S&P 500 Trades Near 7,421 After SpaceX’s Record $75 Billion IPO

The S&P 500 (SPX) traded near 7,421 after SpaceX completed the largest IPO in history, with the index correcting from its record high of 7,620.90 as the $75 billion debut absorbs liquidity. SpaceX sold 555.56 million shares at $135 each, valuing the company at nearly $1.77 trillion, according to BeInCrypto, and began trading on Nasdaq under the SPCX ticker on Friday, June 12. The deal was more than three times oversubscribed, with retail investors taking close to 30% of the allocation. S&P Dow Jones Indices kept eligibility rules unchanged in early June, meaning SPCX cannot join the S&P 500 for at least 12 months.