Joshua Roberts

speaker

171 appearances 2 recordings 1 series first heard Jun 2026 last heard 27 Jul

Joshua Roberts’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 2 in all, peaking in Jul 2026 with 1.

Appearances

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The Intelligence from The Economist · Focused group: Ukraine is now Europe’s war · 3 Jun 2026 podcast

And for firms that are very expensive relative to their underlying revenues and earnings, and SpaceX is definitely one of those, the underperformance tends to be even greater.

So lesson one, as an individual, it's not necessarily a good idea to buy recently IPO'd.

Yeah.

Lesson two is that the bankers and companies who are selling these shares in the first place want to pick the best moment for the companies to sell their shares.

That's probably what they're doing now.

But the best moment for the seller is not necessarily the best moment for the buyer.

What that means is that the companies selling their shares now kind of think that we're approaching the top of the bull market.

And now what that means for the buyer is

is you might be at risk of buying just before a downturn starts.

That's what we've seen with previous surges in IPOs.

Well, that's the big question.

And it also links into another trend that we've seen, which is firms that are very successful tend to stay private for longer and only sell their shares to the public quite late in the day after they've already achieved this astonishing valuation.

If SpaceX gets what it wants, it will be valued at $1.75 trillion by the stock market.

That means that investors now buying its shares have missed out on that early kind of explosive phase of its growth.

How much bigger can it really get from there?

To create trillions of dollars worth of value from there, it would need to be absolutely gargantuan.

And already that $1.75 trillion valuation is predicated on investors paying 90 times as much for SpaceX as the sales SpaceX makes in an individual year.

Not even the profits, just the sales it makes.

What it would need to do in order to justify that is grow.

its sales and its earnings incredibly quickly.

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