SpaceX Reportedly Targets $135 IPO Price As Morningstar Says Valuation Should Be Halved Last week, Elon Musk called Bloomberg's "SpaceX Said to Cut IPO Value" story " false ," marking the latest clash between Musk and the MSM over coverage of his companies. Reuters has released a new report , which, based on sources, says SpaceX is planning an IPO at a price of $135 per share , aiming to raise a r...
SpaceX Reportedly Targets $135 IPO Price As Morningstar Says Valuation Should Be Halved Last week, Elon Musk called Bloomberg's "SpaceX Said to Cut IPO Value" story " false ," marking the latest clash between Musk and the MSM over coverage of his companies. Reuters has released a new report , which, based on sources, says SpaceX is planning an IPO at a price of $135 per share , aiming to raise a record $75 billion by selling about 555.6 million shares at an estimated $1.75 trillion valuation. SpaceX's roadshow is expected to begin Thursday, with a potential Nasdaq debut under the ticker SPCX on June 12. Goldman Sachs, Morgan Stanley, BofA, Citigroup, and JPMorgan are leading the deal. Sources said the IPO is "structured as an all-primary offering," which means the proceeds will go to SpaceX rather than existing shareholders. Musk will reportedly be subject to a 366-day lock-up period. At a $1.75 trillion valuation and projected 2025 booking revenue of $18.67 billion, SpaceX would trade at roughly 94 times trailing sales. The company also reported a $4.94 billion net loss in 2025, compared with a prior-year profit, with Starlink internet as the major profit engine. Beyond Reuters' reporting, there was a separate report from Morningstar analysts stating that SpaceX's valuation should be less than half of the $1.75 trillion figure, and closer to $780 billion . Morningstar equity analyst Nicolas Owens wrote in a note that his team "doesn't see Grok as one of the leading AI labs today," adding: "We think the company has been significantly overvalued and investors will have opportunities to buy the stock at more attractive levels after the IPO." Polymarket odds for "SpaceX IPO closing market cap above ___ ?" currently stand at 89% for a market cap above $1.8 trillion. SpaceX IPO closing market cap above $1.8T? Yes 89% · No 12% View full market & trade on Polymarket Related: SpaceX IPO Update: New Filing Reveals Friends & Family Share Allocation, Anthropic AI Deal, And Wat...
JHVEPhoto/iStock Editorial via Getty Images At a conference in Taipei, Jensen Huang said Marvell Technology ( MRVL ) could become the next trillion-dollar semiconductor company. When he said it, Marvell’s market cap was $192B – which would imply a 5x+ upside. While that is surely not a formal price target, when someone like Mr Huang says it, investors take notice. Marvell is up 30% overnight on th...
JHVEPhoto/iStock Editorial via Getty Images At a conference in Taipei, Jensen Huang said Marvell Technology ( MRVL ) could become the next trillion-dollar semiconductor company. When he said it, Marvell’s market cap was $192B – which would imply a 5x+ upside. While that is surely not a formal price target, when someone like Mr Huang says it, investors take notice. Marvell is up 30% overnight on that one statement. But how do we justify a statement like this? Marvell is not cheap, trading way above sector median on most metrics. But its numbers, customer strength, the NVIDIA ( NVDA ) partnership and mostly its AI infrastructure positioning support an ambitious growth case. I rate Marvell a Buy, with the caveat that this is a high-expectation AI infrastructure stock, not a value stock. Jensen Huang’s Comment Came In A Specific Context Mr Huang made these comments after NVIDIA had already invested $2B in Marvell and announced a strategic partnership. The partnership centers around multiple technologies: Author So, this was not a broad comment about every semiconductor supplier benefitting from AI. This was a comment specific to Marvell, and centering on the emerging NVIDIA partnership. Jensen is positioning Marvell as a partner that can help hyperscalers build custom AI infrastructure compatible with NVIDIA’s stack. Here, connectivity, optics and switching are bottlenecks – each of which Marvell can address. Thus, the market’s sharp reaction was easy to understand: if AI factories are the new data centers, then the companies that move data inside and between those factories may become much larger businesses. The Technical Case: AI Is Becoming A Networking Problem AI’s first hurdle was compute, and the second one is networking. NVIDIA benefitted from compute because its GPUs became the default accelerator for training and inference. The next hurdle is more difficult. Large AI systems are not built on a single chip or even a single rack. They need thousands of accelerato...
Your bond ETF could be costing you thousands of dollars a year, and I’m not just talking about years like 2022 where rising rates and inflation pushed bond prices down almost as much as stocks. The bigger issue for many retirees is what happens quietly on the back end through taxes. A lot of retirees ... Holding the Wrong Bond ETF in the Wrong Account Quietly Costs Retirees Thousands a Year. The F...
Your bond ETF could be costing you thousands of dollars a year, and I’m not just talking about years like 2022 where rising rates and inflation pushed bond prices down almost as much as stocks. The bigger issue for many retirees is what happens quietly on the back end through taxes. A lot of retirees ... Holding the Wrong Bond ETF in the Wrong Account Quietly Costs Retirees Thousands a Year. The Fix Takes About Two Minutes.
Roberto Schmidt/Getty Images News New Federal Reserve Chair Kevin Warsh may start curtailing the central bank's “forward guidance” as soon as its June 16-17 meeting, part of his intent to revamp the institution, according to a media report on Wednesday. He could withhold his projection for interest rates normally submitted for the "dot plot," which is compiled four times a year, the Financial Time...
Roberto Schmidt/Getty Images News New Federal Reserve Chair Kevin Warsh may start curtailing the central bank's “forward guidance” as soon as its June 16-17 meeting, part of his intent to revamp the institution, according to a media report on Wednesday. He could withhold his projection for interest rates normally submitted for the "dot plot," which is compiled four times a year, the Financial Times reported, citing several former top Fed officials. Warsh has said he disagrees with the concept of signaling what the monetary policymakers' next move might be. At his Senate confirmation hearing, Warsh said he's not a believer in forward guidance. "I don't believe that I should be previewing for you what a future decision might be," he said. He may also urge the Federal Open Market Committee to remove language that signals whether the next rate move will be an increase or a cut. At the last meeting, three FOMC members — regional Fed presidents Beth Hammack, Lorie Logan, and Neel Kashkari — objected to the statement retaining an "easing bias." Since the meeting, two Fed governors — Christopher Waller and Lisa Cook — also said they no longer agree with the easing bias in the statement. According to the minutes in the April meeting, a number of policymakers said it may be necessary to raise the federal funds rate target range in the future if inflation doesn't show any progress in heading toward the Fed's 2% goal. If Warsh succeeds in reducing the Fed's forward guidance, traders will certainly voice their opinion through their interest rate bets. "Whether you love them or hate them, the dots have provided a very important anchoring mechanism," Blake Gwinn, head of US rates strategy at RBC Capital Markets, told the FT . Guy LeBas, head of fixed income and chief fixed-income strategist at Janney Montgomery, told the FT the dots help “keep a lid on interest rate volatility.” More on Interest Rates Inflation woes: Emerging markets lead rate hikes; ECB may be next Monetary polic...
(RTTNews) - After inching higher over the past few sessions, stocks may give back some ground in early trading on Wednesday. The major index futures are currently pointing to a modestly lower open for the markets, with the S&P 500 futures down by 0.2 percent.
(RTTNews) - After inching higher over the past few sessions, stocks may give back some ground in early trading on Wednesday. The major index futures are currently pointing to a modestly lower open for the markets, with the S&P 500 futures down by 0.2 percent.
New Gallup poll finds support for same-sex marriage and relationships in the US has stopped rising after two decades Acceptance of same-sex marriage and relationships in the US has flattened after more than two decades of steadily increasing support, with an ongoing decline among Republicans, according to a new Gallup poll. About 65% of US adults believe same-sex marriage should be legal, down sli...
New Gallup poll finds support for same-sex marriage and relationships in the US has stopped rising after two decades Acceptance of same-sex marriage and relationships in the US has flattened after more than two decades of steadily increasing support, with an ongoing decline among Republicans, according to a new Gallup poll. About 65% of US adults believe same-sex marriage should be legal, down slightly from 71% in 2022 and 2023. Continue reading...
From modern art giants such as Helen Marten to the most exciting up-and-comers, this weekend’s art party showcases the best and brightest the capital has to offer – free of charge With hundreds of world-class galleries, thousands of stunning exhibitions and countless talented artists, London has a serious claim to being the art capital of the world. Sure, it’s also got sky-high rents that make sur...
From modern art giants such as Helen Marten to the most exciting up-and-comers, this weekend’s art party showcases the best and brightest the capital has to offer – free of charge With hundreds of world-class galleries, thousands of stunning exhibitions and countless talented artists, London has a serious claim to being the art capital of the world. Sure, it’s also got sky-high rents that make surviving as an artist nigh on impossible; and yes, perilous economic conditions mean that galleries are closing at an unprecedented rate (the brilliant Tiwani Contemporary announced last week that it would soon be shutting for good). But there’s still plenty to celebrate. And that’s where London Gallery Weekend comes in. Now entering its sixth year, the event brings together London’s biggest, brightest and best galleries for a weekend-long art party. There are talks, walk-throughs, performances, poetry readings and gigs taking place across the weekend, with galleries open late throughout – and admission to everything is free. Continue reading...
Anna Reshetnikova/iStock via Getty Images I have been covering Universal Corp ( UVV ) here on Seeking Alpha since 2022, and ever since I was bullish on the company. In my latest writing in February this year, I highlighted the firm's commitment to dividend payments, which is essentially the main appeal for income-focused investors, but I also warned that temporary headwinds may put pressure on UVV...
Anna Reshetnikova/iStock via Getty Images I have been covering Universal Corp ( UVV ) here on Seeking Alpha since 2022, and ever since I was bullish on the company. In my latest writing in February this year, I highlighted the firm's commitment to dividend payments, which is essentially the main appeal for income-focused investors, but I also warned that temporary headwinds may put pressure on UVV's financial performance. By looking at the latest results , we can see that the top- and bottomline both remain pressured and the margins have also compressed as the tobacco oversupply continues. For this reason, I believe that a hold rating is better justified now than my previously established buy. I would like to see top line growth and improving profitability again, before I could turn bullish. The aim of my article today is to point out the key reasons, why I am becoming more conservative now. Results In fiscal year 2026, UVV's result were not particularly impressive. The company's revenue slightly fell, while the cost of goods sold increased, resulting in a 110 bps gross margin contraction. If we look at the two segments of the firm, tobacco operations and ingredients operations, we can see that in terms of revenue the smaller ingredients segment actually achieved a slight growth, but in terms of operating income the decline was a massive 74%. While the 74% decline sounds bad at first, it was largely impacted by the $8.1 million inventory write-off, which is one-off in nature. The larger tobacco operations segment declined both in terms of revenue and operating income, driven by the softer sales, lower prices, and higher tobacco write-offs. Highlights (Universal Corp) All in all, I am not very happy with these results, as revenue stagnate while profitability deteriorates. The ongoing tobacco oversupply does not help the situation and the secular decline of cigarettes is also a significant factor to consider. While I expect the EPS to recover in fiscal 2027, as the dr...