EPISODE · May 21, 2026 · 48 MIN
The SpaceX IPO Is Coming at an Extremely Stretched Valuation | Bagholder
from Rigatoni Capital Podcast · host Colin Santucci
Kevin, aka Bagholder, is back on the Rigatoni Capital Podcast for another great conversation. This week we focus on the SpaceX IPO set for June 12th at a valuation between $1.75 and $2 trillion. Kevin walks through his price to sales framework and lands on a multiple of roughly 110 times sales, which is difficult to justify when three quarters of SpaceX revenue comes from Starlink and the AI division grew only 23% last year. Neither of us are buying the IPO directly, though we will both own it through QQQ and VTI. When the general public starts calling asking how to participate in an IPO, that is usually a tell. We also get into Dutch Bros versus Starbucks, which is one of the clearest head to head comparisons in the restaurant space right now, Kevin's thoughts on consumer staples trading at multi-year lows, his continued conviction on silver miners through SILJ, and what the ongoing Iran supply disruption means for hard assets like gold, silver, and Bitcoin.Check out Kevin's newsletter Mytwocent$ on Substack: https://bagholder.substack.comRigatoni Capital is a daily morning podcast for long term, buy and hold investors. This is not a show for short term traders or people looking for quick wins. Every morning I go through the most important headlines in finance, markets, and macro, and call out fake narratives in the financial media so you know what actually deserves your attention and what to ignore.Subscribe to Rigatoni Capital on Substack: https://rigatonicapital.substack.comDisclaimer: This blog is for informational purposes only and does not constitute financial advice. All opinions are my own, and I am not a financial advisor. The information provided reflects my personal views and is intended to encourage discussion and thought among readers. Investments involve risk, including the loss of principal, and past performance is not indicative of future results. Always conduct your own research or consult with a qualified professional before making any financial decisions.#investing #stocks #finance #wallstreet #stockmarket #investor #wealth #money #financialfreedom #passiveincome #dividends #compounding #longterminvesting #buyandhold #valueinvesting #portfoliomanagement #bitcoin #crypto #macro #Nasdaq #SPY #QQQ #SP500 #SpaceX #IPO #ElonMusk #Starlink #DutchBros #BROS #Starbucks #SBUX #Silver #SILJ #Gold #Bitcoin #BTC #ConsumerStaples #stockanalysis #marketwatch #RigatoniCapital$BROS $SBUX $SILJ $GLD $BTC $QQQ $VTI
What this episode covers
Kevin, aka Bagholder, is back on the Rigatoni Capital Podcast for another great conversation. This week we focus on the SpaceX IPO set for June 12th at a valuation between $1.75 and $2 trillion. Kevin walks through his price to sales framework and lands on a multiple of roughly 110 times sales, which is difficult to justify when three quarters of SpaceX revenue comes from Starlink and the AI division grew only 23% last year. Neither of us are buying the IPO directly, though we will both own it through QQQ and VTI. When the general public starts calling asking how to participate in an IPO, that is usually a tell. We also get into Dutch Bros versus Starbucks, which is one of the clearest head to head comparisons in the restaurant space right now, Kevin's thoughts on consumer staples trading at multi-year lows, his continued conviction on silver miners through SILJ, and what the ongoing Iran supply disruption means for hard assets like gold, silver, and Bitcoin.Check out Kevin's newsletter Mytwocent$ on Substack: https://bagholder.substack.comRigatoni Capital is a daily morning podcast for long term, buy and hold investors. This is not a show for short term traders or people looking for quick wins. Every morning I go through the most important headlines in finance, markets, and macro, and call out fake narratives in the financial media so you know what actually deserves your attention and what to ignore.Subscribe to Rigatoni Capital on Substack: https://rigatonicapital.substack.comDisclaimer: This blog is for informational purposes only and does not constitute financial advice. All opinions are my own, and I am not a financial advisor. The information provided reflects my personal views and is intended to encourage discussion and thought among readers. Investments involve risk, including the loss of principal, and past performance is not indicative of future results. Always conduct your own research or consult with a qualified professional before making any financial decisions.#investing #stocks #finance #wallstreet #stockmarket #investor #wealth #money #financialfreedom #passiveincome #dividends #compounding #longterminvesting #buyandhold #valueinvesting #portfoliomanagement #bitcoin #crypto #macro #Nasdaq #SPY #QQQ #SP500 #SpaceX #IPO #ElonMusk #Starlink #DutchBros #BROS #Starbucks #SBUX #Silver #SILJ #Gold #Bitcoin #BTC #ConsumerStaples #stockanalysis #marketwatch #RigatoniCapital$BROS $SBUX $SILJ $GLD $BTC $QQQ $VTI
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The SpaceX IPO Is Coming at an Extremely Stretched Valuation | Bagholder
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