This week SpaceX stopped talking only rockets and put asteroid mining on the investor deck — officially.
In a 17-minute IPO roadshow video released Thursday, CFO Bret Johnsen (the only speaker) walked retail investors through rockets, Starlink, and AI, then named asteroid mining as a future business line SpaceX had not pushed publicly before. The materials list hard targets too: gross margin from 49% last year to ∼70%, and net profit margin swinging from -26% to around 45%.
The timeline is now set:
Roadshow: week of June 8, 2026
Pricing: as early as June 11
First trade: June 12 on Nasdaq under ticker SPCX
Scale: SpaceX is seeking to raise about $75 billion at a valuation up to $1.75 trillion, making it the largest IPO attempt in history. The twist is retail — up to 30% of the offering is earmarked for everyday investors, with 1,500 of them invited to a June event. Johnsen called it "bigger than any IPO in history" for retail because "those are folks that have been incredibly supportive of us and of Elon for a long time".
Why asteroid mining is in the deck now:
The 200,000-word prospectus filed in May frames the IPO around "asteroid mining and new billionaires," pairing a Falcon 9 photo with language about off-world resources.
Financial press breakdowns show Starlink is the current engine ($11.4B of $18.7B in 2025 revenue, with rockets at $4B and xAI at $3.2B), but the filing points to metals from asteroids as the next diversification play.
NDTV Profit's carousel notes subscriber growth from 2.3M (2023) to 8.9M (2025), $20.7B in AI capex, and a claimed $28.5 trillion total addressable market that includes asteroid mining, in-orbit manufacturing and lunar energy.
Business Standard echoes the vision slide: "asteroid mining, lunar energy production, and a future Mars colony" alongside a valuation target up to $2 trillion.
The reality check investors are debating:
Q1 2026: $4.7B revenue, $4.3B net loss; cumulative losses since inception near $37B, according to finance creators summarizing the filing.
Governance: Elon Musk keeps 85.1% voting power post-IPO.
Risks: heavy AI spend, legal exposure, and a business model for asteroid mining that is still unproven.
At Gate Square we see the signal, not just the hype. SpaceX is using the roadshow to tell Wall Street that connectivity pays today, but resources from space could pay tomorrow. Whether you buy the trillion-dollar math or not, asteroid mining just moved from sci-fi panels to an S-1 filing.
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$SPCX ‌

#ChipStocksCrashedDowHitRecordHigh
📊 One of the most fascinating market rotations of 2026 is unfolding right before our eyes.
While semiconductor and AI-related stocks suffered one of their sharpest selloffs in years, the Dow Jones Industrial Average recently surged to a new record high.
At first glance, this appears contradictory.
How can technology stocks collapse while the broader market reaches all-time highs?
The answer is simple:
💡 Capital Rotation.
For nearly two years, artificial intelligence and semiconductor companies dominated global equity markets. NVIDIA, Broadcom, AMD, Micron, and other AI infrastructure leaders became the primary destination for institutional capital.
However, markets rarely move in a straight line.
Following disappointing reactions to earnings within the semiconductor sector, investors began reassessing valuations that had expanded dramatically during the AI boom. The result was a rapid selloff that erased more than $1 trillion in semiconductor market value within days.
📉 What Triggered the Decline?
• Profit-taking after massive AI-driven gains
• Concerns about elevated semiconductor valuations
• Strong U.S. employment data reducing expectations for near-term Federal Reserve rate cuts
• Rising Treasury yields increasing pressure on growth stocks
• Broadcom's earnings reaction creating a sector-wide repricing event
Meanwhile...
📈 Why Did the Dow Reach New Highs?
Money didn't leave the market.
It simply moved elsewhere.
Institutional investors rotated into sectors that had lagged behind the AI rally:
✅ Financials
✅ Healthcare
✅ Industrials
✅ Consumer Defensive Stocks
Companies with stable earnings, attractive valuations, and lower sensitivity to interest rates became the new destination for capital.
This shift demonstrates an important principle:
Markets are evolving from indiscriminate AI enthusiasm toward selective stock picking.
Investors are no longer buying every company associated with artificial intelligence. They are beginning to distinguish between sustainable long-term winners and stocks whose valuations ran ahead of fundamentals.
🎯 What Investors Should Watch Next
• Semiconductor earnings revisions
• AI infrastructure spending trends
• Treasury yield movements
• Federal Reserve policy expectations
• Institutional fund flows between growth and value sectors
My view:
The AI revolution is not ending.
What we're witnessing is a classic market reset where expectations are being recalibrated.
The long-term AI thesis remains intact, but investors are demanding stronger execution and more reasonable valuations.
Sometimes the strongest bull markets continue not through relentless buying—but through healthy rotations that create the foundation for the next leg higher.
What do you think?
Is this the start of a deeper correction in AI stocks, or simply a temporary shakeout before the next rally?
👇 Share your perspective below.
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