJ (gated) reports. OpenAI may slash prices to win back ground from Anthropic ahead of going public. Summary: * OpenAI is considering significant price cuts for its AI services to compete with Anthropic, which it expects to make similar moves, according to the Wall Street Journal * High AI usage costs have become a huge issue for business executives, OpenAI chief executive Sam Altman said at a recent company event * OpenAI confidentially filed for an IPO this week, following Anthropic, and Altman told employees the company plans to go public within the next year OpenAI is weighing drastic cuts to the prices it charges for AI tokens as it seeks to win customers from rival Anthropic, anticipating that Anthropic will make similar moves, according to people familiar with the matter. The potential cuts come as business executives increasingly balk at high AI costs. Sam Altman said at a recent event that costs had become a huge issue, adding that the company expects to find ways to help customers get more value for less spend. Such cuts could erode profit margins at both companies, which already lose significant sums due to the computing costs involved in running AI systems. OpenAI has been trying to catch up with Anthropic in winning enterprise customers, after Anthropic's revenue surged on the back of its coding tool and it briefly surpassed OpenAI's valuation. Some corporations have begun reining in AI spending after maxing out budgets for agentic AI use, fuelling debate over so called tokenmaxxing. A price war would test both companies' business models ahead of expected public listings, with OpenAI having confidentially filed for an IPO this week, following Anthropic, and Altman telling staff the company plans to go public within the next year.
SpaceX on cusp of record IPO that could make Musk a trillionaire
Add Yahoo as a preferred source to see more of our stories on Google. SpaceX enters the final stretch Thursday before its expected trading on Wall Street as part of the biggest initial public offering in history, which could propel co-founder Elon Musk to trillionaire status. The company will be the first out of the gates among the tech and AI giants eyeing public markets, with OpenAI and Anthropic expected to follow, as both have filed with regulators for their own market debuts. If all goes as expected, the space and rocket company co-founded by Musk in 2002 will begin trading on the Nasdaq exchange on Friday morning, with all eyes on how Wall Street will absorb the blockbuster IPO that could send tremors across global markets. For high-profile companies, the first day of trading traditionally sees executives ring the opening bell to mark the start of the session -- in this case at New York's Times Square, home of the Nasdaq. The IPO is Musk's biggest financial gamble yet, with his xAI company and the X social media platform (formerly Twitter) also included in the SpaceX offering after the multi-billionaire folded them into the company earlier this year. The company will offer more than 555 million shares at an expected $135, placing SpaceX among Wall Street's most elite companies with a valuation of around $1.8 trillion. The operation will become official on Thursday, including the pricing, with questions swirling over whether the company will raise its offer price amid reports that it attracted more than four times the available shares, according to Bloomberg. Thirty percent of the shares will be reserved for retail investors, triple the amount that is typically allocated in IPOs, giving Musk fans a chance to fork over for a slice of the company. - Data centers in space - The success of the IPO rests squarely on investors' faith in Musk as a visionary entrepreneur. The tech multi-billionaire will serve as chief executive, chief technology officer and board chairman of the newly traded company. The IPO is expected to mint thousands of new millionaires and many billionaires, with former and current employees -- and a long list of investors -- from the company's near quarter-century history looking to cash in. The financials of the company are giving some on Wall Street pause, as the valuation largely depends on Musk delivering on promises worthy of science fiction, including putting data centers in space as well as people on Mars using as yet unproven technology. While the company is growing fast -- revenue hit $18.7 billion in 2025 -- it is also losing money, producing a net loss of $4.9 billion. In an extraordinary prediction, SpaceX's filing claims it can pull in over $28.5 trillion in revenue from its various markets. The offering should easily outrank Saudi Aramco's $29.4 billion debut on the public markets in 2019, the biggest ever.
TSLA Stock Sinks As SpaceX IPO Nears -- Analyst Says Investors Are Selling Tesla To Catch A Day-1 Pop In Next Musk Trade
* Gary Black said retail traders may be selling TSLA shares to fund purchases of SpaceX. * SpaceX's IPO has reportedly attracted over $250 billion in demand, more than 4x the shares available. * Black called SpaceX "richly priced" and advised investors to wait for shares to "come back to earth." Shares of Tesla, Inc. (TSLA) logged their second straight session of losses on Wednesday as Wall Street's attention shifted to SpaceX's blockbuster IPO, with investor Gary Black saying that retail traders may be selling Tesla shares to fund purchases of the market's next big Elon Musk trade. TSLA stock fell 4% on Wednesday to $381.59, with shares on track to post a second consecutive week in the red. TSLA Holders May Be Rotating Into SpaceX Black, managing director of The Future Fund, attributed Tesla's recent decline on X to broader weakness across long-duration tech stocks amid a higher-for-longer interest-rate environment. However, he believes that SpaceX's IPO may be creating an additional source of selling pressure on Tesla shares: "I believe many retail investors buying $SPCX this week will lighten up on their TSLA positions to fund their SPCX shares," he said. The comments come as investor demand for SpaceX's IPO has reportedly exceeded $250 billion, more than 4x the shares available. SpaceX is offering 555.6 million shares for $135 per share, seeking to raise $75 billion at a valuation of about $1.8 trillion. The deal is expected to eclipse Saudi Aramco's $29.4 billion debut in 2019 and become the biggest IPO ever. Black believes investors are rushing into the offering partly because they expect a strong opening-day rally: "I continue to believe that lead bankers $GS and $MS will engineer a Day 1 pop for SPCX IPO investors," he said. According to Black, Wall Street banks have significant incentives to ensure a successful debut given the "huge potential paydays from Anthropic and OpenAI in the months ahead." SpaceX Frenzy Revives Tesla Merger Talks The IPO has also reignited talks about a potential merger of Musk's two most valuable companies. Tesla owns 19 million SpaceX shares, while the companies already collaborate on AI initiatives, chip development, and computing infrastructure. Tesla is also mentioned 87 times in SpaceX's latest S-1 filing. Wolfe Research recently said that the possibility of a Tesla-SpaceX merger has "increasingly moved into the mainstream," with some investors now citing the thesis as a key reason for owning Tesla stock. Morningstar has gone even further, suggesting that Tesla shareholders could ultimately emerge as the winners in a potential deal and estimating they could control as much as 66% of a combined entity. Black Warns SpaceX IPO Is 'Richly Priced' Despite his optimism about a SpaceX rally on its Friday debut, Black cautioned that SpaceX's valuation appears stretched: "I continue to view SPCX as richly priced," he said. Based on Black's estimates, SpaceX's IPO valuation is equal to 300x its estimated 2025 earnings before interest, taxes, depreciation, and amortization (EBITDA) and 120x its projected 2026 EBITDA of $15 billion. Given expected long-term EBITDA growth of 35% to 40%, Black believes investors may eventually get a more attractive entry point: "I would wait for the stock to come back to earth post-IPO before buying shares post-IPO," he said. ARK Sees A $3 Trillion Future For SpaceX While some investors worry SpaceX is debuting at an aggressive valuation, ARK Invest expects SpaceX to hit an enterprise value of $2.5 trillion by 2030, nearly 7x its December 2024 funding-round valuation. In the firm's bull-case scenario, SpaceX could be worth $3.1 trillion by the end of the same period. The investment firm also estimates that SpaceX could eventually generate $300 billion in annual revenue once Starlink's satellite constellation is fully deployed, capturing 15% of global communications spending. Most notably, ARK said that "Mars will account for a growing portion of SpaceX's enterprise value over time." The firm's model assumes Starlink's cash flows will ultimately fund large investments in Mars infrastructure and settlement. How Do Retail Traders Feel About TSLA And SpaceX? On Stocktwits, retail sentiment for TSLA has turned 'bearish' amid 'normal' message volume, while SpaceX sentiment remains 'extremely bullish' with message volume at 'extremely high' levels. One user said, "$TSLA all those people who sold to buy spacex will be jumping right back in here when get assigned 1 share or none." Another user said, "If I'm and original SpaceX investor and sitting on insane profits at this IPO valuation, I'm absolutely dumping my shares on Elon fanatics before he tries to bail himself out by merging $TSLA." So far this year, TSLA stock has lagged its "Magnificent Seven" peers, making it the group's second-worst performer, down 15%. For updates and corrections, email newsroom[at]stocktwits[dot]com.
US senator Elizabeth Warren asks regulator to delay SpaceX IPO, flags concerns over high valuation - CNBC TV18
Sen. Elizabeth Warren urges the SEC to delay SpaceX IPO, citing valuation, governance, conflicts over Elon Musk and xAI, and risks to investors from a 135 dollar fixed share price Amid the loud fanfare surrounding the initial public offering (IPO) of Elon Musk's SpaceX, concerns have persisted surrounding the valuation of the space and AI tech company. In a letter shared with CNBC, Sen. Elizabeth Warren, D-Mass., urged the Securities and Exchange Commission to postpone SpaceX's impending IPO, citing issues with the rocket manufacturer's valuation and corporate governance. CNBC quoted Warren's letter, in which she appealed to the market regulator, and said, "Given the unprecedented threats to investor protection and market integrity posed by the biggest IPO in history, you must delay any eventual acceleration of the registration statement's effectiveness accordingly." The 12-page letter to the SEC underscored the potential for inaccurate or misleading accounting or valuation. Warren also raised concerns over conflicts of interest about Elon Musk's "uniquely unchecked" influence as the business's majority shareholder, SpaceX's acquisition of Elon Musk's xAI, and the "significant risks" that both active and passive investors would face if the company were to move quickly into major stock market indices. The letter from the US senator from Massachusetts, who is also a ranking member of the banking committee, comes ahead of SpaceX's Wall Street debut on Friday. The SpaceX IPO has been in the news for its pricing as well, as, instead of offering a price range that fluctuates based on demand, as is typical in initial public offerings (IPOs), SpaceX took the unique decision to set a take-it-or-leave-it price of $135 per share. Also Read:'I love inflation': Donald Trump responds to worst rise in US CPI in 3 years
All in on Musk, SpaceX's self-declared 'dream weaver'
When SpaceX lists on Wall Street, expected on Friday, Elon Musk will serve simultaneously as chief executive, chief technology officer and board chairman of the rocket and AI company. He will control more than 82 percent of its voting shares. There is no designated successor, no deputy and no key-person life insurance written into its filings. The world's most valuable IPO depends entirely on one man. "He's completely upending the conventional conduct of running a publicly traded corporation by declaring himself an irreplaceable dream weaver and master engineer of the whole undertaking," Quinn Slobodian, co-author with Ben Tarnoff of "Muskism: A Guide for the Perplexed," told AFP in an interview. For Slobodian, a professor of international history at Boston University who has spent years studying Musk's empire, that brazen concentration of personal power is not a flaw in the SpaceX offering -- it is its defining feature. SpaceX is targeting a valuation of approximately $1.8 trillion and aims to raise $75 billion when trading opens Friday under the ticker SPCX, in what will be the largest public offering in history. - Jobs and Gates - To understand how Musk positioned himself as literally irreplaceable, Slobodian pointed to the "prophetic founder" model exemplified by Steve Jobs and Bill Gates. "Jobs and Gates are kind of the template," Slobodian said, adding that Musk's decision to give Walter Isaacson -- the biographer who immortalized Jobs -- access for his own biography was itself a tell. What gave Musk's version of that archetype genuine credibility, Slobodian argued, was a willingness to go against the grain of early 21st-century investment orthodoxy. At a time when "design in California, assemble in China" was the way -- with the iPhone as the example -- Musk poured his early fortune from PayPal into a rocket company and an electric vehicle manufacturer, both requiring him to solve brutally hard engineering problems. His distance from his tech-billionaire peers is now measurable in purely financial terms. Musk's fortune, expected to hit $1 trillion with the IPO, is approaching three times the size of that of the second richest person on the planet, currently Google co-founder Larry Page. "He's operating at a different scale, and with a scope of ambition that just makes him singular," Slobodian said. - Too big to fail - Musk is often framed as a libertarian entrepreneur who built his empire outside the reach of government. Slobodian argues that Musk has always depended on government as primary client or subsidy giver, from his earliest startup Zip2's reliance on publicly funded GPS data to the billions SpaceX draws in federal contracts today.
SpaceX on cusp of record IPO that could make Musk a trillionaire
SpaceX enters the final stretch Thursday before its expected trading on Wall Street as part of the biggest initial public offering in history, which could propel co-founder Elon Musk to trillionaire status. The company will be the first out of the gates among the tech and AI giants eyeing public markets, with OpenAI and Anthropic expected to follow, as both have filed with regulators for their own market debuts. If all goes as expected, the space and rocket company co-founded by Musk in 2002 will begin trading on the Nasdaq exchange on Friday morning, with all eyes on how Wall Street will absorb the blockbuster IPO that could send tremors across global markets. For high-profile companies, the first day of trading traditionally sees executives ring the opening bell to mark the start of the session -- in this case at New York's Times Square, home of the Nasdaq. The IPO is Musk's biggest financial gamble yet, with his xAI company and the X social media platform (formerly Twitter) also included in the SpaceX offering after the multi-billionaire folded them into the company earlier this year. The company will offer more than 555 million shares at an expected $135, placing SpaceX among Wall Street's most elite companies with a valuation of around $1.8 trillion. The operation will become official on Thursday, including the pricing, with questions swirling over whether the company will raise its offer price amid reports that it attracted more than four times the available shares, according to Bloomberg. Thirty percent of the shares will be reserved for retail investors, triple the amount that is typically allocated in IPOs, giving Musk fans a chance to fork over for a slice of the company. - Data centers in space - The success of the IPO rests squarely on investors' faith in Musk as a visionary entrepreneur. The tech multi-billionaire will serve as chief executive, chief technology officer and board chairman of the newly traded company. The IPO is expected to mint thousands of new millionaires and many billionaires, with former and current employees -- and a long list of investors -- from the company's near quarter-century history looking to cash in. The financials of the company are giving some on Wall Street pause, as the valuation largely depends on Musk delivering on promises worthy of science fiction, including putting data centers in space as well as people on Mars using as yet unproven technology. While the company is growing fast -- revenue hit $18.7 billion in 2025 -- it is also losing money, producing a net loss of $4.9 billion. In an extraordinary prediction, SpaceX's filing claims it can pull in over $28.5 trillion in revenue from its various markets. The offering should easily outrank Saudi Aramco's $29.4 billion debut on the public markets in 2019, the biggest ever.
All in on Musk, SpaceX's self-declared 'dream weaver'
Elon Musk will control more than 82 percent of SpaceX voting shares and there is no designated successor When SpaceX lists on Wall Street, expected on Friday, Elon Musk will serve simultaneously as chief executive, chief technology officer and board chairman of the rocket and AI company. He will control more than 82 percent of its voting shares. There is no designated successor, no deputy and no key-person life insurance written into its filings. The world's most valuable IPO depends entirely on one man. "He's completely upending the conventional conduct of running a publicly traded corporation by declaring himself an irreplaceable dream weaver and master engineer of the whole undertaking," Quinn Slobodian, co-author with Ben Tarnoff of "Muskism: A Guide for the Perplexed," told AFP in an interview. For Slobodian, a professor of international history at Boston University who has spent years studying Musk's empire, that brazen concentration of personal power is not a flaw in the SpaceX offering -- it is its defining feature. SpaceX is targeting a valuation of approximately $1.8 trillion and aims to raise $75 billion when trading opens Friday under the ticker SPCX, in what will be the largest public offering in history. - Jobs and Gates - To understand how Musk positioned himself as literally irreplaceable, Slobodian pointed to the "prophetic founder" model exemplified by Steve Jobs and Bill Gates. "Jobs and Gates are kind of the template," Slobodian said, adding that Musk's decision to give Walter Isaacson -- the biographer who immortalized Jobs -- access for his own biography was itself a tell. What gave Musk's version of that archetype genuine credibility, Slobodian argued, was a willingness to go against the grain of early 21st-century investment orthodoxy. At a time when "design in California, assemble in China" was the way -- with the iPhone as the example -- Musk poured his early fortune from PayPal into a rocket company and an electric vehicle manufacturer, both requiring him to solve brutally hard engineering problems. His distance from his tech-billionaire peers is now measurable in purely financial terms. Musk's fortune, expected to hit $1 trillion with the IPO, is approaching three times the size of that of the second richest person on the planet, currently Google co-founder Larry Page. "He's operating at a different scale, and with a scope of ambition that just makes him singular," Slobodian said. - Too big to fail - This screengrab from a SpaceX live feed shows a view from its Starship 39 rocket during a test flight in May Musk is often framed as a libertarian entrepreneur who built his empire outside the reach of government. Slobodian argues that Musk has always depended on government as primary client or subsidy giver, from his earliest startup Zip2's reliance on publicly funded GPS data to the billions SpaceX draws in federal contracts today. He pointed in particular to what he described as SpaceX's Golden Dome contracts, worth $4 billion, to supply satellite infrastructure for the Trump administration's proposed national missile defense shield. In his view, SpaceX is structurally too critical to national security interests for any administration to let it fail. "If Trump gave a second thought to bailing out Spirit Airlines," Slobodian said of the bankrupt low-cost carrier, "what about SpaceX?" - After Henry Ford - Slobodian situated Musk's alignment with far-right movements in the United States and sovereigntist parties in Europe as serving commercial ends, not merely personal ones. He argued that Musk sees compliant political partners both abroad and at home as essential to obtaining the regulatory approvals SpaceX needs: spectrum allocations, satellite launch rights and permission to operate Starlink in key markets. That worldview, Slobodian and Tarnoff contend in their book, has roots in Musk's upbringing in the suburbs of Pretoria under apartheid-era South Africa -- a regime they argue deployed IBM mainframes and advanced technology to control the population through data collection and surveillance. As for whether the Musk model outlasts the dream weaver himself, Slobodian pointed to Palantir -- which, like SpaceX, first broke into government work by suing the US military for contracts -- as one potential carrier of the torch. But a true successor, he suggested, may be hard to find, "just as there was no Henry Ford after Henry Ford," only imitations.
SpaceX on cusp of record IPO that could make Musk a trillionaire
The initial public offering of SpaceX could be the largest in Wall Street history SpaceX enters the final stretch Thursday before its expected trading on Wall Street as part of the biggest initial public offering in history, which could propel co-founder Elon Musk to trillionaire status. The company will be the first out of the gates among the tech and AI giants eyeing public markets, with OpenAI and Anthropic expected to follow, as both have filed with regulators for their own market debuts. If all goes as expected, the space and rocket company co-founded by Musk in 2002 will begin trading on the Nasdaq exchange on Friday morning, with all eyes on how Wall Street will absorb the blockbuster IPO that could send tremors across global markets. For high-profile companies, the first day of trading traditionally sees executives ring the opening bell to mark the start of the session -- in this case at New York's Times Square, home of the Nasdaq. The IPO is Musk's biggest financial gamble yet, with his xAI company and the X social media platform (formerly Twitter) also included in the SpaceX offering after the multi-billionaire folded them into the company earlier this year. The company will offer more than 555 million shares at an expected $135, placing SpaceX among Wall Street's most elite companies with a valuation of around $1.8 trillion. The operation will become official on Thursday, including the pricing, with questions swirling over whether the company will raise its offer price amid reports that it attracted more than four times the available shares, according to Bloomberg. Thirty percent of the shares will be reserved for retail investors, triple the amount that is typically allocated in IPOs, giving Musk fans a chance to fork over for a slice of the company. - Data centers in space - The success of the IPO rests squarely on investors' faith in Musk as a visionary entrepreneur. The tech multi-billionaire will serve as chief executive, chief technology officer and board chairman of the newly traded company. The IPO is expected to mint thousands of new millionaires and many billionaires, with former and current employees -- and a long list of investors -- from the company's near quarter-century history looking to cash in. The financials of the company are giving some on Wall Street pause, as the valuation largely depends on Musk delivering on promises worthy of science fiction, including putting data centers in space as well as people on Mars using as yet unproven technology. While the company is growing fast -- revenue hit $18.7 billion in 2025 -- it is also losing money, producing a net loss of $4.9 billion. In an extraordinary prediction, SpaceX's filing claims it can pull in over $28.5 trillion in revenue from its various markets. The offering should easily outrank Saudi Aramco's $29.4 billion debut on the public markets in 2019, the biggest ever.
