Track market-moving stories before they get noisy

A general view of a SpaceX facility on the day of the company’s initial public offering (IPO), in Starbase, Texas, U.S., June 12, 2026. REUTERS/Gabriel V. Cardenas Purchase Licensing Rights, opens new tab

June 15 (Reuters) - Elon Musk said on Sunday that his rocket company, SpaceX (SPCX.O), opens new tab, could bring ​in $1 trillion in revenue by 2030, ‌making the statement two days after the company went public, valuing it at over $2 trillion.

"And I ​would be surprised if revenue ​is not greater than $1T in 2031," he ⁠wrote on his social media platform ​X, replying to journalist and financial commentator ​Jon Erlichman.

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SpaceX on Friday became the sixth-largest U.S. firm, cementing Musk's status as the world's first ​trillionaire.

However, the company still makes far ​less money than similarly valued tech giants like ‌Broadcom (AVGO.O), opens new tab ⁠and Amazon.com (AMZN.O), opens new tab.

In 2025, SpaceX's revenue jumped to $18.67 billion from $14.02 billion a year earlier, but the company swung to a net ​loss of $4.94 ​billion from ⁠a profit of $791 million.

Some Wall Street analysts are cautious about ​the company's growth.

Goldman had estimated ​that ⁠SpaceX's revenue would exceed $470 billion in 2030, while Morgan Stanley projected it would reach nearly $330 ⁠billion, ​according to a Wall ​Street Journal report from earlier this month.

Reporting by Shivani ​Tanna in Bengaluru; Editing by Nivedita Bhattacharjee

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Is SpaceX a true Rule Breaker stock, or just hype until the fundamentals catch up?

Two-ton satellites, laser communications, in-space mobility ships and more draw attention and new funding.

Space Exploration Technologies (SPCX +19.22%), popularly known as SpaceX, has set the record for the largest initial public offering (IPO) in history. That's clearly generating plenty of buzz around the stock, and investors of all backgrounds are attracted to it. While the range of those buying the shares may be huge, they all have one question in common: "Can this stock make me a millionaire?"

It's a fair question, and there are some key points you must understand to answer it. So, is it possible for SpaceX to make you a millionaire from a single investment? Let's find out.

Image source: Getty Images.

Elon Musk has a history of delivering impressive returns to shareholders There's one key factor for many investors that is contributing to the notion that SpaceX could be a millionaire-maker stock: Elon Musk. Whether you like him or not doesn't really matter when you look at his track record at Tesla; his success is undeniable.

If you had the foresight to invest in Tesla at its IPO, a $5,000 investment would now be worth over $1 million. That's the kind of success investors want to see out of SpaceX, but is that possible?

Unfortunately, I don't think it is. The major difference between Tesla and SpaceX is the stage at which each went public. For the former, it was a fledgling automaker when it went public, having produced barely over 1,000 vehicles. There were multiple times when the company was on the verge of bankruptcy before becoming the success it is today, and the risk was far greater.

SpaceX is not like that. It's an established company and has three key segments: space, connectivity, and artificial intelligence (AI). All of these business units are producing strong revenue growth, and all but its AI segment are profitable on an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) basis. There's a lot less risk involved in its stock versus Tesla's when they each went public, so the expected returns should also be less.

There's another factor: the market cap, which is the company's total value. When Tesla went public, it was valued at about $2 billion. SpaceX was at more than $2 trillion on its first day as a publicly traded company. That means SpaceX went public at a size 100 times larger, which limits investors' return potential.

If you want SpaceX to make you a millionaire, you likely need $1 million already. While risk tolerance varies among investors, you would be hard-pressed to find anyone recommending putting more than 10% of a portfolio value in a single stock. Should SpaceX even grow tenfold from here (which would result in a huge, nearly $20 trillion company), you would need $100,000 to put in the stock now. If 10% is your limit, then you're already a millionaire.

As a result, SpaceX isn't a millionaire-maker stock like Tesla was. That doesn't mean it will be a bad investment, but just don't expect Tesla-like returns.

The SpaceX IPO is the first in a string of AI public-market debuts that could deliver new riches to startup employees to donate to charity.

There used to be a reliable additional bump from admission to indexes, but it has become less certain recently.

Renowned investor Ron Baron praised Space Exploration Technologies Corp. (NASDAQ:SPCX) CEO Elon Musk’s leadership and hinted at his promising future following a recent discussion.

Baron Showers Praise On MuskBaron attended a discussion last week featuring Musk and Jamie Dimon at a J.P. Morgan event. During the event, Dimon questioned Musk about his personal and professional evolution over the past two decades.

"When people ask ‘what is the next SpaceX and who is the next Elon?' Simple answer. There is NO NEXT!!! Elon Musk is a mensch!" he said in a post on X.

Musk’s response, however, was not focused on his past achievements but on his future aspirations. He acknowledged his past mistakes and expressed his eagerness to continue learning.

Musk Speculates On Future Of AIMusk further speculated that future AI might commend his efforts, stating, "I think maybe the future AI will say ‘not bad for a human'." Baron applauded Musk for his contributions to humanity and congratulated his team at SpaceX.

"Elon, thank you so much for what you’ve done for humanity. Congrats to you, @Gwynne_Shotwell, @BretWJ, and the entire team. What is even more remarkable… this feels like day one, that you are just getting started," Baron said.

Musk's Trillionaire Status Sparks DebateMusk’s recent ascension to trillionaire status, following the paceX IPO, has sparked a wave of debate.

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SpaceX (SPCX +19.17%) makes its debut this week on the Nasdaq exchange in the biggest initial public offering (IPO) on record, with a $75 billion sale valuing the company near $1.75 trillion at its Friday morning debut. For many investors, including those representing major financial institutions, raising that much capital means selling something, and their holdings in the crypto market are likely on the chopping block. For instance, Bitcoin (BTC +0.30%) has shed about half its value since October 2025.

The conventional wisdom says that big listings of highly hyped companies inevitably drain cash from speculative assets, especially ones that have recently underperformed, with cryptocurrency being the most obvious donor. But where will crypto prices go once the SpaceX rocket clears the pad?

Image source: Getty Images.

How the listing is expected to be a headwind for crypto Because crypto markets operate 24/7, they are often considered the market's ATM. Assets can sell for dollars in seconds, and then be redeployed elsewhere on faster timetables than what might be possible with money transfers into brokerage accounts.

The strain is already showing, with Bitcoin's 21% drop over the last 30 days. Spencer Hallarn, global head of over-the-counter trading at GSR, a crypto trading group, said that crypto was acting as a "funding currency" for the IPO wave. Even Strategy, the biggest and most vocal corporate Bitcoin bull, trimmed its stack for the first time since 2022. That put a dent in the already-terrible sentiment about the coin's near-term prospects, which could have encouraged more investors to rotate their capital out, even if everyone knows Strategy itself won't be buying into any IPOs.

On that note, it's important to recognize that SpaceX is only the opening act of this huge IPO season, which will put further pressure on crypto capital. Listings from OpenAI and Anthropic will probably occur within months. For anyone weighing crypto against hot tech stocks, this is probably going to be a multi-quarter drag for the digital coins rather than a passing squall.

Will any of the money come back? Now that the SpaceX IPO is in the books, some of its early backers will likely seek to cash out their profits. It's feasible that a sliver of that sum could rotate back into majors like Bitcoin or Ethereum. That reallocation has rescued crypto in the past, and given that the sector is currently in a bear market, there are certainly some attractive valuations available.

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But investors absolutely should not count on any big capital rotation back into crypto. As an asset class, it's deeply out of favor, and freshly freed-up cash could just as easily chase the next artificial intelligence listing or buy semiconductor stocks to get even more exposure to speculative upside.

Therefore, don't dump your coins to chase IPO shares. If a deeper discount of the leading cryptocurrencies occurs -- and it might -- take the opportunity to load up on Bitcoin and other majors you have conviction in. Until that happens, be aware that this IPO season is going to be a rough stretch.

HomeMarketsU.S. & CanadaMarket SnapshotMarket SnapshotHigher interest rates could make the AI growth story that’s been powering the bull market harder to justifyPublished: June 14, 2026 at 9:00 a.m. ET

SpaceX’s blockbuster stock-market debut on Friday showed that investors still have an appetite for moonshots. But this week, the Federal Reserve could bring highflying parts of Wall Street back down to earth.

Few initial public offerings arrived with as much hype as SpaceX’s SPCX. The rocket maker symbolizes the enduring zeal among investors for futuristic growth stories, drawing demand from Wall Street pros, individual traders and index funds even before its first trade. The company’s shares closed 19% higher in their debut Friday, after the IPO priced at $135. SpaceX is now the sixth-most valuable company on Earth, even though it’s still burning through cash.

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Josh Giegel worked at SpaceX from 2009 to 2012. He's now the CEO of Gambit. Josh Giegel This as-told-to essay is based on a conversation with Josh Giegel, the 41-year-old cofounder of the AI startup Gambit, who lives in Los Angeles. It's been edited for length and clarity.

I was in grad school at Stanford, finishing my master's and wanting to do a Ph.D.

I had worked at NASA the previous summer, and one of the women I worked with was also a Stanford graduate, and was like: "You're going to be so bored at NASA. Why don't you check out this small space company in Los Angeles called SpaceX?"

I applied and interviewed in the two weeks between flight three and flight four of Falcon 1. I interviewed with Elon; he was still interviewing pretty much everyone at the time. I remember going back to my advisor and saying, "There's nothing I'd rather do on the planet than what he just described."

My Master's ended at the end of 2008, and I began in 2009.

I was on what's called the propulsion analysis team, which was four or five people. Our responsibility was: How do you design the first reusable rocket engine? A very small group of us was responsible for the initial stuff that was on Falcon 9.

A SpaceX Falcon 9 rocket carrying a payload into space.  Paul Hennesy/Anadolu via Getty Images I started there when I was 23, and I left when I was 27. It was a little bit of naive immaturity. I knew I wanted to start a company one day, and SpaceX was growing like crazy. I wanted to be on a founding team. I still love the company; I almost went back two or three years later before I ended up starting a company of my own.

The IPO is pretty cool. I'm on a bunch of text threads with guys who were there around the same time, and a couple of them are still there. It's cool to see just how big it became.

When I got there, and they gave the offer, there was an equity component. I remember the HR woman who was going over it with me saying, "We think some day, in 10 or 15 years, this might be worth $250,000-300,000." I distinctly remember her saying, "It might get you a nice down payment on a house in Los Angeles."

We all laugh about it now. But, at the time, the saying was: the fastest way to become a millionaire in space is to start as a billionaire.

Buybacks have been really regular for the last 10 years. Every now and then, we'd take a little bit out. For example, we paid off my wife's student loans a number of years ago. We put down a down payment on a house.

I joke: We did actually get a down payment on a house! She wasn't lying when she said that. It's a house that, on our normal salaries at startups, we wouldn't have been able to afford without that additional windfall.

We also love traveling. We've got a seven-year-old and a one-year-old. We're going to go on slightly more adventurous trips because of it.

My wife is also thinking of doing a larger career change that would come with a decent salary reduction, which she probably wouldn't have been able to do without something like SpaceX.

Professionally, I've always been risky. If the majority of your net worth is tied up in a rocket company, you must be a risk-tolerant individual.

Gambit is a VC-backed company. We've raised about $15 million to date, and there are a couple more investment rounds that are coming. The IPO puts you in a position where folks with a substantial amount of equity could be interested in becoming investors.

At least ten of the people I worked with intimately have started their own company. There was a band that I played in with five SpaceX people; four of us started our own companies. I played guitar.

That whole ecosystem can fund its own endeavors and each other. The quantum of capital that they can put in is not like your typical family and friends round. That's typically $20,000, $50,000, maybe $100,000. Here, that could be on the order of $1 million, maybe $2 million per check.

You also become a bit of a mercenary, asking, "I don't need a paycheck from what I'm going to go do, so what am I going to go do?" It's liberating.

The equity also allows me to take a lower salary at my startup, so that I can go out and hire more people to make my company more successful.

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as told to SpaceX Startups More Student Loans Real Estate Elon Musk

Owen Lamont of Acadian Asset Management says the fast-tracking of mega IPOs shouldn't keep passive investors up at night, but it isn't great either.

SpaceX (NASDAQ:SPCX) stock price jumped by 19% on its first day as a publicly-traded company, with its valuation crossing the $2 trillion mark as most analysts were expecting. 

Analysts Have Mixed Opinions on SpaceX StockJim Chanos, the famed short-seller who blew the whistle on Enron, warned that the elevated valuation made no sense. He pointed to its losses and its 2025 revenue of $18 billion.

Why SPCX Stock May Drop After the IPOThere are several reasons why the SpaceX stock will retreat in the coming weeks or months. First, the hype surrounding its IPO will fade as investors embrace the new normal and start focusing on the upcoming OpenAI and Anthropic IPOs. 

Further, the company is losing billions of dollars because of its AI business, which it gained by merging with xAI. Its most recent results showed that it suffered a net loss of over $4.2 billion in the first quarter of this year. It suffered a $4.9 billion last year.

The other reason it may drop is that its tiered lock-up expiry will happen after 180 days. This expiration makes it possible for insiders to start selling their shares. In most cases, stocks often retreat ahead of the expiration date.

Image: Shutterstock

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SpaceX has grand ambitions, but it is actually smaller than these two businesses today. Anthropic is seeing huge revenue and profit momentum.

Elon Musk, founder and CEO of SpaceX, speaks via video before the ringing of opening bell at the Nasdaq Marketsite at the launch of the company's initial public offering (IPO) on June 12, 2026 in New York City. Getty Images What do you do when your brokerage firm notifies you that you can get in on the deal of the century, the initial public offering of Elon Musk’s SpaceX?

For me, it was easy: Ignore it.

Mind you, the note was enticing. I was offered a “one-day indication of interest,” a window where I could tell the firm I wanted a piece of the AI-satellite-and-rocket conglomerate that aims to colonize Mars. Then, if I was lucky, I could get stock at the IPO price as opposed to the “pop” that comes after the deal is priced at $135 a share.

One problem: I’m a reporter who covers such stocks. I don’t buy individual shares because I can move prices and I don’t want to end up like Andrew Left, the famed short seller who just got convicted of stock manipulation in California.

The bigger problem: If this thing is so great, why come to me?

OK — I’m not quite the bottom of the barrel when it comes to investors; I am a “qualified investor,” which means I have enough savings to meet certain risk thresholds the SEC imposes on such stock sales. But if you know those limits, you also know that I didn’t make this year’s who’s who on Wall Street or in Silicon Valley.

SpaceX was the largest IPO ever. Musk & Co. raised $75 billion and the market valued SpaceX at more than $2 trillion. The deal was supposed to be so sought-after by the “smart money,” it was designated as four times “oversubscribed,” Wall Street parlance for more buyers than sellers.

And yet I have my doubts about the quality of the oversubscription and how long the pop in the stock will last. That’s when the irrational exuberance wears off and shares crater, as they so often do with these “hot IPOs.” The PR offensive to drum up interest had been going on for weeks, with lots of touting that everyone wants in on the next new thing. It picked up steam Thursday when the offering price was set to begin trading on Friday.

‘Dumb money’ What scares me is that it was also targeting the so-called “dumb money,” aka retail investors like me who are easy prey for Wall Street dealmakers and hedge fund flippers when they sell after the spike.

Look at the continued allure of meme stocks, companies with suspect balance sheets that online investors push as the next Apple and Amazon. Some have folded, others have crashed after the irrational exuberance of 2021, and all are well off their highs. Yet, the meme community still exists, hoping to make it big on some miracle when they would have been better off keeping whatever they had in the bank.

SpaceX isn’t a meme stock — far from it — but at least some of the same dynamics apply. Yes, Musk has a lengthy track record defying critics and swarms of short sellers predicting the demise of Tesla. The electric-car maker is now a $1.27 trillion company and among the market’s best performers, up over 30,000% since its IPO years back.

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Musk himself was also worth more than $1 trillion after the ­SpaceX IPO started trading Friday — and more power to him. We need to reward visionary entrepreneurs who create stuff, making our lives better and more prosperous. Musk built his wealth; he weathered ups and downs along the way — and he produced. Tesla is profitable and it wasn’t always. It took him years to convince Wall Street he wasn’t a fugazy.

But that’s not the point of this column. The financials of SpaceX may or may not follow the same trajectory as Tesla. AI is the future, but so was the internet. Recall all those dot-coms that soared in price after their IPOs only to crash and burn when it came time to produce real earnings.

Last year SpaceX lost nearly $5 billion after turning a small profit in 2024 as it began to build out its AI infrastructure that is supposed to be the glue that holds this disparate conglomerate together.

It also might be worth looking at what this company does. Yes, it sends rockets to space and yes, it does operate satellites for broadband usage. And yes, this will be powered by AI, Musk’s company xAI, to be precise. Buried inside this company is also the social media platform X, formerly known as Twitter, which for all Elon’s headcount shaving still isn’t believed to be profitable.

Maybe this will work, although I’m not sure. There’s also the question of when it will work. On Friday, the IPO went great out of the gate; underwriters Goldman Sachs and Morgan Stanley are the best in the business and they know how to work their book of investors.

There will be hedge funds and other savvy trading types who got in on the offering price, who will flip on the pop. Some smart people on Wall Street also believe shares will drop some 20% over the coming months because that’s how these things work.

I’m also pretty sure the underwriters know all of the above, which is why retail investors (like myself) got that call last week.

The SpaceX (SPCX +19.17%) initial public offering (IPO) is finally here, and whether you invest in it directly or not, this historic event is likely to impact your portfolio. I say it's historic because it is expected to raise $75 billion for the company, the largest-ever initial public offering.

Whether you've sworn off the IPO, were the lucky recipient of IPO shares, or are planning to buy some as soon as you can, here's what you need to know about the bigger picture.

The markets could be volatile It's not just the size of the offering that's huge; the company's total value is expected to start at $1.8 trillion, and it could soar much higher on the first day of trading. A new stock of that size can't go by unnoticed.

Image source: Getty Images.

Prediction sites are already calling the IPO for over $2 trillion. Pre-IPO futures on crypto exchange Hyperliquid are predicting $2.1 trillion right now, although traders on Polymarket only give it a 5% chance of breaking through $3 trillion.

The S&P 500 has been down this week, and although the decline began with a positive jobs report last Friday, investors might be preparing their funds to buy SpaceX stock. Depending on what happens over the next few days, there could be ripples throughout the market.

It's going to be included in several indexes If you own exchange-traded funds (ETFs) that track the Nasdaq-100 or the Russell 1000, you might be buying SpaceX stock faster than you think. The Nasdaq and FTSE Russell changed their rules to include it sooner than existing regulations allowed, and it might be added to the Russell 1000 as early as five days from now. New rules might also expand its presence in the Nasdaq-100.

ETFs like the popular Invesco QQQ Trust, which tracks the Nasdaq-100, will have to reallocate their funds to reflect changes in the index.

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Not only will these moves add SpaceX to the ETFs, but they could also impact SpaceX's price, as they have to buy so much stock to reflect the changes.

The Invesco ETF, for example, has $460 billion in assets under management. It's the second-most traded ETF on the market, which could add further volatility to the stock and to the market as a whole. It's a weighted index, with its top positions in Nvidia (8.7%), Apple (7.7%), and Microsoft (5.7%), and those stakes will look very different once SpaceX gets in.

Vanguard has three separate ETFs that track the Russell 1000: the Russell 1000 ETF, the Russell 100 Growth ETF, and the Russell 1000 Value ETF, and many other companies have similar index funds. All these ETFs will be buying SpaceX once it's included in the index.

It's not going to be included in the S&P 500 -- yet S&P Global, the company that owns the S&P 500, has declined to change its regulations to include SpaceX stock. To be included, stocks need to be on the market for at least one year and be profitable, in addition to other requirements.

That will provide some measure of stability for at least a year, when SpaceX stock might be eligible to join the broader index if it's profitable. It reported a $4.9 billion loss in 2025 and a $4.3 billion loss in the 2026 first quarter.

It's just another moment in stock market history These are short-term factors, although they could be significant over the next few days or weeks. If you're a long-term investor who's well-diversified among classes and categories, this IPO ultimately won't make a difference in your portfolio. If the SpaceX IPO does end up inducing heavy market volatility, the important thing is to remain calm and not panic sell.

SpaceX had a successful IPO, as the company quickly reached a $2.1 trillion valuation. Wall Street assumes SpaceX to reach $226 billion in 2030 revenues, which I underline as unrealistic based on a segment-by-segment analysis. The current valuation relies on shaky earnings assumptions, making SPCX an overly risky investment.

The S&P 500 held up just fine this past week, but a rush of offerings could signal trouble ahead.

The debut is done. After 24 years as a private company, SpaceX (SPCX +19.17%) is now a public stock, and a volatile one. Shares priced at $135, opened at $150, traded as high as about $177, and closed at about $161 as of this writing -- a gain of about 19% on the day, with the stock continuing to climb in after-hours trading.

That move values the rocket and satellite company at roughly $2.1 trillion, up from the $1.77 trillion the IPO price implied. It makes SpaceX one of the most valuable companies in the U.S. on day one, ahead of names like Meta Platforms and founder Elon Musk's own Tesla.

So the interesting question is no longer whether the IPO would succeed. It clearly did. The question for anyone watching the ticker now is whether buying after a 19% pop is a disciplined move or a foolish chase.

Here's a closer look at both sides.

Image source: Getty Images.

The bull case Start with Starlink, the satellite internet business that does most of the heavy lifting. SpaceX's initial public offering (IPO) disclosures show the connectivity segment, primarily driven by Starlink, generated about $11.4 billion in revenue in 2025, about 61% of the company's total, and it is the only segment producing consistent profits -- roughly $4.4 billion in operating income, or an operating margin of about 39%.

And the subscriber growth has been steep. Starlink ended 2023 with about 2.3 million subscribers, a figure that climbed to about 8.9 million by the end of 2025 and surpassed 10 million by the first quarter of 2026. The company also has pricing levers it has barely started to pull. After letting average revenue per subscriber fall about 18% to roughly $81 a month between 2023 and 2025 to win volume, SpaceX raised some Starlink prices by up to $10 a month in May.

Then there's the launch business, where SpaceX is dominant in a way few companies are dominant in anything. The company said its rockets accounted for more than four-fifths of all mass launched into orbit in 2025. That is the kind of position that is extraordinarily hard for a competitor to replicate, and it underpins the scarcity argument that helped drive demand for the shares.

There is also the simple fact that there is no other public stock quite like this one. Investors who want exposure to commercial space, satellite broadband, and Musk's broader ambitions now have a single way to get it. That uniqueness arguably commands a premium on its own.

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The risks a day-one buyer takes on But a great business and a great stock are not the same thing, and the gap between the two has rarely looked wider than it does here.

Start with valuation. At about $2.1 trillion, SpaceX trades at well over 100 times its 2025 revenue. For perspective, that is a multiple usually reserved for far smaller companies in the earliest innings of growth, not one of the largest companies in the country. And SpaceX isn't profitable on a consolidated basis. After folding in Musk's AI venture xAI, which it acquired in February 2026, the company posted a net loss of about $4.9 billion in 2025 and a loss of about $4.3 billion in the first quarter of 2026 alone. The AI segment is consuming Starlink's profits and then some.

And a price like this leaves essentially no room for error. It assumes Starlink keeps compounding, the launch business stays unrivaled, and the unprofitable AI unit eventually turns into something that justifies the spending.

There is also the matter of supply. SpaceX structured its lockup unusually, letting some shareholders begin selling portions of their holdings within weeks of the IPO rather than waiting the typical 180 days. Early shareholders can sell 20% of their shares around the company's first quarterly report covering the second quarter, with additional tranches unlocking later in the year. That means a meaningful wave of shareholder selling could arrive well before year-end, which could pressure the stock.

And then there's the volatility a newly public megacap brings. Shares swung from up 11% to up more than 30% and back within a single session. The business is also closely tied to one founder who runs several other companies.

So, post IPO, is SpaceX stock a buy?

I don't think this is the moment to chase it. The business is remarkable, and Starlink alone may justify a massive valuation someday. But the current price already assumes a lot goes right, and the unusual lockup structure, combined with the stock's borderline egregious valuation, could create better entry points down the road.

I'd rather be patient here than chase post-IPO gains.

by Todd Bishop on Jun 13, 2026 at 8:23 amJune 13, 2026 at 8:47 am

Scenes from GeekWire’s visit to Cleveland, where John Cook and Charles Fitzgerald spent several days reporting on the city’s comeback, including a stop at the abandoned Westinghouse light bulb factory where they recorded this week’s podcast. (Charles Fitzgerald and John Cook Photos) John Cook and Charles Fitzgerald spent several days in Cleveland this week, and they came back with a cautionary tale for Seattle: don’t assume the good times will last. But they also found inspiration: a city that’s coming back by getting its business, civic, and public leaders to row in the same direction.

The GeekWire co-founder and the Seattle angel investor called into the GeekWire Podcast from an unlikely setting: an abandoned Westinghouse light bulb factory on Cleveland’s near east side, part of an industrial district called The Midline that’s being redeveloped for a new generation of jobs.

The Cleveland trip closes a loop that opened in February, when Fitzgerald, a GeekWire contributing columnist, wrote a provocative piece warning that Seattle risked becoming the next Cleveland.

Cleveland Mayor Justin Bibb joined the podcast to push back and make the case for his city, then invited the two to come see its comeback for themselves. This week, John and Charles took him up on it.

Over several days, they met with Bibb, Ohio Gov. Mike DeWine, and a roster of developers, entrepreneurs, and civic and business leaders. What stood out, they say, was a city hustling and aligned around jobs and growth in a way Seattle no longer is. Their takeaway is blunt: Cleveland could eat Seattle’s lunch if Seattle keeps taking its prosperity for granted.

For the full rundown of advice from those Cleveland leaders, see John’s previous story.

Then we turn to the week’s news back home. The Seattle City Council voted unanimously for a one-year moratorium on new large data centers. Fitzgerald argues it’s political theater, since the big AI data centers were never coming to high-cost Seattle anyway, and says the real concern is the signal it sends about whether the city is open for business.

And with the SpaceX IPO landing on Friday, Fitzgerald explains why he’s sitting it out.

Subscribe to GeekWire in Apple Podcasts, Spotify, or wherever you listen.

Leaders at the space and AI company share ties to a Cornell University team where they honed their engineering skills.

SpaceX (NASDAQ: SPCX) just went public in the largest IPO of all time, raising $75 billion at a valuation of nearly $1.8 trillion. Many investors are excited to finally own a piece of the Starlink satellite internet business, SpaceX's dominant rocket launch business, and the high-potential xAI artificial intelligence business.

However, the story here goes beyond how SpaceX stock will perform as a publicly traded company. It's important for investors to keep in mind that SpaceX just raised $75 billion in fresh capital, and with big growth ambitions, the company will deploy it into AI computing hardware, rocket and satellite parts, and more. And there are some publicly traded companies that could be big winners now that such a big customer has much deeper pockets.

With that in mind, here are five companies in particular that could be big beneficiaries of SpaceX's IPO windfall for years to come.

Image source: Getty Images.

5 Companies that could make billions now that SpaceX is public To be clear, there are more than just five. SpaceX buys components from dozens of companies, and many others are likely to get secondary tailwinds from the IPO. But here are five in particular that investors might want to take a closer look at.

1. Alphabet Alphabet (GOOG +0.44%)(GOOGL +0.53%) could be a big winner from the SpaceX IPO, but not because SpaceX is a major customer. Alphabet made a $900 million investment in SpaceX in 2015, when SpaceX had a $12 billion valuation. At the IPO valuation, Alphabet's stake is worth about $150 billion. That's already an incredible return, but if SpaceX's stock were to rise post-IPO, it could become a serious needle-mover for the Google parent company.

2. Nvidia You've probably heard about SpaceX's deals to provide compute infrastructure to Anthropic and Google, which will require SpaceX to continue purchasing hundreds of thousands of GPUs and other AI computing components. And I wouldn't be surprised to see further compute deals announced, creating an excellent recurring revenue stream for SpaceX. Nvidia (NVDA +0.15%) is likely the most direct beneficiary of SpaceX's deeper pockets post-IPO.

3. Moog Now we're starting to dig a little deeper. Moog (MOGA 2.55%) is the leader in precision motion control systems for the aviation, space, and defense industries. The company provides essential components for many satellites, and once Starship improves SpaceX's launch economics, the volume of new satellite deployments could increase rapidly.

4. Kratos Defense & Security Kratos Defense & Security (KTOS 1.75%) is best known for its unmanned aerial vehicles (drones), but it also offers the only commercially available satellite ground system, OpenSpace. Even if Kratos doesn't get a direct SpaceX contract, it is a clear beneficiary as the commercial satellite economy accelerates.

5. Intel To say that Intel (INTC +6.49%) has been a big winner recently would be an understatement. The company has benefited from an investment from the U.S. government and partnerships with Nvidia, Apple (AAPL 1.52%), and other tech giants. Investors have been handsomely rewarded, with the stock up about 500% over the past year alone. However, it's also worth noting that Intel has a close relationship with both SpaceX and Tesla (TSLA +1.65%) as a key Terafab partner. Specifically, Terafab will use Intel's next-generation fabrication technology, and the capital SpaceX raised in its IPO could be a major source of funding to get the Terafab project going.

The bottom line As mentioned, there could be plenty of winners from the SpaceX IPO. But these are five companies that should be major beneficiaries of SpaceX's massive infusion of capital for years to come, and they could be worth a look for patient investors.

Matt Frankel, CFP® has positions in Kratos Defense & Security Solutions. The Motley Fool has positions in and recommends Alphabet, Apple, Intel, Kratos Defense & Security Solutions, Moog, Nvidia, and Tesla. The Motley Fool has a disclosure policy.

HomePersonal FinanceReal Estate2025 set an all-time high for first-time buyers who used financial assets to buy a home or fund a down payment, according to the National Association of RealtorsPublished: June 13, 2026 at 9:00 a.m. ET

The SpaceX IPO could change the game on high-end real estate in Texas — and elsewhere. Photo: Getty Images)The SpaceX IPO is creating a whole new round of deep-pocketed home buyers — and deepening the gulf between high-end housing markets and everyday real estate.

Austin, Texas-based real-estate agent Matt Holm is already helping some SpaceX employees with their home search. Friday — when a record-breaking initial public offering kicked off trading of SpaceX’s stock SPCX — marked “a pretty good one-day bump to millionaires and billionaires in one town,” said Holm, team lead of the Holm Team with Compass Real Estate COMP.

June 13, 2026 01:34 ET  | Source: Defiance ETFs

MIAMI, FL, June 13, 2026 (GLOBE NEWSWIRE) -- Dengan SpaceX (NASDAQ: SPCX) dijangka mula didagangkan di Nasdaq hari ini, Defiance ETFs mengesahkan bahawa Defiance Daily 2X Space ETF (Cboe: SPCL) akan menyasarkan pendedahan berleveraj harian 2X kepada saham biasa Kelas A SpaceX dalam portfolionya. Langkah ini menjadikan SPCL sebagai dana dagangan bursa (ETF) pertama dan satu-satunya di Amerika Syarikat yang mempunyai pendedahan 2X kepada SpaceX pada hari IPO. Pendedahan SpaceX dalam dana tersebut ditetapkan pada harga IPO sebanyak USD135 sesaham.

SpaceX menetapkan harga penawaran awam perdana pada USD135 sesaham dan mula didagangkan hari ini dengan simbol tiket SPCX. Pada harga tersebut, syarikat ini dinilai kira-kira USD1.77 trilion, yang menurut laporan merupakan IPO terbesar dalam sejarah Amerika Syarikat berdasarkan nilai pasaran pada hari penyenaraiannya.

Dengan menetapkan pendedahan SpaceX pada harga IPO USD135, bukannya pada harga pembukaan dagangan awam, SPCL menyediakan pendedahan berleveraj harian 2X kepada SpaceX kepada pedagang aktif sebaik sahaja pasaran dibuka.

Untuk maklumat lengkap mengenai dana, prospektus, pegangan portfolio dan prestasi setakat akhir bulan terkini, layari defianceetfs.com/spcl atau hubungi 833.333.9383.

Pelaburan dalam SPCL bukan pelaburan langsung ke dalam sekuriti asas. Dana ini tidak sesuai untuk semua pelabur. Ia direka khusus untuk pelabur berpengetahuan yang memahami implikasi mencari hasil pelaburan leveraj harian (2X), menyedari risiko penggunaan leveraj, dan bersedia memantau portfolio mereka dengan kerap. Dana ini tidak bertujuan untuk digunakan oleh pelabur yang tidak berhasrat untuk memantau serta mengurus portfolio secara aktif. Dana ini mempunyai objektif pelaburan berleveraj harian, yang bermaksud ia lebih berisiko berbanding alternatif yang tidak menggunakan leveraj. Dana ini menggandakan prestasi Portfolio Sasaran dan direka semata-mata untuk kegunaan jangka pendek. Bagi tempoh melebihi satu hari, prestasi Dana akan menjadi hasil pulangan harian terkumpul, yang hampir pasti berbeza daripada 200% pulangan Portfolio Sasaran bagi tempoh yang sama. Pelabur mungkin kehilangan keseluruhan modal dalam satu hari dagangan.

Penyataan Pendedahan Penting

Defiance ETFs LLC ialah penaja ETF. Penasihat pelaburan Dana ini ialah Tidal Investments LLC (“Tidal” atau “Penasihat”).

Objektif pelaburan, risiko, caj dan perbelanjaan Dana mesti dipertimbangkan dengan teliti sebelum membuat pelaburan. Prospektus dan prospektus ringkas mengandungi maklumat ini serta maklumat penting lain dan boleh diperoleh dengan menghubungi 833.333.9383 atau melayari defianceetfs.com/spcl. Sila baca prospektus dan prospektus ringkas dengan teliti sebelum melabur.

Pelaburan dalam Dana melibatkan tahap risiko yang tinggi. Seorang pelabur boleh kehilangan keseluruhan nilai prinsipal pelaburannya dalam satu hari dagangan.

Risiko Strategi dan Penyusunan Semula. Dana ini diurus secara aktif dan, menurut Prospektus yang telah dipinda baru-baru ini, boleh menyusun semula portfolionya supaya tertumpu kepada pendedahan terhadap satu sekuriti syarikat angkasa lepas sebagai tindak balas kepada suatu “Peristiwa Angkasa Material” – ditakrifkan termasuk penawaran awam perdana (IPO) sesebuah syarikat, seperti SpaceX, yang ditentukan oleh Penasihat sebagai peserta penting dalam ekonomi angkasa. IPO SpaceX, sebagai Peristiwa Angkasa Material, akan menyebabkan Dana memegang keseluruhan atau sebahagian besar portfolionya dalam instrumen yang memberikan pendedahan kepada saham SpaceX, sekali gus mendedahkan Pemegang Saham sedia ada dan masa depan kepada portfolio pelaburan yang jauh lebih tertumpu dan berpotensi lebih volatil akibat peristiwa tersebut. Hasil pelaburan Dana berikutan penyusunan semula sebagai tindak balas kepada Peristiwa Angkasa Material mungkin berbeza secara ketara daripada hasil sebelumnya, dan Dana mungkin buat sementara waktu menyimpang daripada tahap pendedahan harian yang disasarkan. Prospektus Dana tidak mewajibkan Penasihat memberikan notis awal sebelum penyusunan semula; bagaimanapun, Portfolio Sasaran Dana diterbitkan secara harian di laman webnya di www.defianceetfs.com/spcl.

Pelaburan dalam Dana bukanlah pelaburan langsung dalam SpaceX. Dana ini berusaha mendapatkan pendedahan kepada saham biasa Kelas A SpaceX, serta sekuriti syarikat angkasa lain, melalui derivatif dan bukannya dengan memegang sekuriti asas secara langsung. Pegangan Dana boleh berubah pada bila-bila masa dan tidak boleh dianggap sebagai cadangan untuk membeli atau menjual mana-mana sekuriti.

Risiko Portfolio Tertumpu dan Kepekatan. Dana ini mungkin mencari pendedahan kepada satu atau sejumlah kecil sekuriti syarikat angkasa, termasuk SpaceX. Memandangkan pendedahan Dana tertumpu kepada satu atau sebilangan kecil saham pendasar seperti SpaceX, Dana terdedah kepada pergerakan harga, prestasi perniagaan, perkembangan pengawalseliaan dan risiko lain yang khusus kepada SpaceX atau syarikat angkasa lain. Dana ini jauh kurang terdiversifikasi berbanding ETF tradisional. Prestasinya juga lebih tidak menentu berbanding dana yang memberi pendedahan kepada sektor pasaran yang lebih luas atau menjejaki indeks sekuriti berasaskan luas.

Risiko Leveraj, Penggandaan dan Tetapan Semula Harian. Dana ini mensasarkan hasil pelaburan harian bersamaan 200% daripada prestasi harian Portfolio Sasaran yang terdiri daripada satu atau sejumlah kecil sekuriti syarikat angkasa. Portfolio tersebut boleh termasuk, atau sepenuhnya terdiri daripada, saham biasa Kelas A SpaceX sekiranya berlaku Peristiwa Angkasa Material. Dana tersebut memperoleh pendedahan melebihi aset bersihnya melalui leveraj, yang menggandakan keuntungan dan kerugian. Pulangan Dana bagi tempoh melebihi satu hari berkemungkinan berbeza, dari segi magnitud dan mungkin juga arah, daripada sasaran hariannya yang dinyatakan. Untuk tempoh melebihi satu hari, Dana akan mengalami kerugian jika prestasi Portfolio Sasarannya mendatar dan juga berkemungkinan mengalami kerugian walaupun prestasi Portfolio Sasarannya meningkat. Dana ini bertujuan untuk perlaburan jangka pendek dan tidak sesuai bagi pelabur yang tidak berhasrat untuk memantau serta mengurus portfolio mereka secara aktif.

Risiko Syarikat Baharu Tersenarai. SpaceX baharu sahaja menyelesaikan, atau sedang dalam proses menyelesaikan penawaran awam permulaannya. Hari pertama dagangan sekuriti syarikat yang baharu tersenarai lazimnya melibatkan aktiviti pasaran luar biasa dan mungkin berbeza dengan ketara daripada hari-hari dagangan berikutnya. Sebagai contoh, dagangan saham biasa SpaceX boleh dicirikan oleh volatiliti harga yang besar, pergerakan harga yang pantas, perbezaan ketara antara harga IPO dan harga pasaran pembukaan, spread bida-tawar yang luas, imbangan dagangan yang tidak stabil, kecairan terhad, pemberhentian dagangan serta gangguan pasaran lain. Keadaan ini boleh menyukarkan peserta pasaran menilai saham biasa SpaceX dan boleh menyumbang kepada turun naik yang signifikan dalam harga pasaran Saham Dana tersebut.

Risiko Khusus SpaceX. Pendedahan Dana kepada saham SpaceX akan mendedahkannya kepada risiko khusus SpaceX, termasuk status dijangka sebagai syarikat terkawal dengan kuasa mengundi tertumpu pada pengasas Elon Musk melalui saham biasa Kelas B (10 undi setiap saham), pergantungan Dana kepada perkhidmatan dan reputasi Musk, serta risiko pelaksanaan berkaitan teknologi baharu atau belum terbukti seperti program Starship, satelit generasi baharu Starlink dan inisiatif AI orbit.

Risiko Pendedahan Hari Dagangan Pertama IPO. Dana menjangkakan untuk mendapatkan pendedahan kepada prestasi saham biasa SpaceX yang diukur daripada harga pasaran pembukaan pada hari pertama dagangan di bursa. Dana tidak akan berusaha untuk memberi pendedahan kepada perbezaan antara harga tawaran IPO dan harga pasaran pembukaan saham biasa SpaceX. Tiada jaminan bahawa Dana akan dapat memperoleh, mengekalkan atau mengimbangi semula tahap pendedahan yang disasarkan kepada prestasi saham biasa SpaceX sepanjang hari pertama dagangannya.

Risiko Kekangan Kapasiti Derivatif. Oleh kerana SpaceX akan menjadi syarikat baharu tersenarai, pasaran bagi perjanjian swap, kontrak opsyen dan instrumen lain yang mungkin digunakan Dana untuk mendapatkan pendedahan leveraj mungkin terhad, tidak cair, bervolatiliti tinggi, mahal, atau tidak tersedia. Pihak lawan boleh mengenakan had pendedahan, bursa boleh mengenakan had posisi atau sekatan lain dan peserta pasaran mungkin enggan atau tidak mampu menyediakan tahap pendedahan yang disasarkan oleh Dana. Kekangan ini boleh meningkatkan ralat penjejakan, menyebabkan Dana memperoleh pulangan jauh lebih rendah daripada pendedahan leveraj harian yang disasarkan terhadap prestasi saham SpaceX, atau menghalang Dana daripada mencapai objektif pelaburannya. Risiko ini mungkin lebih ketara dalam tempoh segera selepas IPO apabila volum dagangan, keadaan kecairan, ketersediaan derivatif, kapasiti pihak lawan, penemuan harga dan volatiliti pasaran sangat tidak menentu.

Risiko Derivatif dan Tidak-Pempelbagaian. Dana ini menggunakan perjanjian swap dan/atau kontrak opsyen tersenarai untuk mendapatkan pendedahan ekonomi kepada sekuriti Portfolio Sasarannya, yang tertakluk kepada risiko pihak lawan, kecairan, penilaian, korelasi dan leveraj, serta risiko bahawa derivatif tidak akan berfungsi seperti yang dijangkakan. Dana tersebut diklasifikasikan sebagai tidak-pempelbagaian dan boleh melaburkan sebahagian besar asetnya untuk memberi pendedahan kepada satu penerbit sahaja.

Risiko Cukai. Penggunaan swap dan derivatif lain oleh Dana boleh menghasilkan pendapatan bercukai, termasuk pendapatan biasa dan keuntungan modal jangka pendek, yang lazimnya dikenakan cukai pada kadar lebih tinggi berbanding keuntungan modal jangka panjang.

Prestasi lalu tidak menjamin keputusan masa depan. Pegangan dan pendedahan Dana boleh berubah pada bila-bila masa dan tidak boleh dianggap sebagai cadangan untuk membeli atau menjual mana-mana sekuriti.

Defiance Daily 2X Space ETF diedarkan oleh Foreside Fund Services, LLC.

Perihal Defiance ETFs

Ditubuhkan pada tahun 2018, Defiance ialah penerbit ETF terkemuka yang memfokuskan kepada ETF bertema, berpendapatan dan leveraj. ETF leveraj saham tunggal yang diperkenalkan sebagai perintis oleh Defiance membolehkan pelabur mengambil posisi diperbesarkan dalam syarikat berpotensi tinggi, memberikan pendedahan leveraj yang tepat tanpa perlu membuka akaun margin.

Hubungan Media: Sylvia Jablonski | [email protected] | 833.333.9383

Foto yang mengiringi pengumuman ini tersedia di https://www.globenewswire.com/NewsRoom/AttachmentNg/aecb8921-fd5d-4b89-a6b1-d467b4da772d

June 13, 2026 01:34 ET  | Source: Defiance ETFs

佛羅里達州邁阿密, June 13, 2026 (GLOBE NEWSWIRE) -- 預期 SpaceX (NASDAQ: SPCX) 今日將於 Nasdaq 開始買賣，Defiance ETFs 確認，Defiance Daily 2X Space ETF (Cboe: SPCL) 會在其投資組合中尋求對 SpaceX A 類普通股提供 2 倍每日槓桿曝險，令其成為首隻及唯一在上市首日提供 2 倍 SpaceX 曝險的美國交易所買賣基金 (ETF)。該基金以 135 美元的首次公開招股 (IPO) 價建立其 SpaceX 曝險。

SpaceX 把首次公開招股價定為每股 135 美元，今日起以交易代號 SPCX 進行買賣。按此定價，公司估值約 1.77 萬億美元，據報是美國史上按上市首日市值計算最大型的首次公開招股。

SPCL 以 135 美元的首次公開招股定價（而非股份首日公開買賣的開市價）來建立 SpaceX 曝險，從開市起便為活躍交易者提供 2 倍每日槓桿 SpaceX 曝險。

有關基金的完整細節、招股章程、持倉及截至最近月底的表現，請瀏覽 defianceetfs.com/spcl 或致電 833.333.9383。

投資於 SPCL 並非直接投資於相關證券。此基金並非適合所有投資者。此基金僅供具備知識的投資者所用。該等投資者須明白追求每日槓桿 (2 倍) 投資結果的潛在後果，通曉運用槓桿的風險，並願意時常監察其組合。此基金不擬供無意主動監察和管理投資組合的投資者使用，亦不適合該等投資者。此基金追求每日槓桿投資目標，亦即比不用槓桿的替代方案風險更高。此基金會放大目標組合的表現，而且只適合短期操作。若持有期超過一日，此基金的表現會是每日回報複合計算的結果，很可能與同期目標組合回報的 200% 出現差異。投資者有機會在一個交易日內損失全部本金。

重要披露事項

Defiance ETFs LLC 是此交易所買賣基金的發起機構。此基金的投資顧問為 Tidal Investments LLC (「Tidal」或「顧問」)。

投資前，請仔細考慮此基金的投資目標、風險、收費及開支。招股章程及概要招股章程載有上述及其他重要資訊，可致電 833.333.9383 或前往 defianceetfs.com/spcl 索取。請於投資前閱覽招股章程及概要招股章程。

投資本基金涉及高風險。投資者有機會在一個交易日內損失全部投資本金。

策略及重組風險。此基金採取主動管理，依據其最近修訂的招股章程，可為應對「重大太空事件」而重整投資組合，使其曝險集中於單一太空公司證券。「重大太空事件」的定義涵蓋獲顧問判定為太空經濟重要參與者的公司 (例如 SpaceX ) 進行首次公開招股。SpaceX 上市屬於重大太空事件，會令此基金把全部或絕大部分投資組合投向提供 SpaceX 股份曝險的工具，現有及未來的股東將因此面對更集中且潛在波幅更大的投資組合。因應重大太空事件而重組後，此基金的投資結果可能與先前結果有重大差異，而此基金可能因此暫時偏離其每日目標曝險水平。此基金招股章程並無要求顧問在重組前發出預先通知；惟此基金的目標組合每日會在網站 www.defianceetfs.com/spcl 上公佈。

投資本基金並非投資於 SpaceX。此基金旨在透過衍生工具，而非直接持有相關證券，來獲得 SpaceX A 類普通股及其他太空公司證券的曝險。基金持倉會隨時改動，不應視作買賣任何證券的推薦。

集中投資組合與集中風險。此基金可能只對一間或少數太空公司證券 (包括 SpaceX ) 尋求曝險。此基金的曝險集中在一個或少數相關股票 (例如 SpaceX )，因此本基金須承受 SpaceX 或其他太空公司特有的價格波動、業務表現、監管變化及其他風險。此基金的分散投資程度遠低於傳統交易所買賣基金，其表現比投資廣泛市場板塊或追蹤大範圍證券指數的基金更為波動。

槓桿、複合與每日重設風險。此基金力求每日投資結果，達到目標組合每日表現的 200%。該目標組合由一間或少數太空公司證券組成，因應重大太空事件，可能包括或完全為 SpaceX A 類普通股。此基金運用槓桿取得超出其資產淨值的曝險，此舉會同時放大損益。此基金於超過單一交易日期間的回報，在金額及可能的方向上，均很可能與其訂明的每日目標出現偏差。當持有期超越一個交易日，若目標投資組合表現持平，本基金將蒙受虧損；且即使目標投資組合表現上揚，本基金仍有機會虧損。本基金為短期操作而設，不適用於無意主動監察和管理投資組合的投資者。

新上市公司風險。SpaceX 最近已完成或正在完成其首次公開招股。新上市公司證券的首個交易日通常會出現異常的市場活動，情況可能與之後的交易日截然不同。舉例而言，SpaceX 普通股的買賣可能出現價格大幅波動、價格急變、首次公開招股定價與開市價之間存在莫大差距、買賣差價寬闊、交易不平衡、流動性有限、交易停頓及其他市場干擾。此等狀況可能令市場參與者難以評估 SpaceX 普通股的價值，亦或許引致此基金股份的市價顯著波動。

SpaceX 特有風險。此基金對 SpaceX 股票的曝險會使其承受 SpaceX 獨有的風險，例如 SpaceX 預期會成為受控公司 (投票權透過 B 類普通股 (每股 10 票) 集中在創辦人 Elon Musk 手上)、本基金對 Musk 先生的服務及信譽的依賴，以及與未經驗證或新技術 (例如星艦 (Starship) 計劃、新一代星鏈 (Starlink) 衛星及軌道人工智能 (AI) 項目) 相關的執行風險。

首個交易日的首次公開招股曝險風險。此基金預期會尋求對 SpaceX 普通股表現的曝險，並以該股在交易所首個交易日的開市價作為起點。此基金不會尋求提供 SpaceX 普通股首次公開招股發售價與開市價之間差額的曝險。無法保證本基金能在 SpaceX 普通股的首個交易日內，成功取得、維持或重新平衡其對 SpaceX 普通股表現的目標曝險水平。

衍生工具容量限制風險。SpaceX 為新上市公司，所以此基金用作取得槓桿曝險的掉期協議、期權合約及其他工具的市場，可能出現局限、流動性低、波動、成本高昂甚至無法買賣的情況。交易對手可能設定曝險上限，交易所可能施加持倉限額或其他限制，而市場參與者可能不願或無法為本基金提供目標曝險水平。此等限制可能擴大追蹤誤差，使此基金的回報遠低於其對 SpaceX 股票表現所追求的每日槓桿曝險，甚至妨礙此基金實現投資目標。此等風險在首次公開招股後短期內可能特別顯著，皆因當時的交易量、流動性狀況、衍生工具供應、交易對手容量、價格發現機制及市場波動性均可能極不明朗。

衍生工具與非分散投資風險。此基金運用掉期協議及／或上市期權合約，以取得目標投資組合證券的經濟曝險。此等工具須承受交易對手、流動性、估值、相關性及槓桿風險，以及衍生工具未能如預期表現的風險。此基金歸類為非分散投資基金，可能將較大比例的資產投放在單一發行方的曝險上。

稅務風險。此基金運用掉期及其他衍生工具，可能產生須繳稅的收入，包括普通收入及短期資本收益。這些收入通常的適用稅率高於長期資本收益。

過往表現無法保證未來結果。基金持倉及曝險會隨時改動，不應視作買賣任何證券的推薦。

Defiance Daily 2X Space ETF 由 Foreside Fund Services, LLC 分銷。

關於 Defiance ETFs

Defiance 於 2018 年創立，為頂尖的交易所買賣基金發行機構，專門從事主題式、收益型及槓桿型交易所買賣基金。我們具備先驅優勢的槓桿式單一股票交易所買賣基金，讓投資者能對高增長公司放大持倉，提供精準的槓桿曝險，且無須開設保證金帳戶。

媒體聯絡人：Sylvia Jablonski | [email protected] | 833.333.9383

此公告隨附的照片可在以下網址查看：https://www.globenewswire.com/NewsRoom/AttachmentNg/aecb8921-fd5d-4b89-a6b1-d467b4da772d

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Miguel J. Rodriguez Carrillo / AFP After eBay acquired PayPal in 2002, the PayPal mafia went on to reshape Silicon Valley. Now, after Musk's blockbuster SpaceX IPO, employees and investors who made fortunes are expected to redeploy some of their massive windfalls into the new wave of space companies, many of them founded by the so-called SpaceX mafia.

"Many of today's leading technology investors and entrepreneurs, including Elon Musk, Peter Thiel, and David Sacks, came out of the PayPal ecosystem and went on to shape the next generation of technology companies," Justus Parmar, CEO of Fortuna Investments, a venture capital firm that invested in both SpaceX and Tesla, told Business Insider.

"A SpaceX IPO could become a similar watershed moment for the space industry."

Members of the SpaceX Mafia have raised funding from top venture capital firms such as Andreessen Horowitz, 8VC, and Founders Fund. A handful also passed through Y Combinator, Silicon Valley's famed funding and mentorship program for nascent startups.

Thousands of former SpaceX employees have been waiting for the IPO for years.

"The SpaceX IPO will trickle down to the SpaceX mafia startups in a variety of ways," Jamie Gull, a former SpaceX engineer turned deep tech investor, told Business Insider.

"The most obvious way is providing liquidity for angel investing into SpaceX peers," he said, referring to the thousands of employee millionaires the IPO has created who can soon write checks to other employees for their nascent startups.

Spencer Jackson, another former SpaceX engineer, says he is not sure going public was the right decision for SpaceX. Still, he hopes it will boost startups like the one he founded in 2024, Critical Energy, which is making modular power plants that convert heat into electricity.

"The space industry and every startup in it has benefited heavily from SpaceX's rising star, with incredible amounts of capital flowing into the space and a willingness to take big risks," Jackson told Business Insider. "That will only accelerate if the IPO goes well."

Collectively, SpaceX Mafia companies have already raised billions in venture capital funding, according to data from analytics firm PitchBook and the founders. Here's Business Insider's list of 18 startups helmed by SpaceX-employees-turned-founders, first published in December, in alphabetical order by company name.

Nikita Ermoshkin, cofounder, CEO, and CTO of Airhart Aeronautics

Nikita Ermoshkin Airhart Aeronautics Total raised: $5.06 million, according to PitchBook

Founding date: May 2022

Key investors: Y Combinator, Liquid2 Ventures, Soma Capital, and angel investors

Number of employees: 8, according to the company

Role at SpaceX: Ermoshkin was at SpaceX for three years and last served as an avionics systems responsible engineer.

Airhart Aeronautics says it is building an easy-to-fly personal airplane to "give everyone the freedom of flight."

"At SpaceX, I learned the value of extreme ownership," Ermoshkin said. "As a responsible engineer, I was expected to understand and drive every part of a project — from early design through production and launch. That experience was instrumental in preparing me to be a founder and CEO."

Max Benassi, cofounder and CTO of Apex Space

Max Benassi Apex Space Total raised: More than $500 million, according to the company

Founding date: September 2022

Key investors: Andreessen Horowitz, Interlagos, Point72 Ventures, 8VC, XYZ Ventures, Toyota Ventures.

Number of employees: Over 230, according to the company

Role at SpaceX: Benassi worked at SpaceX for six years, and last served as a senior propulsion engineer for Raptor turbomachinery and dynamic balancing.

Apex mass-manufactures satellite platforms that can serve a wide range of customers.

"It was an intense training ground where we tackled the most difficult problems by breaking them into manageable parts," Benassi said of his tenure at SpaceX. "My advice to engineers: Think harder, go faster, challenge requirements, simplify first, optimize next. "

Robert Carlisle, Ryan Carlisle, and Kirby Carlisle, cofounders, Argo Space

Robert Carlisle Argo Space Total raised: Over $10 million, according to the company

Founding date: 2022

Key investors: Crosslink Capital, Boost VC, Type One Ventures, Stellar Ventures

Number of employees: 22, according to the company

Roles at SpaceX: Robert Carlisle, director of commercial launch sales and national security sales (five years); Ryan Carlisle, director of engineering (nine years); Kirby Carlisle, integration and test engineer (four years)

The Carlisle brothers cofounded Argo Space, which is working on technology that could use water from the moon to propel space transportation. "My time at SpaceX showed me real value is created not by the incremental advances most companies pursue, but by paradigm change," Robert Carlisle said. "My cofounders and I also learned firsthand the myriad benefits of aggressively and urgently getting to hardware build and operation, which we're applying at Argo."

Laura Crabtree, cofounder and CEO of Epsilon3

Laura Crabtree Josh Villbrandt Total raised: $18.92 million, according to PitchBook

Founding date: February 2021

Key investors: Lux Capital, MaC Venture Capital, Moore Capital Management, Y Combinator, Village Global, Stage Venture Partners.

Number of employees: 27, according to the company

Role at SpaceX: Crabtree was at SpaceX for nearly 11 years, last serving as a senior missions operations engineer.

Epsilon3 builds software for managing engineering, assembly, and testing, primarily in the space industry.

"At SpaceX in the early days, you were given a problem to solve, without much direction on how to solve it," she said. "That environment helped people develop a scrappy attitude and a low ego when it came to doing whatever was needed, no matter the task."

"We're also incredibly loyal," she added. "There are many people I've worked with in the past who are now using Epsilon3 at the companies they started (or joined) after SpaceX."

Karan Talati, cofounder and CEO, First Resonance

Karan Talati First Resonance Total raised: $32 million, according to the company

Founding date: 2019

Key investors: Blue Bear Capital, Craft Ventures, Third Prime, Fika Ventures

Number of employees: 45, according to the company

Role at SpaceX: Software and manufacturing engineer (three years)

Talati now runs First Resonance, a Los Angeles-based startup that makes manufacturing software for hard-tech companies building things like air taxis and nuclear reactors. Talati found that SpaceX's unique talent pool and hard-charging disposition led to results. "The mindset wasn't if something could be done, but when," he said.

Tom Mueller, founder and CEO of Impulse Space

Tom Mueller Impulse Space Total raised: $525 million, according to the company

Founding date: 2021

Key investors: Linse Capital, DFJ Growth, Valor Equity Partners, Founders Fund, Lux Capital, RTX Ventures, DCVC, Airbus Ventures, Spring Tide, First Principles Group, Balerion Space Ventures, Tamarack Global, Trousdale Ventures.

Number of employees: More than 350, according to the company

Role at SpaceX: Mueller was at SpaceX for nearly 19 years and last served as propulsion CTO.

Impulse Space builds spacecraft that move satellites and other cargo between different orbits.

SpaceX paved the way for many innovations in the space industry today, Mueller said. Among the lessons he learned: "the importance of building a great team and the value of an optimistic mindset — being willing to push beyond what people think is possible is the best way to break new ground and advance the industry."

Neel Kunjur, cofounder and CTO of K2 Space

Karan Kunjur and Neel Kunjur (right) K2 Space Total raised: $450 million, according to the company

Founding date: June 2022

Key investors: Altimeter Capital, Lightspeed Venture Partners, First Round, Alpine Space Ventures, Redpoint, T. Rowe Price

Number of employees: 200, according to the company

Role at SpaceX: Neel Kunjur worked at SpaceX for about 5 ½ years, mostly recently as a senior avionics systems engineer for Dragon 2.

K2 Space builds large satellites that can operate across multiple orbits. Neel Kunjur cofounded the company with his brother, Karan.

"In many ways, SpaceX was an 'engineering bootcamp' where I was able to rapidly take on more responsibility than I ever thought possible," Neel Kunjur said. "That level of ownership translates well to being a founder, and the exposure to extremely high-caliber engineers helps with building talented teams."

Josh Clemente, cofounder and CEO of Levels

Josh Clemente Levels Total raised: $57 million, according to the company

Founding date: 2019

Key investors: a16z, Trust Ventures, Shrug.

Number of employees: 42, according to the company

Role at SpaceX: Clemente worked at the company for about 5 ½ years as a lead life support systems engineer.

Levels lets users track their metabolic health with real-time glucose monitoring, labs, and personalized coaching.

SpaceX ingrained a mindset of accountability, said Clemente. "The zero-jargon environment encouraged clarity of thought and communication, so people at every layer can follow context and contribute."

Harry O'Hanley, founder, chairman, and president of Long Wall

Harry O'Hanley Long Wall Total raised: $500 million, according to the company

Founding date: 2017

Key investors: Venrock, Lockheed Martin, Lynett Capital, T. Rowe Price, Fidelity, and others.

Number of employees: About 75, according to the company

Role at SpaceX: O'Hanley was at SpaceX for about four years and last served as manager of Falcon 9 integration and test.

Long Wall builds missile defense systems. The company started out as ABL, and was focused on commercial launch before pivoting to missile defense in 2024, O'Hanley said.

"The takeaway I appreciate most from SpaceX was learning to be a live player and quickly take on large challenges I'd never seen before," he said. "By constantly being put in this position, you develop a framework, intuition, and disposition to do so confidently. Building a company is exactly this — continuous novel challenges that you can't always anticipate."

Jonny Dyer, cofounder and CEO of Muon Space

Jonny Dyer Muon Space, Inc. Total equity raised: $136.2 million, according to the company

Founding date: 2021

Key investors: Congruent Ventures, Activate Capital, Radical Ventures, Acme Capital, Costanoa Ventures, Space Capital, ArcTern Ventures.

Number of employees: Around 200, according to the company

Role at SpaceX: Dyer was an engineering intern at SpaceX in the early 2000s.

Muon Space builds satellite fleets to collect and deliver data about the Earth, including climate and security data.

"When I was there in the super early days (2003, 2004) it really was existential for the company and we didn't know if we'd make it," Dyer said of his time at SpaceX. He added that the team was "executing violently to try and make it."

"As a founder, you're constantly context-switching, whether it's hardware, software, team dynamics," he continued, "and SpaceX helped train me to be fluent in all of it."

Troy Astorino, cofounder and CTO of PicnicHealth

Troy Astorino Lukas Schulze/Sportsfile for Web Summit via Getty Images Total raised: More than $100 million, according to the company

Founding date: 2014

Key investors: Amplify, Felicis, B Capital, Y Combinator.

Number of employees: About 100, according to the company

Role at SpaceX: Astorino was at SpaceX for about five months, working as a software engineer on guidance, navigation, and control.

PicnicHealth centralizes medical records, helping patients manage their care and also providing life-science companies with anonymized data for research.

"It's hard to pinpoint exactly what makes [SpaceX] uniquely successful — rapid build-test cycles, first-principles thinking, relentless efficiency, and obsessive focus come to mind," Astorino said. "It's a north star for how I think about PicnicHealth. Healthcare is notoriously hard to change, but so is getting to space."

Nathan Silvernail, cofounder and CEO, and Huade Tan, cofounder and CTO, Plantd

Nathan Silvernail Plantd Total raised: $42 million, according to the company

Founding date: 2021

Key investors: American Family Ventures

Number of employees: 70, according to the company

Role at SpaceX: Silvernail, engineering manager for crew and Cargo Dragon (seven years); Tan, senior life support systems engineer (five years, 10 months)

Plantd is a startup in North Carolina that turns perennial grasses into building materials that the company says are carbon-negative and rival traditional plywood.

"SpaceX was basically when school really started," Silvernail said. "In university, you really only get to learn fundamentals with some hands-on stuff that you do in your free time. SpaceX gave me the opportunity to focus on developing my engineering skills while getting a massive amount of responsibility right off the bat."

Sunghyun Park, cofounder and CEO of Rebellions

Sunghyun Park Photo courtesy of Rebellions Inc. Total raised: About $460 million, according to the company

Founding date: September 2020

Key investors: Arm, Samsung, Kindred Ventures, Top Tier Capital Partners, Saudi Aramco (via Wa'ed Ventures), SK Hynix, SK Telecom, Pavilion Capital, Korea Telecom, and others.

Number of employees: More than 270, according to the company

Role at SpaceX: Park worked at SpaceX for over a year as a Starlink ASIC design engineer.

Rebellions makes energy-efficient chips and software to run AI systems.

"At SpaceX, I learned the value of being uncompromising when it comes to engineering excellence and ambition," Park said, adding that "we believe real progress starts with those willing to take on what others avoid."

Robert Rose and Juerg Frefel, CEO and CTO, Reliable Robotics

Robert Rose Reliable Robotics Total raised: $134 million, according to the company

Founding date: 2017

Key investors: Coatue Management, Eclipse Ventures, Lightspeed Venture Partners

Number of employees: 150, according to the company

Role at SpaceX: Rose, director of flight software (5½ years); Frefel, senior hardware development manager (about 9½ years)

Reliable Robotics makes software that automates aircraft flight, from taxi and takeoff to landing. Rose says his experiences working on government certification processes at SpaceX and Tesla taught him to operate in highly regulated industries.

"Reporting directly to Elon," he said, "taught me a lot about business and management, but it really was my extended time spent navigating a complex government bureaucracy (and enjoying it) that uniquely qualified me for starting Reliable."

Ryan Westerdahl, cofounder and CEO, Turion Space

Ryan Westerdahl Turion Space Total raised: $57 million, according to the company

Founding date: 2020

Key investors: Washington Harbour Partners, Giant Step Capital, Forward Deployed Venture Capital, Veterans Ventures, Aurelia Foundry, Y Combinator

Number of employees: 125, according to the company

Role at SpaceX: Dynamics engineer (eight years)

Turion Space makes micro-satellites with seniors to monitor objects in space. The company has been awarded a $15 million contract from the US Space Force. At SpaceX, Westerdahl learned to "be like water, learn fast, operate hardcore — and to keep going."

Will Bruey, cofounder and CEO of Varda Space Industries

Will Bruey Courtesy of Varda Space Industries Total raised: $329 million, according to the company

Founding date: January 2021

Key investors: Founders Fund, Also Capital, Natural Capital, Shrug Capital, Caffeinated Capital, Lux, Khosla Ventures.

Number of employees: More than 170, according to the company

Role at SpaceX: Bruey worked at SpaceX for almost five years, and last served as a spacecraft operator and systems officer.

Varda is a space manufacturing company that takes advantage of the benefits of microgravity to process materials in orbit — including pharmaceuticals and fiber optic cables — then brings them back to Earth.

"It is helpful to think of your company as a living organism," Bruey advised other aspiring founders, adding that "you don't control every aspect of its nature or environment, and it needs the nurture and guidance to be healthy, happy, and effective."

Robert Pinkerton, cofounder and CTO, Vori

Robert Pinkerton Vori Total raised: $27.9 million, according to the company

Founding date: 2019

Key investors: Greylock, South Park Commons, YCombinator

Number of employees: 55, according to the company

Role at SpaceX: Vehicle systems engineer (one year)

Vori makes software that manages analytics for small- and mid-sized supermarkets.

Launching the demo of the Falcon Heavy rocket and deploying 21 satellites at SpaceX taught Pinkerton "what a focused, mission-driven team can achieve when the bar is set extremely high," he said.

Brian Manning, cofounder and CEO, Xona Space Systems

Xona Space Systems Total raised: Over $150 million, according to the company

Founding date: 2019

Key investors: Craft Ventures, Future Ventures, Trimble, Toyota Ventures

Number of employees: 69, according to PitchBook

Role at SpaceX: Responsible engineer, thrust structure (two years)

Xona Space Systems makes hyper-precise satellite navigation software. In June, the company raised $92 million in a Series B round led by Craft Ventures.

SpaceX challenges commonly-held assumptions that limit progress, Manning said. "That mindset stuck with me. The most impactful companies are able to take things that seem impossible and change the world's perception to believing it is not only possible but inevitable."

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Geoff Weiss You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.

Geoff Weiss is a senior reporter on Business Insider’s tech team, where he writes about AI startups and Y Combinator, the intersection of AI and the media industry, and workplace dynamics within top AI labs and chip companies.Previously, Geoff was on the media desk, covering YouTube and Netflix, and themes like the intersection of Hollywood and the creator economy. His work on Netflix’s video podcasting ambitions and Mr Beast’s lessons for Hollywood won second and first prize, respectively, at the 2025 LA Press Club Awards.Prior to joining Business Insider, Geoff was the senior editor of Tubefilter and a staff writer at Entrepreneur. He graduated from New York University with a degree in English Literature.He can be reached at [email protected], on Signal @geoffweiss.25, and on LinkedIn. Have a tip? Use a personal email address and a nonwork device; here's our guide to sharing information securely.Selected stories:Nvidia crushed its quarter — and CEO Jensen Huang said in a leaked all-hands that 'the market did not appreciate it'Nvidia will foot the bill for Trump's new visa fees. Here's what CEO Jensen Huang told staff.Massive AI salaries and RTO are fueling a real estate boom in San Francisco: 'It's going to rain money'The AI talent wars are ricocheting across startups. Here's how they're competing with Big Tech.

Ben Bergman You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.

I'm a senior correspondent at Business Insider, where I investigate the tech industry with a focus on venture capital and startups.I can frequently be seen on CNN, NBC News, CBS News, and other channels providing analysis on a range of business and economic topics. I also appear at dozens of the biggest events around the world, including the World Economic Forum, HumanX, and Web Summit.Please get in touch if you have a story to tell securely on Signal. Here are some examples of stories I've written:

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