Bailey Lipschultz
Senior reporter for Bloomberg News in New York covering the stock market and helping lead equity capital markets coverage in the Americas, including IPOs, spin-offs, SPACs, and AI-related public-market listings such as Cerebras.
GameStop May Swap Its $56 Billion eBay Bid for a Partnership
GameStop may withdraw its proposed $56 billion bid for eBay after eBay rejected the approach and instead seek a partnership or joint venture, Bloomberg reports. Bailey Lipschultz says the companies could use GameStop’s 1,600 US stores to authenticate collectibles for eBay sellers, giving the marketplace a physical intake network without an acquisition. Spencer Soper cautions that similar efforts have struggled before, and that a store footprint alone does not establish customer demand or workable economics.
SpaceX Faces August Share-Supply Test After $1.2 Trillion Decline
Bloomberg’s Bailey Lipschultz says SpaceX’s post-IPO decline reflects a collision between a $1.77 trillion offering valuation, a heavily shorted low-float stock and a potential August 6 unlock that could sharply expand the shares available for trading. The company’s first earnings report and Starship’s progress on the space-data-center thesis may support the bull case, he argues, but neither settles whether investors will sustain that valuation as supply increases.
SK Hynix US Listing Is More Than Seven Times Oversubscribed
SK Hynix’s planned US listing is more than seven times oversubscribed, according to Bloomberg’s Bailey Lipschultz, with indicated ADS pricing at a roughly 3% premium to the Korean shares. Ian King says the investor demand reflects a strong AI-driven memory market, but the test is whether SK Hynix, Micron, Samsung and other producers can avoid adding too much capacity too quickly as investment plans expand, including Micron’s increased US spending.
Mirae Fails to Convert $1 Billion SpaceX Demand Into IPO Orders
Bloomberg’s Bailey Lipschultz reports that Korean brokerage Mirae gathered more than $1 billion of client interest in SpaceX shares but failed to convert that demand into formal orders with the IPO underwriters, leaving its customers with no allocation. The mistake, as described on Bloomberg Tech, was procedural rather than a sign of weak demand: indications of interest were relayed, but an order book was not submitted. South Korean regulators are now examining what the episode means for Mirae and the retail distribution process.
Apple’s Siri Overhaul Tests Whether AI Can Become an Operating-System Layer
Bloomberg’s WWDC preview frames Apple’s AI challenge as a test of integration rather than invention. Mark Gurman reports that Apple is expected to use the conference to make Siri more capable across apps, screens, personal data and web search, moving it from a weak voice assistant toward an operating-system layer; Carolina Milanesi and Paul Hudson argue that its value will depend on whether that layer is consistent, private and useful across Apple devices.
SpaceX IPO Could Push a Speculative $2 Trillion Valuation Into Index Funds
Bloomberg Originals argues that SpaceX’s planned IPO would test public markets in ways that go beyond its projected record size. The company is seeking a valuation approaching $2 trillion on revenue still far below that level, with investors being asked to price Starlink, launch services, AI infrastructure, orbital data centers and Mars ambitions into one company. The report frames the offering as both a bet on Elon Musk’s ability to turn speculative infrastructure into operating businesses and a risk that index mechanics could push that bet into ordinary portfolios.
Cerebras Raises $5.55 Billion as AI Infrastructure Demand Lifts Tech Markets
Cerebras raised $5.55bn in the year’s largest US IPO while Cisco shares jumped on a higher hyperscaler-orders forecast, putting both a new AI compute listing and an incumbent networking supplier in the market’s AI infrastructure trade. Cerebras CEO Andrew Feldman argued that the company’s wafer-scale systems, OpenAI deal and AWS engagement show it can become a major compute supplier; Bloomberg reporters pressed the harder question of how much of today’s AI infrastructure demand will turn into broad, durable revenue.