SpaceX Said to Cut IPO Valuation Goal

追加: 2026-05-31

[00:00:00]Bloomberg Scoop, by the way, I revealing the space has lowered its valuation target to at least $1.8 trillion. Elon Musk's company is seeking to raise as much as $75 billion, which, of course, would make it the biggest IPO of all time. Let's bring in Matt Bloxham and Bloomberg Intelligence. Matt, is this is this a negative signal or is this is it kind of usual run up to an IPO?

[00:00:22]You have the adjustments, you get the feedback, and maybe you just love but doesn't necessarily tell you a negative story or does it.

[00:00:28]Yeah. And I think it's more that, you know, that kind of bouncing back feedback, um, from uh, key stakeholders.

[00:00:34]You know, it's a bit of a game of cat and mouse is an IPO.

[00:00:36]You know, you want to maximize the valuation for the selling company, but also you want to leave a little bit on the table for buying investors so that when when at least you get a bit of a pop, everybody's happy.

[00:00:47]And you know how far between those two kind of benchmarks, um, you stray is kind of the the art of being a banker, I think on a, on an IPO.

[00:00:56]And also, you know, they haven't even started the roadshow yet.

[00:00:58]So I think that's going to start next week.

[00:01:00]You know, potentially, uh, if that goes down, well then you could see that valuation kind of move back up towards the kind of $2 billion.

[00:01:06]Yeah. Will be the largest IPO in history.

[00:01:09]Be pretty remarkable. Yeah.

[00:01:11]Um, so back in February, remember the big story was that SpaceX Incorporated into the full structure. Yeah.

[00:01:18]How is that going to benefits or even possibly detracts from from the business? I mean, how should we be thinking about it? Yeah.

[00:01:24]I mean, I think when you look at the, um, the way that pitching this business in the S-1, it was an essential part of pulling the story together, because generally, you know, that this is not just about rockets.

[00:01:37]It's not just about, um, satellite broadband.

[00:01:40]It's about this kind of, you know, multi-decade view of creating gigawatts of data center capacity in space and then, you know, creating a, uh, a million plus cycle on a permanent establishment on Mars.

[00:01:53]And so you can only do that with all of these things coming together.

[00:01:56]Right? My, uh, defense and defense contracts and contracts for the Pentagon have been significant in terms of revenue driver for SpaceX. There's a review going on.

[00:02:06]I understand what what is the nature of that review?

[00:02:08]How significant could that be for the company.

[00:02:10]Yeah that's right. It's the committee that looks at kind of foreign investment, um, in U.S. companies, obviously, given, um, SpaceX's involvement in, uh, NASA and other government agencies, particularly military, you know, I think there's enough to always been a lot of scrutiny about SpaceX as a partner. But, yeah, clearly a lot of focus on who are the investors in space? X?

[00:02:31]Um, if, uh, foreign investors. Does that potentially create a risk in terms of influence over the company and maybe the sharing of secrets that, you know, the US would not want to be shared?

[00:02:41]Now, for me, the bigger issue here is how much does the US trust Elon Musk, because Elon Musk will control 85% of the business.

[00:02:50]So ultimately is what's he thinking and who is influencing Elon Musk?

[00:02:54]I think that's really the most important question.

[00:02:56]The same U.S. government he was an advisor for.

[00:02:58]Correct around the time of George. Yeah.

[00:03:00]Okay. Um, let me ask you about SpaceX and the influence the IPO might have on the other big one, which is Tesla.

[00:03:08]Is there going to be a Red cross? Um, well, I mean, you know, we were talking about this before we came on air.

[00:03:12]And, you know, at some point, will Tesla get rolled up into, um, the space?

[00:03:17]I, too, I think it's certainly a lot of expectation of the market for that is coming down, down the road because, you know, I mean, Tesla is not really so much an EV business now moving more into kind of robotics involved in the Terra Fab kind of chip production kind of capability.

[00:03:33]So, you know, there are very strong links between the businesses already.

[00:03:37]I think it definitely wouldn't rule out the fact for some point when when the conditions are right, but you could see a transaction.

[00:03:44]Interesting.