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Range Takeaway: Once again, Nvidia checked nearly every box on Wall Street’s wish list, only to watch its stock slide the next morning. This “blowout earnings, next-day drop” pattern has now played out for four consecutive quarters. The knee-jerk reaction hasn’t been a very effective predictor of longer-term moves; each time, the stock recovered to new highs by the next quarterly release.

By Taresh Batra, Chief Investment Officer

We've known for months that SpaceX was planning the biggest IPO in history, a move that will immediately vault it into the top ten most valuable companies globally. With this week's S-1, we finally got a detailed look at what we're getting for the historic $1.75 trillion price tag. 

Investors will debate the path to profitability, technical risks, and governance. But at roughly 95x revenue, SpaceX's valuation isn't about today's core business. It's about the potential for moonshots like orbital data centers, leisure travel by rocket, and colonization on Mars.

It will be years before we know if these bets play out. Near-term, performance will likely be driven by retail demand and forced index buying from accelerated Nasdaq-100 and S&P 500 inclusion, which will quietly put SpaceX into millions of retirement accounts.

A successful IPO could pave the way for OpenAI and Anthropic, the second and third most valuable private companies in the country, waiting their turn to enter the public arena. Any meaningful hiccups may call into question public markets’ ability to absorb the next generation of mega-cap tech.

With SpaceX having filed its S-1 this week, the planning clock is ticking if you hold equity in the company.

There's one misconception worth clearing up first: equity doesn't automatically accelerate at IPO. What the filing does is start the countdown to when you’ll actually be able to sell your vested equity. 

Here’s how the progressive equity lock-up release schedule is structured:

It's one of the more complex release structures we've seen — with multiple decision points tied to both a calendar and a price target. Having a plan mapped out in advance can make a real difference, especially if you hold VOO, VTI, or QQQ. These funds will likely add SPCX within days of the IPO, compounding an already concentrated position. Knowing your total exposure before the first window opens is a good place to start.

75 OpenAI employees just pocketed $30M each, in a tender offer that paid out $6.6B before the company even went public.

We broke it down on The Daily Range — our Instagram show that turns the week's biggest stories into 60-second hits. This week alone: Waymo’s recent recall, Mark Cuban partnering with President Trump, and data centers moving to outer space. A new one drops every weekday.

Follow @rangefinance on Instagram and turn on notifications so you don’t miss Monday’s.

SpaceX employees aren't the only ones rethinking their equity strategy — anyone holding shares in a public company or a pre-IPO startup should have a plan. 

This week, Range Member Success Manager Eloisa Cotanda asked: "If I give you my equity grant agreement, can you walk me through the total value of my equity today, and what I should do with it?"

Once you upload the PDF document, Rai reviews it alongside your tax situation and financial goals to break down your current equity value and deliver a clear action plan — what to exercise, hold, or sell, and when.*

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