SpaceX史上最大IPO重塑市场，AI与再工业化成焦点

[music] >> Bloomberg Audio Studios. Podcasts, radio, news. >> This is Bloomberg Business Week Daily, reporting from the magazine that helps global leaders stay ahead with insight on the people, >> [music] >> companies, and trends shaping today's complex economy. Plus, global business, finance, and tech news as it happens. The Bloomberg Business Week Daily podcast with Carol Massar and Tim [music] Stenovec on Bloomberg Radio. >> Hi everyone, welcome to the Bloomberg Business Week Weekend podcast. A lot came at investors in a shortened trading week because of Friday's Juneteenth market holiday. We had the first FOMC meeting presided over by new Fed chair Kevin Warsh, the latest actions between the US and Iran in ending that war which brought enthusiasm back into the markets. And speaking of that, SpaceX continued to capture a lot of attention on Wall Street and in the overall narrative. For the latest, head on over to bloomberg.com or to the Bloomberg terminal. >> Speaking of SpaceX, the historic milestone on Wall Street that just might reshape the entire late-stage private ecosystem. We dive into the massive SpaceX public debut, the largest IPO on record, which is still sending shockwaves through tech and capital markets and has us all eyeing the next big AI IPO. Could it be Anthropic?

Could it be OpenAI? >> Could be. >> That's the question. It's also one of the macro themes, new companies, AI, and IPOs that we're focusing on this hour. >> Yeah, and another major macro theme, the race to secure critical minerals and build up their supply chains. It's all in keeping with countries protecting their national interests. Those critical minerals, by the way, also important to AI and SpaceX overall. For more on silver, antimony, and kind of the whole industry and what's going on, we checked in with the CEOs of two publicly held mining companies. >> And our third theme this hour that's on our radar, the push to build, manufacture, and physically rebuild America's industrial base from the ground up. With the CEO over at Thompson Research Group, she shares why we are in what she calls, quote, the golden age of commercial construction. >> All of that to come, we begin with the company that's captured our imagination for a long time, first as a private company, and now as one that just went public in the largest IPO ever 1 week ago. It's one for the history books and one that launched SpaceX into the ranks of the world's most valuable publicly held companies, and this week overtook some of its Mag 7 colleagues when it came to market cap. >> The offering syndicate for the IPO included several lead underwriters, including JPMorgan Chase. The list, to be fair, reads like a who's who of Wall Street's biggest and best-known banks. For an inside look at how this all played out, we caught up with David Bauer, head of equity capital markets Americas over at JPMorgan Chase. Also, Bailey Lipschultz, Bloomberg News IPO reporter. >> SpaceX, of course, the largest IPO ever. I'm just curious from from your view, how you think market participants right now, Dave, should be looking at this in the context not just of other potential IPOs in the future, but really in the context of everything we're seeing out there right now, the talk of people taking money from other assets, selling that, getting into SpaceX, just your view. >> I mean, first of all, for somebody in the ECM world, what a time to be alive. Like, these are these are great times for the markets, and I think, unlike other cycles we've seen where IPO issuance has been extremely active, you have a real catalyst forming the investment thesis behind this. This is the reindustrialization of America. We're creating new ecosystems, new economies. I mean, you think about what space could become, what AI could become. These are these are investment theses [clears throat] that many people haven't been able to invest behind before, and so I think seeing that that this euphoria in the IPO market is warranted and appropriate. >> What's the signal to the market and market participants specifically?

>> I I I think right now you're you're seeing that the IPO worked, and so I think it's all it's all systems go to make a you know, pun intended for SpaceX, but I think if there was any hesitancy of you know, should I continue to buy up 20%?

I think the answer is yes. And if you look long enough, there's a you know, this is a business that could be generationally transformational. >> But thinking about the generational transformation, Dave, when I look at the pipeline or the kind of group of companies that could be coming public, they don't look like SpaceX. When you're meeting with people maybe at your former employer KKR talking about something in their portfolio, number of other private equity firms, what are they looking at?

Obviously, this is a big one for IPO buyers, but does that translate to someone who owns say software companies or other companies in other industries? >> Well, the the mega IPOs are getting the headlines right now, but there's been a very active and very accommodative equity market in general throughout this year. And putting SpaceX aside, new issuance volumes are up almost 2X this time from last year. And the best preponderance of that has been other sectors. And we've seen healthcare coming back, we've seen biotech issuance coming, we're seeing industrial energy. Also, the markets are working at large. >> those themes still off of AI in some capacity?

If the bottleneck is power and I'm a power company, then I at least have an AI pitch because when I look at or talk to folks, it's kind of like your TAM is either infinite because you have AI behind it or it's zero because your software and the worry is that your kind of total market could be at risk. How do you think about kind of other industries and how that fits into that?

>> Yeah, I look I don't think the market is shut out for certain issuers. I think it does come down to price and having the right starting point in the public markets. And I think there is a bid for those other businesses. You know, you mentioned sponsor-backed businesses. It's a good time to you know, what I would say get the puck on the ice, start it, and you know, we always say we're advising our clients and our issuers proof points in the public market are worth even more than in the private market. And so getting out there, starting it, and you can see how, you know, your valuation can expand as you perform. You can get your share price to a level that you might be more interested in selling at, but getting, you know, getting started can be helpful. >> What is it about this moment right now, Dave, that is compelling so many of these companies not just to go public, but also to look into going public?

And I'm I am going back to sort of the the companies that when they do go public will become mega-cap companies. >> And just to tag onto what you're saying, opportunistic or fundamentally based?

>> I I think I think this is a more fundamental based market. And you look back to 2021, which felt a little bit more technical cuz like rates were zero, and so therefore equities were attractive. And you had a very different dynamic that drove that. I I think this is much more of a fundamental. I think the market is looking at what the next three to five years could be. And you know, potentially looking past some of the near-term volatility. And it's not saying they're ignoring downside risk, but I think saying there's certain positions right now that are very much worth investing in. There's a whole slate of new issuance that is different than the portfolio I've I've had in the past, and I'm going to take that opportunity to invest in it. >> I am thinking though about those mega IPOs, be it Anthropic or OpenAI. Should we make any assumptions about their market reception just because of what happened with SpaceX?

>> I think I mean [clears throat] SpaceX is is is an end of one of itself from the f