SpaceX IPO: Why This Hedge Fund Manager is Fading the Hype | Moez Kassam
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Moez Kassam, CIO of Anson Funds, delivers a contrarian masterclass on the upcoming SpaceX IPO, arguing it’s not just a hype play but a potential shorting opportunity due to uncharted mechanics, massive early investor sell pressure, and index inclusion dynamics. He warns that despite the $2 trillion valuation and Elon Musk’s genius, the financials behind the scenes may not justify the price—especially if the IPO behaves like a direct listing with no lockup, unleashing a flood of supply. Kassam’s firm avoids chasing the 'next Tesla' or 'next SpaceX' and instead targets overhyped 'me-too' space stocks, AI fads, and quantum speculation, where sentiment has peaked. Yet he sees real opportunity in overlooked areas: software stocks battered by indiscriminate selling, U.S. cannabis companies on the brink of federal descheduling, and private credit, which he calls a 'buy-the-dip' goldmine amid widespread panic. His core thesis? The market’s most dangerous moment isn’t when everyone’s bullish—it’s when everyone’s talking about it. The real edge lies in fading the crowd, not following it.
SpaceX IPO may be a low float, no-lockup event with massive early investor sell pressure, creating squeeze risk and shorting opportunity.
When everyone’s talking about space, AI, or quantum, the risk-reward is skewed—true opportunity lies in fading the hype.
U.S. cannabis stocks are poised for 400% upside post-federal descheduling, unlocking banking, tax relief (280E repeal), and interstate commerce.
Private credit is undervalued at 90 cents on the dollar despite redemptions—backed by assets, not just liquidity, making it a contrarian buy.
Software stocks trading at 60-70% discounts with strong free cash flow are ripe for a sentiment-driven rebound, not GAAP profitability.
…and 3 more takeaways available in PodZeus
The SpaceX IPO: Hype vs. Hidden Mechanics
“You know, we really don't know. SpaceX Elon Musk is a genius. He's one of the most disruptive, calculated guys of our time. But when you look at a $2 trillion company, you've got to really understand what's under the hood to justify that type of valuation.”
The Myth of the Lockup: Direct Listing Risks
“Most of the early investors have massive, massive wins. And as a function of their venture funds, tech funds, overall investment portfolios, it's a massive percentage. And so any smart guy, their mandate at that point is to downsize.”
Index Inclusion: The Day 9 Sell Signal
“The best day to sell this thing in my opinion if you're holding it is on day nine because day 10 is when the rebalance happens and by then anyone who wants to own it has owned it.”
Fading the Hype: Me-Too Space, AI, and Quantum
Kassam warns against chasing 'next SpaceX' or 'next Tesla'—instead, he targets overhyped 'me-too' space stocks and quantum speculation, where sentiment has peaked and risk is high.
The Cannabis Bet: 400% Upside Post-Descheduling
“We believe this has an opportunity in 400% in a couple of years. The unique part is because the U.S. cannabis companies... haven't had to do a lot of dilution.”
“You know, we really don't know. SpaceX Elon Musk is a genius. He's one of the most disruptive, calculated guys of our time. But when you look at a $2 trillion company, you've got to really understand what's under the hood to justify that type of valuation.”
“The best day to sell this thing in my opinion if you're holding it is on day nine because day 10 is when the rebalance happens and by then anyone who wants to own it has owned it.”
“Private credit is backed by security. The problem is just liquidity in timeline. And so private credit offering 10, 15% yields seems pretty good to me as the sentiment is negative.”
Hosts
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spacex
organization
elon musk
person
moez kassam
person
cannabis
product
anson funds
organization
private credit
other
de-scheduling
other
nasdaq
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s&p 500
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borto
product
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