There’s a super-sized “event horizon” coming up on global markets, and it’s got chins everywhere — including HotCopper Wire hosts Isaac McIntyre’s and Jonathon Davidson’s — wagging: The blockbuster $2 trillion SpaceX listing.
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“Yes, that’s right, $2 trillion, with a tee,” McIntyre said while introducing the SpaceX story on the Wire episode this week. “Some of the biggest we’ve seen.”
SpaceX is not publicly listed yet, but it is already one of the most closely watched IPO candidates in the world. It demands attention everywhere, and so McIntyre and Davidson ran the comb over Elon Musk’s baby.
“Too big to fail, do we think here, JD?” McIntyre asked.
Well, JD certainly seems to think it’ll have the boom once it hits: “It is going to be the biggest IPO in history, valued at $2 trillion U.S. dollars and then some.”
This is the vibes-based vibes-test of the century, Isaac” he continued. “The filing is absolutely packed with sci-fi hopes and ambitions and references to the ‘light of human consciousness,’ whatever that means.
As for whether it’s worth putting money in, Davidson wasn’t so sure — and, even so, the value prop is a little different to what’s on the tin today.
“Mind you, the bulk of Starlink’s money actually comes from a deal it has with Anthropic, the AI company behind the Claude AI model that kicked off the SaaSpocalypse or AI Cannibal trade as I prefer to call it,” he said.
“Starlink makes over $1B USD a month selling GPU compute server power to Anthropic so that Anthropic can run Claude. That sounds clever until you remember SpaceX made a $5B loss on $20B of revenue last year. So in truth, the SpaceX listing, when you get past the spin, is an AI infrastructure company.”
The two laughed over the idea that it’s just “another goddamn AI stock.”
And for a little hometown spin, McIntyre shared that CommSec had been spruiking the deal and would be helming the IPO float for Aussie investors.
“It’s even a bit of a hometown story because many — including me, I largely use the CommSec app to trade — got an email spruiking the deal on Tuesday. Interesting selling point from CBA there,” he said on the Wire.
He also suggested that this may mean that CommBank sees at least six months in the company, no matter what the post-float price eventually does.
JD agreed, and pointed out, “Elon, I imagine, has his eyes on Australia’s $4 trillion superannuation pool. Which, fun fact, comes to being close to $2 trillion U.S. dollars, the proposed value of SpaceX. Wild.”
You can listen to the full HotCopper Wire episode below.
You can also find the POD to listen to and download over on Spotify.
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