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Short seller Jim Chanos argues SpaceXβs planned $1.75 trillion IPO valuation is disconnected from fundamentals and driven by overly optimistic future expectations.
Speaking ahead of the record-breaking $75 billion listing, he said investors are pricing in ambitious narratives rather than realistic earnings prospects, adding that SpaceXβs valuation multiple far exceeds that of Tesla.
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Today, that amount is worth over $1 billion.
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NAKA shares finished the day up nearly 10%, but are down almost 39% in the last month.
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The IPO raised a record $75 billion on βthe sale of 555.56 million shares, valuing the space, satellite and AI provider at $1.77 trillion, a record for an initial offering. Musk retains 82% control, IPO sets aside 30% of shares for retail buyers
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Without AI, SpaceX was profitable. With AI, it lost nearly $5B in 2025 and another $4.3B in Q1 2026 alone.
The IPO values SpaceX at $1.77 trillion, but only 4.3% of shares will trade initially. That limited float could drive strong early demand and volatility while making true price discovery difficult.
Retail investors are getting access to just 1.3% of the company, while insiders and major funds remain largely locked up. Those restrictions begin easing within months, potentially increasing selling pressure.
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Japanese bitcoin treasury firm Metaplanet is acquiring Siiibo Securities for Β₯2.1 billion ($13 million) as it seeks to develop and distribute Bitcoin-linked yield products directly to investors in the country.
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