Wall Street is staring down what could be the busiest week for technology listings in a generation. SpaceX is set to price the largest initial public offering in history this Friday, and on Monday OpenAI confirmed it has confidentially filed paperwork for its own market debut — back-to-back milestones that have repriced expectations across the AI complex even as broader equity indices wobble on geopolitical headlines.
The Nasdaq Composite swung between gains and losses on Tuesday, with the S&P 500 and Nasdaq 100 sliding roughly 1% and 2% respectively in afternoon trade. Chip names led the reversal, with Nvidia, Oracle, and AMD losing between 1% and 3% as a tech rotation collided with renewed U.S.-Iran tensions after President Donald Trump signaled Washington could respond to an Iranian strike on a U.S. military helicopter.
SpaceX Sets a Record Few Thought Possible
Elon Musk's rocket and satellite company is scheduled to begin trading on the Nasdaq on Friday, June 12, under the ticker symbol SPCX. SpaceX plans to sell 555.6 million shares at $135 each, raising roughly $75 billion at a fully diluted valuation of about $1.77 trillion, according to terms detailed by CNBC and Fortune.
That fundraise would dwarf the current record holder, Saudi Aramco's 2019 listing, which raised $29.4 billion — making SpaceX's offering more than 2.5 times larger. It would also exceed Alibaba's 2014 U.S. debut, the largest American IPO to date, by a factor of more than three.
Musk is expected to retain over 82% of voting power after the offering, preserving control even as the company taps the public markets. SpaceX reported $18.7 billion in 2025 revenue, up 33% year over year, though it also booked a $4.9 billion net loss as Starship development and Starlink capacity expansion absorbed cash.
OpenAI Joins the Pipeline
Hours after Apple's Worldwide Developers Conference put AI center stage on Monday, OpenAI disclosed it had submitted a confidential S-1 to the Securities and Exchange Commission.
"We recently submitted a confidential S-1. We expect it to leak so we're just announcing it," the ChatGPT maker said in a statement on its website. The company added: "We have not decided on timing yet; it may be a while because there are things we want to do that are likely easier as a private company. But it's a complicated set of tradeoffs, and this gives us the option to go public sooner if that ends up being best."
OpenAI is currently valued at roughly $852 billion in private markets. The company becomes the third major AI developer to confidentially file this year, joining a pipeline that Bloomberg estimates is now worth approximately $3.6 trillion in combined valuation.
What It Means for Investors
The IPO surge is colliding with a market already wrestling with hawkish Federal Reserve repositioning and rekindled Middle East risk. Futures markets are now pricing a roughly 70% probability of a December rate hike, and Brent crude has remained elevated on Iran headlines — both conditions that historically pressure richly valued growth names.
Index inclusion is the wild card. Once SpaceX is publicly traded, passive funds tracking the Nasdaq 100 and eventually the S&P 500 would be forced buyers, mechanically rerating the stock and pulling capital from existing constituents. Strategists at several large banks have flagged the same dynamic ahead of an eventual OpenAI listing, warning of potential funding pressure on incumbent megacap tech.
For now, the market is digesting a paradox: the largest IPO in history is landing in the same week that defensive flows into the Dow are outpacing the Nasdaq, suggesting investors want the AI story without taking on more concentration risk in the names that have led the rally.
Sources: CNBC, Fortune, Bloomberg, CBS News, TechCrunch, Yahoo Finance