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CNBC Finance

How family offices are investing in the final frontier beyond SpaceX

The investment firms of billionaires including ex-eBay President Jeff Skoll and AutoZone's Pitt Hyde are set to reap rewards from SpaceX's IPO this Friday. However, while SpaceX's profile eclipses that of nearly every other private space company, family office investors told CNBC that they see other opportunities in the sector even for companies without Elon Musk's name attached. Moreover, they said they view space-related startups as opportunities to invest in infrastructure and defense rather than flashy bets on space exploration. Gary Lauder, a cosmetics heir turned venture capitalist, has invested in SpaceX through a special purpose vehicle and two venture funds. He told CNBC he was attracted to the strength of its Starlink satellite technology, not the prospect of space tourism. Much of Lauder's early investing was in telecommunications, and he took a seminar in satellite communications in the early '90s. "I never dreamed of being an astronaut," he said. "It's just an important mode of communication." Jason Blanck, an investor who started his namesake family office in 2024, said he is interested in the picks and shovels of space, like mission-critical hardware and data networks. "I think the public markets are focused heavily on debating rocket launch cadences, costs around flight development, but from my perspective and where I sit, managing permanent family capital, the real narrative has actually quite evolved," he said. Robin Lauber's Infinitas Capital invested in SpaceX in early 2025 through a secondary offering. He cited Musk's track record and the success of Starlink as reasons to put money in. Lauber also noted the valuation was "reasonable" compared with the more than $1.75 trillion expected now. He told CNBC that Infinitas would have sold some shares before the initial public offering had it found a willing buyer at the right discounted valuation. Lauber is open to selling locked-up shares at a discount to recover the initial cost of investment and seeing how the other shares fare. Looking forward, Lauber is weighing more investments in European space companies such as Isar Aerospace, a German launch service provider. He is also considering participating in a new fund by Alpine Space Ventures, which counts a SpaceX alum as a founding partner. Investing in space-related firms was unpopular not so long ago, according to Jon Kutler of Admiralty Partners. He spent 10 years in the U.S. Navy before becoming an investment banker specializing in aerospace and defense in the early 1980s. He left Wasserstein Perella & Co. in 1992 to start his own investment firm in order to focus more on the sector to the chagrin of his then-boss, Bruce Wasserstein. ""He told me I was an idiot because the Cold War was over and there was going to be no more spending in the defense industry," Kutler said. "People had extrapolated that to be the end of the defense industry, but if you look over the history of mankind, we're just not a very peaceful species. To me, it seemed ludicrous to declare an end to defense spending, and I was willing to bet against that with my own capital and my own time."

How family offices are investing in the final frontier beyond SpaceX
Asia
The Economic Times

SpaceX IPO: Know date, price, valuation, how to buy and other important details

Elon Musk's SpaceX is preparing for what could become the largest initial public offering in history, with the rocket and satellite giant seeking to raise $75 billion at a valuation of about $1.75 trillion. Investor appetite has been overwhelming, with demand reportedly running at nearly four times the shares on offer, per Reuters. Here are important details investors should know. SpaceX is expected to wrap up its investor roadshow this week. The IPO is scheduled to be priced on June 11, while the company's shares are set to begin trading on the Nasdaq on June 12. The company has fixed its IPO price at $135 per share. Through the offering, SpaceX aims to raise $75 billion, implying a valuation of approximately $1.75 trillion. While SpaceX is targeting a valuation of $1.75 trillion through its $75 billion IPO, some analysts have expressed concerns about the pricing. Morningstar said in a note published on Monday that the company appears "significantly overvalued" and suggested investors may find better entry opportunities after the stock starts trading. Indian retail investors are unlikely to receive IPO allocations, as the U.S. book-building process does not provide a mechanism similar to India's ASBA system. For most Indian investors, the practical option would be to purchase shares after listing through international investing platforms or via NSE IX in GIFT City. Despite strong investor interest, SpaceX remains loss-making. For 2025, the company reported revenue of $18.67 billion and a net loss of $4.94 billion. Investor optimism is largely tied to future growth opportunities in satellite broadband, launch services, defence contracts and AI-related businesses rather than current profitability. The IPO is reportedly being structured as an all-primary issue, meaning the entire proceeds from the offering will go to the company. Existing shareholders will not sell shares as part of the IPO and will continue to be subject to lock-in restrictions after the listing. Elon Musk is expected to retain effective control of the company even after the IPO. Regulatory filings indicate that he will hold about 82.4% of voting rights through Class B shares, which carry ten votes per share. Public investors will receive Class A shares, which come with one vote per share. SpaceX's debt profile remains an area to watch. According to a Reuters report citing regulatory filings, the company secured a $20 billion bridge loan in April to refinance a significant portion of its existing debt ahead of the IPO. The loan was provided by a syndicate of lenders that was not identified. Under the loan terms, SpaceX could be required to use IPO proceeds to repay the borrowing if it is not refinanced or repaid through other sources within six months of the offering. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

SpaceX IPO: Know date, price, valuation, how to buy and other important details
Asia
The Economic Times

High conviction picks! Prabhudas Lilladher sees up to 40% upside potential in these 16 stocks

PL Capital in its latest 'Strategy' report listed out as many as 16 stocks as its 'High Conviction' picks, although it trimmed its Nifty 50 target to 26,449 amid rising inflation, El Nino impact and other headwinds, while noting that markets are unlikely to significantly correct further and breach the recent lows. PL Capital has a target price of Rs 2,226 apiece for the shares of Bharti Airtel. This implies an upside potential of 25% from the stock’s previous closing price. The shares of the telecom major have fallen around 2% in one week but gained 2% in one month. However, the stock is down over 15% in 2026 so far. Britannia Industries has been assigned a target price of Rs 6,441 per share by PL Capital. This implies an upside potential of 30% from the stock’s previous closing price. The shares of the FMCG major have risen nearly 1% in one week but declined more than 5% in one month and 15% in 2026 so far. PL Capital has a target price of Rs 1,825 apiece for the shares of ICICI Bank, implying an upside potential of 39% from the private lender’s previous closing price. The shares of the company have jumped around 5% in one week and 4% in one month, but are down over nearly 2% in 2026 so far. Kotak Mahindra Bank has been assigned a target price of Rs 480 apiece by PL Capital. This implies an upside potential of 22% from the stock’s previous closing price. The shares of the private lender have jumped 3% in one week and one month, but have fallen around 11.5% in 2026 so far. PL Capital has a target price of Rs 4,632 apiece for the shares of Larsen & Toubro (L&T). This implies an upside potential of 20% from the stock’s previous closing price. The shares of the engineering and construction major have fallen nearly 2% in one week and one month, and are down over 6% in 2026 so far. Shriram Finance has been assigned a target price of Rs 1,200 per share by PL Capital. This implies an upside potential of 35% from the stock’s previous closing price. The shares of the NBFC have fallen around 3% in one week, 9% in one month and 13% in 2026 so far. PL Capital has a target price of Rs 5,161 apiece for the shares of Titan Company. This implies an upside potential of 28% from the stock’s previous closing price. The shares of the Tata Group company have fallen around 5% in one week, but recorded marginal gains in 2026 so far. Apart from the 7 large-cap stocks listed above, PL Capital also named 9 small and mid-cap stocks among its high conviction picks. These are Ajanta Pharma (target price: Rs 3,400 apiece), CESC (target price: Rs 216 apiece), DOMS Industries (target price: Rs 2,883 apiece), HealthCare Global Enterprises (target price: Rs 820 apiece), Ingersoll-Rand (target price: Rs 4,934 apiece), Jindal Stainless (target price: Rs 821 apiece), JSW Infrastructure (target price: Rs 342 apiece), KEI Industries (target price: Rs 5,660 apiece) and Rainbow Children's Medicare (target price: Rs 1,615 apiece). (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

High conviction picks! Prabhudas Lilladher sees up to 40% upside potential in these 16 stocks
Europe
BBC Business

India's 'blue gold' starts a new drinks industry

His 10-acre farm in Kandukur is on the Deccan Plateau, which covers a large part of southern and central India. There he grows tomatoes, peanuts and corn. But in 2010 he was approached by traders looking for a very different crop - the cactus agave americana. For him and his fellow farmers the agave cactus was just a "stubborn, valueless weed" - planted as fencing to keep wild animals off their crops. But it is also part of the family of agave plants that feed the $15bn (£11bn) global market for tequila and mezcal. In Mexico, blue agave is farmed in the state of Jalisco to supply the tequila industry. Only plants from select areas of Jalisco can be used to make tequila. Unlike in Mexico, where vast plantations dominate the landscape, nobody grows agave commercially in India - at least not yet. Instead, Indian farmers and entrepreneurs collect and process agave that grows wild. For some, like Venkatesh, it's a welcome source of extra income - earning it the name "blue gold". These days Venkatesh ranges across an area of 100km (60 miles), co-ordinating villagers and farmers. "By combining the yields of multiple farms, I ensure a steady, high-volume supply that distilleries are willing to pay a premium for," he says. The most important part of the plant is the heart, known as the piña because it resembles a giant pineapple. Skilled workers reveal the heart by chopping off the spiky leaves. But getting the timing of the harvest right is crucial.

India's 'blue gold' starts a new drinks industry
Europe
BBC Business

My friends always want to split the bill equally, how do I say no?

One friend orders two cocktails. Another "just wants to try" that £16 truffle arancini starter. But you stuck religiously to tap water. So when the waiter places the card reader on the table at the end of the night, you are facing a social minefield. Even if you are sober enough to manage the mental arithmetic, you will be hard-pushed to overrule the jolly friend who shouts: "let's just divide it equally!" "When we eat out, we always just split the bill," says Ella, a communications assistant from Leeds. The 23-year-old says she never suggests to her friends they all just pay for what they've ordered as "it just feels awkward". Ella earns over £30,000 but some of her friends earn more and she finds it hard to say no if they want to go somewhere a bit fancy that she can't really afford. Instead she matches her order with theirs so she isn't left feeling short-changed. When that happens, rather than tell her friends how she feels, she scrabbles around for extra money. "I'm probably on the phone to my mother in secret asking to borrow that extra bit of cash," she says. Research from the Money and Pensions Service (MaPS) in 2025 found that only four in 10 adults do feel comfortable talking to friends about money, with women significantly less likely to feel okay discussing finances with friends (39%) compared to men (50%). Ella says money is almost never discussed within her friendship group. They have booked a four-night beach holiday costing around £680 each for flights and accommodation and they are using a bill-splitting app to log expenses before balancing everything at the end. "We never really consider if something is affordable or not," she says. "We all pay the same, no matter your salary." Rolling into the restaurant and announcing you won't be footing your friends' booze bill can make you feel like a bit of a buzzkill if others are planning to live it up. But experts suggest that is best way to tackle the problem: be open from the start. Laura Pomfret, chief executive of women's finance community Financielle, says people worry that speaking up will ruin the atmosphere. But friends often respond positively if you are honest about your financial situation, she says.

My friends always want to split the bill equally, how do I say no?
Europe
The Guardian

SpaceX heads for record $1.78tn float amid fears it is overvalued

Space Exploration Technologies’ site in Hawthorne, California. The IPO is oversubscribed by three or four times. Photograph: Patrick T Fallon/AFP/GettyView image in fullscreenSpace Exploration Technologies’ site in Hawthorne, California. The IPO is oversubscribed by three or four times. Photograph: Patrick T Fallon/AFP/GettySpaceXSpaceX heads for record $1.78tn float amid fears it is overvaluedAnalysts say IPO that could make Elon Musk the world’s first trillionaire has a ‘major disconnect’ on price Elon Musk’s SpaceX is set to launch the biggest stock market float in history amid warnings that it may be overvalued. The space exploration, satellite broadband and AI company will join the US stock market on Friday at a valuation of $1.78tn, after offering at least $75bn of shares to investors through an initial public offering. The offering is oversubscribed by three or four times, according to Reuters, with more than $250bn of bids from investors keen to take part in the IPO. The $75bn share offer is nearly three times the previous record, Saudi Aramco’s $29.4bn offer when it floated in 2019. If the float goes as planned, Musk could make history as the world’s first trillionaire. However, the investment research group Morningstar has calculated that SpaceX is worth only $63 a share – well below the anticipated IPO price of $135 – and warns there is “a major disconnect between market expectations and underlying fundamentals”. Michael Field, the chief equity strategist at Morningstar, suggests investors should sit out the IPO and wait for “a more attractive entry point down the line”. “We believe the business has real strengths, particularly in Starlink, but with so many unknown and untested technologies underpinning much of the valuation price, particularly within the AI business, we think the valuation is extremely speculative,” Field said. SpaceX, which made a net loss of $4.9bn in 2025, is made up of three businesses: space exploration, including its Falcon and Starship rockets; connectivity, such as its Starlink satellite constellation providing high-speed internet access; and artificial intelligence, though its xAI division. At $1.78tn, the IPO values SpaceX at roughly 92 times its trailing sales, a very hefty valuation which means investors are wagering that Musk can achieve his ambitious goals for the company – such as orbital datacentres in space, building a base on the moon and cities on other planets, and to “extend the light of consciousness to the stars”. SpaceX has claimed that Starlink has a total addressable market of $1.6tn; Morningstar estimates the segment’s realistic global opportunity at about $129bn. Earlier this week, the US senator Elizabeth Warren called for the Securities and Exchange Commission to delay SpaceX’s IPO, owing to concerns about the company’s valuation and corporate governance.

SpaceX heads for record $1.78tn float amid fears it is overvalued
Europe
The Guardian

AI wealth boom sending San Francisco home prices surging: ‘It’s ridiculous’

The ‘painted ladies’ in San Francisco on 20 August 2024. Photograph: Ethan Swope/Getty ImagesView image in fullscreenThe ‘painted ladies’ in San Francisco on 20 August 2024. Photograph: Ethan Swope/Getty ImagesSan FranciscoAI wealth boom sending San Francisco home prices surging: ‘It’s ridiculous’Employees at artificial intelligence companies are coming into gargantuan sums of money amid boom in IPOs Home prices in the San Francisco Bay Area’s already expensive market are skyrocketing as employees at leading artificial intelligence companies come into gargantuan sums of money thanks to a boom in initial public offerings. With San Francisco’s OpenAI and Anthropic, as well as SpaceX, which operates a major facility in the Los Angeles area, eyeing debuts on the stock market, the hot housing market may not abate soon. If their initial public offering (IPO) is well-received, the companies’ multibillion-dollar valuations are poised to produce massive wealth for employees and executives holding shares, which experts say could trigger an uptick in demand for the Bay Area’s limited housing stock. As of March 2026, the median home sale price in San Francisco was more than $2m, according to a report from real estate brokerage Compass, an 18% increase from the previous year. That same month, on average, a house spent 29 days on the market before being sold, the fastest sale rate observed since spring 2022, per the report. And experts say demand is likely to further increase, while supply remains low. “My joke is that you have to show up to whatever the open house is. Be there a half-hour early. Have a bag of cash with you. Be willing to pay. It’s ridiculous,” said Quintin Mecke, executive director of the Council of Community Housing Organizations, a coalition dedicated to affordable housing. The recent flush of capital in the metropolitan area can probably be traced to tender offers – employees given the opportunity to sell their equity – at major AI companies. More than 600 employees at OpenAI, the company behind ChatGPT, cashed out last fall on shares that collectively totalled $6.6bn, the Wall Street Journal reported in May. Of that group, roughly 75 people pocketed $30m each. View image in fullscreenOpenAI CEO Sam Altman’s house in Russian Hill after a suspected molotov cocktail attack in San Francisco, on 13 April. Photograph: Anadolu/Getty Images“If somebody’s thinking about it wisely, they’ll be thinking: ‘Well, I have this large sum of money coming my way. What is a large purchase that I may need to acquire at some point?’ And the home is on that very short list,” said Drew Wilkerson, a real estate adviser with Sotheby’s International Realty. Wilkerson and real estate agent Spencer Hsu, who estimates about 80% of his clients work in AI, have seen competition become particularly fierce in the higher end of the market where homes sell for $5m and above. “Just this last week, I had five calls from new buyer clients who said: ‘I know that OpenAI and Anthropic and SpaceX and these IPOs are going to happen. I want to try to get in the market before that wave of money comes,’” Wilkerson said. Even though home prices are high, some of these potential buyers reason the market will only get more expensive post-IPO. “‘I might as well just buy it now,’” Hsu said, describing their mentality. View image in fullscreenSan Francisco, on 30 December 2025. Photograph: Anadolu/Getty ImagesHigh-earning tech workers influencing the Bay Area’s housing market is not a new phenomenon. The dotcom era ushered in a millionaire class plucked from the C-suites of buzzy internet sites. In the ensuing so-called “gold rush” era, “shares went up like crazy … house prices soared”, said Ken Rosen, chair of the University of California, Berkeley’s Fisher center for real estate and urban economics. A similar housing dynamic played out again in the early 2010s, when employees at Twitter (now X) and Facebook (now Meta), among other top tech firms, got substantial paydays from those companies’ IPOs.

AI wealth boom sending San Francisco home prices surging: ‘It’s ridiculous’
North America
CNBC Finance

World Cup travel boost hasn't materialized for U.S. businesses — yet

The 2026 World Cup is expected to bring a wave of global soccer fans to North America. But the travel boom is shaping up to look less like one uniform surge and more like a city-by-city, match-by-match test of pricing power. "Demand is real and positive, but it's not evenly distributed across host cities," said Jay Wardle, president of travel data intelligence company Sojern. New flight-booking data from Sojern shows most U.S. and Canadian host cities are seeing year-over-year gains for the tournament window, led by Houston and Dallas. But Seattle and all three Mexican host cities are trailing last year's pace. The tournament kicks off Thursday in Mexico City and runs through mid-July, ending with the final at New York New Jersey Stadium — better known as MetLife Stadium — in East Rutherford, New Jersey. It is the biggest World Cup ever, with 48 teams, 104 matches and games across the United States, Canada and Mexico. For hotels, restaurants, airlines, ride-sharing companies and host cities, the pitch has been straightforward: more teams, more games, more fans and more spending. But Deutsche Bank said even if it brings 1.2 million international fans to North America, the overall economic impact will likely be limited in a U.S. economy of this size — amounting to a short-term GDP lift of roughly 0.05% if FIFA's estimate is reached. The financial bonanza is likely to be split unevenly among cities, hotels, restaurants and other tourism-dependent businesses. Airbnb said it is expecting its best event ever, surpassing the 2024 Paris Olympics. The company expects to benefit from families and groups looking for larger accommodations or lower per-person costs. It could also benefit from how long travelers are staying. Sojern's data shows more than three-quarters of World Cup travelers plan to spend six to 12 nights at their destination. "We're pretty enthusiastic about the impact of FIFA as we look at booking patterns coming into the summer," Marriott CEO Tony Capuano told CNBC. "We're seeing really strong demand patterns in both FIFA and non-FIFA cities in the U.S." Capuano said Marriott expects the World Cup to lift U.S. revenue per available room by about 40 basis points. Marriott, the world's largest hotel chain, said it's particularly well-positioned because of its brand recognition and rewards ecosystem.

World Cup travel boost hasn't materialized for U.S. businesses — yet
North America
CNBC Finance

SpaceX employee group creates low-fee wealth management option with Choreo for post-IPO

A group of current and former SpaceX employees who joined forces to manage their post-IPO wealth has created a new, low-fee advisory option with Choreo, according to people familiar with the agreement. The employee group has more than 100 members and represents potential wealth of between $1 billion and $5 billion, according to the people, who spoke on the condition of anonymity to discuss confidential agreements. What began as an informal chat forum focused on philanthropy has grown into a broader effort to create more efficiencies and better access to financial advice using their combined wealth from their post-initial public offering windfalls, the people told CNBC. A small team representing the group evaluated potential firms and created a new wealth management offering with Choreo that members can opt into. Choreo, a Chicago-based registered investment advisor, says on its website it has more than $28 billion in assets under management and advisement, 40-plus offices, and 200 wealth advisors. Details and specific terms remain confidential, yet the sources told CNBC there will be a minimum annual fee or an annual management fee of under 0.5% of assets under management. Any fee below 0.5% could undercut the industry standard of between 0.5% and 1%. The Choreo fee structure is for a long-term agreement rather than a one-time promotional offer. The deal marks a bold experiment in the wealth management industry that could shift the balance of power from advisory firms to wealthy groups of investors. Wealth management firms have typically set their fees based on an individual's or family's wealth levels, offering a sliding scale based on investible assets. By joining forces, the SpaceX employees and alumni employees are proving they can use their collective financial scale to secure an option for better terms. The agreement also highlights the unprecedented power of the SpaceX IPO — establishing vast numbers of newly minted millionaires who were paid in stock as well as creating one of the most sought-after liquidity prizes in the wealth management industry. The vast majority of SpaceX employees – many of them engineers who were paid below-market salaries in return for stock – have never had large wealth to manage. By reducing fees, members of the SpaceX group hope to be able to devote more of their fortunes from the SpaceX IPO to philanthropy, the people said. In the forum, many of the SpaceXers have been sharing advice and contacts on how best to use their new wealth to give back to their communities, the people familiar said. Some indicated they are considering creating scholarships and funding for the colleges and universities where they were trained and educated. Others have said they want to fund new programs that give children better access to engineering, science and math programs. Employees of Anthropic, which recently filed confidential plans to go public, are also in discussions with advisory firms about a potential collective option, the people familiar told CNBC. Get this delivered to your inbox, and more info about our products and services.

SpaceX employee group creates low-fee wealth management option with Choreo for post-IPO