A Strange Voyage
Search Engine
PJ Vogt
4.8 • 5.1K Ratings
🗓️ 25 June 2026
⏱️ 61 minutes
🧾️ Download transcript
Summary
This month, SpaceX had the largest IPO in all of human history. In a mission to understand a bewildering moment, we trace the story of the stock market itself. From its very beginnings in the Netherlands, to its supersizing in America, through the prism of crypto and widespread speculation that has led to this moment with SpaceX. What happened?
The World's First Stock Exchange by Lodewijk Petram
The Wisdom of Finance by Mihir Desai
Liftoff and Reentry by Eric Berger
Search Engine's earlier reporting on Elon Musk’s controversial data centers: Colossus 1 & Colossus 2
Transcript
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| 0:00.0 | The |
| 0:07.0 | The Welcome to search engine. |
| 0:26.7 | I'm PJ Vote. |
| 0:31.7 | This month, SpaceX, Elon Musk's rocket chip company, which also owns Starlink, his satellite internet company, and X.com and XAI went public. |
| 0:43.8 | History made on Wall Street today, SpaceX going public, the biggest IPO ever launched. |
| 0:49.5 | SpaceX's stock blasted off in its debut, soaring more than 19% on the NASDAQ. |
| 0:55.2 | At the closing bell, SpaceX is now worth over $2 trillion, turning SpaceX employees into |
| 1:00.9 | millionaires and its CEO into a trillionaire. |
| 1:05.4 | The largest initial public offering in all of human history. |
| 1:09.4 | The company raised over $85 billion. And it's been driven |
| 1:13.4 | in an unprecedented way by retail investors. I just bought 50 shares of SpaceX at 172 per share. |
| 1:23.0 | And I'm never selling. Let's see what happens, baby. |
| 1:33.5 | According to the New York Times, in the week after SpaceX first began selling to the public, |
| 1:38.5 | retail investors have purchased a net of $370 million worth of stock. |
| 1:45.6 | More at the time said than the net retail buying of Nvidia, Microsoft, Alphabet, Meta, and Amazon combined over the same period. |
| 1:51.2 | Today, SpaceX briefly became the fourth largest company in the world by market cap, |
| 1:53.3 | surpassing Amazon and Microsoft. |
| 1:57.1 | How do you begin to think about something like this? |
| 2:00.5 | That the social forces that pushed GameStop, a store that sells physical copies of video games up the leaderboards, |
| 2:04.6 | that those same forces are now aimed at something much larger. |
| 2:07.6 | At Elon Musk's promise that the future of AI sits with him, |
| 2:12.6 | with him using rocket ships to launch data centers into orbit. |
... |
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