11AM Hour: SpaceX Opens For Trade 6/12/26

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Elon Musk (0:52)

There are always problems on earth. There are always problems on earth. There are always things that we wish to be better, that we want to solve here on earth, and we should solve them. But there also have to be things that get you excited about the future, that make you glad to wake up in the morning, because you can't wait to see what happens next.

And that's the future that SpaceX wants to bring to you.

Sara Eisen (1:25)

Good Friday morning again. Welcome to Squawk on the Street. Very special edition here on Sara Eisen with Carl Quintanilla, live from Post 9 of the New York Stock Exchange. A historic day for the stock market, for the country, as SpaceX goes public in the largest IPO of all time. Joining us today is Valor Equity Partners founder and SpaceX board member, Antonio Gracias. He has the second largest shareholder after Elon Musk, with a nearly 7% stake pre-IPO.

Carl Quintanilla (1:51)

CIO of Atreides Management, Gavin Baker's with us as well. First backed the company in 2015 while at Fidelity, and his SpaceX stake in Atreides makes up about 20% of the total fund.

Sara Eisen (2:01)

Plus, as Elon Musk vows to take data centers and space to space and humans to Mars and beyond, we'll discuss the real feasibility of his goals with NASA's former CTO, Chris Kempf.

Carl Quintanilla (2:13)

As for market, session highs are awfully close to it, doused up about 1% as a few moments ago, the Iranian foreign minister tweets that a memorandum of understanding has, quote, never been closer. That comes after several hours of back and forth and disputing what the terms are for an agreement that would get these two sides to the table, begin to open up the Strait of Hormuz and discuss longer term nuclear issues. Our team, though, bring in all the latest on this historic IPO today. Leslie Picker at Morgan Stanley's Trading Floor in New York City, will bring us the latest indications as they come in. Seema Modi at the NASDAQ where SpaceX is listing, and Robert Frank on Musk Trillion Air Watch. Let's begin with Seema, first with the president of the NAS. Hi, Seema.

Seema Modi (2:56)

Hey, Carl. Yes, a big day for SpaceX, but it's also an important moment for the NASDAQ, which clinched this high-profile deal. The man behind it, president of NASDAQ, Nelson. Grateful for this time, Nelson, and congratulations.

Nelson Griggs (3:06)

Oh, thank you, Seema.

Seema Modi (3:07)

You've been here for 25 years. What did it take to get SpaceX, and how did it compare to clinching some of the other big deals you've worked on?

Nelson Griggs (3:13)

I think NASDAQ takes what we call a NASDAQ-win approach, where the whole company gets behind a discussion with a company like this, and how we actually become a partner to them. I think if you look at NASDAQ, we list the trillion-dollar companies. We have the deepest, most liquid markets in the world, and then we wrap around an amazing partnership. You see the excitement here at NASDAQ. We had an opening bell here in New York, and in Texas, with Elon making some incredible remarks. And then throughout the day, we just have amazing celebrations. But the most important thing is we have to open the stock and get the right price.

Seema Modi (3:42)

Let's talk about that. It is a record-breaking IPO. What do the indications tell you right now and how far we are?

Nelson Griggs (3:48)

Yes. If you look at an offering size, they typically like to find the stabilization agent likes to find about 10 percent of shares for the opening price. So if you price 55 million shares, that's about 55 million shares. Right now, we're seeing about 29 million. The indicative price is around 162, 165 That's been very stable for a while now. So they still want to get the order flow. So once the stock does open up, there's enough support for it to maintain a price, obviously, we expect some volatility.