Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.5%), Nasdaq Composite (+0.3%), and DJIA (+0.9%) trade in a relatively stable range as the market enters the final hour of the session.

SpaceX's (SPCX 165.55, +30.55, +22.63%) blockbuster IPO is off to a solid start, with the 555.56 mln share offering pricing at $135, opening at $150 for an 11% opening gain, and then pushing higher to trade roughly 20% above the IPO price. That is an impressive debut for what is now a staggering roughly $2.1 trillion company, but the move is perhaps not quite as spectacular as some investors may have anticipated given the intense demand, massive order book, and pre-IPO excitement surrounding the largest IPO in market history.

The focus now shifts to whether SPCX can hang onto these opening gains once the initial scarcity premium, institutional allocation scramble, and retail enthusiasm begin to settle. Fundamentally, the bull case is built around an unmatched combination of reusable launch dominance, Starlink's 10.3 million subscriber base, deep government and defense relationships, direct-to-cell connectivity, Starship optionality, and a much broader AI infrastructure vision following the xAI combination.

The caution is valuation and execution risk, as SPCX is being valued far beyond conventional earnings or revenue metrics despite posting a 2025 net loss of $4.94 bln, a 1Q26 net loss of $4.28 billion and enormous capital spending tied especially to AI infrastructure.