Zoo Report
Desmond the goldendoodle is king of the castle. His sister Penny looks up to him tremendously, which is ironic because Desmond is profoundly lazy. He refuses to get up after 8 pm, no matter what, and if you try to drag him out for a bathroom break, he growls at you. Penny, on the other hand, is not the sharpest tool in the shed, but she is sweet and enthusiastic.
We have two ragdoll cats. Hemingway is a massive fluffball who will climb directly onto your face and headbutt you into submission. He causes allergies in nearly everyone, which only seems to encourage him. His sister, Coconut, wants nothing to do with anyone and keeps a permanent scowl on her face, except for our son, Chris, whom she absolutely adores. She cries at his door constantly. It's the strangest pet bond in the house.
Stinky is my personal best friend. He's playful, acts more like a dog than a cat, and sleeps with me every night. He is also getting enormously fat, eating his food, the dog food, and anything else within reach. Given that he was an emaciated stray when we found him, I think he's just making up for lost time.
Finally, Patches is a black cat with chronic allergies. I just paid $400 at the vet for her itchy ears. No further comment.
The SpaceX IPO: 8 Things You Actually Need to Know
You've probably seen the headlines. SpaceX is going public. The biggest IPO in stock market history. Everyone is asking me; Should I buy this? Can I even buy this? What is an IPO?
Fair questions. Here's what you need to know.
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1. An IPO is just a company selling stock to the public for the first time.
SpaceX has been privately owned for years. An IPO changes that. They file paperwork with the SEC, set a price, sell shares, and after that, anyone with a brokerage account can buy in. SpaceX trades on June 12th under the ticker SPCX on the Nasdaq.
2. This is the largest IPO in history.
SpaceX is raising $75 billion at a $1.77 trillion valuation, priced at $135 per share. The previous record was Saudi Aramco in 2019 at $29 billion. SpaceX is more than doubling that.
3. Institutions get most of the shares. That's just how it works.
Normally, retail investors (regular people) get 5 to 10 percent of IPO shares. The rest goes to pension funds, hedge funds, and institutions. SpaceX is reserving up to 30 percent for retail, which is unusually generous. It's still a minority, but notable.
4. You can try to buy at the IPO price, but don't count on it.
Schwab, Fidelity, Robinhood, and others have secured allocations. You can submit a request through your broker. The problem: demand has already come in at twice the available shares.
5. If you don't get IPO shares, you can buy it like any other stock on June 12th.
Log in, search SPCX, and place an order. The risk: IPOs frequently pop on day one. The stock that was $135 at the offering could easily be $170 by the time you hit buy.
6. Starlink is the real business here.
SpaceX has three segments: rockets, Starlink satellite internet, and AI. Starlink generated $11.4 billion of SpaceX's $18.7 billion in 2025 revenue and is the only profitable piece. Over 10 million subscribers across 160 countries. What you're really buying is a satellite internet company that also builds rockets.
7. The company lost $5 billion last year.
Revenue grew 33 percent, which is impressive. But SpaceX spent billions developing Starship and posted a $4.94 billion net loss in 2025. They don't expect to be profitable anytime soon.
8. You may already own SpaceX without doing anything.
Nasdaq has fast-tracked SpaceX into the Nasdaq-100, tracked by the QQQ ETF. Many of you own QQQ in your retirement accounts (if you are my client, you do). SpaceX won't qualify for the S&P 500 yet due to its lack of profitability. But Nasdaq exposure is coming whether you seek it or not.
FOMO (Fear of Missing Out) has never been a good investment strategy. The best investments are usually the boring ones. Then again, maybe we will all be living on Mars in ten years.
Dave