SpaceX IPO set to test U.S. stocks rally

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SpaceX IPO and stocks rally

Highlights

SpaceX targets a $75 billion IPO at a $1.75 trillion valuation, with June 11 pricing and Nasdaq trading starting June 12.
SpaceX posted a $4.94 billion net loss in 2025 on 33% higher revenue of $18.67 billion, with investors scrutinizing retail demand and AI exposure.
Upcoming May CPI and PPI data, plus Oracle and Adobe results, coincide with S&P 500 tech now exceeding 39% of index weight, raising market sensitivity to sector disappointments.

SpaceX listing puts market sentiment in focus

As reported by Reuters, SpaceX is aiming to raise $75 billion in what is expected to be the largest IPO on record, valuing the company at $1.75 trillion. Pricing is expected on June 11, with trading set to begin on the Nasdaq the following day.

The offering arrives as U.S. stocks remain near record highs after an extended rally, even as some investors question whether valuations have become overstretched. The company combines businesses in rockets, satellite communications and AI computing, while Elon Musk's involvement adds to the attention around a valuation that some market participants see as difficult to justify.

SpaceX reported a net loss of $4.94 billion in 2025, although revenue rose 33% to $18.67 billion. Investors are also watching whether the listing attracts heavy retail demand and becomes another prominent route into the AI trade.

The debut is also seen as a signal for the broader IPO market, with Anthropic and OpenAI expected to follow with major offerings in coming months. Anthropic said this week it has confidentially filed for a U.S. IPO.

Inflation data and tech earnings add pressure

The market is also watching May Consumer Price Index data due on Wednesday and producer price figures due on Thursday, as higher oil and gasoline prices raise concerns about renewed inflation pressure. Futures now reflect a greater chance that the Federal Reserve raises interest rates this year rather than cuts them, reversing expectations that had favored lower rates at the start of 2026.

Quarterly results from Oracle and Adobe are due as investors assess whether the software industry rebound is holding. Technology's recent outperformance has pushed the sector to more than 39% of the S&P 500's market capitalization this week, the highest share on record.

That concentration leaves the broader market sensitive to any disappointment from major tech names. Oracle shares are up about 21% this year, while Adobe is down 26%, making next week's results another test of investor appetite for AI-linked growth and the durability of the current rally.

Our earlier report on SpaceX’s record-setting IPO preparations explained how banks, exchanges, and retail brokerages were adjusting standard listing playbooks to win a role in the deal. We noted that Nasdaq moved to ease certain rules and that the offering was being marketed more directly to retail investors, highlighting how this debut could set a template for other major AI-related listings that may follow.

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