In this episode of The Glass Half Full, Ryan Detrick, Chief Market Strategist at Carson Group, and Sonu Varghese, Chief Macro Strategist at Carson Group, break down the biggest financial story on everyone’s mind—the SpaceX IPO—and what it means for investors navigating a market running at full speed.
The S&P 500 is hitting new all-time highs. The Dow has crossed 50,000. And a historic earnings season just wrapped up with S&P 500 profits rising nearly 28% year over year—roughly double what analysts had expected. This is not a market being carried by a handful of names. It is a broad-based earnings story.
Against that backdrop, SpaceX is preparing to go public in what could become the largest IPO in history at an estimated $2 trillion market cap. Ryan and Sonu unpack what makes this moment so exciting—and what makes it worth approaching carefully. SpaceX lost nearly $5 billion last year, and the investment case is entirely forward-looking. That is not necessarily disqualifying, but it does rhyme with something Ryan remembers from 1999. Sonu offers the counterpoint: Unlike the dot-com era, much of today’s momentum is anchored in real profit growth, and investors who already own the S&P 500 may have more exposure to the AI and space economy than they realize.
The episode closes with a simple reminder: The Dow opened at 40.96 in 1896 and crossed 50,000 in 2026. Stay diversified, don’t chase the shiniest objects, and trust the long game.
Key Takeaways
- The SpaceX IPO could be the largest in history at an estimated $2 trillion market cap, surpassing Saudi Aramco’s 2019 offering.
- S&P 500 earnings grew nearly 28% year-over-year in Q1, more than double analyst expectations, with 84% of companies beating on earnings and 81% beating on revenue.
- SpaceX lost nearly $5 billion last year, meaning the entire investment case rests on future potential—a dynamic that echoes, but does not necessarily repeat, the 1999 bubble.
- Investors in the S&P 500 and Nasdaq 100 already have indirect exposure to private AI and space economy companies through mega-cap tech stakes in OpenAI, Anthropic, and similar firms.
- The Dow Jones has risen from 40.96 to over 50,000 in 130 years—a reminder that long-term investors have consistently been rewarded through every cycle.
Jump to:
0:00 — Welcome and the Big IPO
0:33 — Compliance Note and IPO Basics
1:24 — SpaceX Products Like Starlink
2:06 — Market Momentum and AI Fever
4:05 — SpaceX Losses and 1999 Memories
5:35 — Momentum Built on Real Profits
6:45 — Earnings Strength and Valuations
7:59 — Private Markets Showing Up in Public
9:35 — Diversification Over Shiny Objects
10:36 — Long-Term Optimism and Wrap
Connect with Ryan:
- LinkedIn: Ryan Detrick
- X: @ryandetrick
Connect with Sonu:
- LinkedIn: Sonu Varghese
- X: @sonusvarghese
The views stated in this podcast are not necessarily the opinion of Cetera Wealth Services, LLC, or CWM, LLC. and should not be construed directly or indirectly as an offer to buy or sell any securities mentioned herein. Due to volatility within the markets mentioned, opinions are subject to change without notice. Information is based on sources believed to be reliable; however, their accuracy or completeness cannot be guaranteed. Past performance does not guarantee future results.
Ryan Detrick and Sonu Varghese are non-registered associates of Cetera Wealth Services LLC.
A diversified portfolio does not assure a profit or protect against loss in a declining market.
Please note: Cetera Wealth Services, LLC is not registered to offer direct investments into commodities or futures. Instead, we provide access to this asset class via mutual funds, exchange-traded funds (ETFs) and the stocks of associated companies. Investments in commodities may be affected by the overall market movements, changes in interest rates and other factors such as weather, disease, embargoes and international economic and political developments. Commodities are volatile investments and should form only a small part of a diversified portfolio. An investment in commodities may not be suitable for all investors.
8950103.1-0526-C
