Scott Galloway Says the SpaceX IPO Has ‘No Anchor.' Here's Why I Think He's Wrong. [Yahoo! Finance]
AT&T Inc. (T)
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Source: Yahoo! Finance
Galloway's Case, Fairly Stated SpaceX's valuation has run from roughly $350 billion in May 2025, to $800 billion in December 2025, to $1.25 trillion in February 2026, now targeting roughly $1.8 trillion at IPO. That's roughly a 5x move in under a year. Drawing on NYU Stern's Aswath Damodaran, Galloway argues that "investors have already decided they want SpaceX and are now working backwards to justify the price." Wall Street bankers have cycled through Boeing, AT&T, Palantir, GE Vernova, and Vertiv as peer candidates without landing on a clean comp. Galloway's conclusion: "When bankers can't find a peer, it usually means the valuation has no anchor, and this one doesn't appear to have an anchor." He flags the 30% retail allocation as a signal of institutional skepticism, points to Saudi Aramco as a cautionary tale, and notes the empirical pattern of IPO underperformance over one to three years post-listing. These are real concerns. Valuation discipline matters. Founder worship
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