Episode summary
Elon Musk Eyes Record IPO for SpaceX as Lesser-Heralded Players Emerge | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · 14 min · Hosts: Carol Massar, Tim Stenovec, Ed Ludlow · Guests: Greg Pendy
Summary
SpaceX’s potential 2026 IPO was the centerpiece of the conversation, with the host and Ed Ludlow saying the company is already in a quiet period and may go public around mid-2026, possibly June. Ludlow said SpaceX could try to raise $30 billion to $40 billion or more, which would make it the biggest IPO ever on that dollar-raise basis, and he argued the capital may be aimed at buying GPUs for a space-based data center. That thesis drew skepticism, but he framed it as consistent with Elon Musk’s long-term view of an interplanetary future.
Greg Pendy focused on the public names already trading in space, especially Planet Labs and Intuitive Machines. He said Planet Labs remains his preferred name because its satellite imagery business is being enhanced by AI, while a project with Google, called Project Suncatcher, could extend that story into space-based data center capabilities. He also pointed to 2026 as a key year for Planet’s Owl satellites and said the company’s data is being used in insurance, finance, maritime tracking and climate applications.
On Intuitive Machines, Pendy said the company’s next moon mission in mid-2026 and its NASA near-space network contract could create recurring revenue tied to lunar communications. The discussion also touched on government policy, with Ludlow saying a presidential executive order has shifted more space and technology responsibility toward OSTP, potentially speeding decisions across NASA and related programs.
Key takeaways
- Ed Ludlow said SpaceX may target a mid-2026 IPO and could try to raise $30 billion to $40 billion, which would be the biggest IPO ever by dollars raised.
- Ludlow said SpaceX’s reported rationale is a space-based data center that would use GPUs and solar power rather than Earth-bound infrastructure.
- Greg Pendy said Planet Labs is his preferred public-space name because AI is turning its satellite archive into a more valuable commercial and defense product.
- Pendy said Planet Labs’ 2026 Owl satellites should improve resolution to 1 meter, widening use cases in insurance, oil shipping and climate monitoring.
- Pendy said Intuitive Machines’ mid-2026 moon mission and NASA near-space network contract could help create recurring revenue.
- Ludlow said a presidential executive order has shifted more space-policy authority toward OSTP, which he thinks could speed execution.
Notable quotes
“Mid 2026, maybe June. Um what we've reported is that it's actually an interesting kind of change in approach from Elon Musk in particular”
“They want to raise 30 to $40 billion, maybe even more. Um you'd have to do the math”
“my understanding is they need the cash to buy GPUs and put those GPUs into a design for a space-based data center”
“planet labs is the name that we have a buy rating on that we really like now their primary business is earth observation”
“I think the the high-risisk reward, high um opportunity is intuitive machines”
How the episode opens
Bloomberg Audio Studios podcasts radio news. — You're listening to Bloomberg Business Week with Carol Masser and Tim Stenc on Bloomberg Radio.
Well, we've talked a lot about long-awaited return of IPO activity this year. A story on the Bloomberg noted that it minted 21 new billionaires. Although many insiders have seen the value of these holdings plunge, let's talk about the Renaissance IPO ETF.
attracts a basket of newly public companies. It's set to end 2025 with a singledigit gain shy of 7%. 2026 though presents new opportunities for IPO investors with SpaceX potentially going public.
Joining us with more on this is Bloomberg Tech co-host Ed Lello. Also with us, Greg Pendy, director of equity research at Clear Street. He covers companies that play in space, including Intuitive Machines and Planet Labs.
Ed, I want to start with you and just get the the latest on SpaceX's IPO because you and the team reporting that the company earlier this month had told employees it's entering a quiet period. What can you tell us about the latest size, the scope, the timing of the IPO?
Yeah, SpaceX and and the leadership team are pretty far ahead at this point in in their plans for an IPO. Mid 2026, maybe June. Um what we've reported is that it's actually an interesting kind of change in approach from Elon Musk in particular.
They want to raise 30 to $40 billion, maybe even more. Um you'd have to do the math. The valuation will come out in the wash, right?
Depending on how much the company offer, but $1.5 trillion on the dollar raise, $30 billion to $40 billion would be the biggest IPO of all time, right? Beyond what Ramco did in 2019. The bigger question is why?
Why do they need to raise all that money?
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- spacex
- space-based connectivity
- satellite launches
- space ipo
- satellite telecom competition
Companies and tickers mentioned
- ASTS
- AST SpaceMobile Inc.
- SpaceX
- Clear Street
Watch the episode
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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