SpaceX IPO Soars, Huntsman Merger Faces Setback
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1 day ago
0mins
Source: CNBC
- SpaceX IPO Performance: SpaceX priced its IPO at $135 per share, and the stock surged 10% in premarket trading to around $212, representing a 57% increase from the IPO price, indicating strong market confidence in its growth potential.
- Huntsman Merger Update: Huntsman agreed to merge with rival Olin in an all-stock deal, with the new entity named OlinHuntsman; however, this news caused Huntsman shares to drop about 10%, although the merger is expected to close in the first half of 2027, potentially reshaping the industry landscape.
- Dave & Buster's Earnings Miss: Dave & Buster's reported a disappointing first-quarter earnings of 16 cents per share, significantly below the expected 60 cents, with revenue of $559.2 million also missing the consensus of $580.6 million, leading to a 14% drop in stock price, reflecting operational challenges.
- Robinhood Layoff Announcement: Robinhood announced it would lay off about 10% of its workforce, expecting to incur around $20 million in severance and benefits costs, which resulted in a more than 2% increase in its stock price, demonstrating the company's commitment to optimizing operations and controlling costs.
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About SPCX
Space Exploration Technologies Corp. designs, manufactures, launches, and operates products and services built on technologies, including rockets and spacecraft. The Company's segments include Space, Connectivity, and artificial intelligence (AI). Its Space segment designs, manufactures, and launches reusable rockets to provide access to space. Its Connectivity segment operates broadband data and communications network powered by approximately 9,600 Starlink broadband and mobile satellites in Low-Earth orbit, delivering connectivity to consumer, enterprises, and government customers over 164 countries, territories, and other markets. In its AI segment, it operates a vertically integrated AI platform spanning its truth-seeking frontier model Grok, AI solutions for consumer and enterprise customers, X-its real-time information, entertainment, and free speech platform and AI computational infrastructure.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Asset Managers Launch AI-Linked ETFs Following SpaceX IPO
- New ETF Trend: Yorkville America and Corgi Securities are set to launch exchange-traded funds (ETFs) linked to emerging AI stocks, marking a new trend in the ETF industry following SpaceX's record $75 billion IPO.
- MANGOS Concept Investment: The ETFs will revolve around the emerging concept of “MANGOS,” aimed at replacing the “Magnificent 7” to help investors focus on market-leading growth companies, including four public firms like Meta, Nvidia, Google, and SpaceX, along with two private entities.
- Portfolio Construction Strategy: Yorkville's Mango Plus ETF will combine core “MANGOS” stocks with seven other companies, such as Micron and SanDisk, to capitalize on AI adoption, while Corgi will focus solely on the six core MANGOS stocks, demonstrating strong confidence in the AI sector.
- Expected Launch Timeline: According to SEC regulations, both ETFs are expected to debut by the end of August, reflecting strong market demand and rapid responsiveness for AI-related investment products.
See More
Schwab ETF Quietly Adds SpaceX Shares to Portfolio
- Minor SpaceX Addition: The Schwab U.S. Large-Cap Value ETF (SCHV) has quietly added SpaceX shares, which represent only 0.012% of the fund's overall assets, yet this move has garnered investor interest amid SpaceX's upcoming public market debut.
- Asset Management Scale: With approximately $15.83 billion in assets and 560 securities, SCHV's small allocation to SpaceX highlights its growing significance in diversified investment products, potentially attracting more value-focused investors.
- Market Performance: Although SCHV shares fell 0.2% on Wednesday to $34.55, the ETF has advanced 16.7% year-to-date in 2026, indicating strong investor favor for large-cap value stocks.
- Investor Interest: As SpaceX overtakes Amazon to become the fifth-largest company globally and approaches Microsoft, the heightened interest from investors provides SCHV's value-focused ETF investors with exposure to this growth-oriented company.
See More
SpaceX Goes Public, Retail Investors Gain Direct Access
- Direct Investment Opportunity: With SpaceX's public listing, retail investors no longer need to seek indirect investment routes, allowing institutions and advisors to participate directly, which is expected to attract significant capital inflow.
- Index Inclusion Timeline: Despite SpaceX's listing, S&P Dow Jones Indices has mandated a minimum 12-month wait for inclusion in the S&P 500, meaning the stock won't appear until at least June 2027.
- ETF Investment Options: The Vanguard Total Stock Market ETF and Invesco QQQ ETF are set to become preferred choices for investors seeking indirect exposure to SpaceX, with the former able to include new IPOs after five trading days and the latter after 15 trading days.
- Risk and Reward Balance: While buying SpaceX stock outright may be tempting, investing through these ETFs allows for participation in potential upside while mitigating volatility risks, with SpaceX expected to have a weighting of around 3% in both funds.
See More
SpaceX's IPO Prospects and Investor Outlook
- Diverse Business Structure: SpaceX operates as a loose conglomerate divided into three units, with the connectivity segment generating nearly $11.4 billion in revenue in 2025, significantly outperforming other units and highlighting its strong position in the satellite communications market.
- Capital Expenditure Pressure: Facing a capital expenditure requirement of up to $75 billion, SpaceX's AI unit reported a loss of nearly $6.4 billion in 2025, while the space unit incurred a $657 million loss, indicating a fragile profitability outlook.
- Lack of Dividend Policy: In its S-1 filing, SpaceX explicitly stated that it does not anticipate paying cash dividends in the foreseeable future, opting instead to retain earnings for business growth, which disappoints income-focused investors.
- Intense Market Competition: While the satellite business thrives, SpaceX faces stiff competition in the AI sector, and its high valuation coupled with capital-intensive operations raises uncertainties about future profitability, prompting investors to carefully assess risks.
See More
SpaceX Achieves Historic $1.77 Trillion IPO Valuation
- Historic IPO: SpaceX went public on June 12 with a valuation of $1.77 trillion, marking the largest IPO in history, and its current market cap has surged to $2.59 trillion, making it the fourth most valuable company globally, reflecting strong market expectations for its future growth.
- Valuation Risks: Despite SpaceX's market cap being 139 times its projected 2025 revenue, concerns arise over its high valuation as an unprofitable company, with a 33% revenue growth rate in 2025, particularly since its space and AI divisions remain in the red.
- Impact on AI Market: The IPO has drawn significant investor attention, leading to declines of 7% and 8% in Nvidia and Broadcom stocks over the past month, respectively, indicating that investors may be cashing out from high-flying AI stocks to fund their SpaceX purchases.
- Future IPO Implications: The performance of SpaceX's stock will set the tone for upcoming AI IPOs like OpenAI and Anthropic; if SpaceX maintains its high valuation, it could encourage frothy pricing for these IPOs, whereas a drop below its IPO price might lead to more conservative pricing strategies.
See More
ASML CEO Discusses Opportunities with Terafab Project
- Supply Chain Assurance: ASML CEO Christophe Fouquet emphasized the critical need to avoid supply constraints when servicing new projects like Terafab, which will directly impact the company's competitiveness and project success in emerging markets.
- AI Infrastructure Demand: Fouquet noted that the demand for AI infrastructure remains 'enormous', indicating significant opportunities for the company in future technology investments and market expansion, particularly in the data center sector.
- Terafab Project Collaboration: ASML confirmed its collaboration with SpaceX on the Terafab project, which plans to establish a semiconductor facility in Austin, Texas, with an anticipated investment of $55 billion, showcasing the company's strategic positioning in the semiconductor industry.
- Industry Leadership: ASML's extreme ultraviolet (EUV) lithography systems provide essential technological support for companies like TSMC and Intel in manufacturing advanced chips, further solidifying its leadership position in the global semiconductor equipment market.
See More
Asset Managers Launch AI-Linked ETFs Following SpaceX IPO
- New ETF Trend: Yorkville America and Corgi Securities are set to launch exchange-traded funds (ETFs) linked to emerging AI stocks, marking a new trend in the ETF industry following SpaceX's record $75 billion IPO.
- MANGOS Concept Investment: The ETFs will revolve around the emerging concept of “MANGOS,” aimed at replacing the “Magnificent 7” to help investors focus on market-leading growth companies, including four public firms like Meta, Nvidia, Google, and SpaceX, along with two private entities.
- Portfolio Construction Strategy: Yorkville's Mango Plus ETF will combine core “MANGOS” stocks with seven other companies, such as Micron and SanDisk, to capitalize on AI adoption, while Corgi will focus solely on the six core MANGOS stocks, demonstrating strong confidence in the AI sector.
- Expected Launch Timeline: According to SEC regulations, both ETFs are expected to debut by the end of August, reflecting strong market demand and rapid responsiveness for AI-related investment products.
See More
Schwab ETF Quietly Adds SpaceX Shares to Portfolio
- Minor SpaceX Addition: The Schwab U.S. Large-Cap Value ETF (SCHV) has quietly added SpaceX shares, which represent only 0.012% of the fund's overall assets, yet this move has garnered investor interest amid SpaceX's upcoming public market debut.
- Asset Management Scale: With approximately $15.83 billion in assets and 560 securities, SCHV's small allocation to SpaceX highlights its growing significance in diversified investment products, potentially attracting more value-focused investors.
- Market Performance: Although SCHV shares fell 0.2% on Wednesday to $34.55, the ETF has advanced 16.7% year-to-date in 2026, indicating strong investor favor for large-cap value stocks.
- Investor Interest: As SpaceX overtakes Amazon to become the fifth-largest company globally and approaches Microsoft, the heightened interest from investors provides SCHV's value-focused ETF investors with exposure to this growth-oriented company.
See More
SpaceX Goes Public, Retail Investors Gain Direct Access
- Direct Investment Opportunity: With SpaceX's public listing, retail investors no longer need to seek indirect investment routes, allowing institutions and advisors to participate directly, which is expected to attract significant capital inflow.
- Index Inclusion Timeline: Despite SpaceX's listing, S&P Dow Jones Indices has mandated a minimum 12-month wait for inclusion in the S&P 500, meaning the stock won't appear until at least June 2027.
- ETF Investment Options: The Vanguard Total Stock Market ETF and Invesco QQQ ETF are set to become preferred choices for investors seeking indirect exposure to SpaceX, with the former able to include new IPOs after five trading days and the latter after 15 trading days.
- Risk and Reward Balance: While buying SpaceX stock outright may be tempting, investing through these ETFs allows for participation in potential upside while mitigating volatility risks, with SpaceX expected to have a weighting of around 3% in both funds.
See More
SpaceX's IPO Prospects and Investor Outlook
- Diverse Business Structure: SpaceX operates as a loose conglomerate divided into three units, with the connectivity segment generating nearly $11.4 billion in revenue in 2025, significantly outperforming other units and highlighting its strong position in the satellite communications market.
- Capital Expenditure Pressure: Facing a capital expenditure requirement of up to $75 billion, SpaceX's AI unit reported a loss of nearly $6.4 billion in 2025, while the space unit incurred a $657 million loss, indicating a fragile profitability outlook.
- Lack of Dividend Policy: In its S-1 filing, SpaceX explicitly stated that it does not anticipate paying cash dividends in the foreseeable future, opting instead to retain earnings for business growth, which disappoints income-focused investors.
- Intense Market Competition: While the satellite business thrives, SpaceX faces stiff competition in the AI sector, and its high valuation coupled with capital-intensive operations raises uncertainties about future profitability, prompting investors to carefully assess risks.
See More
SpaceX Achieves Historic $1.77 Trillion IPO Valuation
- Historic IPO: SpaceX went public on June 12 with a valuation of $1.77 trillion, marking the largest IPO in history, and its current market cap has surged to $2.59 trillion, making it the fourth most valuable company globally, reflecting strong market expectations for its future growth.
- Valuation Risks: Despite SpaceX's market cap being 139 times its projected 2025 revenue, concerns arise over its high valuation as an unprofitable company, with a 33% revenue growth rate in 2025, particularly since its space and AI divisions remain in the red.
- Impact on AI Market: The IPO has drawn significant investor attention, leading to declines of 7% and 8% in Nvidia and Broadcom stocks over the past month, respectively, indicating that investors may be cashing out from high-flying AI stocks to fund their SpaceX purchases.
- Future IPO Implications: The performance of SpaceX's stock will set the tone for upcoming AI IPOs like OpenAI and Anthropic; if SpaceX maintains its high valuation, it could encourage frothy pricing for these IPOs, whereas a drop below its IPO price might lead to more conservative pricing strategies.
See More
ASML CEO Discusses Opportunities with Terafab Project
- Supply Chain Assurance: ASML CEO Christophe Fouquet emphasized the critical need to avoid supply constraints when servicing new projects like Terafab, which will directly impact the company's competitiveness and project success in emerging markets.
- AI Infrastructure Demand: Fouquet noted that the demand for AI infrastructure remains 'enormous', indicating significant opportunities for the company in future technology investments and market expansion, particularly in the data center sector.
- Terafab Project Collaboration: ASML confirmed its collaboration with SpaceX on the Terafab project, which plans to establish a semiconductor facility in Austin, Texas, with an anticipated investment of $55 billion, showcasing the company's strategic positioning in the semiconductor industry.
- Industry Leadership: ASML's extreme ultraviolet (EUV) lithography systems provide essential technological support for companies like TSMC and Intel in manufacturing advanced chips, further solidifying its leadership position in the global semiconductor equipment market.
See More
