SpaceX’s $75B IPO triggers capital rotation from Magnificent 7

SpaceX went public on June 12, and the shockwave is still rippling through portfolios everywhere. The company raised $75 billion by selling 555.56 million shares at $135 each, making it the largest IPO in history, eclipsing Saudi Aramco’s previous record by a comfortable margin. The debut that broke records SpaceX began trading on Nasdaq under the ticker SPCX with an opening price around $150, a healthy premium over its IPO price. The stock climbed to an intraday high of nearly $176 on its first day, briefly pushing the company’s market capitalization above $2 trillion. To put that in perspective, SpaceX momentarily surpassed Tesla, Meta, and Amazon in market value. On day one. A company that reported a net loss of roughly $4.94 billion on $18.67 billion in 2025 revenue was suddenly worth more than some of the most profitable businesses on the planet. The offering was managed by Goldman Sachs and Morgan Stanley, and demand wasn’t exactly a problem. The deal was oversubscribed by more than four times, meaning investors collectively wanted to buy over $300 billion worth of shares that didn’t exist. The IPO also included a greenshoe option that could push total proceeds to $86 billion...