CNBC Television: The mega-IPO race: SpaceX to set IPO terms today

Sourced by youtube-ingest on 2026-06-03. From creator-uploaded YouTube captions (en-uYU-mmqFLq8). Duration: 5m. Video: https://www.youtube.com/watch?v=FoGmjVmkiZE.

Show notes (from YouTube)

CNBC’s Leslie Picker joins ‘Halftime Report’ to discuss the latest news out of the SpaceX IPO. The Investment Committee debates the valuation and what it means for the IPO market.

Transcript

>> ALL RIGHT, WELCOME BACK.

>> ALL RIGHT, WELCOME BACK. SPACE SETTING TERMS FOR ITS

SPACE SETTING TERMS FOR ITS

SPACE SETTING TERMS FOR ITS UPCOMING IPO. AND LESLIE PICKER

UPCOMING IPO. AND LESLIE PICKER

UPCOMING IPO. AND LESLIE PICKER IS HERE AT POST NINE WITH THE

IS HERE AT POST NINE WITH THE

IS HERE AT POST NINE WITH THE DETAILS THAT WE NEED TO KNOW

DETAILS THAT WE NEED TO KNOW

DETAILS THAT WE NEED TO KNOW ABOUT BECAUSE WE'RE EXCITED

ABOUT BECAUSE WE'RE EXCITED

ABOUT BECAUSE WE'RE EXCITED ABOUT THIS ONE. WE KNOW OUR

ABOUT THIS ONE. WE KNOW OUR

ABOUT THIS ONE. WE KNOW OUR VIEWING AUDIENCE IS AS WELL. SO

VIEWING AUDIENCE IS AS WELL. SO

VIEWING AUDIENCE IS AS WELL. SO WHAT ARE WE LEARNING?

WHAT ARE WE LEARNING?

WHAT ARE WE LEARNING? >> WELL, WE KNOW THAT ELON MUSK

>> WELL, WE KNOW THAT ELON MUSK

>> WELL, WE KNOW THAT ELON MUSK IS KNOWN FOR DOING THINGS

IS KNOWN FOR DOING THINGS

IS KNOWN FOR DOING THINGS SOMEWHAT UNCONVENTIONALLY, AND

SOMEWHAT UNCONVENTIONALLY, AND

SOMEWHAT UNCONVENTIONALLY, AND THIS IPO PROCESS IS NO

THIS IPO PROCESS IS NO

THIS IPO PROCESS IS NO EXCEPTION. ALONG WITH HIS TEAM,

EXCEPTION. ALONG WITH HIS TEAM,

EXCEPTION. ALONG WITH HIS TEAM, HE'S DECIDED TO MARKET JUST ONE

HE'S DECIDED TO MARKET JUST ONE

HE'S DECIDED TO MARKET JUST ONE PRICE TO INVESTORS INSTEAD OF A

PRICE TO INVESTORS INSTEAD OF A

PRICE TO INVESTORS INSTEAD OF A RANGE. THAT PRICE, I AM TOLD,

RANGE. THAT PRICE, I AM TOLD,

RANGE. THAT PRICE, I AM TOLD, IS $135 PER SHARE, AND THE PLAN

IS $135 PER SHARE, AND THE PLAN

IS $135 PER SHARE, AND THE PLAN IS TO OFFER 555.6 MILLION OF

IS TO OFFER 555.6 MILLION OF

IS TO OFFER 555.6 MILLION OF THEM. THOSE DETAILS ARE

THEM. THOSE DETAILS ARE

THEM. THOSE DETAILS ARE EXPECTED TO COME IN A PUBLIC

EXPECTED TO COME IN A PUBLIC

EXPECTED TO COME IN A PUBLIC FILING IN ABOUT FOUR HOURS FROM

FILING IN ABOUT FOUR HOURS FROM

FILING IN ABOUT FOUR HOURS FROM NOW. THE TOTAL OFFERING SIZE

NOW. THE TOTAL OFFERING SIZE

NOW. THE TOTAL OFFERING SIZE AMOUNTS TO $75 BILLION, WHICH

AMOUNTS TO $75 BILLION, WHICH

AMOUNTS TO $75 BILLION, WHICH WOULD BE TRIPLE THAT OF ALIBABA,

WOULD BE TRIPLE THAT OF ALIBABA,

WOULD BE TRIPLE THAT OF ALIBABA, THE CURRENT RECORD HOLDER FOR

THE CURRENT RECORD HOLDER FOR

THE CURRENT RECORD HOLDER FOR U.S. LISTINGS. I'M TOLD THE

U.S. LISTINGS. I'M TOLD THE

U.S. LISTINGS. I'M TOLD THE $135 PRICE TAG IMPLIES A FULLY

$135 PRICE TAG IMPLIES A FULLY

$135 PRICE TAG IMPLIES A FULLY DILUTED VALUATION OF 1.75

DILUTED VALUATION OF 1.75

DILUTED VALUATION OF 1.75 TRILLION. THAT VALUATION WOULD

TRILLION. THAT VALUATION WOULD

TRILLION. THAT VALUATION WOULD INCLUDE CONSIDERATION FROM THE

INCLUDE CONSIDERATION FROM THE

INCLUDE CONSIDERATION FROM THE ECHOSTAR AGREEMENT TO PURCHASE

ECHOSTAR AGREEMENT TO PURCHASE

ECHOSTAR AGREEMENT TO PURCHASE SPECTRUM LICENSES, AS WELL AS A

SPECTRUM LICENSES, AS WELL AS A

SPECTRUM LICENSES, AS WELL AS A POTENTIAL ACQUISITION OF CURSOR.

POTENTIAL ACQUISITION OF CURSOR.

POTENTIAL ACQUISITION OF CURSOR. I'M TOLD IT DOES NOT INCLUDE

I'M TOLD IT DOES NOT INCLUDE

I'M TOLD IT DOES NOT INCLUDE MUCH OF THE 1 BILLION

MUCH OF THE 1 BILLION

MUCH OF THE 1 BILLION PERFORMANCE BASED SHARES

PERFORMANCE BASED SHARES

PERFORMANCE BASED SHARES GRANTED TO MUSK THAT VEST WHEN

GRANTED TO MUSK THAT VEST WHEN

GRANTED TO MUSK THAT VEST WHEN THE COMPANY ESTABLISHES A

THE COMPANY ESTABLISHES A

THE COMPANY ESTABLISHES A PERMANENT HUMAN COLONY ON MARS

PERMANENT HUMAN COLONY ON MARS

PERMANENT HUMAN COLONY ON MARS WITH AT LEAST 1 MILLION

WITH AT LEAST 1 MILLION

WITH AT LEAST 1 MILLION INHABITANTS. I'M TOLD THAT THE

INHABITANTS. I'M TOLD THAT THE

INHABITANTS. I'M TOLD THAT THE FIXED PRICE WAS CHOSEN IN LIEU

FIXED PRICE WAS CHOSEN IN LIEU

FIXED PRICE WAS CHOSEN IN LIEU OF A RANGE DUE TO THE DEPTH OF

OF A RANGE DUE TO THE DEPTH OF

OF A RANGE DUE TO THE DEPTH OF THE TESTING THE WATERS PROCESS

THE TESTING THE WATERS PROCESS

THE TESTING THE WATERS PROCESS WITH INSTITUTIONAL INVESTORS IN

WITH INSTITUTIONAL INVESTORS IN

WITH INSTITUTIONAL INVESTORS IN RECENT WEEKS. BUT THE BIG WILD

RECENT WEEKS. BUT THE BIG WILD

RECENT WEEKS. BUT THE BIG WILD CARD, OF COURSE, WILL BE RETAIL,

CARD, OF COURSE, WILL BE RETAIL,

CARD, OF COURSE, WILL BE RETAIL, WHICH IS EXPECTED TO COMPRISE

WHICH IS EXPECTED TO COMPRISE

WHICH IS EXPECTED TO COMPRISE ABOUT 30% OF THE OFFERING. THAT

ABOUT 30% OF THE OFFERING. THAT

ABOUT 30% OF THE OFFERING. THAT FEEDBACK WILL BE COLLECTED WHEN

FEEDBACK WILL BE COLLECTED WHEN

FEEDBACK WILL BE COLLECTED WHEN THE ROADSHOW KICKS OFF,

THE ROADSHOW KICKS OFF,

THE ROADSHOW KICKS OFF, ALTHOUGH IT CAN BE HARDER TO

ALTHOUGH IT CAN BE HARDER TO

ALTHOUGH IT CAN BE HARDER TO ASSESS BECAUSE THAT COHORT IS

ASSESS BECAUSE THAT COHORT IS

ASSESS BECAUSE THAT COHORT IS SO FRAGMENTED.

SO FRAGMENTED.

SO FRAGMENTED. >> SCOTT, WE STILL THINKING

>> SCOTT, WE STILL THINKING

>> SCOTT, WE STILL THINKING LATE NEXT WEEK IS WHAT THE

LATE NEXT WEEK IS WHAT THE

LATE NEXT WEEK IS WHAT THE MARKET IS SORT OF.

MARKET IS SORT OF.

MARKET IS SORT OF. >> OH YEAH. YEAH, WE WOULD

>> OH YEAH. YEAH, WE WOULD

>> OH YEAH. YEAH, WE WOULD EXPECT AN OFFICIAL PRICE. THIS

EXPECT AN OFFICIAL PRICE. THIS

EXPECT AN OFFICIAL PRICE. THIS SEEMS LIKE THE FIXED PRICE. IT

SEEMS LIKE THE FIXED PRICE. IT

SEEMS LIKE THE FIXED PRICE. IT IS SUBJECT TO CHANGE THOUGH

IS SUBJECT TO CHANGE THOUGH

IS SUBJECT TO CHANGE THOUGH THEY COULD STILL OPT TO MOVE IT

THEY COULD STILL OPT TO MOVE IT

THEY COULD STILL OPT TO MOVE IT UP OR DOWN BASED ON, YOU KNOW,

UP OR DOWN BASED ON, YOU KNOW,

UP OR DOWN BASED ON, YOU KNOW, THAT THAT FEEDBACK THAT THEY

THAT THAT FEEDBACK THAT THEY

THAT THAT FEEDBACK THAT THEY GET DURING THE ROADSHOW. BUT

GET DURING THE ROADSHOW. BUT

GET DURING THE ROADSHOW. BUT THE OFFICIAL PRICE SHOULD COME

THE OFFICIAL PRICE SHOULD COME

THE OFFICIAL PRICE SHOULD COME NEXT THURSDAY. WITH TRADING ON

NEXT THURSDAY. WITH TRADING ON

NEXT THURSDAY. WITH TRADING ON IN ITS DEBUT ON FRIDAY. AND OF

IN ITS DEBUT ON FRIDAY. AND OF

IN ITS DEBUT ON FRIDAY. AND OF COURSE, THIS ONE IS LISTED AT

COURSE, THIS ONE IS LISTED AT

COURSE, THIS ONE IS LISTED AT THE NASDAQ.

THE NASDAQ.

THE NASDAQ. >> WEISS WHAT DO YOU MAKE OF

>> WEISS WHAT DO YOU MAKE OF

>> WEISS WHAT DO YOU MAKE OF THE FIXED PRICE. I MEAN YOU'VE

THE FIXED PRICE. I MEAN YOU'VE

THE FIXED PRICE. I MEAN YOU'VE TAKEN A LOT OF COMPANIES PUBLIC

TAKEN A LOT OF COMPANIES PUBLIC

TAKEN A LOT OF COMPANIES PUBLIC IN YOUR IN YOUR DAY.

IN YOUR IN YOUR DAY.

IN YOUR IN YOUR DAY. >> YEAH, A FEW.

>> YEAH, A FEW.

>> YEAH, A FEW. >> HUNDRED. YOU'RE WELL

>> HUNDRED. YOU'RE WELL

>> HUNDRED. YOU'RE WELL SEASONED.

SEASONED.

SEASONED. >> IF YOU LOOK IT'S YOU KNOW,

>> IF YOU LOOK IT'S YOU KNOW,

>> IF YOU LOOK IT'S YOU KNOW, WE'VE TALKED A LOT OF SPACE

WE'VE TALKED A LOT OF SPACE

WE'VE TALKED A LOT OF SPACE INVESTORS, OF WHICH I'M NOT ONE

INVESTORS, OF WHICH I'M NOT ONE

INVESTORS, OF WHICH I'M NOT ONE UNFORTUNATELY. IT'S NOT WHAT WE

UNFORTUNATELY. IT'S NOT WHAT WE

UNFORTUNATELY. IT'S NOT WHAT WE DO THAT YOU KNOW, IN TERMS OF

DO THAT YOU KNOW, IN TERMS OF

DO THAT YOU KNOW, IN TERMS OF BUYING PRIVATES THAT WE CAN'T

BUYING PRIVATES THAT WE CAN'T

BUYING PRIVATES THAT WE CAN'T VALUE. AND THAT'S THE PROBLEM.

VALUE. AND THAT'S THE PROBLEM.

VALUE. AND THAT'S THE PROBLEM. YOU CAN'T VALUE THIS. THERE'S

YOU CAN'T VALUE THIS. THERE'S

YOU CAN'T VALUE THIS. THERE'S NO WAY. IT'S A QUESTION OF

NO WAY. IT'S A QUESTION OF

NO WAY. IT'S A QUESTION OF ALWAYS WHO'S THE MARGINAL BUYER

ALWAYS WHO'S THE MARGINAL BUYER

ALWAYS WHO'S THE MARGINAL BUYER WHEN YOU PRICE NOW EVERYBODY

WHEN YOU PRICE NOW EVERYBODY

WHEN YOU PRICE NOW EVERYBODY THAT I TALKED TO PRETTY MUCH

THAT I TALKED TO PRETTY MUCH

THAT I TALKED TO PRETTY MUCH NOT 100%, BUT MOST BUY THE

NOT 100%, BUT MOST BUY THE

NOT 100%, BUT MOST BUY THE OVERWHELMING MAJORITY ARE

OVERWHELMING MAJORITY ARE

OVERWHELMING MAJORITY ARE LOOKING FOR AN EXIT FROM THE

LOOKING FOR AN EXIT FROM THE

LOOKING FOR AN EXIT FROM THE LOCKUPS OVER. SO WHEN IT GOES

LOCKUPS OVER. SO WHEN IT GOES

LOCKUPS OVER. SO WHEN IT GOES INTO THE INDEX, IT'S NOT AS IF

INTO THE INDEX, IT'S NOT AS IF

INTO THE INDEX, IT'S NOT AS IF THESE LARGE MUTUAL FUNDS DON'T

THESE LARGE MUTUAL FUNDS DON'T

THESE LARGE MUTUAL FUNDS DON'T HAVE AN OWNERSHIP STAKE IN

HAVE AN OWNERSHIP STAKE IN

HAVE AN OWNERSHIP STAKE IN SPACE ALREADY. SO THE ADD ON

SPACE ALREADY. SO THE ADD ON

SPACE ALREADY. SO THE ADD ON BUYING FOR IT TO GO IN THE

BUYING FOR IT TO GO IN THE

BUYING FOR IT TO GO IN THE INDEX.

INDEX.

INDEX. >> BECAUSE SO MANY HAVE ALREADY

>> BECAUSE SO MANY HAVE ALREADY

>> BECAUSE SO MANY HAVE ALREADY ALREADY BOUGHT.

ALREADY BOUGHT.

ALREADY BOUGHT. >> IT EXACTLY IN THE PRIVATE

>> IT EXACTLY IN THE PRIVATE

>> IT EXACTLY IN THE PRIVATE PRIVATES, RIGHT. SO WE DON'T

PRIVATES, RIGHT. SO WE DON'T

PRIVATES, RIGHT. SO WE DON'T KNOW WHAT THE APPETITE IS WHEN

KNOW WHAT THE APPETITE IS WHEN

KNOW WHAT THE APPETITE IS WHEN IT GOES INTO THE INDEX. NOW IT

IT GOES INTO THE INDEX. NOW IT

IT GOES INTO THE INDEX. NOW IT COULD BE IN DIFFERENT FUNDS OF

COULD BE IN DIFFERENT FUNDS OF

COULD BE IN DIFFERENT FUNDS OF COURSE, AND LIKELY IS. SO I

COURSE, AND LIKELY IS. SO I

COURSE, AND LIKELY IS. SO I THINK THAT THAT BUYING WILL

THINK THAT THAT BUYING WILL

THINK THAT THAT BUYING WILL HAVE TO DRIVE IT MOST SO. SO

HAVE TO DRIVE IT MOST SO. SO

HAVE TO DRIVE IT MOST SO. SO LOOK, IT REALLY IS A CRAPSHOOT

LOOK, IT REALLY IS A CRAPSHOOT

LOOK, IT REALLY IS A CRAPSHOOT AS TO HOW THIS ONE TRADES ANY.

AS TO HOW THIS ONE TRADES ANY.

AS TO HOW THIS ONE TRADES ANY. ANYTHING YOU SAY IS A GUESS.

ANYTHING YOU SAY IS A GUESS.

ANYTHING YOU SAY IS A GUESS. WE'VE NEVER SEEN ANYTHING CLOSE

WE'VE NEVER SEEN ANYTHING CLOSE

WE'VE NEVER SEEN ANYTHING CLOSE TO A $75 BILLION IPO. I THINK

TO A $75 BILLION IPO. I THINK

TO A $75 BILLION IPO. I THINK THE LARGEST WE'VE SEEN BEFORE

THE LARGEST WE'VE SEEN BEFORE

THE LARGEST WE'VE SEEN BEFORE IS 10 BILLION WITH A LARGE PART

IS 10 BILLION WITH A LARGE PART

IS 10 BILLION WITH A LARGE PART OF THE OF THE CONSTITUENTS WHO

OF THE OF THE CONSTITUENTS WHO

OF THE OF THE CONSTITUENTS WHO WOUL BUY THIS STUFF ALREADY

WOUL BUY THIS STUFF ALREADY

WOUL BUY THIS STUFF ALREADY HAVING BOUGHT IT PRIVATE,

HAVING BOUGHT IT PRIVATE,

HAVING BOUGHT IT PRIVATE, THERE'S BEEN UNENDING

THERE'S BEEN UNENDING

THERE'S BEEN UNENDING OPPORTUNITIES TO DO THAT.

OPPORTUNITIES TO DO THAT.

OPPORTUNITIES TO DO THAT. >> YOU YOU TALKED TO DAVID

>> YOU YOU TALKED TO DAVID

>> YOU YOU TALKED TO DAVID SOLOMON YESTERDAY ABOUT THE

SOLOMON YESTERDAY ABOUT THE

SOLOMON YESTERDAY ABOUT THE ABSORPTION OF OF THESE IPOS.

ABSORPTION OF OF THESE IPOS.

ABSORPTION OF OF THESE IPOS. YES. RIGHT. WHAT WAS THE GIST

YES. RIGHT. WHAT WAS THE GIST

YES. RIGHT. WHAT WAS THE GIST OF WHAT HE TOLD YOU ABOUT THAT?

OF WHAT HE TOLD YOU ABOUT THAT?

OF WHAT HE TOLD YOU ABOUT THAT? >> WELL, HE BASICALLY SAID THAT

>> WELL, HE BASICALLY SAID THAT

>> WELL, HE BASICALLY SAID THAT THERE'S, THERE'S MORE GREED

THERE'S, THERE'S MORE GREED

THERE'S, THERE'S MORE GREED THAN FEAR OUT THERE KIND OF

THAN FEAR OUT THERE KIND OF

THAN FEAR OUT THERE KIND OF TALKING ABOUT JUST THIS

TALKING ABOUT JUST THIS

TALKING ABOUT JUST THIS INSATIABLE, INSATIABLE DEMAND

INSATIABLE, INSATIABLE DEMAND

INSATIABLE, INSATIABLE DEMAND FOR ALL OF THESE EQUITY

FOR ALL OF THESE EQUITY

FOR ALL OF THESE EQUITY ISSUANCES, NOT JUST THESE MEGA

ISSUANCES, NOT JUST THESE MEGA

ISSUANCES, NOT JUST THESE MEGA IPOS THAT WE'RE TALKING ABOUT,

IPOS THAT WE'RE TALKING ABOUT,

IPOS THAT WE'RE TALKING ABOUT, BUT ALSO ALPHABET, WHICH JUST

BUT ALSO ALPHABET, WHICH JUST

BUT ALSO ALPHABET, WHICH JUST THIS MORNING UPSIZED ITS EQUITY

THIS MORNING UPSIZED ITS EQUITY

THIS MORNING UPSIZED ITS EQUITY OFFERING TO BE ABOUT $85

OFFERING TO BE ABOUT $85

OFFERING TO BE ABOUT $85 BILLION. SO YOU'VE GOT 85

BILLION. SO YOU'VE GOT 85

BILLION. SO YOU'VE GOT 85 BILLION THERE, 75 BILLION FROM

BILLION THERE, 75 BILLION FROM

BILLION THERE, 75 BILLION FROM SPACE. WE DON'T KNOW AT THIS

SPACE. WE DON'T KNOW AT THIS

SPACE. WE DON'T KNOW AT THIS POINT WHAT ANTHROPIC OR

POINT WHAT ANTHROPIC OR

POINT WHAT ANTHROPIC OR POTENTIALLY OPEN AI WILL LOOK

POTENTIALLY OPEN AI WILL LOOK

POTENTIALLY OPEN AI WILL LOOK TO RAISE, BUT THAT'S A LOT OF

TO RAISE, BUT THAT'S A LOT OF

TO RAISE, BUT THAT'S A LOT OF SUPPLY HITTING THE MARKET. AND

SUPPLY HITTING THE MARKET. AND

SUPPLY HITTING THE MARKET. AND I ASKED HIM, YOU KNOW, IS THERE

I ASKED HIM, YOU KNOW, IS THERE

I ASKED HIM, YOU KNOW, IS THERE ESSENTIALLY DEMAND? WHAT DO YOU

ESSENTIALLY DEMAND? WHAT DO YOU

ESSENTIALLY DEMAND? WHAT DO YOU THINK IS THE IMPACT OF ALL THIS?

THINK IS THE IMPACT OF ALL THIS?

THINK IS THE IMPACT OF ALL THIS? AND HE SAID, WELL, YOU KNOW,

AND HE SAID, WELL, YOU KNOW,

AND HE SAID, WELL, YOU KNOW, THERE'S MORE MORE GREED OUT

THERE'S MORE MORE GREED OUT

THERE'S MORE MORE GREED OUT THERE THAN FEAR. SO THAT WOULD

THERE THAN FEAR. SO THAT WOULD

THERE THAN FEAR. SO THAT WOULD SUGGEST. YES. BUT THEN I

SUGGEST. YES. BUT THEN I

SUGGEST. YES. BUT THEN I FOLLOWED UP AND I SAID, BUT HOW

FOLLOWED UP AND I SAID, BUT HOW

FOLLOWED UP AND I SAID, BUT HOW QUICKLY CAN SOMETHING LIKE THAT

QUICKLY CAN SOMETHING LIKE THAT

QUICKLY CAN SOMETHING LIKE THAT TURN? BECAUSE THAT'S MARKET

TURN? BECAUSE THAT'S MARKET

TURN? BECAUSE THAT'S MARKET PSYCHOLOGY. AND HE SAID, VERY

PSYCHOLOGY. AND HE SAID, VERY

PSYCHOLOGY. AND HE SAID, VERY QUICKLY, YEAH.

QUICKLY, YEAH.

QUICKLY, YEAH. >> AND IF YOU TAKE A LOOK AT

>> AND IF YOU TAKE A LOOK AT

>> AND IF YOU TAKE A LOOK AT SORRY, I'M SORRY. IF YOU TAKE A

SORRY, I'M SORRY. IF YOU TAKE A

SORRY, I'M SORRY. IF YOU TAKE A LOOK AT THE BIOTECH INDUSTRY,

LOOK AT THE BIOTECH INDUSTRY,

LOOK AT THE BIOTECH INDUSTRY, EVERY TIME IT'S HAD A BIG BULL

EVERY TIME IT'S HAD A BIG BULL

EVERY TIME IT'S HAD A BIG BULL CYCLE, IT'S ALWAYS KILLED IT AS

CYCLE, IT'S ALWAYS KILLED IT AS

CYCLE, IT'S ALWAYS KILLED IT AS SUPPLY COMING ON THE NUMBER ONE

SUPPLY COMING ON THE NUMBER ONE

SUPPLY COMING ON THE NUMBER ONE THING. SO WE JUST DON'T KNOW

THING. SO WE JUST DON'T KNOW

THING. SO WE JUST DON'T KNOW THIS IS GOING TO. AND THEN WE

THIS IS GOING TO. AND THEN WE

THIS IS GOING TO. AND THEN WE HAVE ANTHROPIC AND OPEN AI.

HAVE ANTHROPIC AND OPEN AI.

HAVE ANTHROPIC AND OPEN AI. >> THAT'S WHY THERE'S THE RACE

>> THAT'S WHY THERE'S THE RACE

>> THAT'S WHY THERE'S THE RACE TO TO BE AT THE FRONT OF THE

TO TO BE AT THE FRONT OF THE

TO TO BE AT THE FRONT OF THE LINE OR AT LEAST TOWARDS THE

LINE OR AT LEAST TOWARDS THE

LINE OR AT LEAST TOWARDS THE FRONT. YOU DON'T WANT TO BE IN

FRONT. YOU DON'T WANT TO BE IN

FRONT. YOU DON'T WANT TO BE IN THE BACK OF THE LINE AFTER

THE BACK OF THE LINE AFTER

THE BACK OF THE LINE AFTER MAYBE SENTIMENT HAS TURNED. AND,

MAYBE SENTIMENT HAS TURNED. AND,

MAYBE SENTIMENT HAS TURNED. AND, YOU KNOW, THESE MEGA DEALS HAVE

YOU KNOW, THESE MEGA DEALS HAVE

YOU KNOW, THESE MEGA DEALS HAVE BEEN ABSORBED. AND THEN YOU'RE

BEEN ABSORBED. AND THEN YOU'RE

BEEN ABSORBED. AND THEN YOU'RE SITTING THERE AT THE END OF THE

SITTING THERE AT THE END OF THE

SITTING THERE AT THE END OF THE LINE SAYING, HEY, DON'T FORGET

LINE SAYING, HEY, DON'T FORGET

LINE SAYING, HEY, DON'T FORGET ABOUT ME.

ABOUT ME.

ABOUT ME. >> I THINK THE IMPORTANT POINT

>> I THINK THE IMPORTANT POINT

>> I THINK THE IMPORTANT POINT HERE, THOUGH, IS THAT IF YOU

HERE, THOUGH, IS THAT IF YOU

HERE, THOUGH, IS THAT IF YOU THINK ABOUT THE INSTITUTIONAL

THINK ABOUT THE INSTITUTIONAL

THINK ABOUT THE INSTITUTIONAL LOCKUPS THAT STEVE WAS, WAS

LOCKUPS THAT STEVE WAS, WAS

LOCKUPS THAT STEVE WAS, WAS REFERENCING, AND THEN YOU THINK

REFERENCING, AND THEN YOU THINK

REFERENCING, AND THEN YOU THINK ABOUT THE TIMING, SCOTT, OF

ABOUT THE TIMING, SCOTT, OF

ABOUT THE TIMING, SCOTT, OF WHEN THIS STOCK IS LIKELY TO

WHEN THIS STOCK IS LIKELY TO

WHEN THIS STOCK IS LIKELY TO HIT ITS FULL POSITION IN THE

HIT ITS FULL POSITION IN THE

HIT ITS FULL POSITION IN THE S&P 500. FROM A FREE FLOAT

S&P 500. FROM A FREE FLOAT

S&P 500. FROM A FREE FLOAT PERSPECTIVE, THERE'S ALIGNMENT

PERSPECTIVE, THERE'S ALIGNMENT

PERSPECTIVE, THERE'S ALIGNMENT THERE. AND SO WHAT YOU COULD

THERE. AND SO WHAT YOU COULD

THERE. AND SO WHAT YOU COULD SEE IS YOU COULD SEE

SEE IS YOU COULD SEE

SEE IS YOU COULD SEE INSTITUTIONAL BUYERS OR

INSTITUTIONAL BUYERS OR

INSTITUTIONAL BUYERS OR INSTITUTIONAL HOLDERS THERE ARE

INSTITUTIONAL HOLDERS THERE ARE

INSTITUTIONAL HOLDERS THERE ARE GOING TO WANT TO GET THEIR

GOING TO WANT TO GET THEIR

GOING TO WANT TO GET THEIR LIQUIDITY. THEY'VE BEEN WAITING

LIQUIDITY. THEY'VE BEEN WAITING

LIQUIDITY. THEY'VE BEEN WAITING FOR A LONG TIME. BUT IT COULD

FOR A LONG TIME. BUT IT COULD

FOR A LONG TIME. BUT IT COULD BE, YOU KNOW, AT THE SAME TIME,

BE, YOU KNOW, AT THE SAME TIME,

BE, YOU KNOW, AT THE SAME TIME, A COINCIDENT IN THIS FREE FLOAT

A COINCIDENT IN THIS FREE FLOAT

A COINCIDENT IN THIS FREE FLOAT WITH THE S&P 500 ADDING THOSE

WITH THE S&P 500 ADDING THOSE

WITH THE S&P 500 ADDING THOSE PASSIVE BUYERS INTO THE MIX ON

PASSIVE BUYERS INTO THE MIX ON

PASSIVE BUYERS INTO THE MIX ON THE RETAIL SIDE.

THE RETAIL SIDE.

THE RETAIL SIDE. >> LAST A QUICK.

>> LAST A QUICK.

>> LAST A QUICK. >> YEAH, I THINK THE DIFFICULTY

>> YEAH, I THINK THE DIFFICULTY

>> YEAH, I THINK THE DIFFICULTY HERE IS GOING TO BE FOR FOR

HERE IS GOING TO BE FOR FOR

HERE IS GOING TO BE FOR FOR PORTFOLIO MANAGERS, BECAUSE

PORTFOLIO MANAGERS, BECAUSE

PORTFOLIO MANAGERS, BECAUSE THIS IS GOING TO MAKE A NARROW

THIS IS GOING TO MAKE A NARROW

THIS IS GOING TO MAKE A NARROW MARKET EVEN MORE NARROWER. SO

MARKET EVEN MORE NARROWER. SO

MARKET EVEN MORE NARROWER. SO IT IS GOING TO BE INCREDIBLY

IT IS GOING TO BE INCREDIBLY

IT IS GOING TO BE INCREDIBLY CONCENTRATED BECAUSE HERE YOU

CONCENTRATED BECAUSE HERE YOU

CONCENTRATED BECAUSE HERE YOU ARE ADDING ANOTHER TECHNOLOGY

ARE ADDING ANOTHER TECHNOLOGY

ARE ADDING ANOTHER TECHNOLOGY CONGLOMERATE. AND I THINK THE

CONGLOMERATE. AND I THINK THE

CONGLOMERATE. AND I THINK THE OTHER STORY IS JUST GOING TO BE,

OTHER STORY IS JUST GOING TO BE,

OTHER STORY IS JUST GOING TO BE, DOES ELON MUSK BEC