SpaceX shares rose 19% in its first trading day, making it the sixth-largest company in the U.S.

Why it matters: Elon Musk's company ended the day with a $2.1 trillion market cap, officially the biggest IPO in U.S. history.

• If the company were included in the S&P 500 today, it would be over 5% of the overall index based on its current valuation.

📈 By the numbers: SpaceX shares priced yesterday at $135.

• Trading opened this morning at $150, surged to over $176 just after 1pm ET and settled to close at $160.95.

Friction point: SpaceX went into its IPO trading at 90 times its sales (not profits. Sales.)

• That indicates a valuation that is divorced from underlying business fundamentals, Adam Johnson, portfolio manager at the Bullseye American Ingenuity Fund, told Axios.

Yes, but: The top-performing companies in the S&P 500 are all trading at a premium to their underlying earnings, a dynamic that has been exacerbated by the euphoria around the AI boom.

⏳ What we're watching: What happens when the lock-up period ends.

• Early investors may sell as much as 20% of their holdings as of the second full day of trading after the next earnings report. Those who got in early may want to realize some gains.
• Anyone can sell 180 days post-IPO, except Musk, who has to hold for 366 days.
• 🗣️ "The lock up ends fast, so once insiders can sell, we'll see who's left holding the bag," Sarah Kunst of Cleo Capital tells Axios.

The bottom line: The demand is strong for this stock regardless of valuation.

Go deeper

Elon Musk is the world's first trillionaire, Axios' Matt Phillips writes.

By the numbers: At SpaceX's closing price today, Musk's publicly reported stake of roughly 6.4 billion shares of stock is worth $1.03 trillion.

• Toss that on top of the market value of his $340.141 billion worth of Tesla, and you find yourself at $1.37 trillion.

Go deeper: Musk's almost inconceivable fortune has expanded the Overton window of wealth

🥩 JBS, the largest beef processor in the U.S. by volume, is preparing to close a 1,700-worker beef-processing plant outside Philadelphia, though it says it is shifting cattle to other facilities. (Drovers)

💸 BlackRock's flagship private-credit fund investors asked to redeem 13.3% of the fund's shares in Q2, an increase from 9.3% in the previous quarter — though the firm is again capping withdrawals at 5%.

Flutter Entertainment, the NYSE-listed parent company of FanDuel and Betfair, has disclosed plans to delist shares from the London Stock Exchange, Axios' Dan Primack writes.

Why it matters: London keeps losing listings to New York, either at IPO or after, with companies citing everything from market liquidity to costs to executive compensation rules.

🇬🇧 Catch up quick: Flutter's predecessor company went public in London 26 years ago, but only has traded in New York since 2024.

• Dublin-based building materials firm CRH dropped its London float in April, while London-based fintech Wise moved its primary listing to New York in May.