Alex Eule

To Infinity and Beyond. There are 3,362 companies listed on the Nasdaq Composite. On Friday, only one seemed to matter. SpaceX, Elon Musk's rocket and AI company, opened for trading at 11:46 a.m., after pricing its IPO last night at $135.

The stock jumped 19%, closing Friday with a $2.1 trillion market value, making it the sixth largest company in the U.S. It sits between Amazon.com and Broadcom.

That means there's a new member of the Magnificent Seven. Tesla, Musk's original major gambit, falls to No. 8, with a market cap of $1.53 trillion.

Musk, by the way, becomes the world's first trillionaire.

For everyone else, there's always room to dream. Fidelity told Barron's that all of its brokerage customers that expressed interest in the IPO were able to participate.

All things considered, SpaceX's IPO was a very smooth affair. It priced exactly where the company expected it would a week ago, and the stock saw a solid but modest first-day gain. Where it goes next is anybody's guess. It will be a long journey towards profitability and filling a total addressable market that the company pegs at $28.5 trillion.

Elsewhere, it was a fine day amid a fine week for stocks. The S&P 500 closed Friday up 0.5%, for a 0.6% weekly gain. The Nasdaq Composite rose 0.3% today and 0.7% for the week.

Watch our TV show on Fox Business on Saturdays and Sundays at 9:30 a.m. or 10:30 a.m. ET. This week, Barry Ritholtz, chairman, and chief investment officer of Ritholtz Wealth Management, on the end of earnings season. Plus, SpaceX finally goes public and how to play the World Cup.

The Hot Stock: Mosaic +7.6% The Biggest Loser: EchoStar -11.0%

Best Sector: Materials +1.8% Worst Sector: Healthcare -0.2%

This Weekend's Magazine

The Calendar

It will be a holiday shortened week with markets closed Friday in observance of Juneteenth National Independence Day.

The big event of the week is the Federal Open Market Committee's monetary-policy meeting, culminating in newly appointed Fed Chair Kevin Warsh's press conference on Wednesday. While the FOMC is expected to keep the federal-funds rate unchanged, Wall Street will want more clarity from Warsh on topics such as the Fed's balance sheet, forward guidance on interest rates, and favored inflation measures.

-- Dan Lam

What We're Reading Today

   -- How 'Community' Became the Most Controversial Word in Banking. 
 
   -- EchoStar Is Falling as SpaceX Surges. Why the Stock Looks Cheap. 
 
   -- Oracle Is an AI Success. It May Not Be Enough. 
 
   -- Adobe CFO Heads to a Chip Firm. It's All You Need to Know About 
      Software's Downfall. 
 
   -- And this weekend's cover story: Nestlé Finds Its Sweet Spot. How the 
      New CEO Is Turning the Food Giant Around. 

Join Barron's Live at noon on Monday. The Tampa Firefighters & Police Officers Pension Fund has outperformed the S&P 500 for more than 50 years, thanks to the investing acumen of its investment firm, Bowen Hanes. CEO and Chief Investment Officer Harold "Jay" Bowen III speaks with Barron's Lauren Rublin and Andrew Bary about his thematic investment strategy and his favorite stocks.

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(END) Dow Jones Newswires

June 12, 2026 19:55 ET (23:55 GMT)

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