Daily Market Report – June 12, 2026

Market Report – June 13, 2026

1. Markets

The initial public offering of SpaceX (SPCX) was the dominant event of the week. Despite the largest initial public offering in the history of the stock markets, the broad stock markets remained stable. The S&P 500 (SPX), the Nasdaq-100 (NDX), and the Dow Jones (DJI) closed in positive territory. The German DAX (DAX) also benefited from the positive international sentiment.

It was remarkable that the record issuance did not pose a significant burden on the overall liquidity of the markets. Many market participants had feared that the enormous demand for capital from SpaceX could siphon funds away from other stocks. This concern has not been confirmed so far.

2. SpaceX (SPCX)

The stock was issued at $135. At the beginning of trading, it opened at $150 and closed the first trading day at $160.95, which corresponds to an increase of about 19% compared to the issue price. As a result, the market capitalization rose to about $2.1 trillion. SpaceX has thus immediately risen to become one of the most valuable companies in the world.

With an issuance volume of 75 billion US dollars, the IPO surpassed the previous record of Saudi Aramco and represents the largest stock placement in history.

Demand was extraordinary. Reports indicate that subscription orders exceeded 250 billion US dollars, which is more than three times the offered volume. Private investors alone are said to have placed purchase orders of over 100 billion US dollars. About 20 to 30% of the shares were allocated to private investors – an unusually high value for a mega issuance.

SpaceX is divided into three central business areas:

* Starlink (Satellite Internet) * Space Travel and Rocket Launches * AI infrastructure after the integration of xAI

In the fiscal year 2025, the company generated revenue of approximately 18.7 billion US dollars but continued to report significant losses. In the first quarter of 2026 alone, the net loss was over 4 billion US dollars. SpaceX is investing heavily in AI data centers, chips, and infrastructure.

The valuation remains the central point of contention. SpaceX is currently valued at nearly one hundred times its revenues. In comparison: Even Nvidia (NVDA), Microsoft (MSFT), or Amazon (AMZN) are traded at significantly lower revenue multiples.

Proponents argue that investors are not only buying today's space business but could also benefit from significant growth opportunities in the areas of communication infrastructure, AI, and in the long term even from industrial activities in space.

The quiet period is expected to end on July 7, 2026. After that, Goldman Sachs (GS), Morgan Stanley (MS), and other syndicate banks could publish their official initiation-of-coverage reports. Typically, the syndicate banks that have earned nine-figure amounts from the IPO publish very positive reports that could further boost the price. However, unrealistically high price targets would raise questions about a conflict of interest in the media.

SpaceX (SPCX) is expected to be included in the MSCI World (MWL1!), the MSCI ACWI, and the Nasdaq-100 (NDX) in the coming weeks. In contrast, inclusion in the S&P 500 (SPX) is currently possible no earlier than in about a year, as SpaceX must first meet the requirements for market history, free float, and profitability; until then, MSCI and Nasdaq index funds are expected to trigger purchase orders in the double-digit billion range.

3. Macroeconomics

The latest US inflation data continue to show moderate but persistent price increases. At the same time, the labor market remains robust. This argues against rapid interest rate cuts by the Federal Reserve.

The first trading day of SpaceX is expected to have an impact on other potential mega-IPOs. Investors are already watching potential future candidates like OpenAI and Anthropic, which could benefit from the strong demand for SpaceX.