Friday, June 12th, 2026
Laramie, Wyoming
By Dan Denning
What a day for a space dream. As epic bubbles go, this one’s been a doozy. And if the SpaceX IPO marks the symbolic (if not the actual) top of the AI/tech boom, well at least it’s made some cafeteria workers and janitors into millionaires. That’s more than Bernie Sanders and Liz Warren have ever done for American workers.
The company began trading today at $135/share. It raised $75 billion at that price, for a market capitalization of $1.77 trillion. After finishing up 19.2% on the day, the market cap is now $2.1 trillion. That makes it the sixth-largest American company by market cap. Add in the other five and you have $21 trillion worth of new tech ‘wealth’.
The miserable communists and envy merchants of the world can’t stand that Elon Musk is the world’s first trillionaire. Sanders wants to use Musk as the poster boy for lifting the cap on taxable income for Social Security. Having never had a real job his entire life or created an ounce of value for anyone, Sanders says if billionaires and trillionaires pay their ‘fair share,’ Social Security can be saved for the next seventy-five years.
The US government spends around $1 trillion every 50 days. You could confiscate all of Musk’s net worth and it would buy you about seven weeks of spending. And in any event, as numerate people understand, net worth tied to the value of stocks is not cash. Why?
It’s not liquid. And if we’re right about this IPO marking a high-water mark for the bubble, Musk won’t be a trillionaire for long. Enjoy it while it lasts! And don’t forget that all the valuation metrics on our dashboard are screaming ‘danger!’
It’s tempting to pop up some corn, add some butter, and kick back to watch the coming calamity. But you can’t help but be a little impressed about the SpaceX hype and what Musk has managed to achieve (in the face of hostile politicians and carping legacy media). That doesn’t make me optimistic that a ‘Big Loss’ isn’t coming. Our mission is to avoid it.
But there WILL be a future after the bust. And on the optimistic and opportunistic side, uranium is going to be a part of it. After all is said and done in the Strait of Hormuz, nuclear will be the big winner of the Iran war. That’s worth keeping an eye on.
The World Nuclear Association updated its ‘reference case’ for uranium demand in its 2025 report. It reckons uranium demand will double to 390 million pounds a year by 2040. That figure is a 55 million pound increase from the ‘reference’ case in the 2023 report. What’s driving demand?
New reactors.
Trouble is, there aren’t enough new mines!
Current annual mine supply is around 155 million pounds. The big three producers, geographically, are Namibia, Canada, and Kazakhstan. With some valuable advice from our friend Rick Rule, Tom Dyson made a simple ‘long’ uranium position the first one in BPR’s Official List (make sure you don’t miss the new position Tom added, with a Canadian angle, in his note on Wednesday).
Then there’s this chart.
