SpaceX IPO Debuts With $2.1 Trillion Market Cap

SpaceX finished its first day of public trading on June 12 with a market capitalization exceeding $2.1 trillion, cementing its position as one of the most valuable companies in the United States [1]. Shares opened at $150 and climbed to a session high of $176 before settling at $161 by the closing bell [1]. The debut, which saw roughly 556 million shares sold to raise $75 billion, marks the largest IPO in history [1].

Retail investors showed immediate interest in the stock, purchasing more than $18 million worth of shares within the first 20 minutes of trading [1]. This volume made SpaceX the second-most popular stock among retail traders for the day, trailing only Nvidia [1]. While some analysts remain cautious about the company's valuation—with a few early estimates placing its worth below $2 trillion—Oppenheimer analysts initiated coverage with an "outperform" rating and a $190 price target [1].

The arrival of SpaceX on public markets has fueled speculation regarding the future of Elon Musk’s other major venture, Tesla. Wedbush analyst Dan Ives suggested there is an 80% chance that the two companies will eventually merge by 2027, though Tesla shares remained largely flat during the SpaceX debut [1]. Meanwhile, SpaceX board member Antonio Gracias stated he intends to hold his stake for as long as possible, citing the company's long-term value creation [1].

Bitcoin Reclaims $64,000 Amid Macro Shifts

While the SpaceX IPO dominated equity markets, Bitcoin reclaimed the $64,000 level on June 12, hitting an intraday high of $64,301 [2]. The recovery followed a shift in institutional sentiment, as spot Bitcoin ETFs recorded $85.9 million in net inflows, breaking a four-day streak of withdrawals that totaled over $405.2 million [2].

The price action in crypto remains tied to broader geopolitical developments, specifically the potential for a U.S.-Iran peace framework [2]. Optimism surrounding a deal helped push oil prices toward $88 per barrel, the lowest level in nearly two months [2]. However, the durability of this "peace trade" remains uncertain; despite reports of an imminent agreement, CENTCOM confirmed that U.S. forces intercepted Iranian drones near the Strait of Hormuz on the same day [2].

With the next Federal Reserve meeting approaching and the ETF demand signal currently paused for the weekend, the $64,000 level serves as a critical test for Bitcoin. Whether this price point holds into Monday will determine if the recent move represents a genuine market repair or a temporary relief bounce that risks a return to the sub-$60,000 lows seen earlier in the week [2].