SpaceX Roadshow Begins After Starship Launch

Added: 2026-05-26

[00:00:00]MICRON UP MORE THAN 13.5%. MATT: THAT IS REALLY DRIVING MARKETS HIGHER TODAY. ALSO, SPACE STOCKS ARE SURGING AS SPACEX BEGINS ITS IPO ROADSHOW.

[00:00:10]THE COMPANY CONDUCTED SEPARATELY IS 12 STARSHIP TEST ON FRIDAY.

[00:00:17]BUT THAT IS KIND OF A ROADSHOW OF SORTS.

[00:00:19]LET'S DISCUSS WITH ED LUDLOW. I AM SURE YOU WERE UP FRIDAY NIGHT WATCHING THIS COME OUT WHAT WAS A SEMI-SUCCESSFUL LAUNCH OF THE STARSHIP WITH THE SUPER HEAVY V THREE AND WRAPPED HER THREE ENGINES. WHAT DID YOU MAKE OF THE ATTEMPT? ED: VERY RIGHT.

[00:00:42]I WAS UP WITH THE MILLIONS WATCHING BLOOMBERG SPECIAL COVERAGE. THE SPACEX DATA IS SUCCESS.

[00:00:51]THEY WILL ALWAYS TELL YOU THAT IRRESPECTIVE OF THE OUTCOME, THE SPACECRAFT ITSELF SPLASHED DOWN IN THE INDIAN OCEAN, THE BOOSTER LOSS CONTROL BUT SPLASHED DOWN IN PIECES IN THE GULF.

[00:01:04]ALL OF THAT PLANNED. BUT YOU'RE RIGHT TO FRAME IT AS PART OF THE ROADSHOW BECAUSE WE WENT THROUGH S1 WITH SUCH A FINE TOOTH COMB. NONE OF THE FUTURE SPACEX OUTLINES, BE IT ORBITAL DATA CENTER, A GRIDDLE -- GREATER BUILDOUT OF THE STARLIGHT NETWORK, NONE OF THAT HAPPENS WITHOUT STARSHIP BECAUSE IT IS THE ONLY VEHICLE THAT HAS THE CAPABILITY IN TERMS OF TO DELIVER THAT, SO AT SOME POINT THIS IS GOING TO NEED TO MAKE SOME PROGRESS. DANI: IS THERE ANY REAL BENEFIT TO OTHER ROCKET MAKERS, SATELLITES, ANYTHING BY JUST HAVING SPACEX BE PUBLIC? ED: THIS HAPPENS IN THE CONTEXT OF BIG IPO'S, SPECIFICALLY IF IT IS VERY THEMATIC.

[00:01:54]YOU ARE SHOWING ECHOSTAR FLAT BUT OTHER SPACE STOCKS HAVE BEEN MOVING OVER A NUMBER OF DAYS SINCE THE S1.

[00:02:02]VALIDATION OF A SECTOR. IT BRINGS ATTENTION TO SPACE BUT BASICALLY SAYS THIS IS LEGIT. THAT FEEL GOOD CONTINUES TO HAPPEN. ONE THING WE HAVE COVERED OVER A NUMBER OF YEARS IS THERE HIS THIS RIPPLE EFFECT OF SPACEX PARTICULARLY IN SOUTHERN CALIFORNIA.

[00:02:19]WHEN A BIG FINANCIAL EVENT LIKE THIS HAPPENS, OTHER COMPANIES ARE BORN OUT OF IT. THERE'S A GREAT NETWORK OF STARTUPS RUN BY SPACEX ALUMNI THAT WILL BE A GREAT WEALTH CREATION. THAT ALL FEED INTO THE MARKETS' ATTITUDE TOWARD THE SECTOR, NOT JUST THE NAME.

[00:02:37]MATT: I WANT TO ASK ABOUT MICRON ANY SEMICONDUCTORS.

[00:02:43]I'M SURE YOU WILL BE ALL OVER THIS ON YOUR PROGRAM.

[00:02:46]I LOOKED AT THE EARNINGS ESTIMATES AND SO IT IS STILL TRADING LESS THAN EIGHT TIMES THE FORWARD 12 MONTH EARNINGS ESTIMATE. WE DON'T GET EARNINGS FROM MICRON UNTIL THE END OF NEXT MONTH.

[00:03:01]WHY DON'T INVESTORS JUST BUY MORE IF VALUATIONS REMAIN THAT LOW? ED: YOU AS TO MARTA NORTON THE EXACT RIGHT QUESTION, WHICH IS ABOUT MULTIPLE.

[00:03:12]THE REASON MICRON IS UP SO MUCH IN THE SESSION IS THIS UBS NOTE, RAISING THE PRICE TARGET. A DISCUSSION OF THAT PRICE TARGET, WHAT TIMOTHY IS ARGUING, OVER TIME, THE MARKET WILL ASSIGN TO MICRON WHAT HE SEES AS A MORE NORMAL MULTIPLE AS A RESULT OF WHAT THE TOTAL ADDRESSABLE MARKET IS.

[00:03:38]BEING IN THE ENVIABLE POSITION COME THE THING THAT IT PRODUCES, MEMORY IS IN SO MUCH DEMAND, THEY CANNOT KEEP UP WITH IT.

[00:03:47]THE WHOLE POINT OF RAISING THE PRICE TARGET, ALSO WHERE THIS FIRM SEES THE VALUATION, IS TO FINALLY CATCH UP WITH THAT.

[00:03:54]MATT: YOU MENTIONED TOTAL ADDRESSABLE MARKET, AND WE HAVE NOT TALKED ABOUT THE SPACEX TAM. WHAT KIND OF PUSHBACK DO YOU THINK THEY WILL GET FROM THAT ON THE ROAD?

[00:04:06]WHEN YOU GET INTO A ROOM WITH SERIES BANKERS WHO DO THIS FOR A LIVING AND THEY FLIPPED TO THE PAGE THAT SAYS $28 TRILLION TOTAL ADDRESSABLE MARKET, THEY'LL BE ASKING THEIR COLLEAGUES, HOW DID YOU COME UP WITH THIS NUMBER?

[00:04:20]ED: WHAT IS WILD ABOUT 28.5 TRILLION DOLLARS, ONLY TO TRILLION DOLLARS OF THAT IS STARLINK AND THE LODGE IN BUSINESS. 26 POINT $5 TRILLION IS SPACEX TELLING THE WORLD THAT THEY CAN BASICALLY SELL AI TO ENTERPRISES, EXACTLY AS OPENAI, ANTHROPIC, GOOGLE HOPE TO DO.

[00:04:43]$26.5 TRILLION OF SOFTWARE OPPORTUNITY THAT HAS NOTHING TO DO WITH ROCKETS OTHER THAN THEY NEED THE COMPUTER TO FACILITATE IT. EVERY IPO NEEDS A GOOD STORY.

[00:04:54]NO ONE WAS SURPRISED THERE WAS A TAM NUMBER THERE, PEOPLE WERE JUST SURPRISED BY THE BREAKDOWN. THE AI BIT STICKS OUT AND EVERYTHING ELSE IS HARD TO REGISTER.

[00:05:09]AS SPACEX WOULD PITCH YOU IN THE S1, STOP THINKING ABOUT THEM AS