Reddit Is Losing Its Mind Over $SPACE's 19% IPO Pop — And the WSB Bear Cave Is Growing Fast
The largest IPO in history just landed on NASDAQ — and Reddit's investing communities are split between FOMO-buying at $161 and screaming 'greater fool theory'
Ticker Ratings
| Ticker | Rating | Entry Price | Current | $ Gain | % Gain |
|---|---|---|---|---|---|
| ROKU ROKU, INC | buy | $144.11 | — | — | — |
$SPACE debuted at $150, ran to $172 intraday, and closed at $161 — a 19% pop on a $75 billion IPO, the largest in history. Reddit's reaction? Predictably chaotic. The investing subreddits lit up with upvote-farming DD posts simultaneously calling this the trade of a generation and a bubble that would make dot-com blush.
The bear case is genuinely hard to dismiss: 110x revenues, no profit, and a last-minute pivot from XAI's AI software story to a Neocloud capacity-leasing model that nobody saw coming before the roadshow. Jim Chanos called it 'hopes and dreams' and invoked Enron. Former SEC Chair Gary Gensler flagged that Musk holds 85% voting control, the company is incorporated in Texas, and shareholders can't sue — they arbitrate. Meanwhile, Paul Tudor Jones's lockup expiration playbook is already circulating on WSB: ~$2 trillion in stock could become freely tradable just 90 days post-IPO.
The bull case? Starlink printed ~$11B in connectivity revenue, Anthropic is reportedly paying $1.25B/month for Colossus compute, and NASDAQ literally changed its index inclusion rules mid-game to fast-track $SPACE into the NASDAQ 100. You either believe in the $28.5 trillion TAM or you don't — and Reddit is currently 60/40 in favor of the rockets.