SpaceX IPO in Focus as Iran Fears Ease | The Asia Trade 6/12/2026

Watch on YouTube ↗  |  June 16, 2026 at 01:51  |  1:35:07  |  Bloomberg Markets
Speakers
Bruce Richards — CEO, Chairman, and Founder, Marathon Asset Management
Anthony Stevens — Bloomberg Market Producer
Jeanny Yu — Bloomberg Equities Reporter
David Fickling — Opinion Columnist, Bloomberg
Jay Ritter — Director, IPO Initiative; Emeritus Professor, University of Florida
Xi Qiao — Financial Advisor and Managing Director, UBS

Summary

The episode centers on the historic $75 billion SpaceX IPO pricing and upcoming NASDAQ debut, with bullish credit views from Marathon's Bruce Richards and caution over China supply-chain risks. Optimism over a potential US-Iran deal drives oil lower and lifts Asian equities, particularly Korea's construction sector and Taiwan's MediaTek on its AI pivot. Monetary policy from the ECB's first hike in years and upcoming FOMC/BOJ decisions add to the macro backdrop.

  • SpaceX prices record $75B IPO at $135/share; trading debut set for Friday on NASDAQ.
  • Marathon's Bruce Richards argues SpaceX debt is effectively investment grade with no net debt.
  • Bloomberg Opinion highlights SpaceX's dependence on China for critical minerals as a key risk.
  • President Trump claims the Iran war has ended and a deal could be signed within days, sending oil to two-month lows.
  • Asian equities rally broadly, with Kospi up ~8% and Nikkei up 4% as tech rebounds.
  • Korean construction names surge on bets that an Iran peace deal will revive Gulf infrastructure spending.
  • MediaTek is poised for a record quarter as its AI custom-chip pivot gains traction with Google and potentially Tesla/Meta.
  • ECB delivers its first rate hike in almost three years, underscoring global inflation concerns.
Ideas
Bruce Richards CEO, Chairman, and Founder, Marathon Asset Management 19:24
SpaceX debt is an investment-grade rising-star
SpaceX's debt has repriced from 10-12% coupons down to about 4.6% alongside a $20 billion refinancing. With a market cap around $1.77 trillion and only $20 billion in debt, plus over $80 billion in cash, the company has no net debt and clearly qualifies as investment grade. Its strong cash flow from rocket launches, Starlink and data centers makes it the biggest rising star in credit.
SpaceX Debt HIGH
David Fickling Opinion Columnist, Bloomberg 68:10
SpaceX faces critical-China supply risk
SpaceX's ambition to build 100 GW/year of space-based solar-powered data centers requires colossal quantities of polysilicon and gallium. China controls 95% of polysilicon supply and 100% of gallium production, and has already blocked Musk's attempts to source these materials. Without secure access to Chinese supply chains, SpaceX's scaling plan is severely at risk.
SPCX MED
Anthony Stevens Bloomberg Market Producer 74:00
Korean construction stocks rally on peace bets
Korean construction names are rallying very sharply this morning on large early flows, signaling a durable rotation. These stocks are highly exposed to construction in the Gulf, and market participants are pricing in multi-year plays on the Iran war ending, which would unlock Middle East infrastructure demand.
Korean construction sector MED
Jeanny Yu Bloomberg Equities Reporter 76:47
MediaTek’s AI pivot drives record quarter
MediaTek is pivoting from smartphone chips into AI custom ASICs, landing orders from Google and potentially Tesla and Meta. Analysts at JP Morgan expect AI-related revenue to exceed 50% of total revenue within two years. The market has already added $130 billion in value this quarter as investors re-rate the stock, and consensus estimates still look cautious relative to the order pipeline and market-share gains against Broadcom.
2454.TW MED
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This Bloomberg Markets video, published June 16, 2026, features Bruce Richards, David Fickling, Anthony Stevens, Jeanny Yu discussing SpaceX Debt, SPCX, Korean construction sector, 2454.TW. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Bruce Richards, David Fickling, Anthony Stevens, Jeanny Yu  · Tickers: SpaceX Debt, SPCX, Korean construction sector, 2454.TW