Closing Bell - Closing Bell: SpaceX Makes History 6/12/26

Episode Date: June 12, 2026

A historic debut as SpaceX became the largest IPO ever.  That stock soaring in its market debut. We discuss with FirstMark Capital’s Rick Heitzmann, Requisite Capital’s Bryn Talkington, and Plexo Capital’s Lo Toney. Plus, the analyst community beginning its coverage on that stock we speak with CFRA’s Keith Snyder who slapped a sell rating on SpaceX. And former Nasdaq Chairman and CEO Robert Greifeld weighs in on if the opening was a win for the Nasdaq and much more. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

And welcome to closing bill. I am Frank Holland, in for the judge Scott Wapner. We are live right here at Post 9 at the New York Stock Exchange on this historic day for the market as SpaceX becomes the biggest IPO ever. The stock soaring its debut, as you can see, and those gains they are holding as we kick off the final trading hour of this trading day. We're all over the action in SpaceX and we kick things off with our own Leslie Picker, live at the NASDAQ market site with the very latest. Leslie, you've been on this story all day long for the Morgan Stanley trading floor now to the NASDAQ. What is the latest here? Well, the shares are up about 25%, Frank. And just to take a step back, this is the largest IPO of all time. And by threefold, the largest IPO ever listed in the U.S., the previous record holder being Alibaba in 2014, which raised $25 billion. So this was three times what Alibaba raised. And yet, you can see the performance there up about 25%.

rule of thumb is 10 to say 30% higher on the first day of trading signifies a really good IPO because you let people who bought in an allocation generate some, you know, at least paper gains, depending on whether or not they sold, but then you're not leaving too much on the table that you think to yourself, oh, we should have priced this higher. And that kind of goes back to this really unique process, Frank, a lot of which hasn't really been tested before, not to mention tested before at this level and this scale, including the fixed price dynamic. They did not market this IPO at a range. However, they opted for a $135 per share price, and they basically told Wall Street, you know, take it or leave it. Same with retail investors. Do you

like the $135 price? If not, we'll find someone who did. And clearly, they had enough demand at that price level. They felt comfortable. They were able to open the stock for trading much earlier than we've even seen smaller IPOs at a level that had significant volume, largely due to just the overall attention paid for this one. This was seen as the type of deal that you had to have some sort of a view on if you're an investor. And if you didn't, you had to be able to explain yourself, you know, why you decided to get an allocation, why you're buying in the aftermarket today, or why you're passing all together, just because this is such a large company. It's a large proportion of US GDP at a $2 trillion valuation. So this is something that if you are a professional money manager or even

a retail investor, which makes up a large proportion of the market, too. You just had to have some sort of view on, Frank. Yeah, to your point, Leslie, by the way, band out with some research right now. Retail buying and SpaceX breaking the record for IPO debut. So a lot of people decided, hey, I'm going to take it. I'm not going to leave it. Our Leslie Picker, live for the NASAC market site, great reporting all day, Leslie. Thank you. All right. We want to bring in our all-star panel right now. Speaking of having a take on this company, First Mark Capital is Rick Heidstman, requisite capitals, Brin Talkington and Plexo Capitals, Lowne. Brin and Lowe are CNBC contributors.

Great to have all of you guys here. Bryn, I got to start with you. You own SpaceX and a number of funds. I want to get your take on some of the price action that we're seeing and the general sentiment in the market. Yeah, it's so exciting, by the way. I was like, how is mechanically this going to roll itself out? And to Leslie, in your conversation,

it IP out early around like 11 o'clock I'm here in Texas. it seems very orderly. And so it's very exciting. And I will say being in Texas, you know, this is not a new company. This is an old company. And there are so many millionaire, regular people in South Texas today. So I think it is just like a testament to doing hard work, hard things, grinding it out. And just like only in America could this occur.

So I think mechanically and for what's happening, especially in South Texas, it's like such a historic day, especially here in Texas. Yeah, certainly an historic day right here on Wall Street with the biggest IEP. ever low. I want to come over to you. Right now we're seeing this stock. It's kind of holding the gains after its debut up about 25% or so. You're saying that this isn't a rocket company. This isn't a space company. This is an AI infrastructure company. And with that I want to point out that just based on this valuation is trading at about 100 times forward earnings. So high valuation company, do you think the action, the enthusiasm that we're seeing today continues after today in the debut? Well, first, thanks for having me and congratulations to the SpaceX team.

for building one of the most important private companies and then being able to bring it public. It's a historical milestone. And to me, what stands out is your point that I've been making about the changing nature of software. So for a long time, decades, it was asset light. AI has changed that. And so intelligence requires massive investments

and compute power, connectivity, data centers, coordination to buy land for terrestrial. I've been writing about that extensively on LinkedIn. And to your question, this is a long-term investment because what the SpaceX team is building is a very important intersection of a lot of the bottlenecks that we're seeing. Right now, the vertical integration

for companies like Google happens inside of the data center. Elon is looking at the other bottlenecks like energy, land acquisition. And so those are the bottlenecks they're addressing. So yes, this is very, more than just a rocket company, and it's a very important inflection being able to have the first fully vertically integrated industrial intelligence company come public. All right. We're going to get some of those bottleneck issues when it comes, not only AI in general, but specifically to SpaceX in just a moment. I want to get over to Rick Hidesman right here

at Post 9. Thank you for waiting patiently. No problem. Your take on this and what this could mean for the IPO pipeline, J.P. Morgan out with a note just a short time ago saying, they believe this is going to be the biggest year for IPOs since 2021. And they haven't been great years for IPOs, but this is going to be. Everybody, the excitement is everywhere. People are excited about IPOs. They're excited about innovation. They're excited about AI. And this is all three of those things. And now that people are making money in this IPO, the IPO is trading up, the buzz is there. I think this is opening the door for companies of all types to go public in the back half of 26. AI companies. I know you're saying companies of all type, you're saying in the tech space, I want to be clear. AI companies, you're going to see the big three. You're going to see SpaceX. You're going to see Anthropic. You're going to see OpenAI. But you're also going to see companies like ORA on the wearable side. You're going to see companies like bending spoons on consumer subscription. You're going to see companies like Discord and communication. So across the board, this is raising the profile of an IPO. And a lot of people are looking at Elon as the penultimate entrepreneur of the 21st century. And they're saying, if he's doing it, I want to do it. And hopefully those tech entrepreneurs who have quietly and judicially, built these companies over decades are ready to take the jump into the public markets.

You know, I guess when you become the first trillionaire, you are the entrepreneur in the century. I think you can just kind of get the award right there. Brin, I want to come back over to you. So Rick was kind of talking about it. People are making money from this IPO. I've been speaking to wealth management leaders, private bank leaders from a number of the big banks. They see a lot of their clients, they have a lot of their wealth tied up in SpaceX and they want some liquidity. What do you think that means for the stock in the next few weeks? I mean, you know, they're doing the waterfall. or the dribble in terms of versus this big just like cliff that they used to do.

And so I think between the liquidity being provided by people that were in private shares to also the NASDAQ being a natural buyer in the next couple weeks, I think the bias is going to be on the upside. I will say though for investors, I mean, that's trading at $2 trillion right now. I feel like the returns going forward will be linear versus the majority of the returns over the last 15 plus years have been exponential. And so you could have bought this in the private market if you had the opportunity in July of 2025 at 400 billion. So that's close to a 5x. If it goes to $3 trillion, that's 50%. And so I do think investors should dollar cost average if they want to own this name because I do

feel pretty strong. The majority of the amazing returns are behind us just because of the law large numbers. And this is going to take time for all of these great things in space to actually execute on. but it's an exciting day nonetheless. Can I put a final point on it, Brent, specifically for you as a shareholder? When do you take some profits? I was actually just talking to a retail investor that bought some shares through Robinhood. They posted about it. I know the person.

They were really excited. So I called them. I said, hey, is this a trade or is a long-term hold? They said, this is a generational hold. They want to actually hold it for their daughter. How do you view this company? Is this a long-term hold? Is there a point where you got to take some profit?

Yeah, well, I mean, I bought Tesla at $100 when the market was going crazy because he bought Twitter. And so there was opportunity there and there's opportunity in these companies. I just think understand this is day one of a public trade, a public stock. IPOs historically have 30 to 50% drawdowns in the first year. There's tons of them, Facebook, Alibaba, snowflake, et cetera, et cetera. And so I would say dollar cost average, if you wanted to put 10,000, do 30% now, 30% and two quarters and another 33%, et cetera. And so I think if you do want to have a generation of, hold, I would dollar cost average over the next year into the company. All right, Lowe, I want to come back over to you. So you mentioned some of the bottlenecks when it

comes to AI in general. Land, power, a number of things. I want to go to the filing for SpaceX. I thought this was fascinating. They say in part, we don't have any long-term or other material contractual agreements with our direct chip suppliers. Shouldn't that be a bit of a concern that they don't have long-term deals in place to get invidia chips or chips from other companies? Well, here's what we've noticed within the market. If you really pay attention, to how Jensen thinks about allocation of chips. He doesn't allocate them to folks that have a promise or say, we're going to build a data center.

He provides them typically to the firms that have actually built data centers. And when you look at what the SpaceX team has been able to do, they've been able to do in 100 days in building data centers, but it has taken other companies or firms two to three years. And so that's what Jensen likes to see. He wants to allocate those chips to those, firms and companies that are able to actually install the chips and get them up and running. So I don't think that is a massive risk. I mean, when you look at the way that Jensen talks about

his relationship with Elon, I think that that handshake agreement and verbal agreement and the past actions can mitigate that risk. Yeah, it sounds like you're alluding to Colossus down there in Tennessee, that mega data center, DeLon Musk has constructed. Rick, I want to come back over to you. I want to kind of bounce off of Brin's point for a second about potential volatility. I was talking to Brad Gersner after he was here on halftime. Scott Wachter doing a great interview with him. We were just kind of chatting. And he said, I wouldn't be surprised to see over the next couple of months.

SpaceX go up to 200 and then retraced down to 100. He's expecting volatility based on headlines. Is that what other investors should be expecting? Is that what you expect? Yes, going back to Brin's point, there's going to be tremendous volatility. We've never seen $2 trillion dollars of liquidity come into a market. And there's going to be other people that would be, drawing down to buy into Open AI, buying into other IPOs.

Some people are going to be holding it for the long term. So we should expect that volatility, which will create buying and selling opportunities. And there's also going to be headlines. I mean, some of the headlines, even this week, to Lowe's point of, you know, being able to outsource some media centers, even hyperscalers like Google and large players like Anthropic, they're going to continue to sign major deals with the government and other places to take advantage of that infrastructure, as well as take advantage of the Starling process.

So there's going to be good news coming, but there'll still be drawdown just because of the supplying amount of stock in the market. Speaking of good news, today, in addition to this IPO, mega IPO, biggest ever. We also got some news from the president and also Iranian officials that they were the closest they've been to a deal that they've ever been, at least since this conflict started. How much of a factor do you think that was in the performance of this IPO today? And on other days when other IPOs, I'm just going to assume we won't have any news of that magnitude. We won't have the biggest IPO in the history of the world on other days. Or a ceasefire to a war that's weighing on the global economy. Exactly.

So it's just risk, right? So how much risk could the market absorb? And part of the reason the IPO market's been so soft over the last couple years was compounding risk. There was a war in the Middle East. There was a war in the Ukraine. How much risk do we want to absorb? What does that mean for the greater economy and whether that's inflation or consumer

prices? Now risk is coming off the table. People are willing to lean into some companies that are further out there on the spectrum. Just to be clear, you don't think this. This is an outlier. This is a part of just a broader bullish sentiment when it comes to IPOs and the fact that it's not on Musk and space that doesn't put this in a separate category in your mind.

No, I think this is the beginning. And most of the times when the doors kicked open the IPO market is a great company. Facebook did it. Google did it. This is a great company that's recapturing people's imagination and opening the doors to a broader market. All right. Rick, Bryn Lowe, thank you all very much. Huge day, SpaceX IPO.

Great to have all three of you here. Thank you. All right. The analyst community is starting coverage on sales. SpaceX and our next guest, while they just slapped a cell rating on the stock with a 115 price target. Join me to make the case? CFRA analyst, Keith Snyder, Keith, I don't know if you're brave. I don't know if you're crazy. You're definitely a contrarian. Talk me through this. This 115 was based on the idea that the offering price, at 135. Obviously, the stocks moves a lot

higher. Are you still holding on to this that you see a 115 price target, which generally means you think the stock's going to fall to about 115 over the next 12 months? Yeah. So, I mean, for me, it was, I mean, I love the story. I love everything about SpaceX in terms of their rocket business, their connectivity business. It's just the AI business is such a wildcard right now. And the sell opinion, I mean, I tried to get to the valuations that they were talking about. You know, the 1.77 when they IPOed, it was a hard pill to swallow even there. And the growth levels that would be required within the AI segment and with premium multiples would simply have to be astronomical, kind of borderline comical to get to the valuations we're talking about.

And now with it trading, you know, around 2.2, I'm still, I'm doubling down that this is overvalued at its current price. And, you know, a lot of people might just be saying that, hey, I'm a Elon Musk hater, but that really couldn't be further from the truth. I respect the man. I love what he do with Tesla. I love the story he built with SpaceX and how they built, you know,

the three businesses together to really help each other and create a flywheel of growth. But at the end of the day, the analyst in me can't get to the numbers that they're talking about. By the way, we're not going to put up your X account. I don't think you have any friends over there right now, Keith.

I want to get to your note. You're saying the market, not doing enough to discount execution risk. And I think that's pretty interesting. I was just talking to Lowe Tony about the fact that in the filing, the company says, we don't have any agreements for chips, and basically we're going to buy them on the market. Is that a risk that you're looking at? And what's the other execution risk that you're focused on?

Yes. I mean, data center capacity is big. It's an industry-wide trend that finding space and power is becoming increasingly difficult. And XAI certainly isn't immune to that. And so, yes, even if they're purchasing the chips in the open market, I'm not worried about them getting the hardware. I'm worried about them deploying the hardware. And that's really central to their growth story of being able to deploy new capacity.

And then within XAI, being able to sign new deals like the one we've seen with Google, the one we see with Anthropic. I mean, those really supported the story. And I'm glad we saw them. It would have been even harder to get to the growth number. without those announcements. And so the capacity is going to be difficult to build out. And so then also with Starship, I mean, yes, they are currently testing it.

They're launching it. The last test had a few anomalies in the first and second stage. And it's really central to their future growth opportunity as well when we're talking Starlink deployments, deployments of AI data centers in space. They need Starship to be operational. And so there are still so many questions that are left unanswered that we're trying to, you know, wrap our head around growth and revenue that is hypothetical right now. And so it's more of a show me story at this point.

It's, you know, I hope them, I hope that they're able to achieve all their ambitions. I mean, I like the company, but I need to see it before we can price that into the stock. Yeah, definitely some, there's some hypothetical in there. Asteroid mining is one thing that comes to mind. a lot of people like to talk about. That's a, you know, we'll see if that ever happens kind of a story. So I want to go back to your rating. Not only is your price target at 115, but you have a sell rating.

So how do you factor in just the cold of personality around Elon Musk, the fact that people like you are big fans of his. I know you're putting a sell in stock, but other people, they just believe in him and believe in his vision. How do you just kind of factor that into your notes and your price targets and everything else? Because that's just an X factor that's hard to measure. Sure. I mean, Elon is very charismatic. No one can deny that. And any company that he touches certainly gets an Elon premium.

And, you know, that's an established truth, especially from Tesla. The way I was looking at it is, so my $115 target price would give it an enterprise value of about $1.5 trillion, which even there I was being generous with the revenue growth, with the multiples, and it still arrived at $1.5 trillion. So at the end of the day, I have to value this company based on fundamentals and based on what they have shown within their filings. And so, who knows? They could report Q2 numbers that blow every expectation out of the water. And then I will reevaluate it. But as it sits right now, the growth that they're talking about is nothing more than hypothetical. It's fantasy. I mean, like, if you look at their total market, they said it was 20, what, 28 and a half a trillion. I don't know where they're coming up with that number. I mean, I can't get anywhere close to that number.

And so we have to value the company based on what we see and not what we necessarily are hoping for. Keith Snyder, you are a man of conviction. Hey, just stay off X over the weekend, okay? Key Snyder, thank you, very. Cell rating and a 115 price target on SpaceX. Thank you very much. All right, as we mentioned, there's another big story that we're tracking this hour. It's a potential peace deal between the U.S. and Iran, or Amen Javrish joins us now from Washington with the very

latest on this story. Amen. Yeah, Frank, and the very latest is the very latest. Just within the past couple of minutes, we're now getting new reports here from the Iranian foreign minister who has been on social media. He says, or he's telling state TV in Iran that Iran is the winner of the war with the United States and that Iran has emerged stronger as a result of the war. to say that a memorandum of understanding has yet to be signed, but that changes are possible to it. Nuclear issues, he says, will be discussed in the later stages of this conversation.

He says the end of the war on all fronts, including in Lebanon, will be announced under this interim deal. And that, except for the claim of victory, of course, matches what we heard from a senior administration official who briefed reporters last hour on the potential deal with Iran that's coming together behind the scenes. Now, the U.S. official said that he would have said a deal was a 70% possibility earlier today, but now puts it at an 85% chance in the next few days. The key point this official wanted to make is that the deal is contingent on the Iranians hitting verified benchmarks and that the regime in Iran only gets economic benefits from it once those benchmarks have been reached. Now, he said, we are not quite at the finish line yet, but we are very close.

That said, he suggested, there is still. a lot of work to do saying the technical aspects of how exactly the U.S. would take possession of nuclear material in Iran still have to be worked out given the dangerous and complex nature of that operation. He said that Iranian control of the Strait of Hormuz has weakened in recent days, which was one element that shifted the balance of power, he said, toward the U.S. in these talks. And he did say that the Iranians would reopen the Strait of Hormuz and the U.S. would end its blockade there as part of the deal. He didn't say when that would happen, though.

And this senior administration official did not say how much money the U.S. would be giving the Iranians over the course of the deal, Frank. And one question that you've got to ask now seeing those Iranian claims of victory in the war here. And the U.S. official says we're close, but not quite there in terms of signing the deal. Do those claims of victory upset any dealmaking that's going on here? This is a very fragile thing in the last hours of the negotiations. and you do wonder how Washington's going to react to what we're saying now at Tehran. Yeah, a lot of questions remaining. We know how the market's reacting, though, while Wall Street, very bullish on the idea of a ceasefire happening here,

our Amon-Jabbers live in D.C. with the very latest, Amen, thank you very much. You know. Well, we're just getting started here on closing bell. Coming up next, SpaceX blasting off, but is it taking investor sentiment along for the ride? Van Henn's Rocks Avery Sheffield on why the biggest story in space may actually fuel the market's appetite for risk. She's going to join me right here at Post 9. We're live from the New York Stock Exchange,

and you are watching Closing Bell on CNBC. And welcome back to Closing Bell. We are getting some news on Roku. Our Julia Borson has the latest. Frank, Roku shares shooting higher on a report that the streaming video platform is in talks to sell itself, this according to a Bloomberg report, which says that the company has been in discussions

with at least one U.S.-based media company about a potential combination, We have reached out to Roku, have not heard back yet, but there has been speculation for some time that Roku could be a good partner as a video platform to one of the other media companies amidst this period of consolidation we're in right now. Roku shares now up over 20%. Frank, we'll let you know if we hear back from the company.

Back over to you. All right, I'm Julia Borson, with the very latest on Roku. Another check on the big story of the day. Of course, that SpaceX up about 22% in his debut, but the broader market is also up. It's kind of holding in the green today. Let's talk about all of this now with Vantage Rock, CIO and Senior Portfolio Manager, Avery Sheffield, right here with me at Post 9.

So we got the debut of SpaceX today, went off really well. I think everybody's saying it's kind of priced to perfection. You're seeing the stock move up more than 20% higher. The market's also in the green, getting some help about from the potential ceasefire, at least, at least in a small part. What do you think this means for market sentiment in general, not only today, but going forward? Right. Well, I mean, I think it clearly speaks to the positive market sentiment to investors,

excitement about dreams, about innovation, technology, the future, Elon Musk in particular, and his vision. So I think that's all very positive. And I think really from here, the question is going to be, as the SpaceX headlines fade, even if the IPO continues to be very successful, what do investors focus on next? And I'm guessing that they're going to really be focused on AI. And so I think that the debate around the future of AI is probably going to determine the trajectory of the market, again, assuming that the ceasefire remains on track. Okay. I just took a look at the charts since the S-1 was filed by SpaceX. If you look at some of the big AI names like a Palantir, it's down more than 5%. I look at the Mag 7 in general.

They're down more than 5.5%. In your opinion, did money come from those names to go to SpaceX, or are they down for other reasons? I think they're actually down for other reasons. Yes. So in the software space, I think there continues to be this question of the LLMs versus the software providers. Certainly you're speaking about one of the most innovative and leading software providers, but there have been discussions over the past month or two about whether the LLMs can carry out some of their tasks. Then when you talk about the large cloud providers, there's really a question about CAPX. Like, is that CAPX going to generate a real return on investment? So investors are preferring to invest in the cash.

companies that are benefiting from that CappX, those earnings that are here today rather than a more questionable return later on. Important note, this is also unprofitable tech. Sex is not profitable. The Starlink business is great, but other parts of the business are kind of losing money, sucking money

away from that. At the same time, the valuation estimated is about 100 times forward earnings. The fact that investors are willing to put their money in this, at least today, I know it's the first day. Yes. What does that signal about risk longer term and the idea of non-profitable tech, maybe being back in vote? Well, I think it's certainly in vogue now.

I'm fully in vogue now. And the results of, you know, this company, whether they're going to be able to grow into the valuation are so far out, it's really easy to have dreams. And so I think the question is going to be for other less profitable tech, potentially IPOs coming out this year. If they are, you know, expected to generate returns sooner, are they able to show a really clear trajectory to that? because if they're not, I think that they might stumble, even if the SpaceX IPO does well. I don't want to put words in your mouth, but it sounds like you're saying in SpaceX, there's priced in a lot of hopes and dreams, so maybe the money for the hopes and dreams of SpaceX have to come from somewhere else. Is that what you're saying? Other hopes and dreams plays.

I think it's, yeah, it's a question of how much people continue to find targets for hopes and dreams that can deliver like Elon Musk. Elon is better at delivering on hopes and dreams than anyone else out there and other companies might be held to a higher standard in the near term. A lot of hopes and dreams out there, though. A lot of hopes and dreams out there. Absolutely. A lot of people also saying that this big IPO, it could potentially mark maybe a top in this market. JP Morgan out with a note, Creti Gupta and Abigail Yoder, really interesting stuff here.

They say the 25 largest IPOs in history have often accompanied market trends, and two-thirds of them after their debut, market up 5 to 20 percent. Is this a similar, is the potential at least for a similar situation to play out here? Well, I mean, there are a lot of factors that are signaling that the market might be near a top. But usually a market top only happens once you start to have a draw of liquidity, right? Interest rates go higher or you need to have or leverage is too high and you have to pay off debt or taxes come due. So right now, interest rates might be peaking if the war is going to be resolved in Iran. from a leverage standpoint, you don't see any mountains of debt coming due anytime soon to derail this.

And then from a liquidity factor, I think it's just a question of how many people are looking at the runs they've had and just want to lock in gains because it's been so much so soon and or they have been at these companies and they need to pay taxes on their shares as they come to fruition. So those are those factors, I think, along with, again, potential fundamental questions about AI and, you know, token maxing and models like Deep Sea coming out at much lower prices, I think that those dynamics might play more of a role in whether this is the market top. But it's really, you can see that the market is abluent. You can see that valuations are very high, but knowing when it peaks is much harder, but those are the factors that I would be looking at. And, you know, if those factors, do come into fruition, I think you might start to see a rotation into kind of more stable businesses, businesses that are less expensive, maybe inflation protected, maybe in the reek space. I think also, you know, oil field services, if you notice, like oil fields, global oil field services, it's actually held up really well, even with the price of oil going down because you're going to have to rebuild the Middle East. So areas like those, I think you might just start to see money flow into for people to lock in at least some of the gains. But are those enough to derail these

stocks? I don't know. I don't know if any of us know. I think we'll just have to wait and see. To your point, by the way, a number of REITs hitting 52 week and multi-year highs earlier this week ahead of the SpaceX IPO. Ambrosefiel, great to see you. Thank you very much. All right. Still ahead here on closing bell, SpaceX making market history, former NASDAQ chairman and CEO Bob Grefield on what success looks like for the largest IPO ever, and I mean ever, ever. He joins us next. Closing bells back right after this quick break. It says 115. Air ForceA and $150 trade.

Here have the NAVAC. Under the ticker symbol, SPCX, this is an IPO that raised 75. And that was the Santa Nazdaq. Late this morning as SpaceX made history becoming the biggest IPO ever.

Joining me now is CNBC contributor, former NASDAQ chairman and CEO, Robert Gryfeld. Bob, thanks for being here. Glad to be here today. What a great day. All right. So you're saying it's a great.

day, huge day for the markets in general, biggest IPO ever. I want to ask you, is it a big day specifically for the NASDAQ, the idea of the IPO happened there? Definitely it is. And congratulations to Deanna, Nelson, Brad, Jeremy, and the whole team, the largest IPO ever. And when you think about this on a global context, I think NASDAQ uniquely who's able to handle an IPO this size. And what a great day. All right, nice to shout out your former colleagues over there. What does this mean more broadly when it comes to things like the triple Q's? Do you think this increases volume, interest, investment into products like that because SpaceX is at the NASDAQ?

I think it does, but the first point I would make is I remember back in 2003 when I joined NASDAQ, we had literally zero IPOs that year, and Google came public in 2004, and that opened the window. So I think we're in a point in time where the window is open, and we thank SpaceX for. that. With respect to the queues, you know, they'll have a relatively large weighting in it. I think that will be helpful and drive demand for the cues. But the cues itself is such a large product that represents such a multi-dimensional part of the industry. So SpaceX is important, but obviously is very successful with or without SpaceX. Yeah, it's also important to note that the market

itself is just bigger than it has been in previous year. So as big as this IPO is, the market it itself's a lot bigger. I want to go to the idea here of the other IPOs that are coming up. You mentioned the windows open. I think you're kind of alluding to Anthropic and OpenAI, possibly also listing on the NASDAQ. Now, what would it mean in the same year for the NASDA to get all three? I'd be absolutely wonderful, and I would definitely bet that they will. And I think when you think about SpaceX, this represents a stock that's trading not on fundamentals, because clearly, call it 100 times revenue, that doesn't quite compute. It's trading on the aspiration of what's possible with the human spirit going forward in time.

So you have to have a long-term view of what this company is capable of to buy it today. So in many ways, you can say that this was the most difficult cell for the market, because anthropic and open AI have a more clear and present business model. So I think the window's open. SpaceX has opened it, and you'll see other companies. company's coming through. You know, Bob, before we let you go, one thing very important to know right now, we're looking at SpaceX, it's up just under 18%.

At the start of the hour, was up about 25% or so. Not uncommon to see a stock changed direction a bit in the last hour of trading, but what do you make of this move? Well, I think you're going to see price discovery happen day by day with this stock. It's such a large offering, there's so much information to digest with it. And I think if you get hung up on the minute for the hour or the day, you're not looking at it the right way. This is a stocked by not on fundamentals,

but on the imagination, what Elon and the human spirit can achieve over a long period of time. To me, he's changed many ways to the zeitgeist of the moment in that I'm involved with conversations now about data centers in space that didn't exist before he filed to go public.

And also the fun part is, do you want to move on Mars, right? He wants to have a million people in the parent colony on Mars I was joking recall that he should move there and maybe Frank, you and coffee go there together. I personally like living here on Earth, so I have no interest in that.

But he's changed the whole spirit of the discussion there. He's smiling. Frank's thinking about it. He might move to Mars. So, I mean, it's really, I think, you know, when you see the market's being criticized for short-term thinking, SpaceX is at the opposite end of the spectrum there.

It's long-term thinking. It's imagining what humans are capable of. I think it's just a wonderful set of circumstances. Well, Bob, thank you for the thought. I don't think CNBC has a bureau on Mars, so I might have to wait a bit. You can be the first guy. Bob, human spirit, animal spirits,

they're having spirits down in Texas. A lot of people say Nixon 6. I don't know, man. Bob Greifield, great to have you. Thank you very much. The Knicks are going to win tomorrow night in rapid night. For sure.

Have a good day. You have to leave it there. Coming up next from private market legend to public market giant here with SpaceX President, When Shotwell turned our very own Morgan Brennan as the largest IPO ever officially takes flight. Closing Bell back in tune.

And well back to closing bell. A historic day for SpaceX, the company's president and CEO sitting down exclusively with our own Morgan Brennan. She joins us now with more. Morgan, what a great interview, saw the tape part from the, what is it, Starship, Texas and even today talking about this IPO. Great stuff. Thank you.

I appreciate that, Frank. You had two parts to the conversation with SpaceX, president NCOO Gwynne Shotwell over the course of a number of days, including right here today, right before the stock started trading at the NASDAG. It was another historic launch for SpaceX as that stock rocketed into the public market. SpaceX sits at the convergence of space and AI, and it is, as Shotwell told me, an infrastructure company. But space is hard.

For example, that unfortunate explosion of competitor Blue Origins rocket on the launch pad just two weeks ago. So I asked Shotwell what she sees as the biggest risks for the company both near and long term. that's a great question. There's not, I don't, I don't think there's anything sitting in front of us that I'm super worried about. I'm not, I don't, I don't see any technology or any endeavor that we're looking at doing that I, that I'm afraid we can't do. I don't, I don't love crew fly days. Like those are nerve-wracking. I worry about those, but it's not about the technology. It's just, you know, you can have a random man day and you really don't want them on those days. Yeah, and I've heard you have a routine for those launch days, too. Yeah. What is it going to take to ultimately realize and build out this $28.5 trillion TAM that has been identified in your prospectus? So I think if you think about just people using AI, it's hard to get to those numbers.

But if you think about digital humans, you think about humanoid robot. You think about all cars on the planet eventually being full self-drive. They all need AI compute and comms, by the way. So all this need for compute on the ground kind of distributed across the globe, they all need to kind of reach back home. So I'm very excited about really the combination of that plus the need for them to all kind of phone home because they'll be using Starlink for that. We talk about the bottleneck that is power when it comes to realizing this AI revolution.

Connectivity is just as critical, just as important. You can see all of the conversation, both of the conversations, all of our exclusive content on CNBC.com. Go check it out. Frank, what a milestone. Not only for the space industry, but the markets as well. I mean, what a day. Biggest IPO ever are Morgan Brennan. Great interview with the CEO of SpaceX.

Thank you. All right. Coming up next here on closing bells, the last moment, some SpaceX's historic. historic first day of trading shares up just under 19%. We're all over those final moves into the close. Plus, the big money behind its public debut as Elon Musk becomes the world's first trillionaire. That much more when we take you inside the market zone coming up next.

And we are now on the Pocenebale Market Zone, and it is all about SpaceX. Capital Oil planning is Kevin Simpson is standing by following the blockbuster debut. Oliver Renick looking ahead to SpaceX Options, trading live from the CBO Global Markets in Chicago. and Robert Frank on the world's first trillionaire. Ollie, we're going to start things off with you.

And the timeline for those SpaceX options, you and I were actually slacking about this, when these things are going to go live. Frank, Tuesday, but we are already seeing a lot of excitement and signs that demand is through the roof. Proxy names like Echo Star, AST, Space Mobile, and Rocket Lab. All had huge runs this week before crashing today. But all options traders want to do is buy the dips.

Echo Star, for example, is trading 18 times average volume with calls more than doubling puts, including one trader who spent a million dollars on a call spread today, buying 1,15s, and selling the 150s. A bet Echo Star could rally as much as 35% in three months. And it's not just stock proxies. Traders are looking for any way into this name, including perp contracts on blockchain-backed exchanges like Hyperliquid that have been traded. for months. And one other sign traders are locked and loaded for SpaceX options. Shares of major options trading brokerages like Robin Hood, Schwab, interactive brokers are all rallying today as well, Frank. Our Aliber running from the Sebo, the SpaceX debut minting the world's first trillionaire.

Robert Frank, looking inside the wealth of the world's first trillionaire and following the mega money for us. Robert, over to you. Frank, good to see. Well, it is a official based on the SpaceX share price right now, Elon Musk is worth over $1.1 trillion. The stake in SpaceX now violated about $850 billion. Tesla actually up today as well, so Elon's Tesla wealth now at around $280 billion. You add them both together at Elon Musk worth, as I just said, $1.1 trillion. That is more than the next five richest people in the world combined. He is now worth seven Warren Buffett's.

Also a great day for SpaceX employees and executives. President Gwynne Shotwell, who we just saw there, worth $2 billion now, CFO Brett Johnson, worth $1.6 billion. And, of course, thousands of employees in Texas, California, and Florida today officially celebrating becoming billionaires and even centimillionaires. Some of them, Frank. All right, Robert, Frank, Robert, thank you very much. We're now bringing in Capital Oil planning's Kevin Simpson. Kevin, great to have you right here at Post 9. Look at SpaceX shares up about 19.5% right now.

your view on the debut. Are you a buyer? Yeah, Frank, I know we're going to put this in the portfolio soon. We didn't purchase any shares today. I'd like to see how it trades for a week or two. Really looking forward to the options trading next Tuesday. But from a broader picture, I mean, SpaceX did exactly what a great IPO is supposed to do. It brought excitement back to the markets. It restored faith in the IPO process.

The underwriters did a great job. The stock held up. We're up 20% off of the open into the close. that's absolutely we want to see. Capital formation, wealth creation, perfect day, perfect IPO. You're also getting excited about this space trade in general because you made some other moves in the space economy. We did. In advance of this SpaceX IPO, we added to a rocket lab position, which we have, Frank. This was a stock that we sold around 130. I think a lot of people are taking profits in some of these names to free up money for SpaceX. I think to a little bit, a limited extent

we are as well. We picked this up under 105. I like the name. I like the options on it. We're going to diversify into SpaceX over the next couple weeks. Remember, there's going to be some dilutive factor with this as more and more shares come to market over the next six months. But I like the stock and I love the way of traded today. I want to talk broader markets with you. We talked to Bob Greibelt about this. Does this make the triple Q's more attractive?

Does this make other parts of the market less attractive? Because potentially money could come from those parts into SpaceX? I think a lot of the positioning has already been done and freed up. I think it does make the triple Q's more attractive. And there's a lot of growth manager. so we're also closet indexing that. So we're going to see what extent there's demand for SpaceX. But it's a demand that we haven't expected or planned for.

And I think it's going to help Billy the stock and hold it up. All right. Kevin Simpson from Capitol of Planet. Take a look at SpaceX event, the biggest IGO in history. Opened up at 150. Right now is just about what this means today could mean for the with Melissa Lippon.