Equity Long-Short

Mo Aziz

Capital markets veteran with 25 years across sell-side and buy-side research, investor relations, and fund management. Currently publish independent equity research (Mofferies Investment Research, via Smartkarma) spanning semiconductor memory (DRAM/NAND/HBM), foundry, semiconductor equipment and advanced packaging, gold and cross-asset strategy, financials forensics, and APAC IPOs — with a standing watchlist of 190+ companies across 41 countries. Background includes deep aviation-sector expertise (airlines, airports, OEMs, lessors, air cargo, travel/OTAs). Approach centers on identifying cyclical inflection points and mispriced risk across sectors, translated into explicit, actionable calls.

SpaceX (SPCX US): Fast-Entry & Upweights Xpected Into US & Global Indices

MUSK OPTIONALITY PREMIUM: Anatomy of Valuation Disconnect — TSLA as Precedent, SPCX as Consequence

Trading the SpaceX Nasdaq-100 Rebalance: Capitalizing on Elevated Post-IPO Volatility

SpaceX (SPCX US) Goes Public: Unassailable Moat, Unanswerable Valuation

SpaceX (SPCX US): Starship Orbital AI Feasibility Analysis, Destroys Value & Supports Our AVOID Call

Equity Capital Markets

<ul>
<li>Bottom-Up SOTP yields US$54.5/share base case — a 60% discount to the US$135 IPO price. Even our bull case of US$101.80 falls short. AVOID.</li>
<li>Connectivity (Starlink) is the primary value driver at US$252bn. Space inflects post-Starship. AI is a data centre business with two contracts carrying 90-day termination clauses.</li>
<li>Near-Term momentum is real — 4% free float, US$5–8bn Nasdaq 100 passive inflows, Musk cult following. Long-term investors are buying sentiment, not valuation.</li>
</ul>


Bottom-Up SOTP yields US$54.5/share base case — a 60% discount to the US$135 IPO price. Even our bull case of US$101.80 falls short. AVOID.
Connectivity (Starlink) is the primary value driver at US$252bn. Space inflects post-Starship. AI is a data centre business with two contracts carrying 90-day termination clauses.
Near-Term momentum is real — 4% free float, US$5–8bn Nasdaq 100 passive inflows, Musk cult following. Long-term investors are buying sentiment, not valuation.


SpaceX (SPCX US): Comprehensive IPO Valuation — Fair Value US$54.5/Share; AVOID the IPO at US$135