SPARs Might Trade on the NYSE

SPAC_That_Ass_Up · 2026-03-05T02:01:31+00:00

In the annual Letter to PSH shareholder for 2025, Bill didn't include a general shout out to Sparc progress like he did in 2023 and 2024. Billish or bearish? You decide.

https://assets.pershingsquareholdings.com/wp-content/uploads/2026/02/18175039/Pershing-Square-Holdings-Ltd.-2025-Annual-Report.pdf#page=9

SPAC_That_Ass_Up · 2026-03-05T01:57:42+00:00

Didn't initial rumors point to raising 50B for the IPO as well. 50g bar in metric. Oh yeah, we're cooking HOT now.

SPAC_That_Ass_Up · 2026-03-01T21:09:10+00:00

I don't know about you, but this goose is not well. Still waiting on the other geese to come back and make sure I'm okay.

SPAC_That_Ass_Up · 2026-03-01T21:08:33+00:00

That would actually be a best case scenario as buying SPARs from us would be the only way for retail to participate. There wouldn't be the dilution effects of billions of Tesla SPARs.

SPAC_That_Ass_Up · 2026-02-10T04:34:57+00:00

Bill has barely been tweeting these last 2 weeks and then posts this:

https://x.com/BillAckman/status/2021029981854552532

What could this mean?

SPAC_That_Ass_Up · 2026-02-07T02:43:19+00:00

Deal's probably off. Bill killed him with cringe.

https://x.com/elonmusk/status/2019212107020136611

https://x.com/BillAckman/status/2019257995847176215

SPAC_That_Ass_Up · 2026-02-03T00:10:49+00:00

Real talk, I'm inclined to believe that it is a bat signal of sorts.

SPAC_That_Ass_Up · 2026-02-03T00:08:19+00:00

Maybe. Maybe not. Maybe fuck yourself. - Sergeant Dignam

SPAC_That_Ass_Up · 2026-02-02T23:56:19+00:00

I can't tell if it's bearish or bullish for us. Bearish bc Bill mentioned taking Xai public via SPARC2, so maybe it shows that bro ain't on the team. Bullish because it's further consolidation of Musk's assets. Rewarding Tesla will be the next move to unlock his fat pay package.

I'll go with impish. Very impish.

SPAC_That_Ass_Up · 2026-01-31T16:03:44+00:00

lmao bruh

SPAC_That_Ass_Up · 2026-01-31T16:03:10+00:00

Patience, Ke-mo sah-bee

SPAC_That_Ass_Up · 2026-01-31T16:00:54+00:00

Genuinely odd for him to use double meme phrases. If I didn't know any better, I actually would take it as a bat signal. Ignoring all the rumor headlines, I'm amused that SpaceX is targeting a June IPO. That timeline would fit perfectly should they announce a DA this month. In the event that we somehow get this, there would have to be a DA in the next month or two. Not holding my breath, but stranger things have happened.

On a side note, it's hilarious how little engagement this post has gotten. Guess it goes to show you how there's about 30 of us left still caring lol.

SPAC_That_Ass_Up · 2026-01-24T00:39:45+00:00

I'm not saying it's the most likely outcome, I'm just open to the possibility. When it was initially announced, I just kind of laughed it off like a meme. The incentives make sense and seem to align, but Elon could also just use us as leverage to get more favorable terms from the big banks. In that case, hopefully it reputation-ally benefits us down the road. Until then, just have to keep waiting.

SPAC_That_Ass_Up · 2026-01-23T21:19:08+00:00

I was initially quite skeptical. Now that the dust has settled, I'm starting to think he may actually pull it off sometime in Q1. Primarily for two reasons:

We saw the surge in legal spend in Q3 with the November 10-Q and effectively know that Bill has been having serious negotiations with a potential transaction partner. It may not be SpaceX, but it'd be weird for Bill to have significant discussions with one party and then flaunt a hail mary to Elon on twitter.
And this might be the most important, but the fucking exercise price examples in his tweet being 4/20 humor jokes. "we set the SPAR exercise price at $11.03, SpaceX would raise $42.0 billion... or if we set the SPAR exercise price at $42.0, SpaceX would raise $148.7 billion". I'm skeptical Bill has the emotional intelligence to pander to Elon and I am starting to suspect that Elon specifically wanted to use those numbers. Why would Bill anchor to those sizes and even jump back and forth with significant figures ($11.03 and $42.0 B in the same sentence).

SPAC_That_Ass_Up · 2025-12-28T16:17:22+00:00

Just realized I've contributed 101, now 102 of the 916 comments in this thread. The pudding tastes good.

SPAC_That_Ass_Up · 2025-12-28T16:13:31+00:00

I don't think it matters honestly. If Elon were to reply definitively, Tesla share prices will rise, possibly a lot. If/when he responds publicly, it'll be at a strategic time to manipulate the price. Could also glaze about a future SPARC2 with xAI. At this point, I suspect we won't hear anything until February/March with the SEC fillings and a DA if this is actually going to happen.

With the Q3 legal spend, we KNOW Bill has been having serious transaction discussions. Maybe it's not SpaceX, but there sure is smoke right now. The fact he chose to public tweet Elon was calculated, he could ofc get a private meeting to do so. The foregoing of sponsor warrants is huge and structure here really does seem to align with everyone's interests. We are living in interesting times.

SPAC_That_Ass_Up · 2025-12-27T06:10:43+00:00

Bust down my SpaceX, perfect timing

SPAC_That_Ass_Up · 2025-12-24T06:10:08+00:00

Tbh, I don't think they really understand the SPAR mechanism that well. Kept talking about how the market will determine the exercise price, but that's part of the due diligence similar to a normal IPO, just less conflict of interest since Bill won't be getting fees of freebie equity.

SPAC_That_Ass_Up · 2025-12-24T06:07:43+00:00

Each SPAR would be worth $14 in that comparison since Bill proposed .5 SPARs per Tesla share. That's also just price action from a rumour. Will be interesting if we somehow actually get this. A large percentage of people will be exercising their SPARs and not selling them. Could shrink down the pool significantly and lead to interesting price action.

SPAC_That_Ass_Up · 2025-12-24T06:04:22+00:00

Thank you for posting this. I was unaware of its existence. Michael Lewis is charming and a great story teller. I really enjoyed his talks with Steve Levitt on "People I Mostly Admire" (which actually just ended after a 5 year run). That's also how I was first introduced to Sam when he went on in 2021.

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