SpaceX hasn't even released its prospectus yet, but its IPO is already on track to be the biggest in history. It's pulling other IPOs off the calendar before it even prices.
SpaceX's debut is targeted for June 12, with an expected offering of roughly $75 billion at a $1.75 trillion valuation.
For scale, AI chipmaker Cerebras Systems IPO'd last week and currently sits around a $95 billion market cap - SpaceX would dwarf it. The company is expected to release its IPO prospectus in the coming days.
The deal is so big it's bending how the rest of the market is being timed, and Samuel Kerr, global head of equity capital markets at Mergermarket, called it "otherworldly."
The math: Typical IPOs aim to be roughly five-times covered before pricing, which would mean demand for SpaceX needs to clear well above $75 billion.
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If you're trying to go public this year, SpaceX is your problem. Kerr told CNBC SpaceX could "really suck all the oxygen out the room for anybody else," and most other deals are being delayed to the second half of 2026.
It's not just SpaceX. OpenAI and Anthropic are both in the IPO conversation, and Salman Ahmed, global head of macro and strategic asset allocation at Fidelity International, warned that this kind of pile-up could create a "supply event" for equities.
In English: portfolio managers may have to sell current holdings to make room for the new listings. Ahmed thinks the money pulls out of the same big-cap winners that have driven gains so far - the heavily concentrated U.S. names.
Europe's IPO market was already struggling, with Kerr saying macro pressures, ongoing bond volatility, Iran war uncertainty, and weak follow-through from last year's listings add up to a "pretty negative cocktail."
Rising interest rates and higher bond prices make IPOs harder to price - and then SpaceX shows up and grabs every available dollar.
The first half of 2026 was never going to be busy, Kerr said, but almost everything that had been planned has been pushed back to the second half. Translation: Europe's IPO pipeline is basically frozen until SpaceX prints.
The IPO prospectus is the next big drop, expected within days, and that filing will reveal what SpaceX is actually offering investors and how strong the real demand looks.
The bigger trade for investors: if SpaceX, OpenAI, and Anthropic all price within a year, the liquidity drain could be the biggest equity supply event in a generation. Watch the U.S. large-cap winners - that's where the money will likely come from.
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