T-Minus One Week: SpaceX’s IPO 6/5/26

**SPEAKER_1** (0:01)
Never bet against American grit or American energy. Through innovation, Venture Global is not only building some of the largest energy facilities in the world right here in the United States, but delivering American energy at a fraction of the cost and a fraction of the time. So while others are busy talking, we're busy building.
That's Venture Global. That's unstoppable energy.

**SPEAKER_2** (0:30)
This episode is brought to you by Schwab Market Update, an original podcast from Charles Schwab. Join host Keith Lansford for this information-packed daily market preview delivered in 10 minutes or less, including projected stock updates, monetary policy decisions and key results and statistics that may impact your trading. Download the latest episode and subscribe at schwab.com/marketupdatepodcast or find Schwab Market Update wherever you get your podcasts.

**SPEAKER_3** (0:59)
Bring in show music, please.

**Cameron Costa** (1:03)
This is Squawk Pod and I'm CNBC producer Cameron Costa. On today's episode, Anthropic is urging its fellow AI labs to agree on a slowdown of AI development. Two lawmakers drafting AI legislation weigh in. California Republican Representative Jay Obernolte.

**Jay Obernolte** (1:23)
They're worried about recursive self-improvement where AI algorithms start training themselves. And that's why they're saying we need to be very aware of the potential for that. But the consequences that we're looking at, I'm kind of an AGI skeptic. I don't think that that's in months. I think it's in years if it happens at all.

**Cameron Costa** (1:39)
And Massachusetts Democrat Representative Lori Trahan.

**Lori Trahan** (1:43)
We are just not willing to be relegated to the sidelines while these companies set the rules of the road.

**Cameron Costa** (1:51)
We are a week out from SpaceX's IPO on the Nasdaq. Wall Street Journal business columnist Tim Higgins joins us.

**Tim Higgins** (1:58)
Unlike a typical IPO, a larger share of stock is going to be set aside for retail, up to perhaps 30 percent. And so Robinhood should have an allocation, Fidelity, Schwab and others.

**Cameron Costa** (2:12)
And speaking of SpaceX, the S&P will not be fast-tracking the company's entry into its index, the S&P 500 But you know who did fast-track it into its own index? The Nasdaq.

**Andrew Ross Sorkin** (2:25)
Nasdaq has a financial incentive to put it in the index so that they can get the IPO. The S&P does not.

**Cameron Costa** (2:32)
Plus the trillionaire, billionaires, and many millionaires that IPO will make. And a Votorama on Capitol Hill. It is Friday, June 5th, and Squawk Pod begins right now.

**SPEAKER_3** (2:46)
Stand Becky by in three, two, one, cue please.

**Becky Quick** (2:51)
Good morning, everybody. Welcome to Squawk Box right here on CNBC. We are live from the Nasdaq Market site in Times Square.
I'm Becky Quick along with Joe Kernen and Andrew Ross Sorkin, and it is Friday. Fri-yay, as we like to say around here.

**Joe Kernen** (3:05)
June 5th.

**Becky Quick** (3:07)
Is it? Yes, you're right.

**Joe Kernen** (3:09)
You said that literally 40 seconds ago. I thought it was, you said that. Or I said it. No, I said it. I almost forgot. Yeah.

**Becky Quick** (3:15)
I thought it was Friday yesterday, when Andrew said, we'll see you tomorrow.

**Leslie Picker** (3:18)
I was like, what?

**Becky Quick** (3:19)
We're back here for another day of this?

**Joe Kernen** (3:20)
That's scary.

**Andrew Ross Sorkin** (3:21)
Meantime, the United States Senate holding a votorama overnight just before 5 a.m. Eastern time. They passed a $70 billion budget reconciliation package to fund immigration enforcement agencies. Republicans defeated multiple attempts to add language to that bill that would permanently ban President Trump's $1.8 billion anti-weaponization fund.
And President Trump responding to push back on his choice of Bill Pulte to be acting Director of National Intelligence, saying the appointment is only temporary.

**SPEAKER_12** (3:56)
We'll be very good. Again, it's not a permanent position.
We're interviewing people right now, but it's somebody just to take it over for a little while.

**Andrew Ross Sorkin** (4:06)
And then while I asked why he thinks that Pulte is the best person for the job, Trump said he's a very smart guy and quote, You might find out some things about the rigged elections. So some more grist for the mill, if you will, about what you think Bill Pulte will be doing over the next couple of months.

**Joe Kernen** (4:26)
You could say the same thing about the AG initially. I don't know. Maybe not. But that was supposed to be...
That was going to be just acting and now that's going to be permanent. You can always change your mind.

**Becky Quick** (4:38)
My guess is he says acting because there's no way. The Senate has very clearly indicated there's no way.