James Earl Thomas

[Logan Weaver @LogWeaver]

BREAKING: SpaceX is set to IPO on June 12 at a $1.77 trillion valuation.

$75 billion raise. $135 a share. Ticker SPCX on the Nasdaq.

If it prices at those numbers, it will be the largest IPO in human history.

And the math behind it should make every retail investor stop and think.

Here's what's actually being priced in, and what nobody on finance Twitter is telling you:

SpaceX generates roughly $15 billion in annual revenue.

A $1.77 trillion valuation on that is a price-to-sales ratio of 118x.

For context, traditional aerospace companies trade at 2x to 6x sales.

Big Tech mega-caps generally trade between 10x and 30x sales.

Nvidia, in the middle of the most hyped AI buildout in history, sits well below 118x.

The SpaceX IPO would price the company at roughly 4x the sales multiple of the most expensive megacap on the board.

That is not pricing a company.

That is pricing a thesis.

The thesis goes like this:

Starlink becomes the dominant global ISP, sitting above every legacy telecom on the planet.

Falcon 9 and its successors hold a near-monopoly on orbital launches.

Starship unlocks lunar contracts, defense logistics, space manufacturing, and eventually Mars.

All three play out. Over decades. Without major execution failures.

If every assumption hits, the bull case Ron Baron has floated puts SpaceX at $10 trillion to $30 trillion in future market cap.

That is what you're actually buying at $135 a share.

Not a $15 billion revenue business.

A 20-year compound bet that one company dominates three separate industries simultaneously.

Now here's the part the headlines are skipping.

Pre-IPO investors who got in during the December 2025 tender offer paid the equivalent of $84 a share after the 5-for-1 split.

Insiders have a $3.75 billion share allocation with no lockup. They can sell on day one.

Retail gets 30% of the public float at $135.

That is 3x the normal mega-cap allocation for retail, with a dedicated retail event the day before listing.

Three tiers, three different prices, same company.

This is the structural reality of every megacap IPO.

Institutions and insiders get the early entry.

Retail gets the public float at the marketed price.

Nothing about that is unique to SpaceX. It is how the system is built.

The wealthy understand this and treat IPOs accordingly.

They wait for lockups to expire, watch how index inclusion changes flow, and size positions to the structure rather than the headline.

Most retail investors do the opposite.

They see the biggest IPO in history, hear the trillion-dollar valuation, and click buy on day one.

By the time the index inclusion announcement comes through and the passive funds have to buy, retail has already paid the highest price in the stack.

Here is what makes SpaceX worth watching, regardless of what you decide to do:

Starlink is genuinely one of the most impressive infrastructure businesses ever built, Falcon 9 has rewritten the unit economics of getting to orbit, and Starship is the most ambitious aerospace program in history.

If even half of what Musk has signaled actually plays out over the next 20 years, the long-term case is real.

The question is not whether SpaceX is a great company.

The question is whether the price you pay on day one of a frenzied IPO leaves any room for compound returns over a decade.

Buying a great company at the wrong price is still buying the wrong price.

The investors who win this trade will not be the ones who tweeted hardest about it Friday morning.

They will be the ones who had a system, sized accordingly, and ignored the noise.

Surmount helps you automate your investments with rules-based strategies built on data, not hype cycles.

[State 1878 @State_1878]

𝗧𝗲𝗹𝗹 '𝗲𝗺 𝗙𝗮𝘂𝗹𝗸: @robbiefaulk1878 recaps the 2026 season for @HailStateBB, breaks down the Athens Super Regional, and looks ahead to what's next for baseball this offseason.

Watch: https://t.co/wH6Ux67npa

Apple: https://t.co/ZtCIf5fEtd

Spotify: https://t.co/1uJvRsVs5x

[Mississippi State Baseball @HailStateBB]

Jacob Parker. NCBWA First Team Freshman All-American.

[abby chance @abbybchance]

Mississippi State Baseball, thank you for giving my guy the opportunity to live out his dream and represent the M over S with all he had. Thank you, DNF and Diamond Dawg fans, for the best 5 years and for the relationships that mean the world to us. - the beans♥️🫘🤟

[Robbie Faulk @robbiefaulk1878]

When Jacob Parker arrived in Starkville he was a kid with a load of potential, but it was a fall full of struggles.

By the end of the year, he was one of the most dangerous hitters in the SEC and the best is yet to come.

“I’ll be here for two more years and for the next two years, that’s what you’ll get out of us. Guys that love to play the game.” https://t.co/aoz2GfMeU8

[Robbie Faulk @robbiefaulk1878]

Jacob Parker didn't enter the starting lineup full time until nearly halfway into the regular season.

He still finished second on the team in home runs (18) and RBI (62) while leading the team in SLG% (.732) and finishing third in walks (30).

[Diamond MSST @DiamondMSST]

Every Jacob Parker Home Run of 2026

[Angel Camp @angelcamp11]

When you thought you couldn’t love this kid any more! 😭

[College Baseball Insiders @Theinsiders]

JACOB PARKER FOR THE LEAD!!

The freshman isn’t ready for their season to be over yet 😤🔥

[Baseball America @BaseballAmerica]

JACOB PARKER IS JUST A FRESHMAN.

@HailStateBB has a total star.

🎥 @11point7

[John Bollman @JohnBollman11]

Hall of Fame Super Regional

[Ben McDonald @realbenmcdonald]

The #AthensSuperRegional certainly did not disappoint! @HailStateBB and @BaseballUGA put on a show! 45 runs and 21 💣’s in 2 games combined 😳 2 incredible programs! This was college baseball at its best! #TheGreatestShowOnDirt #RoadToOmaha

[Uncle Rico @uncle_rico__]

Now that I have HD footage, show me where the bat head passes the front hip. @TrevWDawg @BaehlerEric

[Cohea @DaltonCohea5]

Better head on his shoulders than most grown men, myself included. Jacob Parker is going to be a maroon and white legend when it’s all said and done.

[Coltweezy, M.D.eezy @coltweezus]

Just unconscionable officiating in the biggest moment of the season.

[Baseball Doc @Familymeddawg]

Brady Christman -> the top hitter in the Sun Belt Conference as a true freshman.
.384/.480/.719, 12 HR, 5 2B, 4 3B, 44 RBI, 41 R, 169 wRC+, .519 wOBA, .336 ISO

[clayjtaylor @clayjtaylor]

What Oak said

[MSU GIFS @MSUGIFS]

#hailstate we can’t say we didn’t give them hell.

[Hail State Cubbie @MSUCubbie]

@robbiefaulk1878 Pretty hard to win when blue is making calls like these in the top of the 9th

[Ryne @skibolightning]

Replace them with robots