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BREAKING NEWS

🚀 SpaceX Is Going Public. The Biggest IPO In History Just Got A Price Tag.

SpaceX just priced the largest IPO in US history, the number is $135 per share. The valuation is $1.77 trillion. The amount being raised is $75 billion. Let that last number sink in for a second.

At $1.77 trillion valuation, SpaceX arrives on the public market as the seventh-largest company in America, immediately surpassing Tesla's $1.6 trillion valuation on day one. Elon Musk will retain over 82% voting control after the offering, meaning buying SpaceX stock gets you financial exposure but zero say in how the company is run. You are along for the ride. Musk is still flying the rocket.

Trading is expected to begin as early as June 12 on the Nasdaq under the ticker SPCX.

Here is what you need to know before the hype takes over completely:

• The $75 billion raised goes entirely to SpaceX, not to insiders cashing out. Every dollar goes toward Starship development, Starlink expansion, and AI computing infrastructure. That is actually a good sign.

• Up to 30% of shares are being allocated to retail investors, meaning regular people, not just Wall Street institutions, get a shot at the opening price of $135.

• Despite $18.67 billion in revenue last year, SpaceX posted a net loss of $4.937 billion. The company is spending everything it earns and then some on building the future. Profitable it is not. Ambitious it absolutely is.

The Munch Take: The previous record for the largest IPO in history was Saudi Aramco in 2019 at $29.4 billion. SpaceX just raised $75 billion. It did not break the record. It tripled it. What happens when trading begins is anyone's guess. Some investors will see the losses and governance structure and run the other way. Others will see rockets, satellites, Mars, and Elon Musk and start reaching for the buy button before the opening bell. My wife heard the IPO date and circled it on the kitchen calendar. She has never circled a stock market event before. I’m spending the rest of the day wondering whether that was a bullish signal or a warning sign.

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STOCK OF THE DAY

🧘 Lululemon Is Cratering. Michael Burry Is Still Holding. Here’s The Full Story.

$LULU Lululemon stock dropped 11% after hours following its Q1 2026 earnings report, bringing its total year-to-date decline to roughly 40% and its drop over the past year to nearly 63%. That’s not a rough patch. That is a full-on identity crisis for a brand that spent a decade convincing people that $120 yoga pants were a personality.

The company cut its full-year revenue guidance to $11 billion to $11.15 billion, down from its previous range of $11.35 billion to $11.5 billion. Earnings guidance was slashed by more than $1 per share. The interim CEO blamed negative social media commentary and product launches that failed to excite shoppers. When your CEO blames bad vibes on the internet for missing targets, that is not a great sign.

North America revenue fell 3% while China continued to grow strongly, up 30%. The brand that built its entire identity around American wellness culture is now being kept alive by Chinese consumers. Oh, the irony.

Now for the interesting part. Michael Burry, the man who predicted the 2008 housing crash and had a movie made about him, is long $LULU. Burry's firm Scion Asset Management bought 100,000 shares at an average price of around $238 and has since added to the position. Based on current prices around $111, he is sitting on an estimated loss of nearly $12 million, down roughly 47% on the trade. Even the smartest contrarian in the room is bleeding on this one.

📈 The Bull Case:

• At just 10 times earnings, Lululemon trades at its lowest valuation in five years, well below its historical average and far cheaper than comparable premium consumer brands. The stock has already priced in a lot of bad news.

• The company ended Q1 with $1.5 billion in cash and repurchased $358 million worth of its own shares during the quarter. This is not a distressed company. The balance sheet is solid.

• A new CEO from Nike, Heidi O'Neill, takes over in September. Fresh leadership with a proven track record at the world's biggest sportswear brand is exactly the kind of catalyst a turnaround story needs.

📉 The Bear Case:

• Americas comparable sales fell 2% and are expected to decline in the high single digits for the full year. The company's home market, where the whole brand was built, is shrinking.

• Gross margin fell 410 basis points and earnings per share dropped from $2.60 a year ago to $1.69 this quarter. The profitability engine is running in reverse.

• The interim CEO cited bad social media vibes as a reason for the miss. That is not a fixable problem with a new product line. That is a brand that has lost cultural relevance and does not fully understand why yet.

The Munch Take: Burry being long $LULU is genuinely interesting. The man has an extraordinary track record of being right when everyone else is wrong and we respect that enormously. But at the end of the day, Lululemon is selling $120 pants made out of synthetic petroleum-based fabric. And it’s becoming more and more obvious that wearing tight plastic clothes against your skin all day is not actually the pinnacle of healthy living the brand has been selling. The wellness crowd that made Lululemon a religion is the same crowd now reading about microplastics and PFAS chemicals in athletic wear. That is a brand problem that a new CEO and a better Instagram strategy cannot easily fix. The stock is at a massive discount. Burry is holding. But we’re still not catching this knife.

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