SpaceX Makes History With Biggest-Ever IPO | Bloomberg Money 6/12/2026

Summary

Bloomberg Money covers the Nasdaq debut of SpaceX following its record IPO, with the stock opening above its $135 offer price and briefly surpassing a $2 trillion market cap. Short-seller Jim Chanos lays out a deeply skeptical view, arguing SpaceX is overvalued at 110x revenue after pivoting to a lower-multiple neo-cloud model and that the IPO wave signals a market top. Technology analyst Mandeep Singh calls the valuation dislocated relative to Meta, while former Treasury Secretary Jacob Lew discusses Social Security's looming funding crisis and America's fiscal challenges.

• SpaceX begins trading on Nasdaq after its $135 IPO, opening near $150 and reaching a market cap above $2 trillion.
• Heavy retail demand pushed the deal, with over 20 single-stock leveraged ETFs tied to SpaceX launching.
• Jim Chanos contends SpaceX is overvalued at ~110x revenue; the neo-cloud pivot reveals a lower-margin equipment leasing business, not a high-tech AI model company.
• Chanos warns the 2026 IPO and secondary issuance wave, led by SpaceX, will break records and historically signals investors should reduce equity risk.
• Mandeep Singh notes the valuation disconnect with Meta, which generates far more revenue and cash flow, comparing the retail frenzy to past software stock manias.
• Former Treasury Secretary Jacob Lew advocates bipartisan Social Security reform, highlighting a 22% benefit cut risk by 2032 and the broader lack of fiscal discipline.
• Oil prices fall over 3% on reports of a potential US-Iran peace deal text, while retail sales and FOMC expectations remain in focus for the coming week.