SpaceX IPO Day: What Wall St. and the media missed | E2300

June 13, 2026

AI Summary

5 min read

The SpaceX IPO finally landed, and the stock opened trading up roughly 25–30% on its first day, breaking the record set by Saudi Aramco in 2019. The raise of roughly $75 billion at a $1.77 trillion valuation was the headline, but the conversation quickly moved past the numbers to the deeper question of how to value a company that is simultaneously a profitable launch business, a growing telecom, and a bet on Mars bases and space-based data centers.

The IPO Structure and the "Vote vs. Weigh" Problem

SpaceX priced its IPO at a flat $135 per share—no range, take it or leave it—and notably allocated about 30% of the float to retail investors, a move consistent with Elon Musk’s long-stated desire to democratize access. The host, Jason Calacanis, argued this structure was executed perfectly, but the real confusion comes from how the market should treat the stock.

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What you'll learn

1 (01:05) **SpaceX IPO Day Overview** - The episode opens with the SpaceX IPO as the top story; shares are trading up roughly 25-30% on the first day.
2 (06:28) **SpaceX IPO Mechanics and Scale** - Details of the offering: 555M+ shares at $135 flat, raising ~$75B at a $1.77T valuation.
3 (07:37) **Jason’s Personal Perspective on Elon Musk** - Jason reflects on 20 years of SpaceX’s journey, from near-death moments to resilience.
4 (11:45) **Voting vs. Weighing: How to Value SpaceX** - Jason explains the dual market functions: voting on future potential vs. weighing current performance.
5 (14:57) **Elon Musk’s Cognitive Gift and Task-Switching** - Musk’s ability to hold multiple visionary business lines in his head simultaneously is rare.
6 (18:17) **Investment Strategy for SpaceX Stock** - Jason offers advice for long-term investors: dollar-cost average, buy when sentiment is low, and hold for years.
7 (20:56) **Media Skepticism and Index Fund Inclusion** - The media is critical of NASDAQ changing rules to fast-track SpaceX into indexes.

+ Full timestamped outline available in the app

Show Notes

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After watching Elon build out his rocket (and AI) company over the past 20 years, Jason celebrates the SpaceX IPO on a new TWiST. He explains why some investments are evaluated based on earnings and current numbers, while other stocks are bets on expensive visions for the future, and why SpaceX why likely pay off across multiple time horizons.

PLUS Polsia solo founder Ben Cera is back with guidance for founders on creating a “Purple Cow”: a unique experience that makes their brand memorable.

Guest:

Ben Cera on X: https://x.com/Bencera

Polsia: https://polsia.com/

Polsia on X: https://x.com/polsia

Ben on TWiST E2256 (Feb 2026): https://www.youtube.com/watch?v=QCce8e02Isw

Relevant Links:

SpaceX: https://www.spacex.com/

SPCX on Yahoo Finance: https://finance.yahoo.com/quote/SPCX/

Starlink: https://www.starlink.com/

Planet Labs: https://www.planet.com/

Palantir: https://www.palantir.com/

Valor Equity Partners: https://www.valorep.com/