Category: Markets (Page 1 of 4)

      Can anyone justify the SpaceX proposed IPO valuation?

      May 30, 2026 /

      SpaceX headquarters

      You know we might be in a bubble when you read through the SpaceX S-1 filing.

      Scott Galloway has a history of calling out ridiculous IPOs and S-1s . . . remember WeWork? Galloway takes a look at the SpaceX S-1 and points out some amazing valuation claims. Galloway argues the proposed valuation is disconnected from current financials. At the low end of the reported target, SpaceX would trade around 94x sales, above even very high-multiple public tech names; his sum-of-the-parts math gets closer to $1 trillion, not $1.75–$2 trillion. He also criticizes the pitch’s huge $28 trillion TAM, including assumptions like near-universal Starlink adoption and enterprise AI markets far larger than today’s enterprise software market.

      Galloway is basically explaining that the IPO asks public investors to pay today for a best-case, multi-decade outcome for SpaceX. Basically, investors will be funding Elon Musk’s grandest ambitions. And yes, Elon has done some amazing things with SpaceX and Tesla. And, Galloway has been famously wrong (as he admits repeatedly) about Tesla’s valuation. But the numbers are clear. Musk is making a massive bet, and the upside is already baked in here.

      We’ll see if this has any impact on the IPO. Other analysts are making the same case when they drill down into the numbers.

      Economy, Markets, Technology

      Apple brings jobs to Arizona

      November 8, 2013 /

      With Apple’s announcement that it will start manufacturing high end sapphire glass in Arizona, we have some good news on the domestic job front. The impact will be 2,000 jobs, though it’s important to note that 1,300 of those jobs will apply to the construction phase, so the permanent jobs number is 700. Still, it’s a start for high-end glass manufacturing in the United States and that could have a long-term effect. Hopefully Apple continues on this path to bring more jobs home to the US.

      General Business, Manufacturing, Markets, Technology

      CEOs try to push Congress to end shutdown and debt limit insanity

      October 9, 2013 /

      dollar bills spelling USA

      Wall Street and the business community have supported Republicans for years, but now many of them are stunned to see the utter contempt that many Tea Party Republicans have for the financial system. While some understand the point of using leverage in negotiations, the willingness to tempt fate with a potential default on the national debt is making many CEOs nervous. GOP representatives are now hearing an earful from those business interests that helped raise a ton of money for them, and now CEOs are getting involved. Their ideal solution is to get a big budget defiicit deal, but they have had to impress on many members the potential for economic catastrophe if we get to the brink of defaulting on the national debt.

      There are very strong opinions on all side of the government shutdown and the debt debate, but the plain fact is that the GOP is engaging in political extortion, and the President is not willing to let them get away with it.

      Many Republicans from the beginning saw this as a failed strategy, and now even more are becoming frustrated as John Boehner again doesn’t seem to have an out. It’s a mess, and hopefully at some point this will be resolved without a full-blown crisis.

      Economy, Finance, General Business, Markets

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