RT Dougie Kass Re @TheStreetPro Some Advice on the SpaceX IPO From The Oracle of Omaha * This morning SpaceX launches a $75 billion initial public offering, valuing the company at nearly $1.8 trillion * Discussions of the IPO today will consume the business media as guests deliver plenty of hype and similar/redundant "talking points" but provide little substance - full of sound and fury but signifying nothing... Over history Warren Buffett has expressed skepticism about initial public offerings. To Warren it was unlikely that the best bargain was a brand new IPO that is heavily marketed and carries ridiculously high commissions. Perhaps Warren Buffett's most famous quote regarding IPOs revolves around the notion that an IPO is priced at a time of the seller's choosing while being actively promoted by both insiders (to maximize their profits) and by Wall Street (who exist to sell products): "An IPO is like a negotiated transaction – the seller chooses when to come public – and it's unlikely to be a time that's favorable to you." He compared IPOs to buying lottery tickets, saying: "People win lotteries every day... You don't want to get into a stupid game just because it's available." He further said: "The idea that a newly issued security (IPO)—brought to market at a time of the seller's choosing and surrounded by massive hype—is the single best bargain among thousands of global businesses is absolute nonsense. When an offering carries a ridiculous 7% commission just to incentivize salespeople, it simply cannot be the most attractive investment available. While people easily get caught up in the excitement of a new launch, look at the reality: you have thousands of existing public companies whose prices are set by a natural auction market, free from aggressive promotion or hidden fees. It makes no sense to buy a security precisely when an insider decides the timing is perfect to sell. Frankly, it isn't worth spending five seconds thinking about IPOs." Here are some of my specific views of the SpaceX IPO (hint: we are avoiding the offering and currently considering shorting the shares on strength in the aftermarket): Dougie Kass on X: "I continue to watch the superficial discussions of the SpaceX IPO. The one, conducted now on @cnbc, is laughable. The moderator asked a legit question as how to value the deal which was totally sidestepped by the guest (who probably never read the registration statement). No" / X SPCX IPO: Doug Kass Values SpaceX At A Discount Of Nearly 50% — 'We Currently Plan To Short The Stock' https://www.benzinga.com/analyst-stock-ratings/analyst-color/26/06/53112193/tom-lee-calls-tech-sell-off-healthy-ahead-of-spacex-ipo-but-seabreeze-capitals-doug-kass-isnt-buying-it-i-call-b-s Finally, from my Daily Diary on Wednesday: Well Go On and Read It… The SpaceX Prospectus — Thierry from arvy 🇨🇭 (@ThierryBorgeat)This is how you price an IPO. You don't sell what a company is. You sell what it could become. SpaceX wrote the most ambitious "could become" in SEC history. The filing claims a total addressable market of $28.5 trillion. Larger than the entire GDP of the United States. The… https://twitter.com/thierryborgeat/status/2064432969755062373 https://twitter.com/ThierryBorgeat/status/2064433385481838748/photo/1 Thierry from arvy 🇨🇭 @ThierryBorgeat This is how you price an IPO. You don't sell what a company is. You sell what it could become. SpaceX wrote the most ambitious "could become" in SEC history. The filing claims a total addressable market of $28.5 trillion. Larger than the entire GDP of the United States. The Show more Thierry from arvy 🇨🇭 @ThierryBorgeat This week, the largest IPO in human history begins trading. SpaceX. Ticker SPCX. $135 a share. $75 billion raised. A $1.75 trillion valuation. The old record, Saudi Aramco in 2019, raised $29 billion. SpaceX more than doubles it. A view from Switzerland: $1.75 trillion is more BY Doug Kass · Jun 10, 2026, 7:15 AM EDT None @guyadami @squawkbox @beckyquick @andrewrsorkin @cnbcfastmoney @HalftimeReport @TheJudgeCNBC @WhitneyTilson @peterboockvar @Convertbond @jimcramer @tomkeene @annmarie @ferrotv @lisaabramowicz1 @business @SullyCNBC @saraeisen Thierry from arvy 🇨🇭: This week, the largest IPO in human history begins trading. SpaceX. Ticker SPCX. $135 a share. $75 billion raised. A $1.75 trillion valuation. The old record, Saudi Aramco in 2019, raised $29 billion. SpaceX more than doubles it. A view from Switzerland: $1.75 trillion is more