T-minus 24 hours: On the eve of SpaceX IPO liftoff some Wall Street analysts say the stock is worth only half of Elon Musk’s price

Good morning. On Fortune’s radar today:

The bull and bear cases for the SpaceX IPO.

The Fortune Crypto 100: The best companies ranked.

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AI spending projected at $14 trillion.

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ONE GIANT LEAP FOR WALL STREET

T-minus 24 hours to SpaceX liftoff

SpaceX’s $1.77 trillion IPO is set to become the largest in history this week, and, analysts say, among the most controversial. The IPO, which aims to raise $75 billion by selling 555 million shares at an offered price of $135 per share, starts trading on Friday, June 12, and will be listed on the NASDAQ under the ticker SPCX. Fortune’s Marco Quiroz-Gutierrez breaks down the bull case and the bear case for the stock.

Elon Musk has used 23 different banks to float his company, and the Financial Times points out that this has constrained each of those banks from publishing independent research about the company prior to its public launch. Morningstar, however, has published analysis of the company aaaand … the news isn’t good. SpaceX stock is probably worth $63 per share, not the $135 issue price. And SpaceX's “addressable market” is maybe $129 billion, not the $1.6 trillion Musk claims in his S-1, Nicolas Owens and his colleagues say. See their notes here and here.

The space economy’s next frontier is in ground infrastructure, Northwood Space CEO says - Sebastian Herrera

SpaceX IPO Is Said to Be More Than Four Times Oversubscribed - Bloomberg

SpaceX IPO: the map Wall Street got wrong - Milk Road

Tech tumbles, inflation bites—but futures are blinking green

It was another tough day for U.S. markets yesterday as tech stocks led another broad decline. The S&P 500 lost 1.62% and has moved down in four of the last six sessions. The tech-heavy Nasdaq Composite lost 1.98%. One of the worst performers was Tesla, which declined 3.8%. However, U.S. futures were up this morning after Europe and Asia delivered marginal gains.

S&P 500 futures were up 0.76% this morning. The index lost 1.62% yesterday. 

In Europe, the Stoxx 600 was up 0.68% in early trading and the U.K.’s FTSE 100 was up 0.78% before lunch.

Asia: South Korea’s KOSPI was up 0.43%. Japan’s Nikkei 225 was flat. India’s Nifty 50 was down 0.15%. China’s CSI 300 was down 0.55%. 

Brent crude was $92 per barrel this morning.

Keeping the faith: This morning, Goldman Sachs’ Ben Snider forecast that despite the........

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