Wall Street Pushes Stocks Higher as SpaceX IPO Draws Over $100 Billion in Orders

Wall Street pushed stocks higher on Thursday as investors positioned for SpaceX’s expected blockbuster market debut, while the rally also reflected renewed enthusiasm for artificial intelligence-related companies, according to Bloomberg’s Markets Wrap. The move came with the SpaceX offering now viewed as a major test of investor appetite for both Elon Musk’s empire and the broader AI trade.

The SpaceX listing has quickly become one of the most closely watched events in markets, with Bloomberg reporting that retail investors have submitted more than $100 billion in orders for shares. BlackRock is also said to be targeting roughly $5 billion in the offering, underscoring how aggressively large institutions are trying to secure allocations in what could be the biggest IPO on record.

The company’s expected valuation has fueled both excitement and unease. Fast Company reported that SpaceX is widely expected to debut at about $1.75 trillion, a scale that would place it among the world’s most valuable companies and could push Musk closer to becoming the world’s first trillionaire. Bloomberg also reported that some sustainability-focused and governance-driven funds are avoiding the deal because of Musk’s extraordinary control over the business and the risks tied to that structure.

The IPO is attracting attention well beyond traditional aerospace investors because SpaceX is increasingly being viewed not just as a rocket company, but as a broader technology and communications platform with an AI angle. Bloomberg reported that some analysts see the valuation as relatively cheap compared with space peers but expensive if judged like an AI stock, which highlights how difficult it is to categorize the business cleanly.

The rush into SpaceX is also part of a wider wave of dealmaking and investment around Musk-linked artificial intelligence ventures. Bloomberg reported this week that Jeff Bezos-backed Prometheus, an AI startup, was valued at $41 billion in a new funding round, while other reporting has tied SpaceX’s public debut to growing interest in Musk’s wider technology network, including xAI. That broader context has helped lift sentiment around AI-related names, even as investors remain focused on whether those companies can eventually translate heavy spending into profits.

Not everyone sees the surge as a clean vote of confidence. Bloomberg said some market watchers view the SpaceX debut as a test of market infrastructure and investor discipline, while Fast Company reported concerns that the deal could amplify speculative behavior in the stock market. At the same time, Bloomberg noted that Texas stands to benefit if SpaceX and Musk continue to flourish, reflecting the regional economic stakes surrounding the company’s growth.

The listing is also drawing comparisons to earlier tech booms, with commentators and investors debating whether the market is rewarding vision, scale, or simply hype. As reported by Bloomberg, some fund managers say they want proof of profits before fully embracing the AI-driven rally, even as money continues to pour into private companies and IPOs tied to the sector.