SpaceX Just Had the Biggest IPO in History — and It's Already Breaking the Index Rules
From a $75B rocket IPO to oil swings on Iran peace rumors, this week had more plot twists than a Netflix thriller
Ticker Ratings
| Ticker | Rating | Entry Price | Current | $ Gain | % Gain |
|---|---|---|---|---|---|
| SPCX SPACE EXPLORATION TECHNOLOGIES CORP | buy | $22.41 | — | — | — |
| ADBE ADOBE INC. | sell | $200.50 | — | — | — |
| SJM J M SMUCKER Co | buy | $115.40 | — | — | — |
| NUVL Nuvalent, Inc. | buy | $123.29 | — | — | — |
| GSK GSK plc | hold | $52.90 | — | — | — |
| EQNR EQUINOR ASA | sell | $35.46 | — | — | — |
| QCOM QUALCOMM INC/DE | hold | $202.50 | — | — | — |
| BTC Grayscale Bitcoin Mini Trust ETF | hold | $63392.00 | — | — | — |
Let's start with the obvious: $SPCX priced at $135/share, raised $75 billion, and valued SpaceX at roughly $1.8 trillion — making it the largest IPO in human history, edging out Saudi Aramco. Early indications had shares opening 35%+ higher on NASDAQ, and Elon Musk's net worth is now flirting with $970 billion. The kicker? Passive funds tracking $15–25 trillion in assets are being forced to buy shares within 15 trading days thanks to NASDAQ's controversial fast-entry rule change. Tom Lee called the chip stock selloff — SOX down 4%+ — healthy repositioning to fund SPCX allocations. He's not wrong, and that's annoying.
Meanwhile, the Iran situation was this week's mood ring. Markets surged ~1,000 points when Trump teased a deal, then sold off when the U.S. launched a second day of strikes, then rallied again on peace optimism. $EQNR dropped 8.4% on Iran deal hopes; airlines ripped. WTI crude yo-yoed around $87–88. Inflation didn't help the vibe either — May CPI came in at 4.2% YoY, highest in over 3 years, and PPI surprised hot at 1.1% MoM.
On the earnings front, $ADBE dropped 6%+ after its CEO and CFO both announced departures — the stock is down 37% YTD and sitting at 2019 lows. $SJM ripped 11% (its best day since 2008) on solid earnings and a rotation into defensives. $NUVL surged 40% on a $10.6B GSK acquisition at a 40% premium. And somewhere in all this, tomatoes hit $2.69/lb — a 40-year high — because two Florida freezes and a 17% tariff on Mexican tomatoes decided your BLT was a luxury item now.