The Vanguard Fund's S&P 500 tracker has become the first exchange-traded fund in the world to hold more than $1 trillion in assets under management, as reported by Financial Times. This milestone points to massive pools of passive money ready to be utilized for purchasing shares in major IPOs, including Elon Musk's SpaceX and Dario Amodei's Anthropic. The S&P 500 index has demonstrated strong performance with a 10.61% year-to-date gain and 26.81% increase over the last 12 months, largely driven by AI-led tech gains. The index gained for nine straight sessions, topping the 7,600 mark on Monday following Nvidia's blockbuster partnership announcement with Microsoft for next-generation PC manufacturing.
SpaceX is set to debut on Nasdaq under the ticker SPCX as early as June 12, 2026, after filing its S-1 with the SEC on May 20, 2026. The company was previously targeting a June 12 listing with pricing expected around June 11. However, direct ownership remains off-limits for retail investors outside the cap structure, with synthetic perpetuals on platforms like Hyperliquid, Binance, OKX, Bitget, and BingX serving as the primary entry point for non-accredited traders. Accredited investors can access real shares through Forge Global and EquityZen at a $1.75 trillion valuation, though these platforms require qualified institutional status.
Elon Musk has agreed to lock 100% of his SpaceX shares for 366 days, creating a significant barrier to near-term insider selling pressure. The arrangement has redrawn how crypto venues price the company before listing, with Hyperliquid capturing a first-mover advantage by clearing $33 million on launch day as the contract briefly hit $216 before resetting near $203. Other shareholders face staggered 180-day restrictions with early release triggers tied to earnings reports and share price performance above the IPO price. The S-1 carves out roughly 5% of shares for employees and a friends-and-family pool with no lock-up, while Musk retains approximately 85.1% of voting power through dual-class stock, keeping control concentrated even after listing.
SpaceX has amended its S-1/A filing to include new language that provides flexibility for future equity issuance, according to reports from Reuters. The updated filing states the company may issue significant amounts of equity for future acquisitions, divestitures, and strategic transactions. This disclosure gives investors clearer insight into how SpaceX may use publicly traded shares following its planned Nasdaq debut. The filing shows SpaceX is preparing for an offering that could raise up to $75 billion with a minimum valuation of $1.8 trillion, down from earlier internal discussions that targeted above $2 trillion. The company describes itself as an AI services and infrastructure business, not only a launch and satellite operator, following its February 2026 merger with xAI that valued the combined company at about $1.25 trillion.
SpaceX values its Bitcoin treasury at 18,712 BTC worth $1.293 billion, against an acquisition cost of $661 million, creating an embedded gain of nearly $632 million. However, Arkham Intelligence has identified only 8,285 BTC tied to labeled SpaceX Bitcoin treasury holdings through April 2026, leaving a substantial portion unlabeled. Analysts attribute the shortfall to corporate addresses that have not yet been mapped on-chain, with one popular user noting that "Elon's SpaceX holding 18,712 BTC isn't the real story. The real deal is that on-chain trackers only saw the tip of the iceberg." The constructed oracle pricing on crypto venues will converge with the Nasdaq print after June 12, serving as the cleanest test of how well these markets handled price discovery for a $1.75 trillion company.
Regarding ownership, the amended filing indicates that Elon Musk holds about 42% of SpaceX's equity and controls 85% of the voting power through a dual-class share structure, as reported by Reuters. The filing reserves up to 5% of IPO shares for a directed share program covering employees, friends, and family of executive officers, with friends-and-family participants not facing lock-up limits. More than 60% of pre-IPO shares, including Musk's holdings, will remain under extended lock-up after the listing. The company also outlines planned work with Tesla and Intel through Terafab, including modular orbital AI compute infrastructure before the end of the decade. Once SPCX prints on Nasdaq, tokenized SpaceX shares from Ondo, Backed Finance, and Dinari are queued for release within hours of the bell, creating a parallel 24/7 access layer.
