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Good morning. Elon Musk\u2019s SpaceX will touch down on the US stock market today after successfully conducting a record-breaking initial public offering, but will its shares head towards the moon?<\/strong><\/p>\n Shares in the rockets-to-satellites-to-AI company will begin trading in Wall Street today, after SpaceX<\/strong> raised $75bn through its IPO.<\/p>\n The listing will put SpaceX<\/strong> among the largest public companies, and could see Musk<\/strong> declared the world\u2019s first trillionaire later today.<\/p>\n Last night, SpaceX<\/strong> announced it had has raised $75bn<\/strong> in a record-breaking initial public offering, which values the company at $1.77tn<\/strong>. It successfully sold 555,555,555 shares of its Class A common stock, at $135.00 per share.<\/p>\n Banks underwriting the deal have also been given an \u201cover-allotment option\u201d to buy an extra 83.3m shares, which would pump up the size of the IPO to about $86bn.<\/p>\n SpaceX<\/strong> attracted orders for more than three times the amount on offer, the Financial Times reports \u2013 with strong demand from institutions and also retail investors. That could help propel SpaceX\u2019s<\/strong> shares up today, as those who missed out in the IPO (or didn\u2019t get as many shares as they wanted) try to get on board.<\/p>\n This strong demand came despite concerns that the company was overvalued \u2013 being sold at 92 times last year\u2019s revenues (a hefty valuation).<\/p>\n Investment research group Morningstar<\/strong> claimed earlier this week that SpaceX<\/strong> was worth only $63 a share \u2013 less than half the IPO price of $135 \u2013 and warned there is \u201ca major disconnect between market expectations and underlying fundamentals\u201d.<\/p>\n Michael<\/strong> Field<\/strong>, the chief equity strategist at Morningstar<\/strong>, suggests investors should sit out the IPO and wait for \u201ca more attractive entry point down the line\u201d.<\/p>\n All eyes will be on the US markets today to see how SpaceX\u2019s shares perform\u2026.<\/p>\n 7am BST: UK GDP report for April<\/p>\n<\/li>\n 2.30pm BST: US stock market trading begins<\/p>\n<\/li>\n 3pm BST: University of Michigan Consumer Sentiment survey<\/p>\n<\/li>\n<\/ul>\n Share<\/p>\n Updated at\u00a003.37 EDT<\/p>\n <\/span><\/span><\/p>\n Key events<\/p>\n <\/span><\/span><\/p>\n SpaceX\u2019s<\/strong> blockbuster IPO today, and upcoming floats from artificial intelligence companies Anthropic<\/strong> and OpenAI, <\/strong>will be a major test for the stock market as investors are hit by a wave of equity supply.<\/p>\n Joe<\/strong> Maher<\/strong>, markets economist at consultancy Capital<\/strong> Economics, <\/strong>points out that booming share issuance can be a sign that market speculation is reaching fever pitch.<\/p>\n That rising supply may also overwhelm investor demand and help to push stock prices lower.<\/p>\n Maher told clients:<\/p>\n double quotation markRecent history suggests surging share issuance tends to be a sign that the end to an equity boom is a matter of months not years away. After all, gross issuance surged towards the end of the last three major equity booms and peaked broadly in line with the stock market on those occasions. [See Chart 2, below].<\/p>\n With share issuance booming once again, the AI-driven equity rally may well be entering its final stages.<\/p>\n <\/span> Photograph: Capital EconomicsShare<\/p>\n Although the market\u2019s attention will be on SpaceX today, the true success of its float will be judged in the months ahead.<\/strong><\/p>\n Samuel Kerr,<\/strong> global head of <\/strong>ECM at Mergermarket, <\/strong>says the important question is how its shares hold up over the longer term, not simply whether it jumps today.<\/p>\n Kerr <\/strong>points out:<\/p>\n double quotation markIn the next six months, a far greater number of shares than were sold in the IPO will become freely tradeable as various lock-up restrictions on existing investors expire. SpaceX has a rare staggered lock-up expiry period designed to prevent a huge wall of selling at one fixed point, but this could still translate to hundreds of billions of dollars of shares from existing investors hitting the market in a short period of time.<\/p>\n The first lock-up waiver will also coincide with SpaceX\u2019s first results as a public company in late July\/early August, where investors will get the first indication of whether the company is hitting its ambitious growth targets.\u201d<\/p>\n Share<\/span>An H3 rocket carrying small satellites lifting off from the Tanegashima Space Center in Tanegashima, southwestern Japan, today.<\/span> Photograph: Jiji Press\/EEPA<\/p>\n Elsewhere in the space world, Japan successfully launched its flagship H3 rocket earlier today.<\/strong><\/p>\n The launch came after a previous mission to put a geolocation satellite into orbit ended in failure.<\/p>\n The Japan Aerospace Exploration Agency (JAXA)<\/strong> reported that the rocket carrying six small satellites blasted off at 9:53 am (0053 GMT) from Tanegashima Space Center in southern Japan.<\/p>\n The H3 was developed to boost the international competitiveness of Japan\u2019s rocket industry, but Japan\u2019s planned launch rate runs far behind SpaceX\u2019s.<\/p>\n AFP<\/strong> explains:<\/p>\n double quotation markThe agency is targeting up to eight H3 launches a year \u2013 still far below privately owned SpaceX, which dominates the global satellite launch market with 165 Falcon 9 orbital flights in 2025, compared to just two for H3.<\/p>\n Share<\/p>\n The \u2018forced buyers\u2019 who will have to buy shares in SpaceX once it is added to stock market indices such as the Nasdaq (see earlier post) will include UK pensioners, investment experts are warning.<\/strong><\/p>\n Professor Iain Clacher<\/strong>, Ashok Gupta<\/strong> and Dan Hedley <\/strong>of New Capital Consensus (a group pushing for reform of the UK investment system) are concerned that the 11mn people enrolled in UK defined contribution default funds will be exposed to SpaceX.<\/p>\n In a letter to the Financial<\/strong><\/em> Times<\/strong><\/em> this morning, they explain:<\/p>\n double quotation markNasdaq\u2019s fast-entry rule pulls SpaceX into the Nasdaq-100 index after 15 trading days rather than 63. FTSE Russell has gone further. S&P Dow Jones, to its credit, has held the line.<\/p>\n The mechanical consequence, on our modelling, is that roughly $17.7bn of passive demand will be conscripted into SpaceX on day 15 \u2014 of which about $3.9bn comes from MSCI World-tracking vehicles, the benchmark to which the great majority of UK DC default funds are anchored.<\/p>\n Clacher<\/strong>, Gupta<\/strong> and Hedle <\/strong>also point out that the practice of investing UK pension funds in indices such as the Nasdaq<\/strong>, or the MSCI<\/strong> World<\/strong> index, is \u201cmechanically exporting British pension capital\u201d to the balance sheets of the UK\u2019s competitors.<\/p>\n They explain:<\/p>\n double quotation markThe uncomfortable truth is that, for the British DC pensioner the cost is being collected automatically through a default fund whose architecture was never designed for an index whose rules are now being rewritten around a single generation of megastar listings.<\/p>\n Share<\/p>\n Shares in investment funds that hold SpaceX stock are rising in pre-market trading ahead of SpaceX\u2019s stock market listing today, Reuters has spotted.<\/strong><\/p>\n That includes Fundrise<\/strong> Innovation<\/strong> Fund<\/strong>, who are up 9.5%, and Destiny<\/strong> Tech<\/strong> 100<\/strong> which has gained almost 6%.<\/p>\n Share<\/p>\n SpaceX\u2019s shares will be supported by a number of \u201cforced buyers\u201d, such as tracker funds.<\/p>\n Richard Hunter, <\/strong>head of markets at interactive<\/strong> investor, <\/strong>explains:<\/p>\n double quotation markThe Nasdaq index has tweaked its rules, which has allowed SpaceX to join the index on a fast-track basis. It remains to be seen whether the company will have a disproportionate effect on the index in terms of weighting, but in any event its inclusion guarantees some additional and significant buying pressure.<\/p>\n Share<\/p>\n SpaceX appears to have chosen a good day to join the US stock market.<\/strong><\/p>\n Equity markets around the world are rallying today, after Donald Trump claimed that the US and Iran are on the verge of signing a peace agreement and announced that he will cancel fresh missile strikes.<\/p>\n Stocks rallied in Asia-Pacific markets overnight, lifting Japan\u2019s Nikkei<\/strong> 225<\/strong> by 2.8%.<\/p>\n In London this morning, the FTSE<\/strong> 100<\/strong> index of blue-chip shares is up 1.5%, or 151 points, at 10,455 points.<\/p>\n Wall Street is on track to open a little higher, after rallying strongly after Trump\u2019s comments.<\/p>\n Susannah Streeter, <\/strong>chief investment strategist at Wealth Club, <\/strong>says:<\/p>\n double quotation mark\u201cRisk-taking is back in fashion at the end of another volatile week, helped by renewed confidence that the conflict with Iran may soon end.<\/p>\n President Trump\u2019s promises are again moving markets, with investors buoyed by his assertion that a deal could be reached as soon as this weekend. The hotly anticipated SpaceX IPO is feeding the frenzy, with high hopes that aerospace and AI will cross bountiful new frontiers in the future.<\/p>\n Share<\/p>\n Marex Financial<\/strong>, who have handled the UK retail element of SpaceX\u2019s<\/strong> IPO, have reported that just over 60% of UK investors who applied for shares have received their full allocation.<\/p>\n Those who wanted more than about \u00a32,000 of shares, though, won\u2019t get as much as they hoped.<\/p>\n Marex explain:<\/p>\n double quotation markInvestors in the Retail Offer who applied for up to $2,700 (\u00a32,013) have been allocated in full, rounded down to the nearest whole Share. Those who applied for more than this amount have been scaled back, with a maximum of 1000 Shares being allocated to any such investor.<\/p>\n This means 61 per cent. of investors in the Retail Offer have received a full allocation.<\/p>\n Share<\/p>\n A poll by Opinium has found that one in four Gen Z and Millennial investors in the UK say they have applied for shares in SpaceX or will buy shares on the day of the IPO.<\/strong><\/p>\n One in seven (15%) of all UK investors say they have applied for shares or will buy them on the day of the IPO, which is on track to become the largest in market history. Male investors (18%) are also more likely than female investors (10%) to say that have or will buy SpaceX shares.<\/p>\n Share<\/p>\n Updated at\u00a003.57 EDT<\/p>\n Analysts at Unicredit say that the stock-market debut of SpaceX is more than an IPO story, adding:<\/strong><\/p>\n double quotation markIt is a reminder that space is increasingly becoming Earth\u2019s critical economic infrastructure \u2013 and that the US is setting the pace in the commercial and geopolitical space race.<\/p>\n <\/span>A chart showing launches into space<\/span> Photograph: UnicreditShare<\/p>\n SpaceX\u2019s shares are surging in \u2018shadow\u2019 financial markets, indicating that its value could surge by 35% when trading begins later today.<\/strong><\/p>\n Derivatives offered by online brokerage IG are indicating SpaceX\u2019s<\/strong> market value could surge to around $2.4tn, up from the $1.77tn valuation set by last night\u2019s IPO pricing.<\/p>\n That implies that SpaceX\u2019s<\/strong> shares might<\/strong> jump to around $180 when trading begins, cement Musk\u2019s trillionaire status.<\/p>\n Bloomberg<\/strong> have spotted a second market which also implies SpaceX\u2019s<\/strong> shares might pop:<\/p>\n double quotation markSpaceX-tied perpetual futures, contracts that don\u2019t expire, on crypto venue Hyperliquid were trading around $180, implying a valuation of more than $2.3 trillion.<\/p>\n Share<\/p>\n Forbes has calculated that Elon Musk is on the verge of becoming a trillionaire thanks to the pricing of SpaceX\u2019s record-breaking IPO.<\/strong><\/p>\n That\u2019s if you add Musk\u2019s stake in SpaceX<\/strong> to his holding in Tesla<\/strong>, which they calculate means Musk is now worth $982bn.<\/p>\n Forbes<\/strong> explain:<\/p>\n double quotation markMusk, who serves as chairman, CEO and chief technical officer of SpaceX, owns 4.8 billion shares of the rocketmaker, worth $644 billion. He has another 350 million stock options with an exercise price of $8.40 per share, worth $44 billion, giving him a 38% stake in the company, worth $688 billion at the IPO price<\/p>\n They add:<\/p>\n double quotation markMusk also owns just over 10% of $1.5 trillion (market cap) Tesla, worth $165 billion, plus options to acquire another nearly 8% stake, worth $114 billion.<\/p>\n So SpaceX\u2019s shares only have to rise slightly when they start trading on the US stock market, to around $138.50, to give Musk the title of the world\u2019s first trillionaire.<\/p>\n Share<\/p>\n Updated at\u00a003.27 EDT<\/p>\n <\/span>An inflatable statue with the likeness of Elon Musk in Times Square ahead of SpaceX’s initial public offering (IPO) on June 11, 2026 in New York City.<\/span> Photograph: Kevin Mazur\/Getty Images<\/p>\n The SpaceX IPO also led to an unusual protest yesterday in New York.<\/strong><\/p>\n A 40-foot high giant inflatable of Elon<\/strong> Musk<\/strong>, smiling and shirtless, appeared at Times Square. It was created by the Safe AI Now (SAIN)<\/strong> coalition, to warn of the dangers of SpaceX\u2019s<\/strong> AI assistant Grok<\/strong>.<\/p>\n SAIN<\/strong> say:<\/p>\n double quotation markThe enormous inflatable of Musk is meant to draw attention to a serious issue: SpaceX\u2019s Grok has been widely used to generate illicit images of real people \u2013 including children. In fact, a NYT report found that of the 4.4 million images Grok pushed out in a recent nine-day period, an estimated 65% were sexualized or explicit. There are entire online communities, with hundreds of thousands of visitors each week, dedicated to sharing Grok-generated pornography and tips for explicit content generation.<\/p>\n While this inflatable is a fitting metaphor \u2013 much like Musk and his companies, it is inflated, full of hot air, and could pop at any minute \u2013 it serves as a warning to investors eager to buy into Musk\u2019s SpaceX IPO on Friday morning. Because the reality is, shareholders\u2019 investment in SpaceX means financially supporting a company that has been involved in child exploitation, revenge porn, and worse.<\/p>\n <\/span> Photograph: Erik Pendzich\/Shutterstock<\/p>\n In March, three teenage girls in Tennessee, two of whom are minors, filed a lawsuit against xAI alleging that its Grok image generator used photos of them to produce and distribute child sexual abuse material.<\/p>\n Last week, UK MP Jess Asato took legal action against Elon Musk\u2019s xAI company after saying its Grok tool helped a user produce fake sexualised pictures of her.<\/p>\n Share<\/p>\n Today may go down in history as the day Elon Musk could become the world\u2019s first trillionaire, and the day SpaceX blasted off into the public markets, says Ipek Ozkardeskaya, senior analyst at Swissquote:<\/strong><\/p>\n double quotation markThe company already made history yesterday by selling 555.6 million shares priced at $135 each, raising the $75 billion that it was looking for and giving the company nearly the $1.8 trillion valuation that it was targeting. It equals the combined value of the 29 biggest IPOs in US history since 2000 \u2013 adjusted for inflation \u2013 including Meta, Google, Hilton, Airbnb, DoorDash, Uber, Snowflake and GM.<\/p>\n Yes, it\u2019s huge. So today, everyone will be watching SpaceX leave the launchpad. In yesterday\u2019s note, I discussed in detail what to expect from this IPO today, and in the coming weeks and months, for those who are interested in what the future could hold for the company and for the rest of the market.<\/p>\n Share<\/p>\n Good morning. Elon Musk\u2019s SpaceX will touch down on the US stock market today after successfully conducting a record-breaking initial public offering, but will its shares head towards the moon?<\/strong><\/p>\n Shares in the rockets-to-satellites-to-AI company will begin trading in Wall Street today, after SpaceX<\/strong> raised $75bn through its IPO.<\/p>\n The listing will put SpaceX<\/strong> among the largest public companies, and could see Musk<\/strong> declared the world\u2019s first trillionaire later today.<\/p>\n Last night, SpaceX<\/strong> announced it had has raised $75bn<\/strong> in a record-breaking initial public offering, which values the company at $1.77tn<\/strong>. It successfully sold 555,555,555 shares of its Class A common stock, at $135.00 per share.<\/p>\n Banks underwriting the deal have also been given an \u201cover-allotment option\u201d to buy an extra 83.3m shares, which would pump up the size of the IPO to about $86bn.<\/p>\n SpaceX<\/strong> attracted orders for more than three times the amount on offer, the Financial Times reports \u2013 with strong demand from institutions and also retail investors. That could help propel SpaceX\u2019s<\/strong> shares up today, as those who missed out in the IPO (or didn\u2019t get as many shares as they wanted) try to get on board.<\/p>\n This strong demand came despite concerns that the company was overvalued \u2013 being sold at 92 times last year\u2019s revenues (a hefty valuation).<\/p>\n Investment research group Morningstar<\/strong> claimed earlier this week that SpaceX<\/strong> was worth only $63 a share \u2013 less than half the IPO price of $135 \u2013 and warned there is \u201ca major disconnect between market expectations and underlying fundamentals\u201d.<\/p>\n Michael<\/strong> Field<\/strong>, the chief equity strategist at Morningstar<\/strong>, suggests investors should sit out the IPO and wait for \u201ca more attractive entry point down the line\u201d.<\/p>\n All eyes will be on the US markets today to see how SpaceX\u2019s shares perform\u2026.<\/p>\n 7am BST: UK GDP report for April<\/p>\n<\/li>\n 2.30pm BST: US stock market trading begins<\/p>\n<\/li>\n 3pm BST: University of Michigan Consumer Sentiment survey<\/p>\n<\/li>\n<\/ul>\n Share<\/p>\n Updated at\u00a003.37 EDT<\/p>\n","protected":false},"excerpt":{"rendered":" Introduction: SpaceX raises $75bn in world\u2019s biggest IPO Good morning. Elon Musk\u2019s SpaceX will touch down on the US stock market today after successfully conducting a record-breaking initial public offering, but will its shares head towards the moon? Shares in the rockets-to-satellites-to-AI company will begin trading in Wall Street today, after SpaceX raised $75bn through<\/p>\n","protected":false},"author":1,"featured_media":50280,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[303,91,5481,132,306,1371,73,5965,2833,1889,18642,4742],"class_list":{"0":"post-50279","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-elon","10":"tag-lists","11":"tag-live","12":"tag-market","13":"tag-musk","14":"tag-spacex","15":"tag-stock","16":"tag-today","17":"tag-track","18":"tag-trillionaire","19":"tag-worlds"},"_links":{"self":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/50279","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=50279"}],"version-history":[{"count":0,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/50279\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/media\/50280"}],"wp:attachment":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50279"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50279"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50279"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}The agenda<\/h2>\n
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UK pensioners will be riding the SpaceX IPO<\/h2>\n
SpaceX shares soar in shadow trading ahead of official float<\/h2>\n
Forbes: Elon Musk is on the verge of becoming a trillionaire<\/h2>\n
Giant inflatable Elon Musk warned of Grok dangers<\/h2>\n
Analyst: Space X float is huge<\/h2>\n
Introduction: SpaceX raises $75bn in world\u2019s biggest IPO<\/h2>\n
The agenda<\/h2>\n
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