SpaceX IPO and trading debut

What happened: SpaceX, led by Elon Musk, made history with its IPO on June 12, raising $75 billion and debuting at a $1.77 trillion valuation, the largest ever. Shares surged 19% on the first day of trading, pushing Musk's net worth past $1 trillion and making him the world's first trillionaire. Institutional investors, including BlackRock, placed significant orders, with the latter alone committing $5 billion.

Market impact: The aerospace and AI sector saw a significant influx of capital, with investors eager to participate in SpaceX's growth story. The company's valuation briefly surpassed that of Amazon, making it the sixth-largest U.S. company by value. The broader U.S. stock market also benefited, with the S&P 500 and Dow Jones Industrial Average closing higher on the day of SpaceX's debut.

What to watch next: SpaceX's quarterly earnings reports, starting with Q2 2023, will provide insights into the company's financial health and growth prospects. Additionally, regulatory decisions regarding SpaceX's satellite internet project, Starlink, will be crucial, as they could impact the company's valuation and market position. Lastly, the overall performance of the U.S. stock market, particularly the tech sector, will influence investor sentiment towards SpaceX.