🌞 Summer 2026 Investment Insights from Silver Spoon Learning

Welcome back, Silver Spoon family! Whether this is your first newsletter or you've been with us for a while, I'm glad you're here. Summer is here — and so is a market full of noise, big headlines, and even bigger opportunities for those who know how to tune in.

This edition, I want to challenge you to try on a new identity: You are an investor. Not a speculator. Not someone chasing hype. An investor — someone who evaluates assets, understands their value, and buys when the price is right. Let's dig in.

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The SpaceX IPO: You're Not Buying One Business — You're Buying FOUR!

SpaceX is set to make its public market debut on June 12, 2026 — six days from now — targeting a raise of $75 billion at a price of $135 per share, which would give it a valuation of at least $1.8 trillion. That would make it the largest IPO in stock market history, surpassing Saudi Aramco's $1.7 trillion debut in 2019.

The buzz is loud. But before you do anything, I need you to understand something that most headlines gloss over: when you buy SpaceX stock, you are not buying one company. You are buying a bundle of very different businesses — and they are not all equal.

Here's the breakdown from SpaceX's own prospectus:

1. Starlink — The only profitable division. Satellite internet. $11.4B in revenue, $4.4B in profit, 10 million subscribers. This is the business you're really paying for

2. Launch Services — Impressive, but losing money. Over 165 missions in 2025, 80%+ of the global commercial launch market. Still lost $657M last year. A competitive moat, not yet a profit center.

3. Starshield/Defense — Big contracts, low visibility. Military-grade satellite services with roughly $24B in cumulative federal awards. Growing fast — but much of it is classified. You can't fully see what you're buying.

4. xAI / Artificial Intelligence — A vision with a $6.35B annual price tag. Lost $6.35 billion last year. It's the reason the company can claim a $28.5 trillion addressable market. A bet on the future — not a business yet.

So what does this mean for you as an investor?

You are essentially being asked to pay $1.8 trillion for a satellite internet company that earns real profits, attached to a rocket business that bleeds money, wrapped around a defense franchise you can't fully see, and anchored to an AI division that is burning billions annually. The question isn't whether SpaceX is impressive — it absolutely is. The question is: at what price is it a fair deal?

Now add this week's market context. On Thursday, June 5, the broader market took its steepest single-day loss of 2026 — the S&P 500 fell 2.6%, the Nasdaq dropped over 4%, and tech stocks led the selloff. The trigger? A stronger-than-expected May jobs report (172,000 jobs added) pushed Treasury yields sharply higher, with the 20- and 30-year yields climbing back above 5%. That matters for SpaceX in a direct way: when risk-free Treasury yields go up, the premium investors are willing to pay for speculative, high-growth assets goes down. A stock priced at 104x revenue needs near-zero discount rates to justify itself. Rising yields are the exact opposite of that environment.

There's also a structural liquidity concern that's worth understanding. Because of recent rule changes by the Nasdaq, Russell, and potentially the S&P 500, index funds and 401(k)s may be required to purchase SpaceX shares within days or weeks of the IPO — not because analysts decided it was a good value, but because it's being fast-tracked into major indexes. That forced buying could create an artificial short-term price pop. Meanwhile, SpaceX's insider lockup schedule is staggered, meaning some insiders can begin selling shares as soon as the second trading day after the first quarterly earnings report — likely in August. In plain terms: the people who built this company may be selling shares to index funds that have no choice but to buy them.

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Can you relate?

Meet DeShawn. He's a warehouse supervisor in Atlanta who's been saving up for his first individual stock purchase. When he heard about the SpaceX IPO, his first instinct was to put in a market order on day one. Sound familiar?

Here's what I would say to him: "DeShawn, great companies and great stocks are not always the same thing — especially at IPO. You need to know which part of SpaceX you're excited about, because they're not all the same story. If you love Starlink, understand what a fair price for that business looks like. If you're buying into the AI vision, understand that it's currently losing billions. And with Treasury yields spiking this week, the market just got less generous toward high-valuation growth stocks — not more."

The takeaway: SpaceX is a genuinely fascinating collection of businesses. But you owe it to yourself to understand what you're actually buying — and what you're paying for each piece. The investor who waits, learns the fundamentals, and buys at the right price will always outperform the one who buys on launch day because the rocket looks cool.

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Enjé's Final Thought: Own the Identity

Here's what I want you to carry with you this summer: You are an investor. Not someone who hopes stocks go up. Not someone who buys because a headline got their attention. An investor who looks at businesses, asks hard questions about value, and acts with purpose.

The Iran conflict, the SpaceX IPO hype, the crypto swings, the energy surge — these are all fascinating stories. But stories aren't strategies. Your job is to look past the headline and ask: What is this worth? What am I paying? Is this right for my plan?

That question is your superpower.

Stay curious, stay grounded, and keep growing. 🌱

— Enjé, Founder of Silver Spoon Learning

Have a topic you want covered next quarter? Reply to this newsletter or reach out at enje@learnwithsilverspoon.com. I read every email.

The information in this newsletter is for educational purposes only and does not constitute financial, investment, tax, or legal advice. Always consult a qualified financial professional before making investment decisions. Investing involves risk, including the potential loss of principal.