SpaceX $75B IPO Sends SPCX Up 22%, Lifts U.S. Stocks

SpaceX raised $75 billion on Friday in the largest initial public offering on record, selling 556 million shares at $135 each. The new ticker SPCX jumped about 22% to near $166 after opening at $150, touched a session high of $168.73 and settled near $166, implying a market value above $2 trillion.

The shares opened below some trading desks’ earlier indications. Trading data showed the price remained above the volume-weighted average price of $162.62, but cumulative volume delta trended downward and net traded volume on the session was about 384,000 shares, below the roughly 1.1 million mark some analysts use to confirm broad demand.

Perpetual futures showed large net short positions in derivatives while borrowing the listed shares was scarce on debut day, limiting cash shorting. The five-minute opening-range breakout set a high at $168.73 and a low near $149.77; a five-minute close above $168.73 could open the way toward about $173.95, while a drop below $155 would expose the $149.77 level.

The offering absorbed a sizable share of market liquidity, prompting funds and investors to trim positions in highly liquid mega-cap technology names to finance SPCX allocations. That rotation coincided with weakness in some large tech stocks: Nvidia was essentially flat and Microsoft eased.

Major U.S. indexes moved modestly higher. The S&P 500 gained about 0.4%, the Dow rose roughly 0.6%, the Nasdaq added about 0.1% and the Russell 2000 climbed about 1.2%. Basic Materials led sector gains, rising about 2.2%; Financials gained roughly 1.2% and Energy rose about 1.1%. Consumer discretionary fell about 1.1% and healthcare lost ground.

Company-level moves included Arm climbing about 9% and AMD rising roughly 5%. Adobe fell more than 6% following downgrades and the departure of its chief financial officer. Rocket Lab dropped more than 9% and Tesla slipped as some investors sold space- and Musk-linked exposure to fund SPCX allocations.

Other market factors on Friday included the University of Michigan’s preliminary June consumer sentiment index rising to 48.9 from 44.8 in May, and reports that U.S. and Iranian officials were close to an interim arrangement to reopen the Strait of Hormuz, which pushed oil prices lower and reduced the regional risk premium.

Traders will watch Monday as the first full session without debut-day mechanics and monitor SPCX’s close for signals ahead of next week’s scheduled events, including the Federal Open Market Committee meeting, the first policy decision under Federal Reserve Chair Kevin Warsh, and fresh consumer confidence data.