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

Watch on YouTube ↗  |  June 12, 2026 at 06:01  |  1:35:51  |  Bloomberg Markets
Speakers
Bruce Richards — CEO, Chairman, and Founder, Marathon Asset Management
Michael Hearth — Deals Editor, Bloomberg
David McLean — Bloomberg Opinion columnist
Jeanny Yu — Bloomberg Equities Reporter
Anthony Stevens — Bloomberg Market Producer
Jay Ritter — Director, IPO Initiative; Emeritus Professor, University of Florida
Ruth Carson — Correspondent, Singapore
Shery Ahn — Anchor, Bloomberg Television

Summary

The episode covers the historic $75 billion SpaceX IPO, its impact on markets and liquidity, and the easing of U.S.-Iran tensions after President Trump said the war is over. Bullish themes include SpaceX debt and equity, MediaTek's AI turnaround, Korean construction plays on peace, and European equities' improved risk-reward. A cautionary view highlights SpaceX's exposure to China's control of critical minerals.

  • SpaceX raised $75 billion in the largest IPO ever, pricing at $135/share, valuing it at $1.77 trillion.
  • Demand was oversubscribed 4x, with retail orders exceeding $100 billion but only ~20% allocated to individuals.
  • President Trump claimed the Iran war ended today, with a deal expected within days; oil fell to a two-month low.
  • Marathon's Bruce Richards called SpaceX an investment-grade 'rising star' in credit with no net debt and strong cash flow.
  • UBS's Xi Qiao noted client enthusiasm for SpaceX and advised staying diversified amid upcoming mega IPOs like OpenAI.
  • MediaTek is poised for a record quarter, driven by Google AI chip orders and market share gains from Broadcom.
  • Korean construction stocks surged on bets the Iran war resolution will boost Gulf projects.
  • The ECB hiked rates for the first time in almost three years, yet European equities rallied with low volatility due to policy credibility.
Ideas
Michael Hearth Deals Editor, Bloomberg 5:24
SpaceX is the biggest rising star in credit, with an investment-grade profile: $2 trillion equity market cap, only $20 billion debt (1% of enterprise value), over $80 billion in cash, no net debt, and strong cash flows from data centers and rocket launches. Its debt was repriced from 10-12% coupons down to 4.6%, clearly signaling IG quality.
SPCX MED
Bruce Richards CEO, Chairman, and Founder, Marathon Asset Management 20:02
SpaceX debt is investment grade, undervalued.
SpaceX is the biggest rising star in credit, with an investment-grade profile: $2 trillion equity market cap, only $20 billion debt (1% of enterprise value), over $80 billion in cash, no net debt, and strong cash flows from data centers and rocket launches. Its debt was repriced from 10-12% coupons down to 4.6%, clearly signaling IG quality.
SpaceX Bonds HIGH
Anthony Stevens Bloomberg Market Producer 35:55
Semiconductor rally resumes after SpaceX liquidity drain.
The liquidity drain from the SpaceX IPO is resolved, with unallocated money returning to markets and retail investors reloading on the tech trade. The Philadelphia Semiconductor Index surged 8%, and high-quality liquid semiconductor names are leading the renewed AI rally.
SOX MED
Anthony Stevens Bloomberg Market Producer 74:41
Buy Korean construction on Iran peace.
Korean construction stocks with Gulf exposure are rallying strongly as investors price in an end to the Iran war, with large orders being put to work this morning, signaling durable bullish conviction beyond short-term swings.
Korean Construction Stocks MED
Anthony Stevens Bloomberg Market Producer 76:07
European equities offer better risk-adjusted rally.
The ECB's credible, hawkish inflation focus and rate hike have been fully priced and accepted by markets, driving European tech higher, record-low euro volatility, and a higher Sharpe ratio on the Europe rally, making it attractive on a risk-adjusted basis.
FEZ MED
Jeanny Yu Bloomberg Equities Reporter 77:17
MediaTek AI pivot fuels record quarter.
MediaTek is in a turnaround driven by its AI chip business and partnership with Google. It is gaining market share from Broadcom in custom AI processors for hyperscalers, with JP Morgan estimating AI will account for over half of revenue in two years. The stock has added $130 billion in market value and has more upside as estimates remain conservative.
2454.TW HIGH
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This Bloomberg Markets video, published June 12, 2026, features Michael Hearth, Bruce Richards, Anthony Stevens, Jeanny Yu discussing SPCX, SpaceX Bonds, SOX, Korean Construction Stocks, FEZ, 2454.TW. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Michael Hearth, Bruce Richards, Anthony Stevens, Jeanny Yu  · Tickers: SPCX, SpaceX Bonds, SOX, Korean Construction Stocks, FEZ, 2454.TW