SpaceX Makes History With Biggest-Ever IPO

21:43Caroline Hyde:Be unique, not anyone else. Express it now. Just pop yourself. That's Funko.com. Some of the venture firms that have backed SpaceX are set to earn tens of billions of dollars in returns today. They include Founders Fund, Andreessen Horowitz, Sequoia Capital, Bloomberg's Ventures reporter. Rebecca Torrance joins us now. I mean, it's paper money, but it's big money. It's huge money. And I think one of the most interesting things about this is that not just SpaceX's early backers are going to make a huge windfall off of this, but even some of the late ones as well. So Sequoia and Dreesen Horowitz both came in fairly late relative to the entire lifecycle of this company, you know, the multi-decade history, and yet stand to make tens of billions of dollars off of this IPO.

22:30So, of course, the same is true for some of his early backers as well and longtime Elon Musk allies, including Valor Equity Partners and Founders Fund.

22:38Caroline Hyde:Yeah, the Founders Fund number, like you double check it, 50 billion plus because, you know, I was on stage with Trey Stevens the other day, one of the 12 investing partners at the firm. I think they did 600 million over a many period of time. Like, just talk about those two bigger beasts. Right. So, I mean, I think it is it's really fascinating to see how Musk's early allies continue to back him. of course, you know, across the lifetime of this company. First investments around 2008, 2009. And of course, it's been many years since then. Some of these are folks back from the PayPal days, for example, Peter Thiel and, you know, early investors that believed in Musk and in SpaceX before the space economy really took off.

23:20Caroline Hyde:For Andreessen, this will be the biggest return in the firm's history. Bloomberg to Rebecca Torrance, top job. Thank you very much. What does this IPO mean for other AI IPOs in the pipeline? Goldman Sachs president and COO John Waldron thinks it's a step closer to a wave of listings. It's a$75 billion IPO, the largest in history. I think it presages the beginning of a pretty sizable wave of IPOs, which we're excited about. I also think it shows you the capital markets, led by the U.S. capital markets, but the global capital markets are demonstrating a willingness to finance this AI infrastructure build and this build in space, which is quite exciting.

23:58Caroline Hyde:Pegasus founder and CEO Anis Uzman agrees and is invested in all three companies, SpaceX, OpenAI, and Anthropic. How difficult is that to pick the winner? It is not that difficult, actually. I started investing in SpaceX first, and I had a fantastic time. and we continued seeing the growth of SpaceX. It was a space exploration company and then it started doing good in Starlink and Starlink started expanding and then came in OpenAI and Anthropic and they were all connected to each other in some sense. When SpaceX started blooming, I think we were confident enough when OpenAI came in, we invested in OpenAI and then we followed it on Anthropik.

24:51So it happened one after another.

24:54Caroline Hyde:And there's room for all three. Look, I've spoken to Thrive when they raised their last round and they are ride or dies in just OpenAI. They don't believe in spreading your bets like this. But is it okay that they're all kind of in on the same business model here? They are, but, you know, AI is such a big market. I mean, there is so much opportunity. When we looked at OpenAI and they're doing good, at the same time, we found that, you know, Anthropic was focusing on more enterprise level, you know, AI. So they're more focusing on the business to business side. They were more research oriented.

25:32So we felt that they have a different flavor. So, you know, you like vanilla ice cream at the same time, you like chocolate as well. So, you know, we kind of like invested in two different types of, you know, AI infrastructure. We're also interested in XAI. So, you know, we thought that we'll actually take part in every single angles of the domains that these companies are focusing on.

25:58Caroline Hyde:I think what's really interesting here, Ed, and I'm telling this to you, is that if you think about Thrive, they're in SpaceX too. But at the time, they weren't thinking of SpaceX as an AI company. This has become quite a late power play for Elon. Yeah, and Christian Garrett from 137 Ventures is with us, and we're going to speak to him later in the hour again. The idea here is that the thesis is constantly evolving with SpaceX. But when I read the prospectus, the TAM number, the story that they're pitching investors of the future, I bet you it's very similar to what Anthropic and OpenAI write in their prospectus.

26:37Caroline Hyde:That's difficult to market. it is but you know if you look at SpaceX there uh you know I when I look at SpaceX I look at it as a AI energy and connectivity infrastructure conglomerate you know if you look at Starlink I see the potential is huge uh we have only 10 million subscribers 10-12 million subscribers of SpaceX right Starlink right now if you look at the number of internet users in the world there's 6 billion people using internet. And everybody is moving to Starlink. So if you look at that way, that Starlink has a huge potential. Then you look at their plan for what they're trying to do.

27:19They're trying to create AI infrastructure in the orbit. They can do it because they have launch capability. And they can do it at a minimum cost. So if you look at SpaceX, I mean, they're playing a different game. They're not only, you know, thinking that they're going to become an AI company, but they're an AI infrastructure company. Down the line, you'll be able to help open AI and Anthropica as well to become kind of the backbone of the whole software AI development you're seeing right now.

27:47Caroline Hyde:Yes. Briefly, SpaceX is one of your most significant positions, valued at over a billion dollars as it stands. Anis, do you hold it for the long term? I will hold it, actually. And I feel very positive that the Starlink usage is going to grow significantly. Every single car, every single plane, Every single person in the world, a big portion of the 6 billion internet users are also going to come under Starlink usage. And I feel that this company will grow at least 30 % each year from here on for the next 10, 20 years. And I want to hold it for the long term. Pegasus founder, CEO, Anis Uzman, fantastic to have you staying up late for us.

28:27Caroline Hyde:Meanwhile, we just get the latest indications of prices. SpaceX shares indicated to OpenEd at$159.90. That's 18 % above its IPO price. Coming up, we're delving ever more into SpaceX's blockbuster Wall Street debut. Critical test for the company of Elon Musk. And what is, therefore, he worth? More than a trillion dollars if we hold on to this number? You've got the diluted. No, he would hit a trillionaire status if it was$138 a share. So at$159.90, fully diluted, the company's worth$2.2 trillion, which, say it out loud again,$2.2 trillion. Maybe. We'll see. There's a lot more to come. State of play, it's not yet trading.

29:07Caroline Hyde:These are indications that we're getting ahead of the start of trading on the Nasdaq in New York City and in Texas, where Elon Musk spoke this morning. And by the way, markets are on a rocket ride today. A lot of volatility. And if you look at different assets, part of that story is I think some people are trying to work out how they have some liquidity to play the biggest IPO in history. Not nearly enough puns, Ed Ludlow. Not nearly enough puns. Bring them on. This is Bloomberg Tech.

29:40Caroline Hyde:Welcome back to Bloomberg Tech. SpaceX and the biggest IPO in history, its trading debut is imminent. First, the markets. We're now up almost a percentage point on the Nasdaq 100, but we have swung between gains and losses all morning. And there's a lot of evidence out there, along with geopolitical risk, that people are searching for a plan on how they are going to play the IPO when trading starts if they didn't get an allocation on the institutional or the retail side. That's part one. Part two, Elon Musk speaking earlier this morning at Starbase Texas. There are always problems on Earth. There are always problems on Earth.

30:14There are always things that we wish to be better, that we want to solve here on Earth, and we should solve them. But there also have to be things that get you excited about the future, that make you glad to wake up in the morning because you can't wait to see what happens next. and that's the future that SpaceX wants to bring to you.

30:36Caroline Hyde:And the market can't wait to see what happens with the price indicated to make it the sixth most valuable player on the Nasdaq 100 as and when it joins that benchmark. You're higher, Anand. You're at the Nasdaq. What are you watching? It seems like we're getting closer and closer to that first trade, Caroline. We've gotten a series of indications, and they've continued to edge slightly lower as they continue to work through the price discovery process. The latest indication is$155 a share. That is up 15 % from the$135 IPO price and implies a valuation of$2 trillion. That means SpaceX would still rank among the most valuable companies in the world, more valuable than the likes of Meta, Saudi Aramco, and even Tesla itself.

31:26Caroline Hyde:Bloomberg's hire Anand back throughout the hour, every blow by blow from the NASDAQ. SpaceX also recently unveiled a detailed look at an AI data center satellite. SpaceX plans to build. It's a big development in the final days that drove this historic IPO. The record-breaking$75 billion market debut is imminent. Bloomberg's chief space correspondent, Lauren Grush, is with us. And still with us, Christian Garrett, 137 Ventures Managing partner, investing partner, one of the sort of long-term investors on the cap table at SpaceX as a private company and now as a public company. Lauren, out of this world, right, the whole point here is that SpaceX wants to get Starship right so it can deploy data centers in the form factor of a satellite.

32:14Caroline Hyde:We have basically what are renderings that Elon Musk shared with us the other day. Explain the basics of this. I know you don't have a degree in astrophysics. Well, I've been covering the company long enough. I hopefully have picked up some stuff along the way. No, but you said it. Starship is key to all of this, right? So originally, it was debuted as the vehicle that is going to fulfill SpaceX and Elon Musk's dream of sending people to Mars. And that's still the goal. But in the same time, they're also putting all of their hopes and dreams on this rocket as well. it's going to be responsible for launching the much larger upgraded Starlink satellites and then also it'll be crucial for sending humans to the moon for NASA and then of course it'll be the key that sends these data center satellites into space so that definitely has to work and it's had a bit of a rocky road of development up until now it's also meant to be the first fully reusable rocket that's ever developed I mean that is the holy grail of spaceflight so if they can get it working that will be key to all of the success.

33:16But when that will happen, how that will happen, if things get de-scoped along the way, I think that's what we will be following now

33:24Caroline Hyde:as SpaceX as a public company. And we follow the price indications. SpaceX shares now indicated to open$150 as we stand 11 % above its IPO price. And Christian, that's an enormous win for your venture fund and for the very early bets you took in this company. Does it give you any anxiety that the business model just gets in bigger and bigger and bigger? I mean, talk to us about the orbital data centers and how swiftly you really think that can get going and almost the piece by piece stress testing, the potential of that. Well, you know, I think historically the company has always set very, very aggressive and ambitious timelines and goals.

34:00And at times they've exceeded them. At times things take a little longer, but they've always delivered on what the ultimate goal and outcome was. and whether that was getting to partial usability, whether that was building and launching the Starlink constellation, Starship's development timelines, figuring out the physics and engineering around the Raptor engine. And so this is just another example where they've, in my opinion, some of the best engineering teams in the world are at this company and they have high conviction on their ability to deliver on this. And they've set timelines to start launching these things within the next couple of years.

34:33And so I think historically the data has always shown that the company is always right. And sometimes they're early, sometimes they're late, but they are always right on these things. And I think that's a fair bet to make again here. And I think we're going to see fairly soon the build-out start happening.

34:47Caroline Hyde:The plan is as early as 2028 for Orbital Data Center deployment. That was in the prospectus. I think what Christian's hinting at, but people phone me and say, is they see it happening sooner. But it's highly analogous with Starlink. So I think a lot of value, Lauren, if you just catch up the Bloomberg Tech audience on the scale of Starlink today, that's not a space-based data center, but it shows their competence in deploying satellites in constellation at scale. Absolutely. And when SpaceX was first saying they were going to do Starlink, with the numbers that they were saying, I mean, they had projected at first a 12 ,000 plus constellation and now they have over 10 ,000 satellites working in orbit.

35:26And I think a lot of us were kind of wondering how that was actually going to play out. And then look, now they are operating this massive system. They are the world's largest global satellite operator today. So I think they do have that advantage in being able to take the experience that they have from building and operating that Starlink system, and they will apply it to this AI data center satellite. And even Elon Musk said when he unveiled that design for the data center satellite, is that he thinks it actually will be easier to design for. I don't know about that necessarily. I mean, if you look at those solar panels, those are pretty big solar panels.

35:59And they've also talked about launching up to 1 million satellites. That is a lot. I'm not saying it can't be done, but I do think it does pose some engineering challenges. But as Gwen said earlier, SpaceX likes to tout that they just take the impossible and they make it late. Gwen Shotwell, president and COO at SpaceX.

36:19Caroline Hyde:Bloomberg's Lauren Grosh, thank you very much. Christian Garrett of 137 Ventures stays with us. This is Bloomberg Tech, Friday, June 12, 2026. SpaceX's IPO, the biggest in history, trading is imminent. SpaceX hasn't even started trading, and Wall Street is already publishing price targets. New Street Research, quick out the gate, initiating with a buy rating and a 165 target price. The firm's valuation case leans heavily on the businesses that are already making money in space and how that cash gets funneled into AI. Here's New Street's Pierre Ferragou on Bloomberg Surveillance. Space today is a lot of cash flow.

36:54It's very cash generative. The telecom business is generating a lot of cash. And if you have access to your own cash flow in AI, you can buy your own infrastructure. That makes it much cheaper for you. You don't have to pay a margin.

37:10Caroline Hyde:Let's keep the SpaceX conversation going. Nancy Tengler, CEO, CIO of Lafayette Tengler Investments, an independent but historically bullish backer of Musk, of Tesla. Do you want to be buying SpaceX shares if they open$150, as I currently indicated to do so, Nancy? Caroline, we are buying them at the open. And it's not my preferred way of trading. I'd much rather have gotten an allocation. We're using the analogy to Amazon's public IPO in 1997. It was a company that was impossible to value because there were no earnings, only revenues. And this feels a lot more like that than it does meta. So we're interested in owning it in our thematic portfolio, which has a theme of space, and then also in our growth portfolio.

37:56So those are the options that, or those are the places where we are putting it.

38:02Caroline Hyde:Nancy, I wanted you to come on the program. And I'm just being so honest with the Bloomberg Tech audience, because you're one of these investors of Tesla that gets access to the company, right? I'm thinking about when you were at the RoboTaxi launch event. Where do you stand? What is your thesis on the combination of SpaceX with Tesla? Oh, yeah. So, Ed, I do believe that is going to happen. I mean, Tesla already owns shares in SpaceX through the XAI acquisition that SpaceX made. So it's about a$2 billion stake. It seems to me to be just a beginning. And already, SpaceX is the most vertically integrated AI company.

38:45If you think about they have the capital, they've got the data, they've got the large language models, they've got the hardware, the engineering talent, the manufacturing talent. So we we think it makes imminent sense for them to combine with Tesla. And I don't know if it's in 2027 or early 2028, but I think you'll begin to see evidence of a tighter and tighter relationship as we move forward.

39:08Caroline Hyde:The public investor perspective, let's get the private investor perspective. Christian Garrett, 137 Ventures, is still with us. Do you think it makes strategic sense, at least for Tesla and SpaceX combined? I think the businesses have, obviously, a lot of commonalities, a lot of shared projects, the TerraFab project being one example. And so, you know, obviously, I think it's a great sort of discussion point to sort of theorize what would happen if these companies integrated together. I think they have incredible partnership as stands. And so in either scenario, I think it's super exciting, the work that they're doing together.

39:40And were that to happen, it's exciting. If it doesn't happen, it's also exciting. nonetheless, and both are obviously generational businesses. We have live pictures from the NASDAQ.

39:49Caroline Hyde:We believe that the trading of SpaceX in the United States is imminent. Something that we've been discussing throughout the hour, actually, to be fair, for like days, Nancy Tengler, is if you just put to one side the vision of the future and the 26.5 trillion and AI TAM that SpaceX presented. How much does your team focus on the here and now of their data center business or NeoCloud business that they've done with Anthropic and Google? Yeah, I think it's important. And by the way, I loved what Christian just said. It's exciting either way. I also loved a headline on Bloomberg that said this company is cheap on a price to Cosmo ratio.

40:31So I think this is a name that is more of a narrative name for us than it is valuation. Our thematic portfolio does not focus on valuation. It focuses on, obviously, themes. And so I don't know how you quantify some of this. I think what's interesting is that the cash incinerator right now is AI. But that is, as you just pointed out, 26.5 % of the TAM of 28.5. I'm sorry, it's 26.5 trillion of the 28.5 TAM. So I think you have to think about the data center business. It's what excites us to a great extent. But Starship, you know, is required as we know. I think they'll get there. I have no doubt they'll get there.

41:18It's just a question of when. So we're really buying the future when we buy this company and our time horizon is five to 10 years.

41:26Caroline Hyde:And you are buying at the open. Nancy Tengler of Lafa Tengler Investments, a joy to speak with you today. Thank you very much indeed. Look, we've got to get to Bloomberg's Bailey Lipschultz, who has been driving the coverage of this IPO since we first got the confidential filings, the actual filings. And now we wait with bated breath. We are but moments away from the opening trade, Bailey. We are but moments away from a historic moment. And it's going to be fascinating to see if we do avoid a Facebook 2.0 and just to see how this not only opens, how it trades. And really, when we start to see retail investors flowing through and placing those orders, what that ultimately looks like and does to the stock, just given the fact that this is going to be potentially pretty volatile.

42:04Caroline Hyde:So Bailey, the latest indication, the indication of opening is$150 a share, 11 % above the IPO price and implies a market value of roughly just$2 trillion. Just. You and I reported out the numbers, right, on the retail allocation, long-only asset allocation. somebody's going to be disappointed. How does that translate when we do start trading? Everyone is disappointed. Let's just state it that way. Everyone, pretty much for all intents and purposes, didn't get what they were hoping for. The big question now is, does that drive follow through buying? Or does it irk people when they say, you know what, I'll just provide some liquidity, sell the stock, hopefully at a nice 10%, 11 % gain, and move on with my life?

42:42Because the big question when we do see these debuts is, where does it open? Do we see steady follow through to the upside? And how does the volatility play out? are people holding on for massive gains, providing quick ins and outs, or is this something that we're going to be really tracking in the next week, in the next five trading days?

42:59Caroline Hyde:And I bring back Christian Garrett, who, of course, isn't disappointed because he's been in this company from almost its birth. And you've been reallocating, upping the investment each and every round. We know lockups expire in about August. So what happens to your holding? So us and alongside many of the investors who've been invested for a long time that are running institutional firms all have the same dynamic where we will distribute back to our LPs and let them make their own decisions. And within that, I think a lot of the articles have come out, which have been great, really highlighting how large a position SpaceX is for a lot of these institutional investors.

43:33And so whether it's an endowment or a pension plan, whether it's a friend or a family office or other different types of institutions, foundations, all these folks are going to end up receiving that distribution of the stock. And then many of them are not going to be selling, right? Some may have liquidity needs. And I think that's a decision that each LP will make.

43:51Caroline Hyde:Something that you touched on earlier is critically important. We might get interrupted any moment. You know that. But like there have been regular liquidity events for SpaceX staff and employees. There will be more than 4 ,000 millionaires minted at SpaceX from this transaction. They chose to stay. We've reported many of them tried to get more shares through the direct share program and otherwise speak to that? What does that signal to you? So SpaceX really pioneered the staying private for longer trend. Our firm started 2010, 2011, really on the heels of Facebook, which really is the first one.

44:26And SpaceX really took it obviously to another level. One of the dynamics that they did in order to stay private longer was offer regular liquidity events for their employees. During that dynamic over almost two decades, employees have had ample time to get liquidity and cover different needs. And I think that's something that's underappreciated about the business is not just the impact it had on the venture ecosystem, right? So much of what we're experiencing is because of how much capital is flooded in as companies stay private longer. But in particular, a lot of the employees have already had their chances at liquidity.

44:53And so, as Ed mentioned, a lot of these folks are long-term holders and are not selling as well.

44:57Caroline Hyde:We're getting excitement building from the floor of the NASDAQ as we await the opening trade of SpaceX most recently indicated at$150, rating it at about a market capitalization. If you're looking at a fully diluted basis of just under$2 trillion, that make it the sixth biggest company on the NASDAQ 100, just below Amazon, just above Broadcom. And Bailey, you've been talking about how integral this is to the retail investor. How much allocation did the retail investor get? How much did they go pump up the stock? We reported that 20%, so about$15 billion, which is a large number. Granted, as we had also reported, they put in orders for about$100 billion.

45:35So again, a lot of people getting far less than they were expecting. And the big thing is going to be, again, are these individual investors going to show up in size if you put in for$30 ,000 worth of the stock and you got$5 ,000? Are you going to then still buy$25 ,000 in the open market? The other thing to keep in mind, too, is the fact that I would say the vast majority of individuals use market orders.

45:57Caroline Hyde:They don't set the price. They buy wherever they can get filled. Limbo's Bailey Lipschitz, Christian Garrett, 137 Ventures. Stay with us. Thank you both very much. SpaceX begins trading today under ticker SPCX. Indications,$150 a share, 11 % premium on the IPO price of 135. They raised$75 billion, largest IPO ever. The deal was so heavily oversubscribed, especially in the retail category, as Bailey outlined. Elon Musk promised loyal Tesla shareholders priority access to the SpaceX IPO for a long time. But did they get it? And how is Tesla's retail base reacting to SpaceX's listing? Alexandra Mertz, better known as Tesla Boomer Mama, one of Tesla's most prominent retail shareholders and investors that are active in the investor retail base, joins us now.

46:46Caroline Hyde:My understanding is that you did not try and get an allocation in this IPO, that you won't try. Alex, stay put. Caro. We have an opening trade. SpaceX opens at$150. That is an 11 % increase on$135 pricing. Extraordinary day, Ed. You have followed this tick by tick, moment by moment. But we understand that an opening trade has come in at$150. Shares open for SpaceX. The Nasdaq crowd goes wild. There we are. 11 % higher. where the IPO price at 135, that's going to jump around. It's going to be a long few hours of trading, a market value of about$1.96 trillion, but on a fully diluted basis, just a touch above $2 trillion.

47:34Caroline Hyde:I think we'll go live to the Nasdaq and Bloomberg's Yahaira Anand. Yahaira, what are you seeing? Hi, the moment is here. And there it is. SpaceX has officially begun trading. The stock opening at$150 a share above its$135 IPO price, giving investors an immediate gain, as you guys said, of 11%. That opening price now values a company at approximately less than$2 trillion, but instantly putting SpaceX among the most valuable companies in the world. So after a morning of shifting indications and intense anticipation with everyone here from the president of SpaceX, the CFO. The market has finally delivered its first verdict on SpaceX.

48:21So now the focus will be whether those gains can hold as trading gets underway.

48:26Caroline Hyde:Bloomberg, Yohara Anand, at the Nasdaq, SpaceX opened 11 percent above its IPO price of$135. You see on the screen trading around$152.53 per share and on a fully diluted basis at a value of just a touch over$2 trillion. Let's keep the conversation going and get back to Alexandra Mertz, a Tesla investor, a retail investor, and also LNF Investor Services CEO. You didn't buy into this IPO. You have a thesis. Why? Yes. Thanks for having me on this historic day. And congratulations to the opening just when I was supposed to come on. Wasn't that funny? Now, back to my thesis. My thesis is that Tesla and SpaceX will merge.

49:07And as an all-in Tesla investor, I would have had to sell Tesla, which I was not going to do. So my thesis is I'm going to hold these. And in a couple of short weeks, if I'm right, they will announce this merger that will then be consummated in the first half of 2027. And the Tesla shareholders will become SpaceX shareholders

49:28Caroline Hyde:in this way. So no need for me to go into the IPO. Alexandra, you are a long term Elon Musk fan. Elon Musk has become the world's first trillionaire. As SpaceX jumps at the open, well above$2 trillion in terms of market capitalization, he becomes the world's first trillionaire. What do you think? Well, first of all, I'm not at all into this net worth porn. It's really something that I cannot get over. Elon Musk is a historic figure that is providing 140 ,000 jobs, that has changed an industry in cars, an industry in space that is going to change an industry in data centers. So whether he has a stock portfolio that's one trillion or not is just not relevant.

50:14Now, having said that, what is relevant is the direct and indirect jobs he created and the many investors that he made rich, including many employees.

50:24Caroline Hyde:We're seeing real acceleration now in the shares. We're at$160 per share-ish, up about 18 % above the IPO price of$135 a share. In a second, I'll do the math on that. Alexandra Mertz outlined her thesis that she believes a merger between SpaceX and Tesla is imminent. Bloomberg has not reported that. We did report prior to SpaceX merging with XAI privately that the boards of SpaceX and Tesla had discussed the idea. We just don't know. I'd also point out that this is much about not just economic ownership of SpaceX, Christian Garrett of 137, Elon Musk has 84 % voting power post this trade. Why is that important to you as somebody that's been on the cap table for a long time?

51:10I think any investment in SpaceX, whether it was in the private markets, which was our experience historically, and then now obviously the company in the public markets, and that's a shared experience among a lot of us now that the company is public. This is a company that has a long-term view. They're investing in really transforming humanity across all these different verticals. Elon Musk is the swing factor. And Elon's a huge swing factor, the visionary. And I think fundamentally, you basically want to have a company that you know is going to be focused on the long term. And so that gives us the ability, it gives the company the ability to focus long term.

51:43And I think that's really the mindset you need to look at this. it actually brings stability to the company, which is what you want when you're investing in something that's going after a multi-generational opportunity.

51:53Caroline Hyde:Alexandra, we go back to you because you have done years of due diligence on Tesla as a retail holder, now one of the most vocal and well-known retail investors on Tesla. Put your view to the retail investors trying to buy in to SpaceX, but whose friends around them are saying, have you looked at the corporate governance? Are you worried about the dominance and the voting rights that Elon Musk has. Is that a win or a loss from your perspective? Well, first of all, retail shareholders where I'd be very privileged, especially the small ones. So, I went through my followership this morning and lots of the smaller retail investors got actually 100 % of what they requested.

52:31So, that is quite contrary to what Bailey said earlier. Now, it is true the bigger portfolio the retail investors had, the less they got, which is corresponding to the promise that Elon made. He wanted to have loyal, small retail investors rewarded, and they got rewarded today. Now to the governance. I mean, it is clear that SpaceX is what I call Elon's imperium. He has rights, like some other founder-led mega caps, that are just disproportional. Look at Google, look at Meta. But the retail shareholders who the last six years, went through hell and back with court cases, with activists, with whatever.

53:17They actually welcome this. They want the founder to have the power he deserves, especially in Elon's case. So I didn't hear any retail investor complaining about the governance in SpaceX. Rather, the opposite. They would welcome that SpaceX is the entity that would absorb Tesla so that the errors that were made in 2010 with Tesla are finally out of the system.

53:43Caroline Hyde:We are up 18.5%, Alexandra Mertz. But meanwhile, Tesla trades a little bit lower. You're a Tesla investor. Is that the right trade at the moment? Sell Tesla, buy into SpaceX? Well, I did not, as you know. And I do believe that actually a lot of the money today will pour back into Tesla. The two retail groups overlap a lot. I'm sure about 80%. So the allocations that were not filled, I expect them today or on Monday pouring back into Tesla. So I'm not worried at all. Alexandra Merz, Tesla investor, shareholder, LNF Investor Services CEO, and Tesla Boomer Mama, as she's known online. We appreciate it.

54:20Caroline Hyde:Look, we got but a moment with the latest with Yuhaira Anand that we're going to be going to in a moment. But we're going to Christian Garrett of 137 Ventures who sat with us. I mean, how does it feel? You've been in this company for over a decade. you've invested round after round it's now trading 17 % higher than its listing price. It's an exciting moment and I have a lot of friends I know that are very excited as well. You have people kind of all around the world that have been a part of this journey been a part of this company from the employees to the management team to the investor base excited for RLPs.

54:53This was my dad's favorite company so I think that's even more exciting and so it's awesome to be a part of this moment but quite frankly I think this is very much a okay let's get back to work and get focused because we have another 40 years of work to do.

55:06Caroline Hyde:Christian Garrett, what a joy to have you here with us. Thank you very much for being here for the hour. Really appreciate it, Cara. Now, we're going to say goodbye to Christian of 137 Ventures and welcome back in Yahaira Anand, who is down at the NASDAQ, it's trading. And how is the energy on the floor? There is so much energy here at the NASDAQ and it really started this morning when we saw crowds of fans, paparazzi here, There's some hoping to see Elon Musk, but of course he was over in Texas. But yeah, the enthusiasm continues now that that opening price does value the company at just under$2 trillion.

55:43It, of course, instantly puts SpaceX among the most valuable companies, more valuable than Meta, even Tesla itself, Saudi Aramco. And one of the people watching it all unfold here this morning is Nasdaq CEO, Adina Friedman, who has worked very hard pursuing this largest IPO in market history. And we are seeing her talk at this moment. So after a morning of just shifting indications and intense anticipation, it is finally here. The market has finally delivered its first verdict on SpaceX.

56:20Caroline Hyde:Bloomberg's Yohara Anand working hard on the beat at the Nasdaq. We'll see you throughout the day. And what a day it is. SpaceX with the biggest IPO in history, raising$75 billion. And right now we're trading around$160 a share. How does it feel, Ed? You have been covering this company each step of the way, discussing with the investors, the wannabe investors. The retail allocation is extraordinary. And every single moment, Elon Musk was breaking the rules, the way in which this IPO came to be. Yeah, highly unusual. It was atypical to set a price early, then do a roadshow for no one really is sure why.

56:57Caroline Hyde:What I would say is there is a long, long way to the future where humans are a multi-planetary species and there is satellites around the Earth that are running inference, they're data centers. But in the near term, everyone's now talking about how good the company is at data center on Earth. Yeah. Hyperscale and neocloud. What a blinder, you keep calling it. Yeah, they played a blinder. And actually, I'm just using the phrase that people gave to me when they phone me up and they say, like, this is why we're so convicted on, I have such conviction on the name. The last thing that will happen as well, well, not the last thing, let's just be honest about this.

57:29Caroline Hyde:Biggest IPO in history, raised$75 billion. What happens next? They'll go back to the capital markets, I bet you. and I can't wait to be watching that. But right now I have some news because after 18 extraordinary years at Bloomberg, I'm actually pressing pause to have a wild and wonderful journey with my family. We're off to travel the world for a year, just the four of us, just four carry-on bags and a whole load of excitement. And it is with enormous gratitude that I want to thank this Bloomberg team for their support as I step away from my daily presenting. Look, the decision has not come easily.

58:03Caroline Hyde:In fact, I'm pretty terrified to fly away from the most exciting news flow, the most fascinating interviews, and what I believe to be the most talented team in journalism. It feels almost insane. But time keeps ticking. The kids keep growing. And so I know this is our moment for our adventure of a lifetime. But I also know Bloomberg has an extraordinary year ahead. No one tells the stories of disruption better than this Bloomberg tech team. And I can't wait to cheer on Bloomberg TV, Bloomberg News and Bloomberg Originals as they continue breaking stories, landing interviews, winning awards. And it takes a village to bring news to wire, to television, to air, events, to stage, documentaries, to life.

58:43Caroline Hyde:In fact, it takes 3 ,000 of us Bloomberg journalists and 100 countries around the world as we like to remind you. But I've lost count of how many people have trained me, mentored me, challenged me, collaborated with me, floor managed me, filmed me and yes, beautified me along the way. and to everyone I've been lucky enough to learn from outside of Bloomberg, every spokesperson, every executive, every event organizer, every audience member. Yes, you watching this, thank you. You make this an absolute blast. And a special thanks goes to the co-anchor I stand to sit next to now, Ed, the production team I hear guiding me in the control room and the floor managers and the camera operators stood in front of me at this second.

59:22Caroline Hyde:You're the best crew I could ever have hoped for and I will miss you more than you could ever know. but it's time to swap studios for suitcases. With that, maybe it does it for this edition of Bloomberg Tech, Ed Ludley. 15 years to the day you and I met in London, you were the first person I met at Bloomberg, and you made my career. Recap that show, recap Caroline on the pod, you know where to find it. From New York City, the biggest IPO in history, this is Bloomberg Tech.

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