Q: With the soon ipo of space x and the last nav of stck at 15.35 as of dec 31, which I guess is mark to market do you feel there is much upside , as the share price is now around 25. Personally I think the space x ipo to be way over subscribed and a cult like following for some time .
5i Research Answer:
Space-X makes up roughly 30% of the private holdings in STCK as of the end of 2025. STCK had all private companies held valued at roughly $15.35 per share. While there is likely some growth over the last few months in teh Space-X valuation, shares of STCK are likely reflecting this at this stage. As a unique way to gain exposure to the IPO, we think it is interesting but we might view it more as a short-term trade.