Last Friday, the largest initial public offering in the history of capital markets went off without a hitch.
SpaceX priced at $135 a share, raised $75 billion, opened at $150, and by the closing bell had climbed 19% to close at $160.95 - a market valuation above $2.1 trillion.
Elon Musk became the world's first trillionaire before lunch.
As retail investors placed more than $100 billion in orders for shares most of them never got.
Every Generation Has One of These Moments
If you've been reading me for a while, none of this should surprise you. Not because I predicted SpaceX (SPCX) specifically - but because of what SpaceX represents.
Every few years, a company goes public that doesn't just create wealth for its own shareholders. It resets what investors believe an entire sector is worth.
When Amazon went public, cloud computing became investable.
When Tesla went public, the EV supply chain became investable.
SpaceX going public - at $2.1 trillion, with $75 billion in fresh capital - does the same thing for the space economy.
What I Did Six Days Before the Filing
Here's what I haven't told most of you yet.
On May 14 - six days before SpaceX even filed its IPO paperwork with the SEC - I launched a portfolio of four stocks in my Early Opportunities investment service that are built around exactly this thesis.
Not bets on SpaceX itself.
Bets on the supply chain around it - the companies that benefit no matter which rocket company, satellite operator, or space infrastructure provider ends up on top.
I wasn't reacting to the SpaceX IPO. I was positioning for it - before the filing even existed.
The early results were almost too good. The portfolio ran up more than 50% in its first few weeks.
Then the broader market got nervous - rate jitters, a rotation out of speculative names - and space-themed ETFs got hit hard the last couple of weeks.
Since the launch of the portfolio on May 14 - UFO down 9%. NASA down nearly 11%. MARS down over 11%.
My four stocks? Still up 8% - positive, while the S&P slipped into the red.
That relative strength during the pullback is the part that matters. When a sector-wide selloff hits and your positions hold up better than the benchmarks built to track that exact sector, it tells you the market was repricing risk broadly - not repricing your specific thesis.
The pullback wasn't a verdict on the thesis. It was a gift. And on Friday, the market handed you the receipt.
Join Me Live This Thursday
This Thursday, I'm going live - free - to walk through exactly what happened with SpaceX, why I believe we're entering Space Economy 2.0, and what I'm watching next across the supply chain.
If you want to understand where this sector goes from here, this is the session.
I'll walk through the SpaceX debut, what it means for the broader space economy, and what I'm watching next. Free to attend - questions answered live.
To your future success,
Matt McCall
Founder, NXT Wave Research
P.S. - Four stocks. Launched five weeks before the largest IPO in history confirmed the thesis. I'll tell you more Thursday - including what I'm watching next.
