The Biggest IPO Ever: SpaceX 6/12/26

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**Scott Wapner** (1:00)
All right, Seema, thank you very much. That's Seema Modi at the NASDAQ. Our breaking news coverage of the SpaceX IPO does continue now. Welcome to the Halftime Report. I'm Scott Wapner. We're here at Post 9 at the New York Stock Exchange. We're opened for business in the biggest IPO ever. Up about 16 percent right now. We'll track every single move of it. SpaceX investor, Altimeter Capital founder and CEO Brad Gerstner is with us here. Stephanie Link is as well. Malcolm Etheridge and Rob Seachans. Great to have everybody here. It is a momentous day. The timing of this, getting it open before noon, momentous in and of itself. You got a big allocation.

**Brad Gerstner** (1:40)
Yeah.

**Scott Wapner** (1:40)
What do you think you're buying into today? What do you feel like you are?

**Brad Gerstner** (1:43)
I mean, first, let's just take a moment. First, thanks for having me on. Take a moment to celebrate what an incredible day this is for America, what an incredible day it is for the hard work of the thousands of people at Starbase who have worked to put us back on the top in space. Remember, when SpaceX got started, right, we didn't even have a shuttle to go to space to pick up our own astronauts. We were paying the Russians to go get our astronauts. Today, we're back on the top in space. I think this is what makes the country great. It's a great moment to celebrate. With that said, yes, we were buyers in the IPO, we were lucky enough to be shareholders ahead of the IPO. I think there's an incredible moment for the company. The numbers that are out there are not layups by any stretch, but hopefully today we can unpack that a little bit, Scott, because I think they have a real path on both AI hyper scale compute, on XAI, on launch, and the things they're doing in connectivity that are going to change the country.

**Scott Wapner** (2:35)
Yeah. You mentioned some very, very big numbers and this is where the real work begins, to try and reach those lofty targets that some have set, including the company itself. A TAM of $28.5 trillion.
Morgan Stanley is looking for SpaceX's revenue to reach $3.4 trillion in 2040 Lofty targets obviously by Goldman Sachs as well. So now we see what they can do from here.

**Brad Gerstner** (3:02)
Right. Well, I mean, let's not go all the way out to 2040 I think it's 160 billion, which is a little more pedestrian in 2028
Remember, something extraordinary happened. The last time I was on the show, just a couple of weeks ago, I said everything about the IPO changed. Why?
Because they had moved into the category of being an AI hyperscaler. In literally six weeks, they went from not in the game to 27 billion dollars of AI hyperscaler revenue with big deals from Anthropic and Google. What is the one thing we can all underwrite? I think we can all agree, Elon Musk and the team at SpaceX are as capable as anybody on the planet. Jensen has said they're number one at standing up terrestrial data centers. At standing up AI data centers. On my podcast, Jensen said they did in 100 days what it took others two to three years to do. So if the bet in going from 20 billion or 18 billion last year to 160 billion, a huge portion of that is standing up AI data centers and leasing them right to the Anthropics of the world, the Googles of the world. I think they're going to run away and consolidate that business. My estimate is in a few years, they're going to be the largest AI hyperscaler in the United States.

**Scott Wapner** (4:12)
It's probably why, as you heard, Sequoia's Sean Maguire in the interview with our friends in the prior hour suggest that that massive TAM that I mentioned could be, in his words, an underestimate. This company has the most important mission of any company in history, he said. Thinking about 10 years from now, I think a bit more like NVIDIA three years ago, high confidence in the explosive revenue growth that they can deliver. He made the point, I think, which was really interesting to listen to, and they can ramp really quickly, to your point. They've already proven their ability to ramp certain parts of the business really quickly. So doubt those large numbers at your own peril, I suppose.