SPAC and New Issue ETF

0521 | Dolphin Research Focus: Stock 1, $SpaceX(SPCX.US). SpaceX has formally filed an S-1 with the SEC to list on Nasdaq (ticker SPCX).

The implied valuation range is $1.75–2.0tn, and the deal could raise up to $75bn, potentially the largest IPO on record. Q1 2026 revenue was $4.69bn, with a net loss of $4.28bn.

Its AI biz remains in the investment phase. The company will adopt a dual-class share structure, with Elon Musk holding Class B shares...