Subscribe the SpaceX IPO
— Mr Market Miscalculates 🇪🇺🇺🇦🏴☠️ (@mrmarketmis.bsky.social) April 12, 2026 at 4:04 PM
SpaceX posted nearly $5 billion loss in 2025, The Information reports reut.rs/4miyWL8
— Reuters (@reuters.com) April 10, 2026 at 2:05 AM
Probably this is wishcasting on my part, but Musk staging his World’s Biggest IPO Ever just as everything is about to fall apart would be a very satisfying sort of tragicomedy…
How the math works on a $1.75 trillion SpaceX valuation reut.rs/4ty4mQ7
— Reuters (@reuters.com) April 8, 2026 at 9:01 AM
Spoiler: it doesn’t, without considerable thimblerigging. Per the Irish Times, “SpaceX IPO shows how Wall Street bends to Musk”:
“Those are my principles, and if you don’t like them … well, I have others,” Groucho Marx famously quipped. SpaceX, in advance of its planned June initial public offering (IPO), is proving the point, with banks and index providers alike bending to Elon Musk’s will…
One might expect little different from bankers eager to get a piece of what may become the largest IPO in history, but the rule adjustments being made by index providers is unprecedented, bending long-standing norms to accommodate a single company.
Nasdaq has approved a fast entry for supersized listings, allowing SpaceX to join the Nasdaq-100 15 days after listing, far shorter than the usual three months. S&P Dow Jones is reportedly considering letting SpaceX join the S&P 500 immediately, bypassing the usual 12-month public trading rule, while FTSE cut its wait to five days.
A track record as a public company aids price discovery by giving markets time to settle on a fair price. In contrast, early index inclusion will create predictable, forced demand from passive funds.
Early price inflation mainly benefits the issuer – in this case, SpaceX – allowing it to sell more shares at a higher price. Index investors risk losing out, being forced to buy high.
It seems the market is not setting the terms of the IPO; the IPO is setting the terms of the market.
From what I can tell, SpaceX is valuable because of Starlink — which is entirely dependent on huge government contracts. Government contracts, according to many business reporters, deeply dependent on Republican control of the U.S. government. Funny how that works!
Pay no attention to the sweaty grifter behind the curtain…
strange signs and portents, as BAGNAROK approaches
— e.w. niedermeyer (@niedermeyer.online) April 12, 2026 at 7:51 PM
