Mike Novogratz wants Bitcoin above $70,000. He also thinks the macro story that props up risk assets is wearing thin.

On his “All Things Markets” podcast with Anthony Scaramucci, the Galaxy Digital CEO said Bitcoin is “heading back” above $70,000. He added that Washington will “eventually” inflate its way out of debt, targeting roughly 3% to 4% inflation, according to the Benzinga report.

Then he pivoted to the trade that makes him uneasy. Not Bitcoin. SpaceX.

The IPO he can’t stop thinking about

Benzinga reports that Novogratz called SpaceX “the biggest IPO ever by a factor of three.” He tied that claim to the size of the deal, saying SpaceX raised roughly $75 billion, compared with the $25 billion Saudi Aramco transaction.

The problem, per the same report, is that this is an IPO priced for big confidence. Short seller James Chanos is also on record, Benzinga says, framing it as a “hopes and dreams IPO.” His yardstick is valuation. Chanos pointed to the timing and pricing, saying SpaceX went public at around 90 times revenue, while a “normal business” trades at 10 to 15 times revenue.

That gap matters because it describes expectations more than fundamentals. High-revenue multiples can be rational if cash flows show up fast and risks stay contained. But they also create an unforgiving downside if growth takes longer or margins disappoint. Chanos’s critique, as presented by Benzinga, is basically that the market did not price those risks with enough restraint.

Debt, inflation, and why investors keep paying up

Novogratz’s macro view is straight from Washington’s playbook. Benzinga says he argued the U.S. has no “clean exit” from its roughly $40 trillion debt other than inflating it away.

In that framing, inflation becomes a solvent that reduces the real burden of debt. It can also keep nominal asset prices supported, at least until it stops working. Novogratz’s stated inflation range of 3% to 4% is part of that thesis.

The link to the SpaceX IPO is indirect but real. When markets expect inflation to persist, risk appetite often stays elevated, especially for large, widely followed listings. That’s the sort of environment where a “90 times revenue” argument starts to sound less like accounting and more like a bet on continued tolerance for premium valuations.

What to watch next

The Benzinga piece ends without laying out a clear catalyst schedule. It’s more of a warning than a forecast. Still, the reader takeaway is practical.

Novogratz’s comments put three pressure points on the radar. First, Bitcoin’s role in a macro hedge narrative, since he ties bullishness to debt and inflation. Second, how quickly markets reprice large IPOs if expectations run ahead of reality. Third, whether valuation skepticism like Chanos’s finds traction beyond rhetoric.

This is not a scorecard for winners. It’s a snapshot of where at least two market voices think pricing may be out of step with cash flow timelines.

If you’re tracking either asset class, the numbers in Benzinga’s report are the anchors: $40 trillion debt in the macro framing, 3% to 4% inflation in the scenario, $75 billion raised by SpaceX versus $25 billion for Saudi Aramco, and a roughly 90x revenue price point in the valuation critique.