SpaceX (SPCX) surged 19% on debut, hitting a $1.376 trillion market cap with record retail investors claiming 20% of the IPO book. Firefly (FLY) dropped 12% that week despite 45% revenue growth, confirming SpaceX's clean debut reflects deal mechanics, not space-sector momentum. Picker warns a sharp SPCX dip before Anthropic and OpenAI attempt to go public could chill investor appetite for megacap AI allocations. CNBC's Leslie Picker framed SpaceX as more than the biggest IPO ever priced, noting the balance between issuer and buyer is what bankers prepping the next wave of megacap deals are studying closely. SpaceX opened trading on Friday and climbed again on Monday, with shares quoted at $183.90 intraday Monday, up 14.26% from the $160.95 close on June 12, and a market capitalization near $2.52 trillion. Picker cited Citadel Securities data showing the highest retail order activity for an IPO auction ever, with about 20% retail participation and an estimated 30% of the float, roughly $75 billion, expected to land with passive indexes within two weeks. Elon Musk suggested SpaceX could reach roughly $1 trillion in revenue by 2030. Firefly Aerospace fell 11.72% in the week into June 12, closing at $31.87 before recovering to $33.40 Monday, posting Q1 FY26 revenue of $80.