Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Commodities

<ul>
<li>A review of recent events/data impacting our investment themes and outlook.</li>
<li>No sign yet of a reversal in US government bonds and the dollar.</li>
<li>Brent Oil still above $100 despite exports moving back to pre-war levels</li>
</ul>


A review of recent events/data impacting our investment themes and outlook.
No sign yet of a reversal in US government bonds and the dollar.
Brent Oil still above $100 despite exports moving back to pre-war levels


Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The US$75bn <a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> is expected to price on 11 June and list on 12 June 2026. Another US$640bn (at IPO Price) should get unlocked by December.</li>
<li>Quiddity has done the analysis on all the major index events out for the next year, as we see them. There will be smaller/adjacent ones along the way.</li>
<li>We see ~$22bn+ to buy in 3 weeks. We'd expect $120bn+ more (at IPO price) by end-Dec-2026. BUT... Big BUT... a lot depends on the selldown, not the lockup expiry.</li>
</ul>


The US$75bn SpaceX (SPCX US) is expected to price on 11 June and list on 12 June 2026. Another US$640bn (at IPO Price) should get unlocked by December.
Quiddity has done the analysis on all the major index events out for the next year, as we see them. There will be smaller/adjacent ones along the way.
We see ~$22bn+ to buy in 3 weeks. We'd expect $120bn+ more (at IPO price) by end-Dec-2026. BUT... Big BUT... a lot depends on the selldown, not the lockup expiry.


[Quiddity Index] The SpaceX Index Inclusion Schedule

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a>, an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.</li>
<li>SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.</li>
<li>In this note, we talk about the company background and its ground breaking space segment.</li>
</ul>



SpaceX (SPCX US), an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.
SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.
In this note, we talk about the company background and its ground breaking space segment.


Aequitas: SpaceX IPO - Space - The Breakthrough Segment but with Low/No Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a>, an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.</li>
<li>SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.</li>
<li>We will undertake our more serious analysis in the coming days. This note is a lighthearted look at some of the other worldly claims and Grok’s view on SpaceX valuation.</li>
</ul>



SpaceX (SPCX US), an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.
SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.
We will undertake our more serious analysis in the coming days. This note is a lighthearted look at some of the other worldly claims and Grok’s view on SpaceX valuation.


Aequitas: SpaceX IPO- A Lighthearted Take on Some of the Claims - Grok Speaks the Truth on Valuation

Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

Equity Derivatives

<ul>
<li>SpaceX has been crashing post IPO, now trading below the initial price after short strategies became active as Tesla-SpaceX merger speculation has grown, and the first lockup period expires.</li>
<li>Q2 positive as measured by consolidated revenues and EBITDA, but short term market perceptions dominate rather than Elon Musk comments on projects such as moon, Mars projects, and Starmind.</li>
<li>It may be time to revisit our earlier volatility trading strategy in light of the market sentiment after the IPO.</li>
</ul>


SpaceX has been crashing post IPO, now trading below the initial price after short strategies became active as Tesla-SpaceX merger speculation has grown, and the first lockup period expires.
Q2 positive as measured by consolidated revenues and EBITDA, but short term market perceptions dominate rather than Elon Musk comments on projects such as moon, Mars projects, and Starmind.
It may be time to revisit our earlier volatility trading strategy in light of the market sentiment after the IPO.


The SpaceX Volatility Shift: Tesla Merger Speculation, Lock-Up Unlocks, & Hedging Post-IPO Exposure

United States

Space Exploration Technologies Corp., doing business as SpaceX, operates as an aerospace manufacturer and space transportation services company. The Company designs and manufactures rockets, human spaceflight, and global satellite internet services. SpaceX serves customers worldwide.

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SpaceX (SPCX US)

Overview #81 — More of the Same

A review of recent events/data impacting our investment themes and outlook. Current trends have shown no sign yet of reversal. OIl is flowing...

Rikki Malik

[Quiddity Index] The SpaceX Index Inclusion Schedule

The SpaceX IPO is noted for its high price/sales multiple and the effort made to change the index rules. Inside, a schedule and model for the index...

Travis Lundy

Aequitas: SpaceX IPO - Space - The Breakthrough Segment but with Low/No Growth

SpaceX (SPCX US), an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO. In this note, we look at its ground breaking...

Sumeet Singh

Aequitas: SpaceX IPO- A Lighthearted Take on Some of the Claims - Grok Speaks the Truth on Valuation

SpaceX (SPCX US), an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO. This note is a lighthearted look at some of the...

Sumeet Singh

The SpaceX Volatility Shift: Tesla Merger Speculation, Lock-Up Unlocks, & Hedging Post-IPO Exposure

SpaceX has seen a great deal of unexpected volatility and markets have become risk-averse on the stock; we re-examine the forces behind the month...

Jay Cameron

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