Space Exploration Technologies Corp, led by Elon Musk, is set to list on the Nasdaq on June 12 under the ticker SPCX.
The initial public offering will issue approximately 556 million shares at a price of $135 per share, aiming to raise $75 billion and achieve an overall valuation of $1.77 trillion, which would set a new global record.
The underwriting consortium includes top Wall Street firms such as Goldman Sachs and Morgan Stanley.
Reuters reports, citing informed sources, that the IPO has already attracted around $1.5 trillion in subscription demand, roughly double the targeted fundraising amount.
The offering is still in its early roadshow and marketing phases, and investor demand may still fluctuate, with final allocations to be determined alongside pricing.
On June 5, Eastern Time, US stock market sectors related to artificial intelligence faced a severe sell-off.
The technology-heavy Nasdaq Composite Index plunged 4.2%, a drop of over 1,100 points, marking its worst single-day performance since the tariff tensions of April 2025.
The Philadelphia Semiconductor Index tumbled more than 10%, with its constituent stocks collectively losing over $1 trillion in market value in a single day.
Chip giants like Nvidia, Micron Technology, and AMD saw significant declines.
US Treasury bonds, oil, gold, and Bitcoin also fell across the board on the same day.
Nevertheless, the S&P 500 index has still gained approximately 8% since the start of 2026 and has rebounded about 16% from its late-March low for the year.
As the Federal Reserve's interest rate decision approaches, the market is closely watching key inflation data scheduled for release next week, including the US Consumer Price Index and Producer Price Index.
Previously strong non-farm payrolls data has fueled concerns about a more hawkish monetary policy stance from the Fed, with discussions even emerging about the possibility of another rate hike.
Additionally, earnings reports from several major technology companies are due next week.
Nationwide's Chief Market Strategist, Mark Hackett, commented that for the past two months, the market has been supported by powerful upward momentum, seemingly insatiable investor demand for tech stocks, and a purely technical buying frenzy, forces that have nearly overwhelmed all other factors.
GMO fund manager Tom Hancock noted that when conditions are favorable, everything seems perfect, but a sudden downturn can make the situation very difficult.
Some investors have already begun preparing for a potential market correction phase.
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