It’s been a history-packed year for Wall Street — and it’s not even half over.
Through June 18, we’ve witnessed the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite climb to new highs, the arrival of a new Fed chair, and the largest-ever initial public offering (IPO) burst onto the scene
On June 12, Space Exploration Technologies (SpaceX)(NASDAQ: SPCX) officially unseated Saudi Aramco for the title of largest IPO cash raise in history. The $75 billion raised by Musk’s artificial intelligence (AI) and space economy goliath nearly tripled the capital raised from Saudi Aramco’s December 2019 IPO. History hasn’t been kind to mega-IPOs In the days following SpaceX’s debut, its shares skyrocketed to a nearly $3 trillion valuation.
For a brief moment, SpaceX was worth more than established industry leaders Microsoft and Amazon. But these gains proved fleeting, as should much of the retail investor euphoria surrounding SpaceX. While structural changes will allow SpaceX fast entry into several major stock indexes, and its low float is helping buoy its share price, these dynamics will be relatively short-lived.