SpaceX is expected to raise $75 billion during its IPO as soon as June, making it two and a half times larger than Saudi Aramco’s $30 billion raise—the previous record holder.

BlackRock Wants 13% Of The Deal

BlackRock Inc. (NYSE:BLK) wants over 13% of the entire offering. The IPO is already oversubscribed before going live, with the world’s largest asset manager leading demand.

Pre-IPO markets on Hyperliquid have SpaceX trading at $2.5 trillion. The company generated $6 billion in revenue last year, putting the valuation at 417 times sales.

Ron Baron projects SpaceX could hit $10 trillion to $30 trillion long-term, with Starlink alone worth $14 trillion. 

These numbers have traders questioning whether the IPO becomes a liquidity black hole that drains capital from the rest of the market.

Korea Goes All-In On Semiconductors

Margin loans on Korean stocks hit a record $24 billion. Since the start of 2025, margin debt surged 140%. 

Leverage bets on Korean stocks were $5 billion in 2020—now over $25 billion.

Koreans are borrowing against life insurance policies to leverage long semiconductor stocks. 

This comes as hedge fund manager Leopold Aschenbrenner’s 13F filing shows massive put positions on semiconductor names.

The catch: that 13F data is nearly two months old from March 31st during the Iran war. Aschenbrenner could have closed those hedges and flipped long after the April bottom.

SEC Opens Door To Tokenized Stock Trading

The SEC is moving toward allowing tokenized asset trading on decentralized crypto platforms like Hyperliquid (CRYPTO: HYPE).

This reshapes the American stock market as everything moves to 24/7 trading.

Elon Musk’s pay package for SpaceX only vests if 1 million people live on Mars, signaling his conviction the company can hit massive milestones within his lifetime.

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