The SpaceX IPO… What Happens When $1.75 Trillion Meets 4% Float

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The SpaceX IPO will finally happen this week, but the company itself isn't the most interesting part of the story. The more interesting part is all the flows that will have to occur behind the scenes when indexes and other parties are required to both buy and sell the largest IPO in history. On the latest Click Beta, Cameron Dawson, Dave Nadig, and Matt Zeigler, break down what you need to know. We have included this episode in the Excess Returns feed, but if you want to keep receiving new episodes, you can subscribe to Click Beta on all major podcast platforms using the links in this episode description. Thank you for listening. We hope you enjoy the show.

**Dave Nadig** (1:23)
To heck with whether you think SpaceX is a good company or not. Just the trading widget that we're going to move around is going to have bizarre and I would say very unpredictable supply and demand components for at least the first 30 days.

**Cameron Dawson** (1:39)
To say that what we're experiencing today does not have bubble like characteristics because their earnings actually ignores the long historical record that anytime there is a technology driven bubble, there are always real earnings.

**Dave Nadig** (1:53)
I can absolutely create a very credible, in the middle of the bell curve scenario, where Spesa comes out at 1.75 and trades up to 3 trillion over the next 24 months and has a series of big wins and everybody gets on board. I can also create a path where we have a 50% sell off next week. I mean, this is nothing but a volatility enhancer in my book.

**Matt Zeigler** (2:21)
Those other podcasts, those are Clickbait, but this, this is ClickBeta. Should market professionals have private conversations in public? Well only to prove that all we know is that we don't know nothing. Clearly, we've got three rules. Number one, we pre-agreed on a topic. We picked it out in advance. Number two, while we're live, nobody Googles nothing. Number three, everybody brings a surprise topic to the table for which anything goes. Who's with me today? The Madonna of Click Beta. Not going to make a pre-IPO virgin joke, but I will say his version of Confessions on a Dance Floor Part 2 is his current Part 2 at etf.com, which we in the industry lovingly refer to as his Electric Boogaloo era, Dave Nadig.

**Dave Nadig** (3:01)
I'll take the Electric Boogaloo era. What else could it be?

**Cameron Dawson** (3:05)
It's not Nera, it's a lifestyle, man.

**Matt Zeigler** (3:07)
It is a lifestyle.

**Dave Nadig** (3:08)
It's the now.

**Matt Zeigler** (3:10)
It is the now. And she's as Florida as Ariana as Starbuck from Battlestar as a Starbuck Scranday and knows that a drop new projects mid tour, Click Beta is but her petal. And all you other podcasts who have her on, thank you. We're next. New Edge's New Edge Wells. Cameron Dawson. How are you doing?

**Dave Nadig** (3:30)
Thanks.

**Cameron Dawson** (3:30)
Thanks.
I don't know if I should take she's as Florida as Ariana. That's a compliment. I like that.

**Dave Nadig** (3:37)
Take it as a compliment.

**Cameron Dawson** (3:38)
Yeah.

**Matt Zeigler** (3:38)
It is a compliment. It is a compliment. And I have very, very little knowledge of many Ariana Grande things.
I was very surprised when I remembered she was from Florida. But for a tortured thank you next joke, I will go there. So we got lots of stuff. I almost got ruined on those just for the way as a child. I was like, what's happening in pop culture these days besides a new Madonna album and a new Ariana Grande, apparently this backroom and obsession thing. Did you see these box office numbers for the movies this weekend?