9AM Hour: Historic Day in the Stock Market: SpaceX's Public Debut and Record-Setting IPO 6/12/26

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Jim Cramer (0:59)

It's Jim Cramer here. You're listening to the opening bell of CNBC's Squawk on the Street. Don't miss a minute of the action.

Carl Quintanilla (1:11)

Good Friday morning, welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer and David Faber at Post 9 of the New York Stock Exchange. It is an historic day for the stock market as SpaceX goes public in the largest IPO of all time. Futures trying to hold some gains here after the best day for the S&P in a couple of months as Iran's news agencies today confirm an MOU is under discussion. Oil hit a three month closing low last night.

WTI right around 85, but today it is all about SpaceX. Elon Musk's company set to make its public debut with implications for the banks, VCs, stock indices, and of course, the retail investors who managed to get some. I was just thinking, guys, we have seen a lot of historic days, Meta or Facebook at the time, Uber, Boba, but this is a big one, Jim.

Jim Cramer (1:57)

Yeah, and this is when I think that they really, they spent a lot of time trying to figure out what could go right and what could go wrong. I'm very impressed with the people who ran these deals because they focused, David, on everything that could go awry, as opposed to everything that could go great. And I really like that, as opposed to Figma, as opposed to Cerebris, maybe as opposed to some of the ones that Carl just mentioned, really focused on how not to give it to the wrong people and how to vary it. There was apparently, I mean, Fidelity people got a lot, Robinhood people didn't get a lot. I mean, they really thought about it. And I don't know, David, how much of it was Musk involved with them?

David Faber (2:36)

Yeah, I don't know the answer to that. It's a good question, or his partner, Bertrand, who sort of always involves so closely in these kinds of financial decisions. But I don't know the answer.

It's a good question.

Jim Cramer (2:48)

But are you similarly impressed?

David Faber (2:49)

Well, I remember Joe Tsai from Alibaba, when that went here, he literally ran the book. I remember that in terms of sort of okaying all the different allocations. I mean, where we stand right now, and Leslie obviously is doing great reporting on this, demand is very strong, as you'd expect, institutional demand, well above 250 billion plus. Hedge funds that I talk to, typically some almost every morning, put in for allocations, got cut way back.

Jim Cramer (3:15)

Oh, the hedge funds.

David Faber (3:16)

Not unexpected.

Jim Cramer (3:17)

It was better to become it as a rich person in a hedge fund than it was to become it as a hedge fund.

David Faber (3:21)

And retail investors, you know, significant demand of over 100 billion. Private banks, for example, JP Morgan and the others who are going to be selling a good amount of that stock to some of their clients. That said, Jim, it doesn't mean it won't be flipping.

And, you know, it doesn't mean next week is not going to be an interesting one in terms of the aftermarket performance of this stock.

Jim Cramer (3:45)

Well, I think that this NASDAQ inclusion, it's very, speaking to someone at CoreWeave this morning, and how excited they are that CoreWeave got it added. A Zscaler must feel like, holy cow. Now I just, they're like dry runs. It's just a dry run of how much something can move in, like, you know, a nebius.

I don't even, I know David, so how could you put that in the same breath? And I'm saying, I'm just saying NASDAQ 100 inclusion was something that the NASDAQ was quite excited to dangle in front.

David Faber (4:15)

For SpaceX, and it will create some demand, as will the 25 levered ETFs that are being created.