Episode summary
SpaceX Is Said to Target $75 Billion in IPO at $135 Per Share | Bloomberg Intelligence
Bloomberg Intelligence
· · Hosts: Paul Sweeney, Scarlet Fu · Guests: George Ferguson, Gautam Mukunda, Matt Henriksson, Mary Ross Gilbert
Summary
SpaceX is reportedly preparing an unusually structured IPO at $135 a share, aiming to raise $75 billion and debut on Nasdaq and Nasdaq Texas under the symbol SPCX. The host said the company is progressing without normal Wall Street research coverage, while a guest argued the offering reflects Elon Musk’s ability to “call the shots” and a valuation built around rockets, Starlink, and a long-dated bet on AI and data centers in space. The guest said the most plausible valuation model is a sum of the parts, with the rocket business surprisingly contributing the biggest value in the analysis.
The governance discussion was even more pointed. A guest said Musk would control about 85% of the voting power after the IPO, serve as chairman, CEO and chief technology officer, and effectively be impossible to remove. That guest argued the structure protects Musk from challenge but also weakens capital-market protections for index investors and retirement savers who may own the stock indirectly. He called it an assault on fair treatment and on the integrity of the market.
The episode also briefly covered Medtronic and Macy’s. An analyst said Medtronic’s 2027 guidance looked conservative even after a strong 124% growth print in cardiac ablation, while Macy’s was said to be gaining share through more upscale merchandise, stronger Bloomingdale’s performance and better execution.
Key takeaways
- The host said SpaceX plans to market shares at $135, targeting a $75 billion IPO and a Nasdaq listing under SPCX.
- A guest said SpaceX’s long-term valuation case rests on rockets, Starlink, and a speculative AI/data-center-in-space thesis.
- A guest said Musk will control 85% of voting power after the IPO and cannot be fired.
- A guest argued the governance setup shifts risk onto index-fund and 401(k) investors who cannot opt out easily.
- An analyst said Medtronic’s fiscal 2027 guidance looked conservative despite 124% growth in one cardiac ablation segment.
- A retail analyst said Macy’s is lifting sales by bringing in more relevant, higher-end brands and improving Bloomingdale’s execution.
Notable quotes
“our reporting shows that SpaceX is offering shares at $135 each”
“if you have access to the Bloomberg terminal, uh you can find it there under the aerospace um dashboard BIGO”
“I think it's all about uh AI in the future and the optimal way to deliver it, right”
“he's now the god king of of SpaceX. Like he can never be fired”
“What it was very serious for investors is it is an assault on the integrity of the capital markets”
How the episode opens
Bloomberg Audio Studios, podcasts, radio, news. You're listening to the Bloomberg Intelligence Podcast. Catch us live weekdays at 10 a.m. Eastern on Apple CarPlay and Android Auto with the Bloomberg Business App. Listen on demand wherever you get your podcasts or watch us live on YouTube.
I think the schedule is for the SpaceX IPO road show to start tomorrow. Haven't seen a schedule, but that's what I'm hearing. That's — Yeah, but this IPO is kind of progressing unusually. I It's so mammoth and they, you know, the company can kind of call the shots on everything. And our reporting shows that SpaceX is offering shares at $135 each. If it gets that, Elon Musk's net worth would be just shy of a trillion. It put him at $988 billion.
All right, here's the the problem. If you're an investor, you're looking at this IPO, you don't have any research. There's no research from Wall Street except for Bloomberg Intelligence.
George Ferguson joins us here. Uh he's a senior aerospace analyst at Bloomberg Intelligence. He's got a monster primer research report on SpaceX.
Um so if you have access to the Bloomberg terminal, uh you can find it there under the aerospace um dashboard BIGO. Uh and it tells you everything you need to know about this company and how it stacks up relative to the comps and kind of the market opportunities and all that kind of stuff. That's the research.
Uh, and you won't get street research for a while. So, this is it on Global Wall Street. George joins us now.
George, what do you think the message is going to be from Elon and company regarding this company? Because boy, the it is an expansive company with an expansive vision. What do you think the message is going to be?
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- spacex ipo
- nasdaq listings
- medtronic earnings
- macy's earnings outlook
- corporate governance
Companies and tickers mentioned
- SPCX
- MDT
- M
- SpaceX
- Medtronic
- Macy's
Watch the episode
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
More from Bloomberg Intelligence
-
Instant Reaction: Nvidia CEO Jensen Huang Ousted by Nvidia Board | Bloomberg Intelligence -
Nvidia’s Huang Ousted by Board in Move That Roils AI Economy | Bloomberg Intelligence -
CoreWeave Shares Soar After AI Computing Firm Eases Debt Fears | Bloomberg Intelligence -
Anthropic Targets $1.4 Trillion Valuation in Blockbuster IPO | Bloomberg Intelligence -
Nvidia Probe Into CEO Affair Raises Thorny Questions for AI | Bloomberg Intelligence -
Election 'Blue Wave' & Your Wallet; Navigating AI-Driven Market Volatility | Bloomberg Intelligence
Bloomberg Intelligence, this episode and its artwork belong to Bloomberg. Octagon is not affiliated with the show; this page is an independent summary.
