Bloomberg Businessweek Weekend - June 19th, 2026

**SPEAKER_1** (0:02)
Bloomberg Audio Studios, Podcasts, Radio, News.

**SPEAKER_2** (0:08)
This is Bloomberg Businessweek Daily, reporting from the magazine that helps global leaders stay ahead, with insight on the people, companies, and trends shaping today's complex economy, plus global business, finance, and tech news as it happens. The Bloomberg Businessweek Daily podcast with Carol Massar and Tim Stenovec. On Bloomberg Radio.

**Carol Massar** (0:32)
Hi, everyone. Welcome to the Bloomberg Businessweek Weekend Podcast. A lot came at investors in a short and trading week because of Friday's Juneteenth market holiday. We had the first FOMC meeting presided over by new Fed Chair, Kevin Warsh. The latest actions between the US and Iran in ending that war, which brought enthusiasm back into the markets.
Speaking of that, SpaceX continued to capture a lot of attention on Wall Street and in the overall narrative. For the latest, head on over to bloomberg.com or to the Bloomberg Terminal.

**Tim Stenovec** (1:02)
Speaking of SpaceX, the historic milestone on Wall Street that just might reshape the entire late stage private ecosystem. We dive into the massive SpaceX public debut, the largest IPO on record, which is still sending shockwaves through tech and capital markets and has us all eyeing the next big AI IPO.
Could it be Anthropic? Could it be OpenAI?

**Carol Massar** (1:23)
Could be.

**Tim Stenovec** (1:24)
That's the question. It's also one of the macro themes, new companies, AI and IPOs that we're focusing on this hour.

**Carol Massar** (1:30)
Yeah. Another major macro theme, the race to secure critical minerals and build up their supply chains. It's all in keeping with countries protecting their national interests. Those critical minerals, by the way, also important to AI and SpaceX overall. For more on silver, antimony, and the whole industry and what's going on, we checked in with the CEOs of two publicly held mining companies.

**Tim Stenovec** (1:52)
And our third theme this hour that's on our radar, the push to build, manufacture, and physically rebuild America's industrial base from the ground up. With the CEO over at Thompson Research Group, she shares why we are in what she calls, the golden age of commercial construction.

**Carol Massar** (2:07)
All of that to come. We begin with the company that's captured our imagination for a long time, first as a private company and now as one that just went public in the largest IPO ever one week ago.
It's one for the History Books and one that launched SpaceX into the ranks of the world's most valuable publicly held companies. This week overtook some of its Mag 7 colleagues when it came to market cap.

**Tim Stenovec** (2:31)
The offering syndicate for the IPO included several lead underwriters, including JPMorgan Chase. The list, to be fair, reads like a who's who of Wall Street's biggest and best known banks. For an inside look at how this all played out, we caught up with David Bauer, head of equity capital markets Americas over at JPMorgan Chase. Also, Bailey Lipschultz, Bloomberg News IPO reporter. SpaceX, of course, the largest IPO ever. I'm just curious from your view how you think market participants right now, Dave, should be looking at this in the context, not just of other potential IPOs in the future, but really in the context of everything we're seeing out there right now, the talk of people taking money from other assets, selling that, getting into SpaceX, just your view.

**David Bauer** (3:12)
I mean, first of all, for somebody in the ECM world, what a time to be alive.
These are great times for the markets. And I think, unlike other cycles we've seen where IPO issuance has been extremely active, you have a real catalyst forming the investment thesis behind this. This is the re-industrialization of America. We're creating new ecosystems, new economies. I mean, you think about what space could become, what AI could become. These are investment theses that many people haven't been able to invest behind before. And so I think seeing that this euphoria in the IPO market is warranted and appropriate.

**Carol Massar** (3:45)
What's the signal to the market and market participants specifically?

**David Bauer** (3:49)
I think right now you're seeing that the IPO worked. So I think it's all systems go to make a pun intended for SpaceX. But I think if there was any hesitancy of, should I continue to buy up 20 percent? I think the answer is yes. And if you look long enough, this is a business that could be generationally transformational.

**Bailey Lipschultz** (4:06)
But thinking about the generational transformation, Dave, when I look at the pipeline or the group of companies that could be coming public, they don't look like SpaceX.
When you're meeting with people, maybe your former employer, KKR, talking about something in their portfolio, a number of other private equity firms, what are they looking at? Obviously, this is a big win for IPO buyers. But does that translate to someone who owns, say, software companies or other companies in other industries?