UNITED STATES PERSPECTIVE

Washington and Wall Street celebrate the record and are already eyeing the crack. SpaceX raised $75 billion by selling 555.6 million shares at $135 — the largest IPO in history, more than triple Saudi Aramco's $29.4 billion in 2019. The stock, trading under the ticker SPCX, opened at $150, climbed to $173.65 intraday, then closed at $160.95 (+19%), pushing market cap to $2.2 trillion and making SpaceX the sixth-largest US company. Elon Musk's fortune crossed $1.1 trillion per the Bloomberg Billionaires Index, more than three times Larry Page's. SpaceX president Gwynne Shotwell rang the opening bell, with Musk joining virtually from Texas. But the American press refuses blind euphoria: retail investors placed more than $100 billion in orders for a 20% allocation, and analysts call it a 'hopes-and-dreams IPO' powered by the 'Musk premium' and AI hype rather than fundamentals — the company lost $4.94 billion in 2025 on $18.67 billion in revenue. Veteran short-seller Jim Chanos warned the offering 'does not justify the astronomical valuation.' The American debate is now structural: SpaceX, which absorbed Musk's loss-making xAI, serves as a dress rehearsal ahead of the Anthropic and OpenAI IPOs, and a referendum on Wall Street's capacity to sustain the AI boom without a rupture. US consumer sentiment, measured by the University of Michigan, rose from 44.8 to 48.9 in June, above expectations, adding to the optimism of a session already buoyed by hopes of a deal with Iran.