SpaceX Just Became the Most Valuable Post-IPO Company Ever

**David Canellis** (0:00)
It is Friday, June the 12th. Welcome back to The Breakdown. I'm your host David Canellis. It is SpaceX IPO Day. So we're gonna be taking a look at that first this morning. We're also gonna be looking at treasury companies. We've covered a lot of spot ETFs lately in the past few episodes, past few weeks. We're looking at treasury companies specifically because yeah, Nakamoto is selling Bitcoin, while BitMine, Tom Lee's ether treasury company is still stacking. So we're gonna be taking a look at what's happening there. We're also gonna cover prediction markets ahead of, I mean, we're in the middle of the final series for the NBA and also warming up into the World Cup. Prediction markets popping off. We're gonna be taking a look at why there might be and why there might not be. So enough jibber jabber, as I like to say, let's get to it.
Nothing to serve on The Breakdown is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the company's funds or projects discussed. Okay, so let's just spend a few minutes talking about SpaceX again on Hyperliquid. But before that, I just have some key stats. I'm just pulling from Business Insider this morning. Apparently, there was $100 billion worth of orders submitted from retail investors going into today's IPO. So today is going to be some fireworks. It's going to be very interesting watching this play out. I'm recording this a few hours before trade opens. So and you're going to probably be listening to this as the shares start to trade publicly for the first time. So we're going to be watching this together. But right now, the post IPO valuation of SpaceX will make it the most valuable post IPO company in history. Beating out Saudi Aramco, which was $1.7 trillion. SpaceX is going to be $1.77 trillion. So not too shabby there for the big man Elon Musk, he's set to be the world's first trillionaire once today's trade closes and we finalize what his net worth is actually going to be. SpaceX is on track to make $75 billion from the IPO, which is genuinely huge. Saudi Aramco raised $29.4 billion. So yes, SpaceX is more than doubling what Saudi Aramco made. After that, it was Alibaba made $21 billion, SoftBank made $21.4 billion, NTT Mobile made $18 billion. BlackRock itself put in an order for $5 billion. And so to put that into context, Cerebris made $5.55 billion overall from its IPO. BlackRock put in an order that almost beat that alone for SpaceX's IPO. So a lot happening here with SpaceX today, no doubt. I've got up on my screen the pre-stock hyperliquid market for SpaceX's IPO. You see the price normalizing just above the $135 initial list price or initial share price that SpaceX set itself. So as you can see, we did see some volatility rising up this time last month. So it looks like pre-IPO stocks, at least on hyperliquid, can get ahead of themselves somewhat. But ultimately, at least in SpaceX's case, it has normalized around what everyone else is paying for it. So whatever edge was available for retail to gain access through crypto rails, that edge effectively wore off. I mean, in late February, you had to have really gotten in October, November, December, maybe January to get any kind of edge on what everyone else is going to pay for SpaceX shares moving forward. So I guess there's something to read there that if you did want to, I mean, the primary use case that has been touted for pre-IPO stocks on crypto rails is giving retail an opportunity to get profit where normally they wouldn't, but you still have to be months early to the IPO in order to see that convert into any real sizeable advantage in terms of price. So that's interesting. What I also find interesting, jumping off SpaceX for a second, I mean, I have up on my screen now, the open AI pre-IPO stocks and you can see that since over the past two weeks, three weeks basically, the shares have been on a downward trajectory. Well, they're now at 1200 a share at least on hyperliquid, whereas at their peak, it was close to, it was at 2000 at their peak in early May, this time last month. So we're seeing a big retracement in the valuation of open AI pre-IPO valuation at least in terms of what the market is saying.
This share price awarded to the pre-stocks awards open AI a market cap of 1.24 trillion.