SpaceX’s IPO Could Create Thousands of Millionaires & MSG Stock is Up on the Knicks

SpaceX is aiming for a record-breaking IPO on the Nasdaq on June 12th, with plans to open 555 million shares at $130 each. If that price holds, the company would have a market value of nearly $1.77 trillion, and the goal of raising $75 billion would crush the previous record held by Saudi Aramco's $29.4 billion in 2019. The company needs the capital to expand its infrastructure in AI computing, satellite constellations, rockets, and even data centers in space. While Starlink brings in cash flow, going public gives SpaceX the ability to tap the broader market for funds faster than competitors like OpenAI.

The IPO is expected to create upwards of 4,000 millionaires among employees, who are banding together to negotiate lower fees with financial advisors. A group that started with about 200 people has grown to nearly 1,000, representing about $20 billion in wealth. JP Morgan CEO Jamie Dimon is hosting a live event at the new JP Morgan headquarters, simulcast to about 90 locations across 26 states, reaching roughly 2,500 clients to encourage them to buy in. Coinbase is rolling out a new product called a pre-IPO perpetual future contract, which lets customers effectively bet on whether the stock price will go up or down without owning any underlying assets.