SpaceX (SPCX) officially listed on NASDAQ on June 12, opening at $135 on the first day, completing its first week of trading. This is the largest IPO in human history, and Anthropic and OpenAI are closely watching SPCX's first week performance as a " dress rehearsal" for their own IPOs.
S&P 500 shuts down, Nasdaq 100 opens doors
Key Index Decision:
S&P Dow Jones Indices: On June 4, it ruled not to waive profitability and seasoning requirements. SpaceX does not qualify for inclusion in the S&P 500 due to a net loss of US$4.94 billion in 2025, at least until mid-2027
Nasdaq: Rules were revised in May to allow eligible giant IPOs to enter the Nasdaq 100, and SPCX is expected to be included around July 7 (about 15 trading days after listing)
The ripple effect of IPO trios
The IPO schedules of SpaceX, Anthropic, and OpenAI are closely linked:
SpaceX: Launched on June 12, its performance in the first week became a "market sentiment thermometer" for AI companies 'IPOs
Anthropic: Submit confidential S-1 valuation of US$965 billion on June 2, target to go public in October
OpenAI: Submitted confidential S-1 valuation of US$852 billion in early June, targets to go public in September
SpaceX's first-week trading performance is the "wind vane" of the AI IPO trio. If SPCX remains stable or rises, it will create favorable market sentiment for Anthropic and OpenAI's trillion-dollar IPOs; if SPCX breaks or fluctuates violently, it may trigger institutional investors to reassess the "AI valuation bubble." The deeper question is: SpaceX's valuation logic (star chain cash flow + space infrastructure) is completely different from Anthropic/OpenAI (model capabilities + enterprise subscriptions). Can SPCX's performance serve as a reliable reference for AI companies 'IPOs? The market is answering this question with real money.