<p>Investor <strong>Gary Black</strong> of <strong>The Future Fund LLC</strong> has said that SpaceX investors could <span>initially benefit following the IPO, as expedited inclusion in the Nasdaq-100</span> and S&amp;P 500 indices could provide a boost.</p>



<h2>Gary Black On SpaceX IPO</h2>



<p>In a post on X on Saturday, the investor said he considered SpaceX “overpriced at $2T valuation,” citing the company’s earnings of $6.6 billion and revenue of $18.7 billion.</p>



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<p>However, the investor acknowledged factors that could “engineer a first day IPO pop for investors who are allocated shares,” like a faster listing on the indices, as well as the “distribution power” offered by <strong>Goldman Sachs Group Inc.</strong> (NYSE:GS) and <strong>Morgan Stanley</strong> (NYSE:MS) as the lead underwriters. “The relatively low % float to be issued in the SPCX IPO (4%),” could also provide a boost, Black said.</p>



<figure class="wp-block-image size-large is-resized"><img src="https://imageproxy.pbkrs.com/https://editorial-assets.benzinga.com/wp-content/uploads/2026/05/25045929/Screenshot-2026-05-25-at-2.26.24%E2%80%AFPM-1024x956.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" class="wp-image-1475351" style="width: 489px; height: auto" original-src="https://imageproxy.pbkrs.com/https://editorial-assets.benzinga.com/wp-content/uploads/2026/05/25045929/Screenshot-2026-05-25-at-2.26.24%E2%80%AFPM-1024x956.jpeg"/></figure>



<h2>Valuation Concerns</h2>



<p>In a separate post on X, Black shared his concerns with SpaceX’s valuation. “I don't know of a single company with a $2T market cap that doesn't make money,” he said, also slamming the company’s 300x EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization). “That should give potential $SPCX investors pause,” he said.</p>



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<figure class="wp-block-image size-large is-resized"><img src="https://imageproxy.pbkrs.com/https://editorial-assets.benzinga.com/wp-content/uploads/2026/05/25045954/Screenshot-2026-05-25-at-2.26.17%E2%80%AFPM-1024x799.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" class="wp-image-1475352" style="width: 472px; height: auto" original-src="https://imageproxy.pbkrs.com/https://editorial-assets.benzinga.com/wp-content/uploads/2026/05/25045954/Screenshot-2026-05-25-at-2.26.17%E2%80%AFPM-1024x799.jpeg"/></figure>



<h2>SpaceX IPO</h2>



<p>The comments come as SpaceX’s IPO could also potentially be detrimental for <strong>Tesla Inc.</strong> (NASDAQ:TSLA) investors, as experts suggest the listing could take investments, as well as CEO <strong>Elon Musk</strong>‘s attention away from the EV giant.</p>



<p>On the other hand, some investors suggest the companies should merge. <strong>Dan Ives</strong>, who is the managing director of <strong>Wedbush Securities</strong> and a Tesla bull, has advocated for a merger between the two, most recently predicting that there was an 80% chance that the two companies would merge.</p>



<p>However, Black has been against the idea of Tesla merging with SpaceX, sharing concerns that the deal could lead to Tesla’s value being reduced by 25%.</p>



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<p><em>Check out more of Benzinga's Future Of Mobility coverage by</em> following this link.</p>



<p><em>Image via Shutterstock</em></p>

.NDX

TSLA

<p>Investor Gary Black predicts that SpaceX's IPO could lead to an initial boost for investors due to expedited inclusion in the Nasdaq-100 and S&P 500 indices. However, he expresses concerns over SpaceX's $2 trillion valuation, citing its earnings and high EBITDA multiple. Black also warns that the IPO might detract from Tesla's focus, while some suggest a merger between the two companies, which he opposes due to potential value reduction for Tesla.</p>

- Investor Gary Black from The Future Fund LLC believes SpaceX's upcoming IPO could benefit early investors due to potential inclusion in major indices.  
- He expresses concerns over SpaceX's $2 trillion valuation, noting its earnings and revenue, and cautions investors about the company's high EBITDA multiple.  
- Black also warns that the IPO could negatively impact Tesla investors by diverting focus from the EV company, although some analysts support a merger between SpaceX and Tesla.

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NASDAQ-100

Tesla

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Invesco Nasdaq 100 ETF

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Fidelity Nasdaq Composite Index ETF

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Proshares UltraPro QQQ

VG Mga Cap 300 Val

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Goldman Sachs

Morgan Stanley

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MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

Top Analyst Predicts Initial 'Pop' For SpaceX Investors Following IPO Due To Nasdaq 100, S&P 500 Boost—Questions $2 Trillion Market Cap