{"id":1268,"date":"2026-06-12T12:12:39","date_gmt":"2026-06-12T12:12:39","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=1268"},"modified":"2026-06-12T12:12:39","modified_gmt":"2026-06-12T12:12:39","slug":"when-spacex-starts-trading-some-shareholders-will-discover-they-own-nothing-at-all","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=1268","title":{"rendered":"When SpaceX starts trading, some \u2018shareholders\u2019 will discover they own nothing at all"},"content":{"rendered":"<div>\n<p>\u00a0<span>The stock market in New York will open at 9.30 a.m. local time as usual today and then, a few hours later, shares in Elon Musk\u2019s SpaceX will begin trading publicly, starting at an offer price of $135 per share.<\/span><\/p><p>Read more <a href=\"https:\/\/crosscountrymovingteams.com\/?p=1263\">Melania launches Trump Accounts for foster kids \u2014\u00a0and Democratic governors want no part of it<\/a><\/p>\n<p><span>At a value of $1.8 trillion, the SpaceX offering will be the biggest IPO of all time.<\/span><\/p><div><div><div><\/div><\/div><\/div>\n<p><span>The event will be especially nerve-wracking for one group of investors: the doctors, lawyers, dentists, entrepreneurs, and other high-net-worth individuals who privately bought shares on the shadowy \u201csecondary\u201d market back when SpaceX\u2019s stock consisted only of private equity. When the insider lockup period ends, they will find out whether they hit the jackpot or were taken in by a scam, <\/span><span>reports <\/span><i><span>Fortune<\/span><\/i><span>\u2019s Allie Garfinkle<\/span><span>.<\/span><\/p>\n<p><span>Because secondary shares are traded via private contracts, often in secret, buyers are vulnerable to fraud. They won\u2019t know if the paper contracts they bought are worth the paper they\u2019re written on until it comes time to try to sell them. It\u2019s not a question of whether fraud will be uncovered when SpaceX IPOs; it\u2019s a question of how much fraud will be uncovered.<\/span><\/p>\n<p><span>\u201cHow many people think that they have bought into SpaceX, but they\u2019re actually just funding some dude\u2019s coke habit in Miami? The number is not zero,\u201d said Anduril cofounder Matt Grimm, when he spoke to Fortune a few months ago.<\/span><\/p>\n<p><span>\u201cIn some cases, they literally are being scammed.\u201d\u00a0<\/span><\/p><div><div><\/div><\/div>\n<h2><b>The numbers<\/b><\/h2>\n<p><b>The IPO has raised $75 billion,<\/b> <span>per the FT<\/span><span>, and the total funds raised based on the portion of the stock being offered could hit $86 billion. Demand for the shares was three times the amount on offer.<\/span><\/p>\n<p><b>Goldman Sachs is the lead bank<\/b><span> on the IPO and it got there by agreeing to take one of the lowest fees on record, a \u201cgross spread\u201d of just 0.75%, <\/span><i><span>Fortune<\/span><\/i><span>\u2019s Shawn Tully reports<\/span><span>. The bank will nonetheless get a chunk of the estimated $646 million in fees, and thus likely capture the largest dollar amount.\u00a0<\/span><\/p><div><div><div><\/div><\/div><\/div>\n<ul>\n<li><span>Meet the SpaceX employees who are set to become multimillionaires thanks to its IPO: from execs to even welders<\/span><span> &#8211; Preston Fore<\/span><\/li>\n<li><span>How Elon Musk sold a $1.77 trillion dream\u2014and what other CEOs can learn from the SpaceX IPO<\/span><span> &#8211; Diane Brady<\/span><\/li>\n<li><span>SpaceX Shares Indicated More Than 35% Higher in Shadow Trading<\/span><span> &#8211; Bloomberg<\/span><\/li>\n<li><span>\u2018China follows Musk very closely\u2019: While SpaceX blocked Chinese investors from IPO, China\u2019s space firms prep their own as a counterweight<\/span><span> &#8211; Mia Osmonbekov<\/span><\/li>\n<li><span>While investors await the SpaceX IPO, these space stocks are already public, building an economy in Earth orbit\u2014and beyond<\/span><span> &#8211; Jason Ma<\/span><\/li>\n<\/ul>\n<h2><b>The economics of having your AI data centers in orbit<\/b><\/h2>\n<p><span>The problem with AI data centers is that they\u2019re huge. You need places to put them. And people generally don\u2019t want to be anywhere near them because they aren\u2019t pretty, they use too much water and jack up your electricity bills. Elon Musk thinks he has a solution to that: use SpaceX rockets to put AI datacenters in space where they can be powered by solar cells and be a bother to no one.<\/span><\/p><div><div><\/div><\/div>\n<p><span>But is this economically feasible? Yes, according to ARK Invest, Cathie Wood\u2019s tech-focused investment fund. As the cost of reusable rockets declines, it will eventually fall below the cost of building data centers on Earth, according to this ARK chart:<\/span><\/p><div><div><\/div><\/div><div><div><\/div><\/div>\n<p><span><div>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" alt=\"\" class=\"wp-image-1265\" height=\"400\" src=\"https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/06\/f2cf432b996e69b4ed16839dc1924b92-1024x400.webp\" width=\"1024\" srcset=\"https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/06\/f2cf432b996e69b4ed16839dc1924b92-1024x400.webp 1024w, https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/06\/f2cf432b996e69b4ed16839dc1924b92-300x117.webp 300w, https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/06\/f2cf432b996e69b4ed16839dc1924b92-768x300.webp 768w, https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/06\/f2cf432b996e69b4ed16839dc1924b92.webp 1438w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div><\/span><\/p>\n<h3>THE MARKETS<\/h3><h2><b>Stocks rally globally\u2014and oil tumbles\u2014on hopes of peace dividend<\/b><\/h2>\n<p>Markets in Asia and Europe rose strongly this morning on headlines that the U.S.-Iran conflict might be coming to an end. U.S. futures were up too.<\/p>\n<ul>\n<li><b>S&amp;P 500 futures<\/b><span> were up 0.69% this morning. The index rose 1.75% yesterday.\u00a0<\/span><\/li>\n<li><b>In Europe,<\/b><span> the Stoxx 600 was up 1.83% in early trading and the U.K.\u2019s FTSE 100 was up 1.25% before lunch.<\/span><\/li>\n<li><b>Asia: <\/b><span>South Korea\u2019s KOSPI was up 4.63%. Japan\u2019s Nikkei 225 was up 2.81%. India\u2019s Nifty 50 was up 1.98%. China\u2019s CSI 300 was 1.16%.\u00a0<\/span><\/li>\n<li><b>Brent crude<\/b><span> was $86 per barrel this morning after being as high as $92 yesterday.<\/span><\/li>\n<li><b>Bitcoin<\/b><span> rose to $63.8K.<\/span><\/li>\n<li><span>Bank of America told investors to \u2018take profits.\u2019 Then the Nasdaq fell 7%<\/span><span> &#8211; Eva Roytburg<\/span><\/li>\n<\/ul>\n<h3>PART OF THE DEAL?<\/h3><h2><b>Trump claims \u201cwe ended the war with Iran today\u201d but Iran hasn\u2019t signed the paperwork<\/b><\/h2>\n<p><b>President Trump has claimed<\/b><span> he has a 14-point \u201cmemorandum of understanding\u201d to end the war with Iran, <\/span><span>White House sources told Axios<\/span><span>. The document calls for the Strait of Hormuz to be reopened and for sanctions on Iran to be ended as long as Iran complies with further terms. U.S. troops would be withdrawn. Talks on Iran\u2019s nuclear ambitions would be pushed off into the future.<\/span><\/p>\n<p><b>Trump cancelled last night\u2019s planned airstrikes<\/b><span>, <\/span><span>saying<\/span><span>, \u201cDiscussions and final points have been, in both concept and great detail, approved by all parties involved \u2026 Time and place of the signing to be announced shortly.\u201d He told a rally in Georgia, \u201c<\/span><span>We ended the war with Iran today<\/span><span>.\u201d<\/span><\/p><div><div><div><\/div><\/div><\/div><div><div><\/div><\/div>\n<p><b>Crucially, Iranian media also reported<\/b><span> on <\/span><span>the existence of the document<\/span><span>.\u00a0<\/span>However, Iranian officials said<span> this morning that the deal has <\/span><span>not been finalized<\/span><span>.<\/span><\/p>\n<ul>\n<li><b>What Wall Street is saying:<\/b><span> Trump\u2019s claim that we\u2019re near the end of the conflict might have more credibility this time around. As a note from UBS said this morning, this will be the 39th time Trump has promised that the war is nearly over, but the fact that the Iranians seem to be looking at the same document is hopeful.<\/span><\/li>\n<li><b>Fed interest rate hikes on hold: <\/b><span>\u201cWith oil prices coming down sharply, alongside hopes that the Strait of Hormuz will reopen, that\u2019s seen investors price out the chance of rapid rate hikes [from the Fed] this year. Indeed, as we go to press, markets are now pricing in just a 77% chance of a Fed rate hike by December, having been fully priced in earlier this week. In fact, it\u2019s not until the March 2027 meeting that a hike is fully priced in. So that dovish repricing helped U.S. Treasuries to surge, with the 2yr yield (-8.1bps) down to 4.06% by the close, whilst the 10yr yield (-9.1bps) fell to 4.46%,\u201d Deutsche Bank said this morning.<\/span><\/li>\n<li><b>ING was skeptical.<\/b><span> \u201cWe have been here before, where an imminent peace deal touted by the White House has failed to materialise. Let&#8217;s see what Iran has to say,\u201d Chris Turner advised clients.<\/span><\/li>\n<\/ul>\n<h3>THE WORLD CUP<\/h3><h2><b>Good for GDP, an own-goal for inflation<\/b><\/h2>\n<p><span>The economic impact of the World Cup will be \u201cmaterial,\u201d according to Bank of America\u2019s Stephen Juneau. \u201cIt could add six-tenths to US GDP and four-tenths to World GDP. Indeed, we may have already seen some of the positive effects in the May jobs report. The upshot is that the tournament is another tailwind for the U.S. economy and another reason to expect inflation to be more persistent in the near-term,\u201d he said in a note.<\/span><\/p>\n<h3>MORE FROM FORTUNE<\/h3><p><span>The chaos at CBS News shows the limits of \u2018blow it up\u2019 leadership<\/span><span> &#8211; Claire Zillman<\/span><\/p><p>Read more <a href=\"https:\/\/crosscountrymovingteams.com\/?p=1261\">Trump turned environmentalist to slap new tariffs on Brazil, so why are deforestation rates down?<\/a><\/p>\n<p><span>Why is it so hard to get ROI from AI? Because building from first principles isn\u2019t easy<\/span><span> &#8211; Jeremy Kahn<\/span><\/p><div><div><\/div><\/div>\n<p><span>Silicon Valley insiders warn U.S. defense supply chain is unprepared for modern warfare<\/span><span> &#8211; Sebastian Herrera<\/span><\/p>\n<p><span>Three ways that Asia\u2019s enterprises are adopting AI\u2014and where they are falling behind<\/span><span> &#8211; Garrett Ilg<\/span><\/p><div><div><div><\/div><\/div><\/div>\n<p><span>After backlash, Anthropic says its AI will now tell users when their request is being rejected or downgraded for national security concerns<\/span><span> &#8211; Marco Quiroz-Gutierrez<\/span><\/p>\n<p><span>Inflation is roaring back globally, 2022 style. The Iran war is only half the problem<\/span><span> &#8211; Eva Roytburg<\/span><\/p><div><div><\/div><\/div>\n<p><span>Trump says Europe freeloads on defense. Britain\u2019s own (former) Defense Secretary just agreed<\/span><span> &#8211; the AP<\/span><\/p>\n<h3>CHART OF THE DAY<\/h3><h2><b>Markets hate Mondays. Science agrees.<\/b><\/h2>\n<p><span><div>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" alt=\"\" class=\"wp-image-1266\" height=\"444\" src=\"https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/06\/19ddef1d62dd26d323976e19f6139ecc-1024x444.webp\" width=\"1024\" srcset=\"https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/06\/19ddef1d62dd26d323976e19f6139ecc-1024x444.webp 1024w, https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/06\/19ddef1d62dd26d323976e19f6139ecc-300x130.webp 300w, https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/06\/19ddef1d62dd26d323976e19f6139ecc-768x333.webp 768w, https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/06\/19ddef1d62dd26d323976e19f6139ecc.webp 1438w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div><\/span><\/p>\n<p><span>Michael Kantrowitz and his team at Piper Sandler put together an entertaining research note that examines whether there is any statistical evidence to the \u201cseasonality\u201d of stock market returns. It turns out, there is. On average, the S&amp;P 500 declines on Mondays but doesn\u2019t during the rest of the week. In addition, the \u201cSanta rally\u201d is real\u2014stocks really do perform better at the end of the year. And there is still some truth to the adage \u201csell in May and go away\u201d but the effect has diminished over time.<\/span><\/p>\n<h3>NUMBER OF THE DAY<\/h3><h2>5.1%<\/h2>\n<p><span>The annual growth in U.S. consumer card spending, according to David Tinsley and his colleagues at Bank of America. That\u2019s \u201cthe strongest growth in nearly four years, according to Bank of America internal card data. Moreover, growth isn&#8217;t just gasoline-driven\u2014underlying spending remains firm across both goods and services,\u201d they say.<\/span><\/p><div><div><div><\/div><\/div><\/div>\n<p><span><div>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" alt=\"\" class=\"wp-image-1267\" height=\"417\" src=\"https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/06\/9e97c55f6a04e6cc85de0bc8b7073566-1024x417.webp\" width=\"1024\" srcset=\"https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/06\/9e97c55f6a04e6cc85de0bc8b7073566-1024x417.webp 1024w, https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/06\/9e97c55f6a04e6cc85de0bc8b7073566-300x122.webp 300w, https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/06\/9e97c55f6a04e6cc85de0bc8b7073566-768x313.webp 768w, https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/06\/9e97c55f6a04e6cc85de0bc8b7073566.webp 1440w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div><\/span><\/p>\n<h3>THE FRONT PAGES TODAY<\/h3><p><span>The quantum computing revolution is closer than you think<\/span><span> &#8211; FT<\/span><\/p>\n<p><span>Meta reportedly begins dismantling $2 billion Manus deal on Beijing\u2019s orders<\/span><span> &#8211; CNBC<\/span><\/p>\n<p><span>Exclusive: Disney says &#8220;Toy Story&#8221; franchise has driven $16B in revenue<\/span><span> &#8211; Axios<\/span><\/p><div><div><\/div><\/div>\n<p><span>Switzerland\u2019s Radical Proposal on Immigration: Cap the Population<\/span><span> &#8211; WSJ<\/span><\/p>\n<p><span>The Bankrupting of a Mobile Home Billionaire<\/span><span> &#8211; Bloomberg<\/span><\/p><div><div><div><\/div><\/div><\/div>\n<p><span>U.S. Plan Is Said to Pull a Third of Fighter Jets It Provides NATO for Europe<\/span><span> &#8211; NYT<\/span><\/p>\n<h3>ONE MORE THING<\/h3><h2><b>The curse of Trump? When the president watches a game, the home team loses<\/b><\/h2>\n<p><span>In a string of recent sporting events watched by President Trump, the home team has taken a beating, <\/span><span>according to the AP<\/span><span>. The New York Knicks, after two straight wins in the NBA finals against the San Antonio Spurs, lost at home 115-111 on Monday as Trump looked on from a luxury suite at Madison Square Garden.<\/span><\/p><div><div><\/div><\/div>\n<p><span>The MLB\u2019s Washington Nationals lost Game 5 of the World Series to the Houston Astros 7-1 when Trump was there. In November, the president was on hand as the NFL\u2019s Washington Commanders hosted the Detroit Lions, and the visitors romped 44-22. And he was front and center at Bethpage Black when Europe topped the U.S. golf team in last fall\u2019s Ryder Cup.<\/span><\/p>\n<p><span>That\u2019s going to be a problem for the U.S. soccer team if the president decides to spectate at one of their World Cup matches \u2026<\/span><\/p><p>Read more <a href=\"https:\/\/crosscountrymovingteams.com\/?p=1259\">Why is the FDA approving kid-friendly, fruit-flavored e-cigarettes?<\/a><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Everything you need to know before you reach the office this morning.<\/p>\n","protected":false},"author":1,"featured_media":1264,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-1268","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>When SpaceX starts trading, some \u2018shareholders\u2019 will discover they own nothing at all - 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