SpaceX is set to be a 'seminal event' for the stock market next week. Here's what's ahead

SpaceX is about to make the biggest public debut ever in history, into an already euphoric stock market. There's never been an offering quite like this one. When SpaceX starts trading as expected on Friday next week, the rocket and satellite company is set to raise $75 billion in its initial offering. And, its valuation of $1.77 trillion means it debuts as one of the top 10 largest public companies, ahead of Facebook-parent Meta Platforms , Tesla and Micron Technology . Even more incredible is that it's supposed to make the world's first trillionaire out of Elon Musk , who heads both SpaceX and Tesla. Musk, who is CEO, chief technical officer and chairman of the board at SpaceX, is supposed to have 85% of voting power in the company. Its impact — alongside upcoming IPOs from Anthropic and OpenAI — is about to have far reaching consequences for the public equity universe as well. The stock market is already at all-time highs on artificial intelligence enthusiasm, and now has to wade through the supply and demand dynamics of multiple trillion dollar offerings. "SpaceX is a seminal event," Philip Blancato, chief market strategist at Osaic, told CNBC. "This moment of trillion dollar companies coming public are market drivers, whether we want to admit it or not, whether we're excited about it or not." "All of this is exciting and dangerous at the same time," Blancato said. Extreme volatility IPOs are already known to be volatile. …