Crédit Mutuel Asset Management is an asset management company of Groupe La Française, the holding company of the asset management business line of Credit Mutuel Alliance Fédérale.
Completed on May 27, 2026
SpaceX’s IPO is scheduled for June 12 and is expected to kick off what could become a record-breaking year for IPO fundraising in 2026, with the anticipated listings of OpenAI, Anthropic, Databricks, Stripe and Anduril also on the horizon. Altogether, the combined valuation of these companies could reach 4.6 trillion dollar. By comparison, the total value of all IPOs completed since the founding of the New York Stock Exchange in 1792 amounts to approximately 1.5 trillion dollar. (Source: StoneX, May 2026)
Even so, the immediate impact on market liquidity is likely to remain limited at first, as these companies are expected to raise only around 10% of their total market capitalization. Consequently, their weighting in major indices should remain relatively contained in the short term, given that most indices only take free float (shares available for trading) into account. Furthermore, the Nasdaq, which is where these companies are expected to be listed, caps index weighting at 300% of free float. It is also worth noting that the inclusion of SpaceX in the Nasdaq is expected to take place on July 7, approximately 15 trading days after the IPO.
Nevertheless, SpaceX, OpenAI and Anthropic alone could ultimately account for between 1.5% and 2% of the Nasdaq index. This share is likely to increase rapidly as lock-up restrictions expire for certain major shareholders. The most popular ETFs would then likely need to reduce portions of their existing holdings in order to rebalance portfolio weightings appropriately.
SpaceX’s valuation, initially estimated at between 1.5 trillion dollar and 2 trillion, could reach 2.3 trillion dollar according to the latest estimates, supported by historically strong participation from private investors. (Source: Rutgers, May 2026) That being said, these estimates remain highly volatile and can fluctuate by several hundred billion dollars within a single trading day.
Investors are no longer valuing SpaceX merely as a space exploration company, but rather as a potentially indispensable infrastructure provider for the future expansion of artificial intelligence through satellite communications, global connectivity and data transfer capacity. Indeed, based on current figures, such valuations may appear difficult to justify. In 2025, SpaceX generated 18.67 billion dollar in revenue, while the company remains unprofitable.
The current environment remains highly supportive of AI, which helps explain the timing of these announcements. However, questions remain regarding the market’s ability to absorb such massive issuance volumes and the potential spillover effects on other asset classes. After all, 4.6 trillion dollar represents more than 14% of U.S. GDP. (Source: Bloomberg, May 2026)
This commentary is provided for information purposes only. The opinions expressed by the author are based on current market conditions and are subject to change without notice. This document does not constitute, on the part of La Française Group, an offer to buy or sell investments, products or services and should not be considered as a solicitation, investment advice or legal or tax advice, a recommendation of investment strategy or a personalized recommendation to invest in specific investments. The information contained in this publication is based on sources considered reliable, but Groupe La Française does not guarantee their accuracy, completeness, validity or relevance. The reference to certain securities and financial instruments is given as an illustration. It is not intended to promote direct investment in these securities or financial instruments. Published by La Française Finance Services, head office located at 128 boulevard Raspail, 75006 Paris, France, a company regulated by the Autorité de Contrôle Prudentiel as an investment services provider, no. 18673, and registered with ORIAS (www.orias.fr) under number 13007808 on 4 November 2016 is a subsidiary of La Française. Crédit Mutuel Asset Management: 128 Boulevard Raspail, 75006 Paris is an asset management company approved by the Autorité des marchés financiers under n° GP 97 138 and registered with ORIAS (www.orias.fr) under no. 25003045 since 11/04/2025. Public Limited Company (Société Anonyme) with share capital of €3,871,680, RCS Paris n° 388 555 021.
