The biggest IPO ever: SpaceX

Watch on YouTube ↗  |  June 12, 2026 at 17:37  |  12:42  |  CNBC
Speakers
Brad Gerstner — CEO, Altimeter Capital
Stephanie Link — Chief Investment Strategist, Hightower
Malcolm Ethridge — CIC Wealth Executive Vice President

Summary

CNBC's Halftime Report covers the historic SpaceX IPO with investor Brad Gerstner, Stephanie Link, and Malcolm Etheridge. Gerstner argues SpaceX will dominate AI hyperscaling and generate strong returns. Link adds a founder-led premium and massive TAM support further upside. Etheridge counters that the stock is too expensive and points to Alphabet and Amazon as cheaper AI hyperscaler plays.

  • SpaceX IPO opens at the NYSE, shares trading up ~16-20%.
  • Brad Gerstner says SpaceX will become the largest AI hyperscaler in the US, with revenue set to surge to $160B by 2028.
  • Stephanie Link emphasizes Elon Musk's Tesla track record and founder-led outperformance as reasons to buy and hold SpaceX.
  • Malcolm Etheridge notes the S-1 TAM is overwhelmingly AI, not space, and questions paying 100x sales.
  • Etheridge suggests Alphabet and Amazon as much cheaper alternatives for AI hyperscaler exposure.
  • The panel also briefly mentions AST SpaceMobile and Rocket Lab as potential pure-play space beneficiaries from the IPO's second-order effects.
Ideas
Brad Gerstner CEO, Altimeter Capital 1:19
SpaceX will dominate the AI hyperscaler market, ramping revenue from ~$20B to $160B by 2028, supported by deals with Anthropic and Google, its unmatched ability to stand up data centers in 100 days, and Elon Musk's vision and execution; the company will consolidate the business and become the largest AI hyperscaler in the US, offering competitive returns from this IPO price.
SPCX HIGH
Malcolm Ethridge CIC Wealth Executive Vice President 9:23
Buy Alphabet, Amazon as cheaper AI plays.
For AI hyperscaler exposure, Alphabet (10x sales) and Amazon (3x sales) offer drastically cheaper valuations than SpaceX at ~100x sales, making them the better way to play the same theme.
GOOGL AMZN MED
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This CNBC video, published June 12, 2026, features Brad Gerstner, Malcolm Ethridge discussing SPCX, GOOGL, AMZN. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Brad Gerstner, Malcolm Ethridge  · Tickers: SPCX, GOOGL, AMZN