Elon Musk’s net worth crossed $1.4 trillion this week per Forbes. He is the first human being to ever cross the trillion-dollar threshold, and the figure is still climbing as SPCX trades. By the time you read this in the morning the number will already be stale. He is worth roughly as much as the next three richest people on earth combined, which is to say roughly as much as Larry Page, Sergey Brin, and Jeff Bezos all stacked on top of each other. He is worth roughly seven Warren Buffetts. He is now worth more than every bitcoin on earth combined. He is, by any reasonable measure, the wealthiest human being in recorded history.
The mechanism that got him there is also the most interesting story in capital markets this week, and almost nobody is framing it correctly.
SpaceX priced its IPO at $135 a share on June 12, raising $75 billion in the largest initial public offering in financial history. Demand topped $350 billion. Retail investors alone placed more than $100 billion in orders. BlackRock requested at least $5 billion worth of shares. The offering was more than four times oversubscribed. The stock closed its first trading day at $161, then ripped through $180 on Monday, then touched $225 intraday on Tuesday before settling lower. At that intraday high, SpaceX’s market capitalization briefly approached $3 trillion, overtaking both Microsoft and Amazon and briefly making it the world’s fourth-largest public company. Three trading sessions. Sixty seven percent above the IPO price at the peak. That is the surface story.
Here is the part nobody is talking about.
Today’s newsletter is brought to you by Ledn - Better Rates. Same Gold-Standard Protection
Ledn has introduced their lowest rates ever. No complexity, no fine print. The larger the loan the lower the rate.
These new rates apply to all new loans, refinances, and renewals. You’ll see all the rates upfront, before you apply.
The new, lower rates come with Ledn’s gold standard protection.
Your bitcoin remains custodied and is never lent out for interest.
Perfect 8 year track record of keeping clients assets safe
Auto top-up, LTV alerts, and partial repayments to keep you in control
Repay whenever you want—with zero penalties or monthly payments
Ledn’s perfect $10B+ track record through every market cycle in the last eight years speaks for itself.
Don’t choose between a great rate and the safety of your bitcoin. Get both, at Ledn.
Check out your rate by using their loan calculator at ledn.io.
Morningstar published a research note pegging SpaceX’s fair value at $63 per share. Their valuation implies a roughly $780 billion enterprise value, which is roughly a 53% discount to the IPO price and roughly a 72% discount to Tuesday’s intraday high. The analysts arrived at the $63 figure by probability-weighting three scenarios, including two scenarios that assume SpaceX successfully commercializes data centers in space and achieves rapid Starship reusability. Even with those bullish assumptions baked in, Morningstar concluded the stock should trade for roughly a quarter of where it’s trading now. CFRA has a Sell rating on the name. Of the five major analysts who have published 12-month targets since the IPO, four believe the stock is worth less today than it costs to buy.
The fundamental backdrop matters here. SpaceX posted $18.7 billion in revenue in 2025 and a net loss of approximately $4.9 billion. The company reported a $4.3 billion loss in the first quarter of 2026 alone. Long-term debt sits at $29.1 billion. At Tuesday’s close, SPCX trades at well above 130 times trailing revenue. That is not a forward earnings multiple, because there are no earnings. It is a sales multiple, on a company that loses billions of dollars a quarter, at a valuation that briefly placed it ahead of every public company on earth except three.
This is where Jim Cramer enters the story, and where you should pay attention even if you have spent the last decade making fun of him.
Cramer flat-out called SpaceX a meme stock on CNBC last week. His specific concern was not the fundamentals, which any analyst can see. It was the trading mechanics. He pointed out that retail investors were placing market orders rather than limit orders, that there were “no sellers of size” to absorb the buying pressure, and that the price action was being driven by inexperienced participants chasing the largest IPO in history without any real price discipline. That is the textbook definition of meme stock dynamics. It is also the textbook condition under which a stock can trade at three or four times its fundamental fair value for an extended period without any single trigger forcing a repricing.
I want to acknowledge the obvious objection here, which is that Cramer’s track record on calls like this is famously inverse. He called bitcoin “monopoly money” before it ran. His bearish calls are an entire trading meme. Discounting his concern entirely on those grounds is the easy move, and it is also the wrong move. The Cramer-as-reverse-indicator trade works when his calls are driven by personal taste or general market direction. It does not work when his observation is about specific market microstructure that you can verify independently. The question is not whether you trust Cramer. The question is whether you can look at the actual trading data and see what he is describing. Retail order flow dominating the tape, market orders driving prints, no sellers of size, fundamental analysts pegging the stock at a quarter of where it trades. All of that is verifiable. None of it depends on Cramer being right about anything.
For our specific audience there is also a crypto button on this story that the broader financial press is mishandling. SpaceX disclosed in its IPO prospectus that it holds 18,712 bitcoin. Tesla, the other Musk-affiliated public company, holds approximately 11,509 bitcoin. Together, Musk-linked companies control more than 30,000 bitcoin. Public investors are getting their first regulated equity wrapper exposure to that combined position through SPCX, which means a non-trivial slice of every dollar flowing into the IPO is implicit bitcoin exposure. Whether the buyers know that or not is a separate question.
What does it all add up to?
The largest IPO in history, on the most highly anticipated company in private markets, has resolved into a trading pattern that looks indistinguishable from the meme-stock dynamics that defined GameStop and AMC. The valuation gap to fundamentals is wider than any institutional-quality asset of this size in recent memory. The buying pressure is being supplied by retail investors using market orders, which is the exact mechanism that produces price action untethered from underlying value. And the resulting valuation, multiplied by Musk’s 42% ownership stake plus his option grants, has minted the first trillionaire in human history.
I am not telling you the bull case is wrong. Musk himself posted on X over the weekend that SpaceX “might be able to reach approximately” $1 trillion in annual revenue by 2030, up from $18.7 billion in 2025. That is a 54-fold revenue increase in five years. If he delivers, the current valuation looks reasonable in retrospect, and the bears look foolish. The bull case is real and the optionality on the company is genuine. I am also not telling you the bear case is wrong. Morningstar’s $63 fair value is the output of disciplined valuation work that already credits the company for difficult engineering wins they have not yet achieved. The bear case is also real.
What I am telling you is that the dynamics underneath SPCX’s price are momentum dynamics, and the line between “meme stock” and “credible institutional asset” has blurred to invisibility. The investors who think they are buying a sober institutional name may actually be buying into the same retail-driven momentum trade that defined the last three years of equity speculation, just at a scale that has never been attempted before. That distinction matters for sizing, for risk management, and for how the position behaves the first time the broader market decides to reprice risk assets.
The largest IPO in history is trading like a meme stock. The richest man in history just got richer than every bitcoin on earth combined on the strength of it. The numbers stopped making sense. Whether you buy, sell, or stay flat is your decision. But pretend you know what you are buying.
I’ll see you tomorrow.
Japan Just Raised Rates To 1 Percent For The First Time Since 1995
BOJ raises policy rate to 1%: Why crypto traders are watching Japan
The Bank of Japan raised its short-term policy rate by 25 basis points to 1.0% Tuesday, the highest since 1995, in a 7-1 vote that takes effect Wednesday. Yen shorts sit at a nine-year high. Every BoJ rate hike since March 2024 has produced an 18% to 32% Bitcoin drawdown.
Coinbase Just Launched Stock Options, Pre-IPO Perps, And An AI Advisor
Coinbase introduces AI advisor, stock options and pre-IPO markets in finance push
Coinbase rolled out its biggest product update in years Tuesday: stock and ETF trading, options for stocks and crypto, pre-IPO perps for SpaceX with OpenAI and Anthropic on deck, an SEC-registered AI advisor, a USDC credit card, and 5% bitcoin rewards on travel. The “everything exchange” just became literal.
Investors Just Bought 259,000 Bitcoin Between $59K And $67K In 10 Days
259,000 Bitcoin Bought In 10 Days: Is This What A Market Bottom Looks Like?
Investors bought a net 259,298 BTC between $59,000 and $67,000 over the past 10 days. Glassnode’s Accumulation Trend Score has held at 1.0, the highest possible reading, for more than two weeks. Buying is broad-based across every wallet cohort. The strongest reading of the entire drawdown.
Bitcoin Is Going To $7M – Saylor Says “It’s Inevitable”
My Platforms And Sponsors
Arch Public - It’s a hedge fund in your pocket. Built for retail traders, designed to outperform Wall Street. Try emotionless algorithmic trading at Arch Public today.
Promote your brand with The Wolf of All Streets. For sponsorship and partnership opportunities, contact info@thewolfofallstreets.io.
The Wolf Pack - My Telegram group where I share daily market updates, real-time observations, and ongoing discussions with the community. There’s a dedicated channel and group chat, and it’s completely free to join.
The Crypto Advisor - My weekly newsletter for registered investment advisors, combining macro trends, Wall Street insights, and crypto – all in one place..
X - I spend most of my time on X, contributing to CryptoTownHall every weekday morning, sharing random charts, and responding to as many of you as I can.
YouTube - Home of the Wolf Of All Streets Podcast and daily livestreams. Market updates, charts, and analysis!
The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this e-mail constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to "Buy," "Sell," or "Hold" an investment.
Thanks for reading The Wolf Den! Subscribe for free to receive new posts and support my work.