Gen Z and Millennials are in agreement: their obsession with Pokémon may never let up.
Despite the Japanese franchise nearing its 30-year anniversary, young men in particular continue to be on a lifelong mission to “catch ‘em all”—and are spending hundreds, sometimes even millions of dollars, collecting trading cards.
Part of the “boy math” is that investing in cards could yield significant returns, and there might be some truth to the matter.
Pokémon cards have seen the largest long-term increase in value among all card categories: up 3,261% over 20 years, according to data provided to Fortune from Card Ladder. Even looking at a one-year investment, the average Pokémon card is increasing at nearly 46%—a pace far exceeding hot stocks like Nvidia so far in 2025 or the S&P 500’s average 12% annual return rate.
While cards have to be rare and in pristine condition to make significant profit, the industry frenzy has left the shelves of retailers like Walmart and Target bare—and even caused some stores to enact limits or pauses on selling altogether. And online, it’s pushing the resale market to new heights.
Users on eBay searched for “Pokemon” nearly 14,000 times per hour in 2024, according to Adam Ireland, VP and GM of global collectibles at eBay. And pairing the Pokémania with continued demand in the sports card world (thanks to athletes like Caitlin Clark and Michael Jordan), it’s created a perfect storm of opportunity for the trading card industry. The total gross value of cards on eBay has increased for nine consecutive quarters.
“The trading card hobby has entered a new era, driven by technology, innovation, community, and a great balance of modern creativity–with new sets, storylines and characters–alongside good old nostalgia,” Ireland tells Fortune.
Social media is driving a trading card craze—and some poor financial decisions
No other influencer may have driven continued interest in Pokémon cards in particular than Logan Paul. The YouTuber, who is also known for his ventures into professional wrestling, boxing, and entrepreneurship, has spent millions of dollars purchasing cards—and then profiting off the millions of views generated from his content.
“These things are appreciating like crazy as collectibles are becoming very low supply, high demand art pieces.”
Cliff Hawkins/Getty Images
Logan Paul wearing a Charizard Pokemon card chain as he entered the ring for a 2021 boxing match against Floyd Mayweather.
In 2022, he broke a Guinness World Record for the most expensive Pokémon trading card sold at a private sale with the purchase of a PSA Grade 10 (essentially perfect condition) Pikachu Illustrator card for $5.275 million.
“This card cost me more than my ranch. My 84-acre ranch,” Paul said at the time.
Other social platforms, including TikTok, are full of content creators who have dedicated their lives to the purchasing, opening, and reselling of cards.
But for some, the joy of collecting or making a profit doesn’t work out as much as planned, with a recent call into Dave Ramsey’s personal finance vodcast showing just how bad the obsession is gotten for some young men.
“I messed up big. I went behind my pregnant wife’s back and racked up $26K in credit card debt in four months,” the caller said.
“What did you jack up $26K on?” Ramey asked.
“Pokemon cards—trying to buy a bunch and sell them online, but it didn’t work out.”
Like other collectables, trading cards can be considered a “commodity” and even art, according to Jason Howarth, SVP of marketing and athlete relations at Panini America, a sports card company. But whether to consider it a true investment opportunity depends largely on your intentions.
“For some people, they (collect) because they view it as an investment. Others do it for the pure fun of it,” he says.
By and large, most collectors are not going so off the deep end and being overly financially irresponsible, and instead see the hobby as a guilty pleasure. That includes Ryan Hoge, the president of PSA, one of the biggest companies that evaluates the condition and authenticity of trading cards. He said he personally has tens of thousands of cards, but like many, he enjoys collecting them, even if they are stored up in a closet.
“I think sometimes people want to break from the digital, and this is a good outlet for it,” Hoge tells Fortune. And not only do you get to hold something in your hand, but you also get to interact with a community of like minded people that have similar interests.”
Last month, nearly 125,000 fans attended Fanatics’ (which owns trading card company Topps) second annual convention centered around all things sports and collectibles. And the event notably saw influencer and former gymnast Livvy Dunne purchase a card of her professional baseball player boyfriend for $2,850. The National Sports Collectors Convention, which also brings over 100,000 fans, is set for later this summer outside of Chicago.
A billion-dollar market built on nostalgia
While the trading card industry was on the brink of extinction following overproduction in the 1990s, it’s since recovered and is booming. Sports cards bring in $1 billion in annual revenue for manufacturers and retailers, according to The Athletic. Pokémon alone brought in a similar number, and was the only toy to surpass $1 billion in sales last year, says Circana data.
And even though over 75 billion Pokémon cards have been produced (enough to wrap around Earth end-to-end 165 times), demand is still skyhigh, according to Barry Sams, vice president of game development and community engagement at The Pokémon Company International.
“With explosion in demand, we’re printing at maximum capacity to deliver the greatest amount of cards possible to fans for current expansions while ensuring we maintain quality standards,” he tells Fortune.
“Those who grew up with Pokémon now have children of their own to share that passion with, and oftentimes, that means revisiting old Pokémon card collections and recreating fond childhood memories as a parent.”
The opportunity within the card industry is causing retailers like GameStop to pay greater attention. The electronics store said in the first quarter of 2025, collectibles, such as Pokémon and sports cards, made up 29% of the company’s sales—outselling video game software.
“We’re focusing on trading cards as a natural extension of our existing business,” GameStop CEO Ryan Cohen said at the company’s annual shareholder meeting last month. “The trading card market, whether it’s sports, Pokémon or collectibles, is aligned with our heritage. It fits our trade and model. It appeals to our core customer base. And it’s deeply embedded in physical retail.”
The industry continues to fascinate even world leaders. During this year’s Easter Egg Roll on the South Lawn of the White House, President Donald Trump was seen with a graded trading card that depicted the assassination attempt on him last year.
“It doesn’t matter how old you are, when you get a pack of cards in your hand, the first thing you want to do is rip it open and you hope that you’re going to get that hot rookie, or you’re going to get a player from your favorite team,” says Panini’s Howarth. “If any one of those things happens, you’re ecstatic.”
SpaceX is preparing to sell insider shares in a transaction that would value Elon Musk’s rocket and satellite maker at as much as $800 billion, people familiar with the matter said, reclaiming the title of the world’s most valuable private company.
The details, discussed by SpaceX’s board of directors on Thursday at its Starbase hub in Texas, could change based on interest from insider sellers and buyers or other factors, said some of the people, who asked not to be identified as the information isn’t public. SpaceX is also exploring a possible initial public offering as soon as late next year, one of the people said.
Another person briefed on the matter said that the price under discussion for the sale of some employees and investors’ shares is higher than $400 apiece, which would value SpaceX at between $750 billion and $800 billion. The company wouldn’t raise any funds though this planned sale, though a successful offering at such levels would catapult it past the record of $500 billion valuation achieved by OpenAI in October.
Elon Musk on Saturday denied that SpaceX is raising money at a $800 billion valuation without addressing Bloomberg’s reporting on the planned offering of insiders’ shares.
“SpaceX has been cash flow positive for many years and does periodic stock buybacks twice a year to provide liquidity for employees and investors,” Musk said in a post on his social media platform X.
The share sale price under discussion would be a substantial increase from the $212 a share set in July, when the company raised money and sold shares at a valuation of $400 billion. The Wall Street Journal and Financial Times earlier reported the $800 billion valuation target.
News of SpaceX’s valuation sent shares of EchoStar Corp., a satellite TV and wireless company, up as much as 18%. Last month, EchoStar had agreed to sell spectrum licenses to SpaceX for $2.6 billion, adding to an earlier agreement to sell about $17 billion in wireless spectrum to Musk’s company.
The world’s most prolific rocket launcher, SpaceX dominates the space industry with its Falcon 9 rocket that lifts satellites and people to orbit.
SpaceX is also the industry leader in providing internet services from low-Earth orbit through Starlink, a system of more than 9,000 satellites that is far ahead of competitors including Amazon.com Inc.’s Amazon Leo.
Elite Group
SpaceX is among an elite group of companies that have the ability to raise funds at $100 billion-plus valuations while delaying or denying they have any plan to go public.
An IPO of the company at an $800 billion value would vault SpaceX into another rarefied group — the 20 largest public companies, a few notches below Musk’s Tesla Inc.
If SpaceX sold 5% of the company at that valuation, it would have to sell $40 billion of stock — making it the biggest IPO of all time, well above Saudi Aramco’s $29 billion listing in 2019. The firm sold just 1.5% of the company in that offering, a much smaller slice than the majority of publicly traded firms make available.
A listing would also subject SpaceX to the volatility of being a public company, versus private firms whose valuations are closely guarded secrets. Space and defense company IPOs have had a mixed reception in 2025. Karman Holdings Inc.’s stock has nearly tripled since its debut, while Firefly Aerospace Inc. and Voyager Technologies Inc. have plunged by double-digit percentages since their debuts.
SpaceX executives have repeatedly floated the idea of spinning off SpaceX’s Starlink business into a separate, publicly traded company — a concept President Gwynne Shotwell first suggested in 2020.
However, Musk cast doubt on the prospect publicly over the years and Chief Financial Officer Bret Johnsen said in 2024 that a Starlink IPO would be something that would take place more likely “in the years to come.”
The Information, citing people familiar with the discussions, separately reported on Friday that SpaceX has told investors and financial institution representatives that it’s aiming for an IPO of the entire company in the second half of next year.
A so-called tender or secondary offering, through which employees and some early shareholders can sell shares, provides investors in closely held companies such as SpaceX a way to generate liquidity.
SpaceX is working to develop its new Starship vehicle, advertised as the most powerful rocket ever developed to loft huge numbers of Starlink satellites as well as carry cargo and people to moon and, eventually, Mars.
The National Park Service will offer free admission to U.S. residents on President Donald Trump’s birthday next year — which also happens to be Flag Day — but is eliminating the benefit for Martin Luther King Jr. Day and Juneteenth.
The new list of free admission days for Americans is the latest example of the Trump administration downplaying America’s civil rights history while also promoting the president’s image, name and legacy.
Last year, the list of free days included Martin Luther King Jr Day and Juneteenth — which is June 19 — but not June 14, Trump’s birthday.
The new free-admission policy takes effect Jan. 1 and was one of several changes announced by the Park Service late last month, including higher admission fees for international visitors.
The other days of free park admission in 2026 are Presidents Day, Memorial Day, Independence Day, Constitution Day, Veterans Day, President Theodore Roosevelt’s birthday (Oct. 27) and the anniversary of the creation of the Park Service (Aug. 25).
Eliminating Martin Luther King Jr. Day and Juneteenth, which commemorates the day in 1865 when the last enslaved Americans were emancipated, removes two of the nation’s most prominent civil rights holidays.
Some civil rights leaders voiced opposition to the change after news about it began spreading over the weekend.
“The raw & rank racism here stinks to high heaven,” Harvard Kennedy School professor Cornell William Brooks, a former president of the NAACP, wrote on social media about the new policy.
Kristen Brengel, a spokesperson for the National Parks Conservation Association, said that while presidential administrations have tweaked the free days in the past, the elimination of Martin Luther King Jr. Day is particularly concerning. For one, the day has become a popular day of service for community groups that use the free day to perform volunteer projects at parks.
That will now be much more expensive, said Brengel, whose organization is a nonprofit that advocates for the park system.
“Not only does it recognize an American hero, it’s also a day when people go into parks to clean them up,” Brengel said. “Martin Luther King Jr. deserves a day of recognition … For some reason, Black history has repeatedly been targeted by this administration, and it shouldn’t be.”
Some Democratic lawmakers also weighed in to object to the new policy.
“The President didn’t just add his own birthday to the list, he removed both of these holidays that mark Black Americans’ struggle for civil rights and freedom,” said Democratic Sen. Catherine Cortez Masto of Nevada. “Our country deserves better.”
A spokesperson for the National Park Service did not immediately respond to questions on Saturday seeking information about the reasons behind the changes.
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon called out slow bureaucracy in Europe in a warning that a “weak” continent poses a major economic risk to the US.
“Europe has a real problem,” Dimon said Saturday at the Reagan National Defense Forum. “They do some wonderful things on their safety nets. But they’ve driven business out, they’ve driven investment out, they’ve driven innovation out. It’s kind of coming back.”
While he praised some European leaders who he said were aware of the issues, he cautioned politics is “really hard.”
Dimon, leader of the biggest US bank, has long said that the risk of a fragmented Europe is among the major challenges facing the world. In his letter to shareholders released earlier this year, he said that Europe has “some serious issues to fix.”
On Saturday, he praised the creation of the euro and Europe’s push for peace. But he warned that a reduction in military efforts and challenges trying to reach agreement within the European Union are threatening the continent.
“If they fragment, then you can say that America first will not be around anymore,” Dimon said. “It will hurt us more than anybody else because they are a major ally in every single way, including common values, which are really important.”
He said the US should help.
“We need a long-term strategy to help them become strong,” Dimon said. “A weak Europe is bad for us.”
The administration of President Donald Trump issued a new national security strategy that directed US interests toward the Western Hemisphere and protection of the homeland while dismissing Europe as a continent headed toward “civilizational erasure.”
JPMorgan has been ramping up its push to spur more investments in the national defense sector. In October, the bank announced that it would funnel $1.5 trillion into industries that bolster US economic security and resiliency over the next 10 years — as much as $500 billion more than what it would’ve provided anyway.
Dimon said in the statement that it’s “painfully clear that the United States has allowed itself to become too reliant on unreliable sources of critical minerals, products and manufacturing.”
Investment banker Jay Horine oversees the effort, which Dimon called “100% commercial.” It will focus on four areas: supply chain and advanced manufacturing; defense and aerospace; energy independence and resilience; and frontier and strategic technologies.
The bank will also invest as much as $10 billion of its own capital to help certain companies expand, innovate or accelerate strategic manufacturing.
Separately on Saturday, Dimon praised Trump for finding ways to roll back bureaucracy in the government.
“There is no question that this administration is trying to bring an axe to some of the bureaucracy that held back America,” Dimon said. “That is a good thing and we can do it and still keep the world safe, for safe food and safe banks and all the stuff like that.”
Politics8 years ago