Tenacity's Ben Narasin: A weak SpaceX IPO could put a true chill on the market

Summary

Ben Narasin argues the SpaceX IPO is critical for the IPO pipeline, with a weak debut likely chilling future offerings. He is a long-term buyer of SpaceX but expects near-term pressure from retail flipping and lock-up expiries, planning to buy after the lockup dip. He also highlights Nasdaq shareholders as beneficiaries of the listing's fee revenue.

• SpaceX IPO seen as a make-or-break event for upcoming IPOs like Anthropic and OpenAI.
• Guest is a long-term buyer of SpaceX but warns of short-term risks from lack of price discovery and heavy retail allocation.
• He intends to wait for a better entry point around the lock-up expiry in six months.
• Nasdaq stock (NDAQ) expected to benefit significantly from per-share listing fees generated by SpaceX.
• Broader tech sector viewed as still the best growth category; rotation out of tech likely temporary.