SpaceX $75B IPO Tests S&P 500 Liquidity, 7,000 in Focus

SpaceX began trading on Nasdaq under the SPCX ticker on Friday, June 12, selling 555.56 million shares at $135 each. The offering raised $75 billion and valued the company at about $1.77 trillion.

Order books were more than three times oversubscribed and retail investors received roughly 30% of the allocation. A bank estimate puts total retail and passive inflows into SPCX as high as $50 billion.

The S&P 500 reached a record high of 7,620.90 before the listing and was trading near 7,421 as markets absorbed the placement. S&P Dow Jones Indices confirmed its eligibility rules earlier in June, which prevents SPCX from joining the S&P 500 for at least 12 months. Some Nasdaq-100 and Russell index funds may be required to buy roughly $22 billion to $27 billion of SPCX, creating large passive inflows.

On the weekly chart the index remains in a long-term uptrend with higher highs and higher lows since the April 2025 low. Key historical support zones are near 4,835, between 6,250 and 6,300, and an immediate support area just below 7,000. Price sits inside an ascending channel that began at the April 2025 bottom and the weekly Relative Strength Index is just under 70.

Daily indicators show the index bounced from the 55-day exponential moving average, while the 21-day EMA currently caps the recovery. The 38.2% Fibonacci retracement is at 7,122.20 and the 50% retracement is near 6,968, which overlaps the weekly support area. A move to 6,968 would be an 8.6% drop from the record high. A daily close below that level would expose the 61.8% retracement near 6,814.66. Volatility measures such as the Bollinger Band Width Percentile are near levels seen at the April bottom.

SpaceX reported roughly $19 billion in revenue and has not posted overall profitability. Some analyst valuation approaches place the company materially below the $1.77 trillion IPO valuation. Lock-up terms for insiders and large shareholders could release additional shares later, depending on those agreements.

Traders and portfolio managers will monitor trading volumes and index flows in the coming weeks to see whether the S&P 500 holds above the 7,000 support area or moves toward lower retracement zones.