Episode summary
SpaceX Seeks to Raise $75 Billion in Biggest IPO Ever; Bank of America CEO Brian Moynihan |...
Bloomberg Businessweek Daily
· · Hosts: Carol Massar, Tim Stenovec, Alexis Christoforous, Isabelle Lee · Guests: Anthony Hughes, Ed Ludlow, Caroline Golin, Bob Frenzel, Tyler Kendall, Brian Moynihan, Dani Burger
Summary
SpaceX’s planned IPO dominated the show, with the host and guests focusing on its proposed $75 billion raise, a fixed offer price of $135 per share, and a target valuation of about 1.77 trillion. Anthony Hughes said the structure looks unconventional because SpaceX is skipping the usual IPO price range, but he argued the move fits a company that is not following the standard Wall Street playbook. Ed Ludlow said the pricing reflects a compromise among existing holders, bankers, and company management, and that the real test is whether the market can push the stock higher after pricing.
The discussion on SpaceX also centered on the company’s story as a bet on Elon Musk, AI infrastructure, and future revenue growth. Hughes said investors are effectively valuing the company on later revenue and that the filing hints at a much bigger business ahead, including AI-related deals and capital spending. The guests said the short road show, limited float, and Musk’s role as controller could all support initial trading, even if long-term gains may be volatile.
The episode then turned to electricity demand and data centers. Caroline Golin and Bob Frenzel argued that AI growth is colliding with grid and supply-chain constraints, while utilities are trying to keep power reliable and affordable through new generation, transmission, wind, solar, and storage. Brian Moynihan said Bank of America still sees a resilient consumer, strong AI investment, and a need for more certainty before broader business spending fully accelerates.
Key takeaways
- Anthony Hughes said SpaceX is seeking a $75 billion IPO at a fixed $135 share price, a structure that departs from the usual IPO range process.
- Ed Ludlow said the 1.77 trillion valuation reflects where major stakeholders think the market can start, not necessarily where it will end up.
- The host and guests said SpaceX is increasingly being valued as an AI and revenue-growth story, with investors looking beyond current financials.
- Caroline Golin said utilities are under pressure from rapid AI-driven load growth because grid infrastructure, supply chains, and labor were not built for this pace.
- Bob Frenzel said Xcel’s Google data-center deal could save customers $1 to 1.5 billion over 15 years because the hyperscaler pays full infrastructure costs.
- Brian Moynihan said Bank of America still sees a healthy consumer and described AI spending as a major but manageable capital-market stimulus.
Notable quotes
“SpaceX, uh, targets a 1.77 trillion market value in the NASDAQ IPO. They seek to raise $75 billion again in the biggest IPO ever”
“the company has decided to uh um go with a fixed uh offering price of $135 per share”
“I think a lot of people think that yeah it is a is a a very high very large valuation and uh one that is not supported by um the historical numbers”
“there is a view that uh uh a certain portion of the investment community will back Elon and won't be too sensitive to valuation”
How the episode opens
Bloomberg Audio Studios, podcasts, radio, news. This is Bloomberg Business Week Daily, reporting from the magazine that helps global leaders stay ahead with insight on the people, companies, and trends shaping today's complex economy. Plus, global business, finance, and tech news as it happens.
The Bloomberg Business Week Daily podcast with Carol Masser and Tim Stenbec on Bloomberg Radio. This is Isabelli and Alexis Christopherus with Bloomberg Business Week Daily filling in for Carol Masser and Tim Stenovic. A lot of news broke in the last few minutes.
Alexis,
It's been a busy after the bell for sure. — Yes. So, we'll have a nice breather post 5:00 p.m. But for now, it's all about SpaceX. And joining us live is Anthony Hughes. He's capital markets reporter at Bloomberg News. He rushed over here to help us break.
I saw him running to the studio. So, thank you so much, Anthony. Um, we got some more details. Uh, but there are things that we already know. I mean, SpaceX, uh, targets a 1.77 trillion market value in the NASDAQ IPO. They seek to raise $75 billion again in the biggest IPO ever. Anything that you're looking out for or that surprised you?
Yeah, I think this filing really just confirms uh, a lot of the reporting that's happened over recent days. And uh I think the really interesting thing that's happened in recent days is that uh the company has decided to uh um go with a fixed uh offering price of $135 per share. And I think if you look at the previous iterations of the filing it I think they were considering a range but uh it appears that uh they're now looking at a fixed price.
And I think people will um speculate or wonder you know why they're doing that because it's very for most IPOs in the US or certainly large IPOs you generally you know you generally go with a range and there then
Um gauge the amount of demand out there for the for the offering and then um ideally price the offering at the high end of that range and potentially go above.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- spacex ipo
- mega-listings
- bank of america
- energy policy
- utility sector
Companies and tickers mentioned
- NRG
- XEL
- BAC
- SpaceX
- NRG Energy
- Xcel Energy
- Bank of America
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Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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