SpaceX revenue multiple
SpaceX is going public at 94 times revenues — a valuation Scott Galloway calls the clearest sign of market froth.
Snapshot · Pivot
Trump's AI Stake, SpaceX's IPO Froth, and Apple's Siri Overhaul
Explore episode
Jun 9, 2026
Where this was said
SpaceX IPO: The Largest in History and the Froth It Represents
At 40:40 · chapter starts 38:40
The SpaceX segment is the episode's most data-dense chapter. Kara sets the scene: the IPO is expected to be the largest in history, priced at $135 per share for a $1.77 trillion valuation, and the S&P 500 decided not to change its rules to fast-track the company onto the index. The headliner new development is Google's deal to pay SpaceX $920 million a month for 3 years of computing capacity — 110,000 NVIDIA chips — which Scott frames as circular but not irrational: Google already owns 6% of SpaceX (purchased in 2015 for a fraction of today's value), so every dollar it spends on compute inflates SpaceX's revenue base, which inflates Google's own equity stake by a 5x multiple. [1] — Scott Galloway "Google owns 6% of SpaceX — a stake it bought for a song in 2015 when SpaceX was worth $12 billion. Now it's paying SpaceX nearly $1 billion…" 39:55 The valuation, however — 94 times revenues — is what Scott calls the loudest froth signal in the market. He situates it in a broader AI sentiment shift, citing an MIT study finding 95% of CFOs say AI is not delivering the ROI they expected, and notes that business audiences are starting to eye-roll at AI promises the way they did dot-com promises in late 1999. His specific call: SpaceX will hit its all-time high on IPO day; if you get allocation, sell on the first trade. [2] — Scott Galloway "The Ellisons aren't killing 60 Minutes out of ideology — they've done the math. Scott Galloway argues that the economic upside of currying …" 14:20 He is least pessimistic about Anthropic among the major AI IPOs and thinks OpenAI could be the broken IPO of the cycle.
SpaceX IPO: The Biggest Froth Signal in Years
SpaceX is heading to market at 94 times revenues — a valuation Scott Galloway says is the clearest froth signal in the market right now. The Google compute deal looks circular: Google spends nearly $1B/month on SpaceX capacity, which inflates SpaceX's valuation, which inflates Google's own 6% stake. Everyone wins until the music stops.
SpaceX IPO valuation
SpaceX set its share price at $135, giving the company a valuation of roughly $1.77 trillion ahead of its Nasdaq debut.
Google–SpaceX compute deal
Google agreed to pay SpaceX $920 million a month over 3 years for computing power including access to at least 110,000 NVIDIA chips.
SpaceX IPO and the Google Circular Deal Explained
Google owns 6% of SpaceX — a stake it bought for a song in 2015 when SpaceX was worth $12 billion. Now it's paying SpaceX nearly $1 billion a month for compute. Every dollar spent on that contract inflates SpaceX's revenue multiple, which inflates Google's own equity stake. It's circular, but it's not irrational.
Alphabet's SpaceX stake gain
Alphabet owns a 6% stake in SpaceX purchased in 2015 when SpaceX was valued at $12 billion; at $1.77T that stake is worth roughly $60 billion.
AI Vibe Shift: Is This Beginning to Feel Like 1999?
A new MIT study found 95% of CFOs say they're not getting the AI returns they expected. Scott Galloway senses a broader vibe shift — the job apocalypse hasn't materialized, the unicorn promises are unmet, and in business circles, AI hype is drawing giant eye rolls. He compares the moment to late 1999.
MIT CFO AI ROI study
A study from MIT found that 95% of CFOs reported they are not getting the return on AI investment they initially anticipated.
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