Illustration: Rebecca Zisser/Axios

SmileDirectClub, a provider of at-home teeth straightening systems, raised $1.3 billion in its IPO. It priced 58.54 million shares at $23, above $21-$23 range, for an initial market cap of $8.9 billion, and will trade on the Nasdaq (SDC). J.P. Morgan was lead underwriter.

Why it matters: It shows that rule-muddying isn't just for transportation and housing unicorns. SDC has been the subject of numerous safety complaints to state dental boards from orthodontist organizations, which the company pushes back on as more about profits than patients.

ROI: SDC had raised nearly $400 million in private funding from firms like Clayton, Dubilier & Rice, Spark Capital, Kleiner Perkins Digital Growth and 3L Capital.

The bottom line: This is bad news all over for incumbent Align Technology. First, rival SDC now has a giant war chest and capital markets access. Second, Align is effectively out more than $1 billion, after being forced by an arbiter to sell its 19% stake in SDC back to the company at a way below-market rate, after being found to have violated a non-compete agreement.

Go deeper

Markets swell as the economy shrinks

Illustration: Eniola Odetunde/Axios

The economy is sputtering, but the markets are thriving — a highly unusual event that shows how the coronavirus has thrown all bets off.

Why it matters: The disconnect adds to the wealth gap. The richest 10% of households — who own 84% of stocks — are getting richer, while millions of out-of-work Americans cross their fingers that pandemic unemployment benefits will be extended.

Updated 9 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 10,836,500 — Total deaths: 520,605 — Total recoveries — 5,723,808Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 2,735,554 — Total deaths: 128,684 — Total recoveries: 781,970 — Total tested: 33,462,181Map.
  3. Public health: The states where face coverings are mandatory Regeneron stops trial after drug fails to help patientsWhat we know about the coronavirus immune response — Fauci says it has been a "very disturbing week" for the spread of the coronavirus in the U.S.
  4. Business: Top business leaders urge the White House to develop mandatory mask guidelines.
  5. Politics: Herman Cain hospitalized for COVID-19 after attending Trump Tulsa rally — Biden downplays jobs number, rebukes Trump for ignoring health crisis.
  6. Economy: The economy may recover just quickly enough to kill political interest in more stimulus.
  7. States: Texas mandates face masks in public spaces Florida reports more than 10,000 new coronavirus cases, and its most-infected county issues curfew.
9 hours ago - Health

Fauci: Coronavirus surges mark a "very disturbing week" in the U.S.

Fauci testifies to the Senate Health, Education, Labor and Pensions Committee on June 30. Photo: Al Drago/AFP via Getty Images

NIAID director Anthony Fauci told medical journal JAMA on Thursday that it has been a "very disturbing week" for the spread of the novel coronavirus in the U.S.

What's happening: The number of coronavirus cases increased in the vast majority of states over the last week, and decreased in only two states plus the District of Columbia, Axios' Caitlin Owens reports.