Spacex’s IPO & the Future of the AI Build-Out | The Close 5/21/2026

Watch on YouTube ↗  |  May 21, 2026 at 22:14  |  1:30:01  |  Bloomberg Markets
Speakers
Ross Gerber — CEO, Gerber Kawasaki Wealth Management
Paul Abrahimzadeh — Partner, 1789 Capital
Chad Anderson — Founder and CEO, Space Capital
Drew Wilkerson — Chairman and CEO, RXO
Matt Rowe — Head of Content, Blockworks
Campbell Harvey — Director of Research, Research Affiliates
Yann LeCun — Executive Chair, Advanced Machine Intelligence
Mark Levine — New York City Comptroller

Summary

The episode covers the SpaceX IPO disclosure and its valuation amid massive losses, NVIDIA's earnings beat and rotation into Asian AI stocks, and mixed retail earnings highlighting a diverging consumer. Guests also discuss the shift from LLMs to physical AI and world models, and the governance concerns around SpaceX's dual-class structure.

  • SpaceX filed for a massive IPO with a potential $2 trillion valuation despite significant losses, drawing both bullish and skeptical views.
  • NVIDIA shares fell after earnings despite a beat, as investors rotated to non-US AI chipmakers in Asia, notably Korea's KOSPI surging 8%.
  • Retail earnings from Walmart, Ross Stores, and Deckers showed a bifurcated consumer, with lower-end caution and luxury resilience.
  • Ross Gerber advocated a basket approach and dollar-cost averaging for new AI/IPOs like SpaceX and OpenAI.
  • Chad Anderson argued SpaceX is an AI infrastructure company, not just a space play, with a massive TAM beyond rockets.
  • Yann LeCun and Jean-Philippe Vert discussed the next AI wave in physical world models and biology, moving beyond LLMs.
  • New York City Comptroller Mark Levine warned about SpaceX's governance and urged cities to prepare for AI's impact on white-collar jobs.
  • Man Group's Matt Rowe noted NVIDIA's maturation and the challenges for active managers in a narrow-breadth market.
Trade Ideas
Ross Gerber CEO, Gerber Kawasaki Wealth Management 3:39
NVIDIA profits from AI buildout
NVIDIA is in a sweet spot profiting from massive investment in AI systems and data centers. The company is evolving beyond chips into CPU and other areas, and competitors should be more scared of NVIDIA than vice versa. The breakout of datacenter revenue from hyperscalers to sovereign and enterprise AI builders suggests the addressable market is broadening, supporting sustained growth.
NVDA HIGH
Paul Abrahimzadeh Partner, 1789 Capital 10:34
SpaceX is a must-own IPO
SpaceX is not just a space company but an AI company with a $29 trillion total addressable market. It owns the infrastructure rails for the global economy, with Starlink broadband (30% growth), direct-to-cell, and orbital data centers. Current losses are due to heavy capex in Starship and AI; when those come online, they will power significant growth. The company is in the early innings of a multi-decade infrastructure cycle and cannot be valued with traditional DCF.
SPACEX MED
Drew Wilkerson Chairman and CEO, RXO 62:48
RXO gains from trucking capacity reduction
RXO is benefiting from capacity reduction in trucking driven by English-language proficiency regulations (projections from mid-single digits to mid-teens) and a Supreme Court ruling on freight broker liability that favors large, trusted brokers. Customers are consolidating to reliable partners. RXO is gaining market share, with volumes outperforming the market (down 2% vs market down 4% in April). Technology investments boosted productivity 15% year-over-year, and the company is set to outperform on margins.
RXO HIGH
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This Bloomberg Markets video, published May 21, 2026, features Ross Gerber, Paul Abrahimzadeh, Drew Wilkerson discussing NVDA, SPACEX, RXO. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Ross Gerber, Paul Abrahimzadeh, Drew Wilkerson  · Tickers: NVDA, SPACEX, RXO