Largest IPO Ever

 6/12/2026

The Biggest IPO Ever

 

The ticker symbol for the IPO SpaceX is SPCX. The Initial Public Offering IPO is priced at $135 per share.   The issue plans to sell 555.6 million shares. Multiplying shares times price suggests the firm hopes to raise $75 billion. This would indicate a market capitalization of $1.75 trillion. That makes it the richest offering in history.

Investors who bought shares prior to the public trading are restricted in when and how much they can sell. Shares are being allocated throughout the day to avoid imbalances of selling and buying. Translation, the actual real market price may not be known until Monday. As I write early Friday morning, trading is taking place at the offer price of $135.

The overall frothy market has been compared to the dot.com boom of the late 1990s which peaked in March 2000. The dot.coms were an improvement over the catalog selling introduced by Sears in the 1890s. Rather than perusing a print catalog to order now buyers could peruse an electronic catalog on the internet, really not such a big change. The problem was that the dot.coms went public with no earnings.

One measure of value, or lack thereof, is the ratio of share price to sales per share. About 70 companies have the ratio of  10 times trailing revenue. SoaceX has priced its shares at 92x trailing revenue.  Like the business of Space X, one might say this is priced out of this investing world.

Crude oil is trading at $87.06, down 79 cents from yesterday. I have lost count of how many times Trump has announced that an Iran deal is all but done. He announced that VP Vance would travel to Europe to sign the deal, possibly this weekend. Military strikes have been halted against Iran. Trump claims that Hormuz would open as soon as we sign.  Further talking down the oil price, Trump promises Hormuz opens as soon as we sign, specifically, “soon, very soon.”  Write this off to pre-midterm election jitters. The national $4.50 gasoline price average is a problem for Republicans up for re-election.

Not so fast. Iran’s Foreign Ministry has announced it has not reached a final conclusion. Iran says it will announce when it reaches a conclusion.  Given the respective track records, I would go with the Iran Ministry.

The thirty-year bond is off a half point, raising interest rates. After steep sell-offs, gold and silver are bouncing to the upside today. It will take more than this to form a trade-able bottom in the metals.