Everyone's chasing SPCX at $200. Don't.

Dear Friend,

The SpaceX IPO is live.

It opened at $150. Within minutes, retail investors were chasing it past $160 — paying up for the most expensive IPO in history.

At these prices, you’re buying Musk’s empire at 266 times earnings.

The institutions who got in at $800 billion? They finally have someone to sell to.

But here’s what the crowd missed.

There’s one small, publicly traded company sitting in the direct path of this $2 trillion event.

It builds the one piece of infrastructure Musk cannot operate without. Colossus doesn’t run without it.

You don’t need an IPO allocation. You don’t need to chase SPCX at $160.

You just need a brokerage app and this ticker symbol.

Dylan Jovine is giving away the name.

Get the “SpaceX Backdoor” ticker here >>

“The Buck Stops Here,”
Kelly Maguire
Behind the Markets

BREAKING NEWS

🪶 Robinhood Cuts 290 Jobs. Notice What Word They Didn't Say.

Robinhood ( $HOOD ( ▲ 2.8% ) ) just laid off 10% of its workforce. That's about 290 people, even though the company says June trading volumes are hitting record levels across equities, options, and prediction markets. Strong business. Fewer employees. Read that twice.

The Memo Everyone Is Talking About

CEO Vlad Tenev sent a note to staff calling them "Robinhoodies" and said the company has "never been stronger." But sharp readers noticed something missing. Unlike many tech CEOs this year who openly blame AI for job cuts, Tenev never said the word at all. The closest he got was a line about using "frontier technologies to push our execution even further." That is corporate speak for AI without actually typing AI.

This is not happening in a vacuum.

• 📉 Companies have already cited AI in over 87,000 job cuts this year, blowing past the total for all of 2025.

• 🏦 HSBC is reviewing cuts of up to 20,000 roles as part of an AI-led restructuring of its global workforce.

• 💳 PayPal has also said it is restructuring through 2027 specifically to deploy AI and automation across the company.

Tech layoffs are averaging over 1,100 jobs cut every single working day in 2026, nearly double last year's pace, and AI keeps showing up as the explanation. Whether AI is the real reason or just the easiest excuse, the trend line only points one direction.

The Munch Take: : Calling employees "Robinhoodies" in the same memo that lays off 290 of them is a special kind of corporate whiplash. Companies are learning fast that saying AI gets headlines but saying nothing gets the same outcome quietly. Either way the org chart shrinks and the AI layoff story continues even when the letters "A" and "I" never appear in the announcement. As for the stock, we like it and will do a deeper dive soon.

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STOCK OF THE DAY

🔢 The Number That Explains Why Elon Musk Is Untouchable

Elon Musk owns roughly 46% of SpaceX. That's nearly half of a multi trillion-dollar company. That’s why a tiny move in the stock turns into a massive move in his wallet. Every single $1 increase in $SPCX ( ▼ 3.56% ) adds $6.3 billion to his net worth. Not thousand. Not million. Billion.

Let that sink in.

If SpaceX climbs from $190 to $200, that ten dollar move alone adds $63 billion to one man's fortune. Most companies on Earth are not even worth $63 billion total. A stock just having a good week can rewrite the history books for how much wealth one human being holds.

Here is why the math hits this hard:

• 🚀 SpaceX's lockup means Musk cannot sell these shares for a full year after the listing, so this wealth is real on paper but frozen in place.

• 💰 Even with that lockup, his net worth still swings by tens of billions every single trading session based purely on price action.

• 🌍 He has built such a massive lead at the top that even a wild loss barely moves his rank. If Musk lost $1 trillion tomorrow, he would still be the richest person alive.

The Munch Take: We are watching wealth math that has never existed before in human history, and the craziest part is that it barely moves the needle on his ranking. My wife asked how much SpaceX would need to drop before Musk starts feeling it personally. I told her probably never. She said that must be a nice problem to have. Hard to argue with that one.

🍪 Munchy Memes

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