The SpaceX IPO: a16z’s David George & Elon Musk’s $1T 6/12/26

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**Cameron Costa** (1:02)
This is Squawk Pod and I'm CNBC producer Cameron Costa. On today's episode, the SpaceX IPO lifts off.

**Elon Musk** (1:10)
If people had told me this was going to happen, I was like, man, you must be smoking some really good crack.

**David George** (1:17)
Two, one, ignition.

**Ben Narasin** (1:20)
Engines full power and lift off of Falcon 9
Go SpaceX, go Starlink. To all SpaceXers, new and old, let's see what's out there. Occupy Mars.

**Cameron Costa** (1:30)
Andreessen Horowitz, general partner David George, took a bet on SpaceX back in early 2021 And he is still betting on Musk.

**David George** (1:39)
The way I think about SpaceX is, this is the best entrepreneur of our generation in Elon. And he's going after two of the biggest markets of all time, space and AI.

**Cameron Costa** (1:49)
And what can we expect after the first trade? What it might mean for the mega IPOs still to come, like Anthropics and OpenAI. Tenacity Ventures, Ben Narasin.

**Ben Narasin** (2:00)
If SpaceX doesn't fly, you're gonna see a huge stall for everything else. And it could put a true chill on the market. If it pops, everybody is just popping champagne.

**Cameron Costa** (2:11)
So we're awaiting the first trade and we're awaiting the world's first trillionaire. CNBC's wealth reporter Robert Frank is crunching the numbers.

**Robert Frank** (2:21)
It all depends on SpaceX shares staying above $140 a share, probably.

**Cameron Costa** (2:27)
It is Friday, June 12th, 2026 And Squawk Pod begins right now.

**Andrew Ross Sorkin** (2:34)
In three, two, one, cue it please.

**Melissa Lee** (2:39)
Good morning and welcome to Squawk Box here on CNBC. I'm Melissa Lee along with Joe Kernen and Andrew Ross Sorkin. Becky's off today.

**Joe Kernen** (2:44)
Some context on the SpaceX IPO. Trading set to begin later today. We told you the company raised $75 billion and it's offering the most ever. Prior to that, 71 IPOs had already priced this year and those all together raised $36 billion, which is less than half of SpaceX's haul.
If we get another mega IPO this year, like OpenAI or Anthropic, the total would likely obviously skyrocket again.

**Melissa Lee** (3:10)
Well, as he prepared for SpaceX's IPO, CEO Elon Musk took some time to focus on a critical cog in the semiconductor economy. Musk spoke to employees of Europe's ASML during the company's annual technology conference. ASML is the only company in the world that makes the machines needed for an advanced printing process in chip making. In addition to his other projects, Musk is currently working on a huge chip fabrication plant in Texas known as TerraFab. ASML's products will be critical to that effort. Earlier this week on X, Musk posted, ASML should be treasured and supported. It is arguably the greatest company in Europe.

**Joe Kernen** (3:45)
For more on the SpaceX IPO, let's bring in somebody who loves rockets and airplanes and defense stocks, CNBC's own Morgan Brennan. We didn't have to beg you to come in here. I mean, you were ready to go because I saw you about 10 minutes ago.

**Morgan Brennan** (4:01)
I'm ready for a lift off, Joe.

**Joe Kernen** (4:04)
That's good. All right.

**Morgan Brennan** (4:05)
Yeah. Huge moment. Ten years ago, I think a lot of folks on Wall Street and elsewhere were not necessarily taking any of this very seriously.
What a difference those years make. So, I sat down exclusively with SpaceX President and COO Gwynne Shotwell. Wide-ranging interview from the company's headquarters in Starbase, Texas. This was just ahead of the road show last week. The $75 billion that SpaceX is raising will go toward building out a vertically integrated full AI tech stack. It's going to stretch from Earth to space, and for a company that rarely did M&A in its first two decades plus, that really started to change last year. So, first, you had that $17 billion to acquire EchoStar Spectrum to boost Starlink's device-to-device offering, and then you had the absorption of XAI for $250 billion in February, and recently that deal with AI coding upstart Cursor, that includes an option to buy post IPO for $60 billion in stock. So, I asked Shotwell what Cursor enables for SpaceX.