No sugar coating… SpaceX is oversubscribed. OpenAI filed its S-1 Monday afternoon. Anthropic filed a week ago. Everyone in AI is racing to the public markets like there is a fire sale and the doors close Friday. Everyone except Perplexity. While Sam Altman was announcing his third phase and Dario Amodei was quietly letting his filing speak for itself, Perplexity CEO Aravind Srinivas went on CNBC and said the thing everyone is thinking but nobody wants to say out loud. “The SpaceX IPO this week will definitely be a leading indicator of how Anthropic or OpenAI will go out. I certainly...

Oversubscribed… Orders Close Wednesday. SpaceX goes public in four days. And most of the conversation this week will be about the $135 IPO price, the $1.8 trillion valuation, the 555 million shares, and the $75 billion raise. But SpaceX’s IPO is well oversubscribed.  Demand from institutional investors has already exceeded the number of shares available — and the order books do not even close until Wednesday at 4pm ET. Here is what oversubscribed actually means, why this IPO is oversubscribed specifically, and what happens because of it on Friday. Here’s the story. ⇩ SPONSOR...

The AI IPO wave is about to begin. SpaceX is expected to hit public markets first. OpenAI appears to be next. Anthropic is expected to follow shortly after. At first glance, that may not sound important. But on Wall Street, timing matters. Investors don’t have unlimited cash sitting on the sidelines waiting for every opportunity. When a major IPO arrives, many investors sell existing positions, rebalance portfolios, and move money around to make room for the new investment. That creates an interesting situation. The first company gets access to the freshest capital. The second gets...

The Martian Chronicles 76 years later Last night, Wall Street hosted what may have been the most ambitious pitch in modern financial history. The setting was JPMorgan’s Manhattan headquarters. A rocket sculpture stood in the lobby. Space rocks and meteorite fragments lined the room. Across the city, Bank of America lit its tower to resemble a rocket launch, while Goldman Sachs filled its lobby screens with launch footage. More than 350 investors attended. Maye Musk, Elon’s mother, opened the evening with a few remarks. Then JPMorgan CEO Jamie Dimon introduced Musk as “the...

Goldman Sachs is everywhere… If there’s one person with a front-row seat to the AI capital boom, it’s Goldman Sachs CEO David Solomon. His bank is leading the SpaceX IPO, helped place Alphabet‘s record-breaking $80 billion capital raise, and is competing for future mandates tied to Anthropic and OpenAI. So when Solomon was asked how he views the current environment, his answer was simple: “We are definitely in a moment where there’s more greed than there is fear.“ Then he paused and added: “It can turn quickly. That doesn’t mean it will.“ Bull...

Final countdown… SpaceX goes public on June 12. The biggest IPO in history. A potential $2 trillion valuation that would dwarf Saudi Aramco’s record. Up to 30% for retail investors. $135 per share. $75 billion raise. 90x revenue multiple. Published a price a week early. Traditional IPOs set a price range only after the roadshow — using investor feedback to arrive at a number. SpaceX published $135 before the roadshow even started. Almost no major US IPO has done this. But markets do not wait for IPO day.  Capital has been moving into the space sector since the S-1 went public on...

Not Very Buffett-Like Ever since Buffett handed over the keys, investors have been waiting for the first real glimpse of Berkshire after Buffett. That glimpse arrived Monday. Berkshire spent $8.5 billion to acquire Taylor Morrison, one of the country’s largest homebuilders. 2% Of Berkshire’s Cash. The deal itself isn’t surprising. What it may reveal about Greg Abel’s vision for Berkshire is. Here is the story ⇩ SPONSOR BREAK presented by BrownstoneResearch* I’m about to do a live demonstration. Of Elon Musk’s latest genius invention. It’s an AI agent… Perhaps...

Back From The Dead. Remember when these companies were considered washed up? They were the Magnificent Seven of their era. They defined the dot-com boom, crashed spectacularly when it burst, and spent the next two decades as cautionary tales about hype and overvaluation. Some lost 98% of their value. One went private for five years. Now they are back. Not as nostalgia plays but as AI infrastructure stocks. And they are outperforming almost everything. Here is the story ⇩ SPONSOR BREAK presented by BrownstoneResearch* I’m about to do a live demonstration. Of Elon Musk’s latest genius...