TOP STORY
🚀 SpaceX Jumps 19% on IPO, Passing a $2T Valuation

🤯 The day has finally come. On Friday, SpaceX officially listed on the Nasdaq under the ticker $SPCX, jumping 19% to an over-$2T valuation and setting the record for the biggest IPO in history (nearly triple Saudi Aramco’s record set in 2019).

🏆 In one day, SpaceX soared to the #57th most-held stock on Blossom, with 6,134 Blossomers holding shares (over 4% of all users who’ve linked their brokerages).

✨ The monster IPO boosted optimism this week, with all the major indexes rising following the market's worst day of the year last Friday.

📊 Across the indexes:

• The S&P 500 rose +0.65%

• The Nasdaq 100 rose +2.34%

• The TSX rose +1.52%

🕊️ Hopes of the Strait of Hormuz reopening also lifted markets, after Trump said a deal to end the war will be signed on Sunday and that the Strait would be ‘open to all’ after it was signed.

🙅‍♂️ But despite’s Trump’s optimism, the Iranian Foreign Ministry said the deal is unlikely to be signed this weekend, leaving the war in the shroud of uncertainty most investors have now gotten used to.

👨‍🚀 But enough about the never-ending war, let’s dive into everything you need to know about SpaceX’s record-setting IPO (plus everything announced at Apple’s WWDC conference).

😎 One of the ‘Best-Executed IPOs’ Wall Street Has Seen in Years

🔍 Three weeks ago we covered a breakdown of SpaceX's business, the valuation debate, and the NASDAQ 100 inclusion story. This week I want to focus on what’s new since the stock started trading.

✅ Love him or hate him, Elon’s SpaceX IPO was well-executed. Despite being a vocal critic of the IPO heading into it, Jim Cramer, host of Mad Money on CNBC was quick to acknowledge the success, saying:

⭐️ According to Reuters, the IPO was 4x oversubscribed, meaning about $250 billion in demand was chasing $75 billion in supply, with BlackRock ($BLK) alone placing a $5 billion order.

💰 SpaceX ended the day at a $2.1T valuation, making SpaceX the 7th most valuable company in the world overnight and even surpassing Tesla ($TSLA).

🤑 In the process, Elon Musk, who holds 42% of equity and 82% of voting control via super-shares, became the world's first trillionaire, with around 4,400 current and former SpaceX employees expected to become millionaires.

🚗 The Tesla Bombshell Nobody Was Expecting

😮 While the IPO itself was smooth sailing, in an interview with CNBC on IPO day, COO Gwynne Shotwell caught investors by surprise when she hinted at a possible Tesla / SpaceX merger.

📈 Many analysts view this as inevitable, with Wedbush analyst Dan Ives estimating an 80% chance that the two companies will merge. Tesla stock jumped 2% on the rumors.

😎 Shotwell also set expectations for what it means to be a SpaceX shareholder, saying that she does “not want to focus on quarterly earnings,” and that “folks who invest in SpaceX need to know is that what we’re doing is very futuristic.”

🛡️ Analysts Defend SpaceX’s valuation

👀 A big point of criticism for SpaceX’s IPO was the valuation, and while we’ll get into the new cases against the stock, one analyst came out of the gate to defend the high price.

📈 Oppenheimer's Timothy Horan, the first analyst to give SpaceX a rating, rated SpaceX an ‘Outperform (Buy)’ with a $190 price target, roughly 18% above Friday's close. His thesis:

💰 Cathie Wood's ARK Invest also went all in post-debut, trimming Tesla to buy SpaceX across both ARKX and ARKK.

🐻 But not everyone is convinced, with many critics doubling down on arguments that SpaceX’s stock is due for a crash… but before we dive into those, a quick word from our sponsor this week: WisdomTree!

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TOP STORY CONT.
💥 Is SpaceX a Ticking Time Bomb?

🔄 SpaceX Does A ‘180’ Right Before IPO

👀 SpaceX is definitely not without its doubters, and while we already covered some of the arguments against its high valuation 3 weeks back, there was a big new development before the IPO.

🛡️ One of the arguments in SpaceX’s prospectus to defend its valuation was the massive total addressable market tied to Grok becoming a dominant enterprise AI platform (~93% of SpaceX’s projected addressable market).

🏢 But since then, SpaceX has announced it will rent compute capacity directly to Anthropic for $1.25 billion per month and to Google for $920 million per month.

⚠️ While those are big contracts, some see this as a pivot from AI model dominance to data center landlord. James Chanos came on Bloomberg and flagged the problem:

📺 Richard Coffin (The Plain Bagel) broke it down on YouTube and reached a similar conclusion. His point was that SpaceX’s prospectus requires Grok to dominate enterprise AI, Starlink to win global internet, and the space business to scale all at the same time, and if you remove Grok enterprise AI dominance story, it becomes much harder to justify the $2T price tag.

🎯 Morningstar puts SpaceX’s fair value at $780 billion, or less than half the current price, with the current price-to-sales at 110x. And to quote the same James Chanos on what that means: “historically, returns have been awful at those valuations.”

💣 A Ticking Time Bomb?

👀 The other major argument is that SpaceX hasn’t yet faced selling pressure.

🔓 Most private shareholders aren’t allowed to sell most of their positions until 3 to 6 months after an IPO, though the $176 intraday high on IPO day may have already triggered SpaceX's performance-based early lock-up clause, meaning insiders could begin selling as early as July, not December.

😬 Options trading also starts Monday, the first time puts and calls will be available on SPCX, adding a new layer of volatility into next week.

🤔 This has led many, including Blossom’s @jacobb, to question whether retail investors will end up being ‘exit liquidity’ (see his full post here), with even Blossom’s ‘Rocketman’ @anthony.invests staying away (see his post here).

🌼 But with over 4% of Blossomer’s holding the stock, there are clearly arguments on both sides, and with NASDAQ 100 inclusion coming in the next 15 trading days, options going live Monday, and the early lock-up trigger potentially already tripped, the next few weeks are going to be interesting.

🎙️ To join the conversation, make sure you check out the many posts on Blossom about SpaceX, which, unsurprisingly, was the #1 Most Mentioned stock of the week!

🗞️ Despite dominating the headlines, SpaceX wasn’t the only big story this week. Apple also had its WWDC developer conference, where it announced some pretty major changes to Siri. So let’s switch gears to see what was announced, and what it means for Apple shareholders.

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TOP STORY
🍎 Apple Stock Falls 6% After Announcing Its Widely Anticipated Siri Revamp

🍎 While SpaceX stole the headlines, Apple ($AAPL) also had a huge week this week, hosting its Worldwide Developers Conference (WWDC26) and announcing a ton of new features and updates.

👀 Blossom’s @anthony.invests even received the coveted in-person invite and shared insights from the front lines.

📉 And while the updates were well received, many investors saw it as ‘evolutionary, not revolutionary’, causing the stock to fall ~6% this week.

🤖 All Eyes On Siri

🎯 The most important announcement at WWDC this year was the Siri overhaul, something Apple promised all the way back at WWDC 2024.

📱 Apple’s new and improved Siri is called “Siri AI,” a ground-up rebuild powered by next-generation Apple Foundation Models built in partnership with Google’s $GOOGL Gemini.

🪄 The new Siri has a dedicated app across all platforms, conversation history synced privately via iCloud, on-screen awareness that can read and act on what’s in front of you, and the ability to operate apps and answer questions using your personal context. Which is essentially the exact feature set Apple promised (but failed to deliver) two years ago. (See the live demo here.)

💡 The monetization hook is baked in from day one: AI-heavy features like image generation come with daily usage limits. Need more? Upgrade to iCloud+, making Siri AI Apple's first real "pay for AI" model.

🔒 According to the company, Siri AI will be limited to the iPhone 16 and 17 lineup, as well as the iPhone 15 Pro and iPhone 15 Pro Max, meaning hundreds of millions of existing users are locked out unless they upgrade (good news for investors hoping the new features spark a new iPhone upgrade cycle).

✨ Everything Else

Beyond Siri, it was a busy keynote for other software and platform updates, including:

• ✨ Liquid Glass refinements and a new transparency slider where users can adjust the “glassiness” (following backlash last year)

• 💡 Visual Intelligence for Mac

• 👶 A massive parental controls overhaul as Apple moves to make iPhone parents ‘phone of choice’ for their kids.

• 🎧 AirPods EQ customization

• 🌐 Confirmation of an OS to support a foldable experience (in line with expectations for a foldable iPhone later this year)

🔄 And much more…

📰 But for the full list of announcements from the conference, be sure to read through Apple’s official press release here!

📊 Analyst Reactions

✅ Analysts remain mixed on Apple following the keynote, with Bank of America’s Wamsi Mohan calling it “substantive,” and Bernstein’s Mark Newman noting that the iCloud+ usage caps might be the first real AI monetization signal the company has shown.

❌ However, other analysts, including Barclays’ Tim Long, called the updates “more evolutionary vs revolutionary” and said Apple remains “a laggard in AI with no killer apps and a questionable monetization strategy.”

✨ The optimists say Siri AI doesn’t have to beat ChatGPT, but just be good enough to prompt an upgrade, and with iPhone sales already rising 25% in the first half of fiscal 2026, there’s good reason for investors to be bullish.

🌼 Despite the stock drop, Blossom members reacted positively to the announcements, with net volume flipping to positive for the first time in 6 weeks.

😎 Join the discussion and track buying/selling activity on Blossom here!

FROM THE BLOSSOM COMMUNITY
⭐️ Top Discussions of the Week

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