SpaceX IPO Values Company at $1.77T as Shares Slip 3%
SPCX•Veteran macro investor Jordi Visser argued that both SpaceX and Bitcoin lack traditional valuation metrics, driven solely by belief in future outcomes. SpaceX completed its IPO at $135 per share for a $1.77 trillion valuation, raising $85.7 billion after the greenshoe but saw its stock fall 3% on Friday.
1. Visser's Comparison of Bitcoin and SpaceX
Jordi Visser argued that Bitcoin and SpaceX share a lack of traditional valuation metrics, driven by speculative beliefs in future outcomes like Mars colonies and alternative monetary systems. He described both as “complete guesses” rather than businesses with measurable cash flows or earnings.
2. Record IPO Raises $85.7B, Valuation Hits $1.77T
SpaceX launched its initial public offering at $135 per share, establishing a market capitalization of approximately $1.77 trillion. Underwriters exercised the greenshoe option, boosting proceeds to $85.7 billion, marking one of the largest IPO fundraises in history.
3. Stock Drop and Retail Sentiment
The stock closed down 3% on Friday following its IPO debut, despite retail sentiment remaining in the bullish zone with unusually high chatter levels. Weakness in preferred shares of Bitcoin treasury companies also weighed on overall investor mood toward speculative assets.
4. AI Rotation Impact on Speculative Assets
Visser highlighted that retail capital has rotated into AI-related stocks, leaving crypto and speculative names struggling to attract fresh buyers. This shift in momentum could influence demand for assets viewed as unvalued, including SpaceX.
