SpaceX IPO Shatters Records, Dominates Market

SpaceX achieved the largest initial public offering in history, raising $75 billion by selling 556 million shares at $135 each. The stock debuted strongly, opening at $150 and surging approximately 22% to trade above $166, giving it a market value exceeding $2 trillion.

This landmark listing, however, led to capital rotation within the market. Competitors like Rocket Lab fell over 9%, and Tesla dropped more than 2%, as investors reallocated funds. Improved consumer sentiment, with the June index rising to 48.9, provided some support for the broader US stock market.

Technical indicators suggest cautious optimism for SpaceX shares. While the stock held above the volume-weighted average price, cumulative volume delta indicated a need for stronger buying pressure to confirm sustained demand. Shorting the stock proved difficult on its debut day due to scarce borrowing availability, shifting bearish bets to perpetual futures.