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Dear US retiree,
Three days from now something happens that has never happened before in the history of American retirement investing.
The largest IPO in market history lands inside your 401k.
Automatically. Whether you asked for it or not.
SpaceX goes public Thursday, June 12th.
Targeted valuation: $1.8 trillion.
To put that number in perspective, SpaceX at IPO will be worth more than the entire GDP of Australia, Canada, and South Korea combined.
It is the rocket company that figured out how to land boosters on drone ships in the middle of the ocean and reuse them. Cutting the cost of getting to space by 90%.
It is the company with 7,000 Starlink satellites providing internet to 100 countries. A subscription business generating billions in recurring revenue every single year.
It is the company with a $17 billion NASA contract to return Americans to the moon. A $4.8 billion pipeline of national security satellite launches. Government contracts that most defense contractors would give their right arm for.
And on Thursday it becomes publicly traded.
Now here is what the financial press is doing with this story.
Warning you.
Be careful. It is unprofitable. The rules were changed. You are becoming exit liquidity for insiders. Morningstar says it is worth half the IPO price.
Here is what the financial press always does with stories like this.
Warns you.
They warned you about Amazon. It was unprofitable for years.
They warned you about Netflix. It burned cash for a decade.
They warned you about Tesla. It lost money for most of its public life.
The people who listened to those warnings and stayed on the sidelines are not the ones who retired wealthy.
3 Backdoor Plays Before the SpaceX IPO
SpaceX is reportedly valued north of $350B — the biggest pre-IPO story of the decade.
But you don't have to wait for the listing to position yourself.
We've identified 3 publicly-traded companies with direct exposure to SpaceX's growth — names you can buy today in your regular brokerage account.
From the satellite supplier embedded in Starlink's hardware to a defense contractor sitting on a multi-year Falcon 9 deal, these are the tickers Wall Street is quietly accumulating ahead of the listing.
Grab the full breakdown in our free SpaceX IPO Playbook, including target levels, risk tiers, and the one name our analysts think has the most upside.
But First. A Word About Who This Email Is For.
We have been getting tremendous feedback on our investing content.
Retirees writing in to say finally. Someone understands we are not done building wealth. Finally. Someone gets that protection and growth are not opposites.
That feedback made something clear.
This publication is evolving. And not everyone who originally subscribed is going to want to come along.
If you are here because you want someone to track every government move and report back in a panic, this is not your publication anymore.
If your entire financial identity is wrapped around your Social Security check and nothing else, this is not your publication anymore.
If the word investing makes you reach for the unsubscribe button, that button is at the bottom of this email and we genuinely encourage you to use it.
We only want realists here.
Realists who understand one thing above everything else.
You MUST invest just to break even.
Not as an option. Not as something to consider. As a requirement of a retirement that does not run out of money before you do.
Inflation is running at 3.9% heading into 2027. Your Social Security COLA will not fully cover it. Your Medicare premiums will eat a third of your raise before you spend a dollar. Your savings account is paying you less than inflation right now.
There is no version of a 25-year retirement where sitting in cash and collecting Social Security ends well.
You…must…invest.
The only question is where. And how much. And how to do it without losing sleep.
That is what we are here to help you figure out. Every single morning.
If that is not what you signed up for, the unsubscribe link is waiting for you. No hard feelings. Genuinely.
For everyone still reading. Let us talk about Friday.
What Actually Happens to Your 401(k) on June 12th.
Here is the mechanics of what is happening and why it matters.
Your 401k almost certainly holds index funds. Funds that track the S&P 500, the Nasdaq-100, the Russell 1000, or a total market fund. These funds are required to hold every company in their respective index in proportion to market cap.
When SpaceX joins an index, every fund tracking that index must buy it.
Here is the timeline.
Russell 1000: SpaceX included approximately one week after the IPO. Around June 19th or 20th. If your 401k holds a Russell 1000 fund or a total market fund, you own SpaceX within days.
Nasdaq 100: SpaceX included within 15 trading days under the new Fast Entry rule. Early summer.
S&P 500: Deliberating a rule change right now. Currently requires 12 months of public trading plus four profitable quarters. Under the proposed change those requirements get relaxed for megacap companies. Likely S&P inclusion lands late 2026 or early 2027.
Vanguard Total Stock Market Fund: Fast track rule. SpaceX added within five trading days. Probably the fastest path into the most widely held retirement fund in America.
Now here is the number that the scary headlines are not telling you.
Even at a $1.8 trillion valuation, SpaceX's initial weighting in a diversified index fund will be tiny.
Morningstar estimates that if SpaceX represents 0.15% of a 60/40 target date fund, only 0.09% of your holdings would be in SpaceX at first.
In a $500,000 retirement account, that is $450.
That is not a bet-the-farm moment. That is a toe in the water of the most consequential company to go public in a generation.
And here is what happens over time.
As SpaceX insiders reach the end of their lockup periods and sell shares into the open market, the publicly available float increases. SpaceX's weighting in the index grows. Your automatic exposure grows with it.
Passively. Without you doing anything.
The question is whether you want only the passive exposure. Or whether you want to be intentional about it.
The Morningstar Warning. And Why It Does Not Tell The Whole Story.
Here is the bearish case and it deserves a fair hearing.
Morningstar initiated coverage of SpaceX with a fair value estimate of $780 billion.
Less than half the $1.8 trillion IPO target.
SpaceX has not turned an annual profit.
Critics say the rule changes that fast-tracked SpaceX into indexes are essentially a mechanism to funnel retirement savers' money into a liquidity event for Elon Musk and his early investors.
Those are real concerns. Not fantasy.
But consider the counterargument.
Morningstar's fair value models are built on discounted cash flow analysis. They are better at valuing companies with predictable earnings streams than they are at valuing companies building entirely new industries.
Morningstar's fair value estimate for Amazon in 2005 was a fraction of where Amazon traded. Their models did not account for AWS, which did not exist yet. They did not account for Prime, which did not exist yet. They did not account for the logistics empire, which did not exist yet.
SpaceX's future revenue streams are not fully priced into any model right now because they do not fully exist yet.
Point-to-point suborbital travel. In-space manufacturing. Lunar logistics. Mars colonization infrastructure. Satellite-based global internet for two billion people currently without reliable connectivity.
You do not have to believe all of those revenue streams materialize to believe SpaceX is worth more than Morningstar's backward-looking model suggests.
You just have to believe that Elon Musk, who has built two multi-trillion dollar companies from scratch, might be building a third.
7 Stocks to Ride The A.I. Megaboom
The next A.I. boom could create massive winners just like the 1990s tech surge.
We identified 7 small tech companies positioned to benefit from the next phase of A.I. growth.
See them inside this free report 7 Stocks to Ride The A.I. Megaboom.
The $2,340 Question.
Here is a number worth sitting with.
The average American family spends approximately $3,000 per year eating out at restaurants.
That is $250 per month.
Not fancy restaurants. Casual dining. Lunch at work. Pizza on Friday night. Sunday brunch.
What if you took $195 of that. Roughly six casual restaurant meals per month. And put it into SpaceX instead.
That is $2,340 per year. Invested directly into shares of the largest IPO in history at the moment of its public debut.
Now here is what that means over time.
If SpaceX does nothing spectacular and simply tracks the S&P 500's historical average return of 10% per year, $2,340 invested annually for 15 years becomes approximately $78,000.
If SpaceX performs the way Amazon performed from its IPO through 2015, that same $2,340 per year becomes a number that makes you emotional.
You are not betting your retirement on this. You are redirecting a few nights eating out per month into the most consequential public company debut of your lifetime.
That is not reckless. That is intentional.
That is the difference between a retiree who looks back at June 2026 and says I should have and a retiree who looks back and says I did.
And SpaceX Is Just the Beginning.
Here is what the financial press is also not telling you loudly enough.
SpaceX is the first of three historic IPOs coming in the next 18 months.
Anthropic, the AI company that built Claude, is expected to go public at a valuation approaching $1 trillion.
OpenAI, the company that built ChatGPT, is also expected to go public. At a valuation that could make the SpaceX IPO look modest.
These are the companies building the infrastructure of the next 50 years of the global economy.
They are coming to your 401k whether you are intentional about it or not.
The passive investor gets a sliver automatically.
The intentional investor gets to decide how much is right for their specific situation.
3 Things to Do Before Thursday.
One. Find out exactly which index funds you hold.
Log into your 401k or IRA today. Write down every fund you own. Look up whether each fund tracks the Russell 1000, the Nasdaq-100, the total market, or the S&P 500.
If you hold any of the first three, SpaceX is arriving in your account within days of Thursday without you doing a single thing.
Know what you own before you own it.
Two. Decide if your passive exposure is enough.
For most people in most situations, the automatic index fund exposure to SpaceX is the right amount. Small. Diversified. Zero decision-making required.
But if you are someone who still has a meaningful growth allocation in your portfolio. If you have money earmarked for higher-risk higher-reward positions. If you can afford to lose a small position entirely and it would not change your retirement meaningfully.
Consider being intentional about it. A direct position. Sized appropriately. As part of a strategy instead of just passively along for the ride.
SpaceX will be publicly available to purchase through any brokerage account starting Thursday morning under the ticker SPAX.
Three. Stop waiting for permission to play offense.
The financial advice industry has spent 30 years telling retirees to protect, preserve, and hunker down.
And for a portion of your portfolio that advice is exactly right.
But a portion. Not everything.
You are not 90. You are not done. You have 20 or 25 years of retirement ahead of you and inflation is eating your purchasing power every single year you spend it entirely in defensive assets.
The retirees who will look back on June 12, 2026 as a turning point are the ones who understood something simple.
One big swing, properly sized, inside a properly diversified portfolio, is not gambling.
It is retirement investing done the way the people who actually got wealthy did it.
Not scared. Not reckless.
Intentional.
Thursday is your moment to decide which kind of retiree you are.
Stay sharp.
— US Retirement Report
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For educational purposes only. Results will vary. DM Intelligence LLC is not liable for losses.
This newsletter is for informational and educational purposes only and does not constitute financial, tax, or investment advice. Please consult a qualified financial advisor before making any decisions.
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