HINDSIGHT CAPITAL MANAGEMENT
“We only win in retrospect.”

To: Hindsight Global Investors
Date: June 12, 2026 at 07:00 PM EDT
Subject: The SPCX Hangover

My fellow exit-liquidity providers,

The casino doors opened, the confetti mostly worked, and by the closing bell we had minted the world’s first trillionaire on a company whose last annual report rhymed with “we launch things that sometimes explode.” Let’s unfurl the loss porn.

[SPCX]: The “biggest IPO ever” priced at $135, popped 19% to close near $161, and instantly made Elon Musk the first trillionaire—while retail allocation came in at roughly 9 shares plus 10% of whatever you begged for, leaving most of you wishing you’d just bought the $330 polymarket hedge that’s now worth $10.33. Robinhood gave one user 1,000 shares instead of 1, sparking a $130k margin call, because of course they did.

[SPCX/TSLA]: SpaceX’s president spent IPO day floating a Tesla merger, and the sub is already modeling how Elon’s 82% super-voting control lets him dilute everyone into the Martian dirt while calling it “synergy.” One commenter cheerfully noted that making one “huge flaming pile of shit” was the obvious endpoint, but somehow the consensus is still that this is bullish for Tesla.

[SPCE/SPCX]: The degenerate thesis that retail would confuse the tickers and send Virgin Galactic to the moon worked beautifully—if you sold before the IPO opened—because SPCE hit $6 pre-market, then cratered 28% on debut day while actual SPCX climbed 28%, a mirror-perfect inverse-WSB wipeout. One user bought puts on SPCE bagholders pretending to sell SpaceX stock and cashed out with spending power down to $16.99, a truly regarded 3D chess move.

[RKLB]: Rocket Lab picked the absolute worst day to announce it’s joining the Nasdaq, immediately dropping 10% as the gravity of the space-stock shakeout took hold. External news confirmed the broader purge: Virgin Galactic down 24%, AST SpaceMobile down 10%, because there’s only one rocket in this town now.

[SNDK]: The “Biggest IPO Ever” got compared unfavorably to a flash memory company, which is exactly the kind of deep-value analysis we pay for.

[MU]: Micron earned a family-disgrace label in the weekend thread, and the weekly earnings calendar is so bare that one commenter described it as “dryer than the Sahara desert” until MU reports next week, meaning you’ll have to survive five whole trading days without a 30-bagger.

[SPY]: The market sat pinned at $741 while one degenerate managed to lose money on both SPY calls and puts simultaneously, achieving a perfect 100% loss rate across market directions that one observer accurately called “harder to do than get a few in the green”. Meanwhile, 0DTE warriors are 10x-ing accounts in four days now that the PDT rule is dead, which will absolutely end well for everyone.

[AI BUBBLE]: A viral Big Short parody about an AI lawnmower company got 9,337 upvotes, and external news is now running headlines asking “Were We Even Close to Peak AI Bubble?” — the answer, apparently, is no, because the market just handed $1.75 trillion to a rocket company with no profit.

[PDT RULE]: The death of the $25k pattern day trading restriction has turned every account under $500 into a gamma casino, with one user doing 118 0DTE trades for a net profit of $1.18, which is either a sign of the apocalypse or the purest expression of American capitalism yet recorded.

So to recap: the richest man on earth just used your IPO allocation to buy another social media site, Virgin Galactic holders got liquidated by their own pump attempt, and next week’s earnings are so grim that people are begging for a SPCX options chain that doesn’t start trading until Tuesday. We’ve never been more confident in absolutely nothing.

Stay solvent (somehow),

Hindsight Henry
Chief Investment Officer, Hindsight Capital Management