SpaceX names share price, Anthropic applies for listing: what's important about the IPO by June 7

SpaceX will float $75 billion in stock, and a quarter could go to individual investors. Anthropic beat OpenAI to the listing filing. None of them will be able to get into the S&P 500 early - the index provider refused to rewrite the rules. The main IPO market events of the week are in our selection.

- SpaceX intends to float more than 555 million shares at $135 apiece on the Nasdaq and Nasdaq Texas exchanges for a record $75 billion. At these parameters, the entire business of the world's most expensive aerospace company will be worth $1.77 trillion. Such capitalization suggests that SpaceX will dominate technology and future markets - from space data centers to Mars exploration. For now, SpaceX isn't worth $1 trillion, Morningstar and legendary short-seller Michael Burry argue. However, Bloomberg pointed out that even with the company's $2 trillion valuation, its stock looks undervalued compared to its competitors.

- Elon Musk wants to reserve nearly $20 billion worth of SpaceX shares for individual investors, the Financial Times has learned. According to the IPO prospectus, applications for their purchase are accepted by five online brokers: Charles Schwab, Fidelity, Robinhood, SoFi Technologies and E*Trade. According to Bloomberg, investors from China, Russia, Cyprus, Lebanon and Syria will not be able to buy the securities - SpaceX has prohibited underwriters to admit such clients in accordance with the recommendations of the U.S. International Traffic in Arms Regulations (ITAR).

- The world's most expensive AI startup Anthropic has confidentially filed for an IPO, ahead of its main competitor, OpenAI. In this race, being the first is advantageous: the winner will get a head start in raising capital to buy chips, data centers and hire talent, Bloomberg states. On the other hand, Anthropic will assume all the risks of disclosure of reports, and OpenAI will have the opportunity to study the reaction of investors to the competitor's business model even before pricing its own placement, said PitchBook analyst Harrison Rolfs.

- Shares of Quantinuum (owned by industrial giant Honeywell), one of the leaders in the quantum computer market, jumped by almost 20% during the debut trading, but lost all the growth and closed just above the offering price. Quantinuum sold $1.68 billion worth of securities during its IPO on Nasdaq. According to Bloomberg's sources, demand exceeded the volume put on the exchange by more than 20 times. The company appeared in 2021 as a result of merger of Honeywell structure with Cambridge Quantum. Its solutions are used by JPMorgan, Airbus and BMW. Quantum computers are many times ahead of traditional supercomputers in speed, but they work only at ultra-low temperatures and make errors from the slightest interference.

- Innio, a supplier of gas-fired power units under the Jenbacher and Waukesha brands, rose 23% on the first day of trading. Listing on Nasdaq allowed the German company to raise $2.4 billion by placing at the upper end of the stated range. As Reuters notes, investors are increasingly looking not at AI developers but at businesses in the "picks and shovels" category - those building the infrastructure for this boom. Innio has been among the beneficiaries of the growing demand for power for data centers: orders for power equipment for them have grown 16-fold since 2019.

- Quotes for mobile advertising platform Liftoff Mobile, a competitor to AppLovin, soared 24% on its debut day after its IPO on Nasdaq. The company sold $437 million worth of shares at $23 - more expensive than its stated range. Earlier this year, Liftoff was preparing to list for up to $762 million, but had to postpone it due to the "software apocalypse" - a massive selloff in the IT sector.

- Shares of defense Applied Aerospace & Defense sagged 5% in debut trading. The supplier of missile and aircraft components, extreme survival equipment and battlefield communications placed $650 million worth of securities on the New York Stock Exchange at $20 - just above the middle of its target range. The company went public following drone maker Aevex and satellite intelligence provider Hawkeye 360.

- S&P Dow Jones Indices declined to accelerate the inclusion of companies of the scale of SpaceX and OpenAI in its indices, including the S&P 500. For newcomers, the same filters will remain in place: one year of trading since the IPO, profitability and sufficient free float. For Musk's SpaceX, that means the offering won't provide a rapid influx of funds copying the S&P 500. Bloomberg estimates that accelerated entry into the index could bring SpaceX about $14 billion in purchases from such funds, OpenAI - more than $8 billion, Anthropic - $4.6 billion. Proponents of strict rules believe that indexes should not chase the hype, and their opponents - that companies of this size are too important to stay out of the indexes for a long time.

- Korea's SK Hynix, a major supplier of memory chips to Nvidia, told investors the market response to its plans for a secondary listing in the U.S. was "extremely positive," a source told Reuters. The company filed for the offering earlier this year. The source estimated that the SPO could raise up to $14 billion. Interest in SK Hynix is also fueled by its market valuation: last week it exceeded $1 trillion. In the U.S., the company expects to expand the range of investors: some large U.S. funds can only buy shares traded on local exchanges.

This article was AI-translated and verified by a human editor