SpaceX shares have surged nearly 40% from their recent lows, despite fears that its unusual staggered lock-up structure would unleash a wave of selling. So what actually happened? Anthony Cheung and Stephen Barnett break down how IPO lock-ups work, why SpaceX’s tiny public float matters and how retail buying, index funds and a potential short squeeze helped drive the rebound. We also return to EasyJet following Apollo’s £5.7 billion takeover, unpacking the private equity financing behind the deal, before looking at Cambridge Aerospace — the two-year-old UK defence technology company now valued at more than $3 billion. A packed episode covering IPOs, private equity, debt financing, defence technology and some of the biggest stories moving markets. (00:00) What’s Coming Up (04:21) Why SpaceX Stock Surged (05:27) Staggered Lock-Ups Explained (12:36) Why Investors Bought the Dip (15:45) The SpaceX Short Squeeze (17:24) The Elon factor (21:10) The Success of Staggered Lock-Ups (23:12) Can SpaceX Justify Its Valuation? (24:55) Apollo’s £5.7bn EasyJet Deal (29:21) How Private Equity Funds a Takeover (36:37) Apollo’s Plan for EasyJet (40:00) The UK’s $3bn Defence Startup (44:53) Coming Next: Boeing Deep Dive

SpaceX’s 40% Rally Explained | Inside Apollo’s £5.7bn EasyJet Deal

Market Maker

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Hello and welcome back to the Market Maker podcast. And today we are going to do a double header covering three stories on today's show and then doing a special summer bonus episode, which is going to drop a few days after where we'll deep dive into all things about Boeing and drones. But today we're covering some familiar territory. We're going to do some deep dive into some technical stuff around SpaceX, who I'm sure you've all read because it was very much easier.

Even when it starts to cross over from financial media into the mainstream outlets, about a 40% rise in a share price like SpaceX, then obviously the media can't get enough of it. But what we wanted to explain was this concept of staggered lockups, because it's something you're going to read about consistently for SpaceX.

And then as an update following a lot of positive comments we got for the EasyJet episode. Who would have thought, Stephen, EasyJet, one of the most popular episodes we've done of late? Argus closely following suit though, I must say. But EasyJet and the dark arts of PE financing, and then going to bring it a little bit closer to home.

SpaceX’s 40% Rally Explained | Inside Apollo’s £5.7bn EasyJet Deal

Read the full transcript

The candid version is on a podcast,
not the earnings call.

SpaceX’s 40% Rally Explained | Inside Apollo’s £5.7bn EasyJet Deal

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.