The trading week just concluded (June 8-12) saw the A-share market diverge from its recent pattern of early gains followed by declines. Major indices mostly hit new lows for the period on Monday before fluctuating and climbing, though the extent of the rebound varied. The Shanghai Composite Index ultimately closed the week in positive territory, ending a four-week losing streak. The rebound of the CSI 300 Index was more volatile, finishing the week down 0.82%.
After the A-share market closed on Friday, a major global event captured the attention of investors worldwide.
At 23:47 Beijing time on Friday, June 12, SpaceX shares officially began trading. The opening price was set at $150 per share, an 11% increase over the IPO price of $135. During the session, the stock surged over 30%, reaching a high of $176.52.
After hitting its daily peak, SpaceX's stock price retreated somewhat. By the close, the gain had narrowed to 19.22%, with shares settling at $160.95. Based on the closing price, SpaceX's total market capitalization reached $2.1 trillion, making it the world's sixth-largest publicly listed company.
At the bell-ringing ceremony at the Starbase facility, Elon Musk stated: "SpaceX's goal is to send humans to the Moon, to Mars, and ultimately to more distant stars."
Musk Achieves Trillionaire Status
According to previous real-time data from Forbes, Musk's personal net worth had already reached $794.6 billion on June 11 (the eve of the listing), firmly securing his position as the world's wealthiest individual. With the official launch of SpaceX's stock trading, Musk's fortune surpassed the $1 trillion mark, making him the first super-wealthy individual in human history with a net worth exceeding $10,000 billion.
Wall Street Banks Also Reap Substantial Profits
Concurrently, the Wall Street investment banks underwriting this IPO, such as Goldman Sachs and Morgan Stanley, also generated significant revenue from the deal.
A total of 23 underwriters participated in the offering, including major Wall Street firms like Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase. All underwriters were allocated shares and received corresponding underwriting income.
According to regulatory filings, SpaceX is expected to pay approximately $5 billion in underwriting fees, equivalent to about 0.7% of its $75 billion IPO fundraising.
Sources familiar with the matter revealed that the lead underwriters, Goldman Sachs and Morgan Stanley, will each receive a 20% share of the underwriting fees, amounting to roughly $1 billion each. Bank of America, Citigroup, and JPMorgan Chase are each set to receive approximately $750 million.
While the absolute amounts are substantial, this fee rate is considered quite low by the standards of large IPO transactions, reflecting the investment banks' willingness to make concessions on fees to secure long-term relationships with SpaceX and Musk.
Analysts noted that this percentage matches the historical low for traditional U.S. IPOs.
Typically, for large IPOs raising tens of billions of dollars, investment banks receive underwriting fees ranging from 1% to 3%. For comparison, the underwriting fees for Facebook's 2012 IPO and Uber's 2019 IPO were around 1.1% to 1.3%.
Nevertheless, analysts point out that the real wealth generation does not come from underwriting fees but from so-called "soft dollars."
"Soft dollars" essentially refer to fund managers who receive allocations of high-quality IPO shares returning a portion of their gains to the underwriters through subsequent trading commissions and other means.
While all underwriters receive share allocations and corresponding underwriting income, the true decision-making authority lies with one entity: the lead underwriter. In the top left corner of the first page of SpaceX's prospectus, Goldman Sachs is listed in this role. Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase follow closely as Joint Book-Running Managers.
Additionally, Cathie Wood's ARK Investment disclosed its latest trading data, showing that on SpaceX's first trading day, four of ARK's actively managed ETFs simultaneously purchased SpaceX shares, totaling approximately 3.29 million shares. This indicates the fund's growing interest in commercial spaceflight and hard technology.
On June 14, Saudi Arabia's Kingdom Holding Company (KHC) announced that as of March 31, 2026, it holds 42,408,860 Class A ordinary shares of SpaceX, with a book value of approximately $4.47 billion. Based on the closing price on the 12th, the fair value of this stake is about $6.83 billion. According to the IPO terms, KHC's shares are subject to a lock-up period of up to 180 days but can be partially released early upon meeting specific conditions related to SpaceX's financial disclosures and stock performance.
Sectors in the A-Share Market Poised for a Lift
What does the successful SpaceX listing mean for investors? This is the primary concern for A-share market participants.
Founded by Musk in 2002, SpaceX's business encompasses three major areas: space launch, satellite internet, and artificial intelligence. This listing, with a fundraising scale of approximately $75 billion, significantly surpasses the $29.4 billion raised by Saudi Aramco in 2019, making it the largest IPO in capital market history.
The completion of this historic IPO raises the question: to what extent can it serve as an "anchoring effect" for sectors in the A-share market such as commercial aerospace, satellite internet, and artificial intelligence?
A recent research report from Everbright Securities points out that global capital markets have always had a "complex attitude" towards large-scale IPOs. On one hand, such IPOs can significantly impact market liquidity. Data shows that around 1,000 global institutions actively subscribed for SpaceX shares, with numerous retail investors also participating in the IPO and subsequent trading.
On the other hand, the listing of a leading company is expected to catalyze a new wave of investment interest. Everbright Securities notes that commercial aerospace and AI are at a critical juncture. A key deployment for SpaceX is linking commercial aerospace with AI, with space-based computing power becoming a crucial component. To successfully advance the construction of space-based data centers, two major challenges need to be addressed: space-based photovoltaics and space-grade computing chips. In February, SpaceX and xAI moved towards a merger, with the two giants accelerating the development of space-based data centers. Since the second quarter, Musk has continuously strengthened cooperation with Chinese photovoltaic manufacturers, precisely recognizing the deep technological advantages accumulated by Chinese companies in the PV sector.
Furthermore, according to media reports, Google and SpaceX are in talks regarding rocket launches, with Google planning to launch its self-developed orbital data center into space. As tech giants accelerate the development of space-based computing power, new industry hotspots are gradually emerging, potentially bringing fresh opportunities to nodes in the supply chain such as computing chips, space-based photovoltaics, and commercial aerospace.
Domestically, a Huayuan Securities research report suggests that 2026 could become the "first year of reusable rockets." Multiple companies are simultaneously advancing recovery verification tests: the Zhishenxing-1 (Galactic Energy, completed its engine recovery profile calibration hot-fire test on June 2), and Dahang Yueqian has achieved a key breakthrough in self-developed reusable rocket propulsion, with the core development tests for its 150-ton-class liquid oxygen methane engine, the "Qingyu-11," successfully concluded. The development team is set to initiate semi-system hot-fire tests, and the project will proceed with full-system engine hot-fire tests in the second half of the year.
Huayuan Securities indicates that the global commercial aerospace industry may see accelerated growth, and the SpaceX listing is expected to drive an upward revision in the valuation of global commercial aerospace companies.
Beyond the SpaceX listing, several other important developments over the weekend warrant attention.
Adjustments to Constituents of Shenzhen Component, ChiNext, Shenzhen 100, and ChiNext 50 Indices Effective June 15
According to a previous announcement from the Shenzhen Stock Exchange, in accordance with index compilation rules, the Shenzhen Stock Exchange and Shenzhen Securities Information Co., Ltd. have decided to implement the regular adjustment of index constituents for the Shenzhen Component Index, ChiNext Index, Shenzhen 100 Index, ChiNext 50 Index, and others on June 15, 2026.
Among the changes, the Shenzhen Component Index will add 25 stocks including Advanced Technology & Materials Co., Ltd., Foshan Plastics Group Co., Ltd., and Zhangyuan Tungsten Co., Ltd., while removing 25 stocks including Jingcheng Machinery Electric Co., Ltd., China Merchants Property Operation & Service Co., Ltd., and Kidswant Children Products Co., Ltd. The ChiNext Index will add 10 stocks including Tianhua New Energy Co., Ltd., Shannon Semiconductor Co., Ltd., and Dingtai High-Tech Co., Ltd., while removing 10 stocks including Walvax Biotechnology Co., Ltd., Shenzhen Kangtai Biological Products Co., Ltd., and BGI Genomics Co., Ltd. After this adjustment, the weight of strategic emerging industries in the ChiNext Index will account for 92%.
Adjustments to Constituents of SSE 50, SSE 180, SSE 380, and STAR 50 Indices Effective After Market Close on June 12
According to a previous announcement from the Shanghai Stock Exchange, the Shanghai Stock Exchange and China Securities Index Co., Ltd. issued a notice stating that, based on index rules and after deliberation by the Index Expert Committee, it was decided to adjust the constituents of the SSE 50, SSE 180, SSE 380, STAR 50, and other indices, effective after the market close on June 12.
Among the changes, the SSE 50 Index replaced 5 constituents, adding TBEA Co., Ltd., Shengyi Technology Co., Ltd., Aluminum Corporation of China Limited, Huatai Securities Co., Ltd., and GigaDevice Semiconductor Inc. The STAR 50 Index added Huahong Company Ltd., Yuanjie Semiconductor Technology Co., Ltd., Moore Threads, and MetaX. Additionally, the SSE 180 Index replaced 17 constituents, and the SSE 380 Index replaced 38 constituents.
Issuance of the "Guidelines for Data Classification and Grading in Financial Information Services"
On June 13, according to information from the Cyberspace Administration of China, to guide financial information service institutions in carrying out data classification, grading, and identification of important data, and to enhance the level of data security in financial information services, based on laws, regulations, rules, and policy provisions including the Cybersecurity Law of the People's Republic of China, the Data Security Law of the People's Republic of China, the Personal Information Protection Law of the People's Republic of China, the Regulations on Network Data Security Management, and the Provisions on the Administration of Financial Information Services, the Cyberspace Administration of China, the People's Bank of China, the National Financial Regulatory Administration, the China Securities Regulatory Commission, the National Bureau of Statistics, and the State Administration of Foreign Exchange have formulated the "Guidelines for Data Classification and Grading in Financial Information Services."
Trump Announces US-Iran Agreement Scheduled for Signing on the 14th
According to CCTV News, U.S. President Donald Trump stated in a social media post on the 13th that the United States and Iran are scheduled to sign an agreement on the 14th, and the Strait of Hormuz will be opened immediately after the signing. Trump claimed that Iran is no longer seeking to possess nuclear weapons and will not purchase, independently develop, or acquire nuclear weapons by any other means. Once the situation stabilizes, the U.S. will choose an opportune time to take action to retrieve the enriched uranium "buried" in the mountains, and to dilute, process, and destroy it, "whether within Iran or on U.S. soil."
U.S. Crude Oil Delivery Hub Faces Inventory Shortage
According to CCTV Finance citing CNN on the 12th, as the Middle East conflict continues to disrupt global energy supplies, the international crude oil market faces an increasingly watched risk signal: inventories at the Cushing, Oklahoma crude oil delivery hub in the U.S. are running critically low, approaching operational limits. Cushing, located in Oklahoma, is the delivery point for West Texas Intermediate crude oil futures and one of the most important crude oil distribution centers in the U.S. Under normal circumstances, Cushing's storage capacity is around 40 million barrels, with a maximum storage capacity of 75 million barrels. However, the latest data from the U.S. Energy Information Administration shows that local inventories have fallen to 21.6 million barrels, only slightly above the operational warning line widely considered to be around 20 million barrels.
Finally, let's preview a series of important events for the upcoming week.
June 15, Monday: The "Regulations for the Implementation of the Mineral Resources Law of the People's Republic of China" are officially published and come into effect on June 15. The 7th Transnational Corporations' Leaders Qingdao Summit will be held from June 15 to 17.
June 16, Tuesday: The National Bureau of Statistics releases economic performance data for May. The 2026 3rd AEPT Solid-State Battery Summit & Starting Point Solid-State Battery Forum will be held from June 16 to 18. The High-Quality Token Service Seminar will be held on June 16.
June 17, Wednesday: The 2026 AI Glasses Ecosystem Conference will be held in Shenzhen on June 17. The 2026 Lujiazui Forum will be held in Shanghai from June 17 to 18.
June 18, Thursday: The Federal Reserve Chair holds a monetary policy press conference. The China Association of Automobile Manufacturers hosts the "2026 International Automobile & Supply Chain Expo (Hong Kong)" from June 18 to 22.
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