{"id":35532,"date":"2026-06-09T09:59:26","date_gmt":"2026-06-09T13:59:26","guid":{"rendered":"https:\/\/poole.ncsu.edu\/thought-leadership\/?p=35532"},"modified":"2026-06-09T12:39:36","modified_gmt":"2026-06-09T16:39:36","slug":"spacexs-ipo-a-small-slice-a-giant-valuation-and-a-new-playbook-for-public-markets","status":"publish","type":"post","link":"https:\/\/poole.ncsu.edu\/thought-leadership\/article\/spacexs-ipo-a-small-slice-a-giant-valuation-and-a-new-playbook-for-public-markets\/","title":{"rendered":"SpaceX&#8217;s IPO: A Small Slice, a Giant Valuation and a New Playbook for Public Markets"},"content":{"rendered":"\n\n\n\t<div class=\"wp-block-ncst-summary\">\n\t\t<p class=\"eyebrow\">At a Glance<\/p>\n    \n\n<ul class=\"wp-block-list\">\n<li>SpaceX plans to sell about 4% of the company in its IPO.<\/li>\n\n\n\n<li>That small share sale could value the company at roughly $1.77 trillion.<\/li>\n\n\n\n<li>The IPO includes unusual features, including a fixed price, staged insider lock-ups and limited public voting power.<\/li>\n\n\n\n<li>Poole finance expert Richard Warr explains why this offering could change how investors think about future mega-cap IPOs.<\/li>\n<\/ul>\n\n\t<\/div>\n\n\n\n\n<p class=\"wp-block-paragraph\">SpaceX is <a href=\"https:\/\/fortune.com\/2026\/06\/03\/spacex-ipo-share-price-index-funds-valuation-public\/\">selling 555.6 million shares at a fixed price of $135 each<\/a>, seeking to raise up to $75 billion in an offering that implies a market value of roughly $1.77 trillion. <a href=\"https:\/\/www.cnbc.com\/2026\/05\/20\/spacex-ipo-live-updates.html\">Pricing is set for June 11, with trading expected to begin June 12<\/a>, under the ticker SPCX on Nasdaq. If it closes at that scale, it will eclipse Saudi Aramco&#8217;s 2019 offering as the largest IPO in history.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In this article I explore several issues that make this IPO one of the most interesting stock market events in recent years.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How a 4% Slice Sets a $1.77 Trillion Price<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">An IPO does not mean a company is being sold. It means a portion of equity becomes publicly tradable, and the price of that portion becomes the reference point for valuing the entire company. That distinction matters enormously at this scale.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At $135 per share, <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1181412\/000162828026036936\/spaceexplorationtechnologi.htm\">the 555.6 million Class A shares on offer<\/a> would raise roughly $75 billion in gross proceeds, with underwriters holding an option to buy an additional 83.3 million shares that could push the total toward $86 billion. Apply that $135 across the company&#8217;s full share base and the implied equity value lands around $1.77 trillion. SpaceX is selling roughly 4.2% of the company to establish a price for the other 95.8%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That is not unusual in structure for IPOs; it is the standard practice. What is unusual is the scale. A company can be worth over a trillion dollars on paper while only a small sliver of its shares are actually available for anyone to buy. Early trading will price an enormous enterprise on a thin market, and thin markets can move fast in either direction.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Raising Capital, but Also an Exit for Early Investors<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The stated use of IPO proceeds is expansion: more infrastructure for the AI and rocket businesses, and continued growth of the Starlink satellite network. But SpaceX has been private for more than two decades, and for the employees and early backers who accumulated shares over that time, going public also means that these shareholders can finally sell and cash out.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.cnbc.com\/2026\/05\/21\/spacex-insiders-will-get-to-sell-shares-earlier-than-usual-after-the-ipo.html\">SpaceX&#8217;s lock-up structure<\/a> is designed to manage how quickly these insiders can exit. Rather than the conventional 180-day waiting period, where all locked-up shares become eligible at once, SpaceX&#8217;s filing describes a staged release: up to 20% of eligible insider shares unlock after the company&#8217;s first earnings report as a public company, with an additional 10% if the stock is trading 30% or more above the IPO price by then. A rolling schedule releases another 7% at each of five intervals (70, 90, 105, 120, and 135 days post-IPO), with full release at the 180-day mark. Elon Musk himself is locked up for 366 days and does not participate in the early releases.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Spreading supply across multiple dates is smarter than a single cliff, but it also means the market has to price in a series of unlock events rather than just one. Every earnings report will become a date that investors will watch, and not only for revenue figures, but also for an indication of the next tranche of insider selling.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The Index Fund Problem<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Buried in the mechanics of this listing is a question that gets surprisingly little attention: what happens when index funds are required to buy a stock?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In May 2026, Nasdaq revised its Nasdaq-100 index methodology to allow fast-entry candidates ranked in the top 40 by market cap, and meeting certain eligibility criteria, to be added after just 15 trading days. The change was a direct response to the reality that companies are now arriving at public markets at sizes that legacy index rules were not designed to accommodate.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">S&amp;P Dow Jones Indices has completed a parallel review, and decided to maintain the requirement that companies be profitable before being added to the S&amp;P 500 index.&nbsp; This means that it is unlikely that SpaceX will be eligible for index inclusion before 2028.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The rules for index inclusion are important because index funds are not discretionary buyers who weigh a company&#8217;s prospects and decide whether the price is right. Instead, they buy because a company is in the index they track, and they must own it in proportion to its weight. That weight is calculated on float-adjusted market cap, not total market cap. With only about 4% of SpaceX&#8217;s shares in the public float, its index weight would be a fraction of what the headline $1.77 trillion valuation might suggest, and the required passive buying would be proportionally modest. But even a relatively small amount of index buying, hitting a thin and illiquid float, can move prices significantly.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Five Things Coming Together at Once<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The size alone is not what makes this offering unusual; it is the combination of all the other factors that are happening simultaneously.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The <a href=\"https:\/\/www.cnbc.com\/2026\/06\/03\/spacex-ipo-stock-price-roadshow-musk.html\">fixed $135 offering price<\/a> is atypical; most large IPOs run a bookbuilding process with a range that gets tightened before final pricing.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The float is tiny relative to implied market cap, concentrating price discovery in a narrow slice of the total equity. The lock-up structure is nonstandard, replacing the conventional single release with a multi-stage schedule.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The index rules for some major indices have been rewritten to accommodate these mega cap and currently unprofitable tech stocks.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>And <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1181412\/000162828026036936\/spaceexplorationtechnologi.htm\">SpaceX&#8217;s S-1<\/a> discloses that Musk would retain more than 82% of voting power through Class B shares meaning that public shareholders will own an economic interest but will have very limited influence over company decisions.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">None of these factors is disqualifying on its own. Concentrated voting structures are common at large technology companies. Fixed-price offerings exist. Nonstandard lock-ups have been tried before. But they are all happening together, at the largest IPO ever attempted, in a market that was not built for any of this at this scale.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Conclusion<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The SpaceX IPO is, in one sense, straightforward: a company is selling shares, setting a price, and listing on an exchange. What makes it worth understanding carefully is the degree to which every element of that process is being done differently, at a scale the market has not seen before. The float is tiny relative to the implied valuation. The lock-up structure distributes insider selling across multiple future dates rather than one. The index rules have been rewritten to handle exactly this kind of mega-cap arrival. And public shareholders will own an economic stake in a company where one person controls more than four-fifths of the votes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">None of that is a reason to dismiss the offering. SpaceX is a real business, with real revenue ($18 billion, loss of $4.9 billion), operating in real markets that matter. But the $1.77 trillion price tag is not simply a reflection of those operations today. It also prices in years of future ambition in AI infrastructure and beyond. Public investors are being asked to pay a private-market valuation for a company that private investors built, on terms that private markets designed. To put this in perspective, General Mills, maker of Cheerios and H\u00e4agen-Dazs, had $19.5 billion in revenue in 2025 and is solidly profitable. Its market cap is roughly $26 billion. SpaceX has almost the same revenue and is being valued roughly 68 times what General Mills is worth. That is a different proposition than the traditional IPO, and it deserves to be understood as such.<\/p>\n\n\n<div class=\"wp-block-ncst-featured-people\">\n      <p class=\"eyebrow-label\">featured expert<\/p>\n    <div class=\"featured-people__container\">\n    \n<div class=\"wp-block-ncst-featured-person\">\n    <figure class=\"headshot-container\">\n      <img loading=\"lazy\" decoding=\"async\" width=\"500\" height=\"500\" \n        src=\"https:\/\/poole.ncsu.edu\/thought-leadership\/wp-content\/uploads\/sites\/423\/2026\/06\/Richard-Warr-500x500-1.jpg\" \n        alt=\"Richard Warr standing in front of Nelson Hall\" \n        class=\"headshot wp-image-35556\"\n        style=\"object-position:50% 50%\"\n srcset=\"https:\/\/poole.ncsu.edu\/thought-leadership\/wp-content\/uploads\/sites\/423\/2026\/06\/Richard-Warr-500x500-1.jpg 500w, https:\/\/poole.ncsu.edu\/thought-leadership\/wp-content\/uploads\/sites\/423\/2026\/06\/Richard-Warr-500x500-1-300x300.jpg 300w, https:\/\/poole.ncsu.edu\/thought-leadership\/wp-content\/uploads\/sites\/423\/2026\/06\/Richard-Warr-500x500-1-150x150.jpg 150w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/>\n    <\/figure>\n    <div class=\"person-container\">\n      <h3 class=\"name\">Richard Warr<\/h3>\n              <p class=\"title\"><a href=\"http:\/\/poole.ncsu.edu\/people\/rswarr\/\"><em>Richard Warr<\/em><\/a><em> is a professor of finance and associate dean for faculty and research. His scholarship focuses on finance, the stock market, inflation, cryptocurrencies and investing.<\/em><\/p>\n            \n\n\n    <\/div>\n  <\/div>\n\n\n  <\/div>\n<\/div>","protected":false,"raw":"<!-- wp:ncst\/dynamic-header {\"block\":\"ncst\/default-post-header\",\"isSummaryActive\":true} -->\n<!-- wp:ncst\/default-post-header {\"caption\":\"Image Credit: Rawpixel.com \/ Shutterstock.com\",\"displayCategoryID\":105,\"subtitle\":\"SpaceX's June 12 public offering will be the largest IPO ever. But the bigger story is how a limited share sale, insider liquidity and fast-track index rules may reshape how investors think about the next wave of mega-cap listings.\\u003cbr\\u003e\"} \/-->\n\n<!-- wp:ncst\/summary -->\n<!-- wp:list -->\n<ul class=\"wp-block-list\"><!-- wp:list-item -->\n<li>SpaceX plans to sell about 4% of the company in its IPO.<\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li>That small share sale could value the company at roughly $1.77 trillion.<\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li>The IPO includes unusual features, including a fixed price, staged insider lock-ups and limited public voting power.<\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li>Poole finance expert Richard Warr explains why this offering could change how investors think about future mega-cap IPOs.<\/li>\n<!-- \/wp:list-item --><\/ul>\n<!-- \/wp:list -->\n<!-- \/wp:ncst\/summary -->\n<!-- \/wp:ncst\/dynamic-header -->\n\n<!-- wp:paragraph -->\n<p>SpaceX is <a href=\"https:\/\/fortune.com\/2026\/06\/03\/spacex-ipo-share-price-index-funds-valuation-public\/\">selling 555.6 million shares at a fixed price of $135 each<\/a>, seeking to raise up to $75 billion in an offering that implies a market value of roughly $1.77 trillion. <a href=\"https:\/\/www.cnbc.com\/2026\/05\/20\/spacex-ipo-live-updates.html\">Pricing is set for June 11, with trading expected to begin June 12<\/a>, under the ticker SPCX on Nasdaq. If it closes at that scale, it will eclipse Saudi Aramco's 2019 offering as the largest IPO in history.&nbsp;<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>In this article I explore several issues that make this IPO one of the most interesting stock market events in recent years.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading {\"levelOptions\":[2,3,4,5,6]} -->\n<h2>How a 4% Slice Sets a $1.77 Trillion Price<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>An IPO does not mean a company is being sold. It means a portion of equity becomes publicly tradable, and the price of that portion becomes the reference point for valuing the entire company. That distinction matters enormously at this scale.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>At $135 per share, <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1181412\/000162828026036936\/spaceexplorationtechnologi.htm\">the 555.6 million Class A shares on offer<\/a> would raise roughly $75 billion in gross proceeds, with underwriters holding an option to buy an additional 83.3 million shares that could push the total toward $86 billion. Apply that $135 across the company's full share base and the implied equity value lands around $1.77 trillion. SpaceX is selling roughly 4.2% of the company to establish a price for the other 95.8%.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>That is not unusual in structure for IPOs; it is the standard practice. What is unusual is the scale. A company can be worth over a trillion dollars on paper while only a small sliver of its shares are actually available for anyone to buy. Early trading will price an enormous enterprise on a thin market, and thin markets can move fast in either direction.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading {\"levelOptions\":[2,3,4,5,6]} -->\n<h2>Raising Capital, but Also an Exit for Early Investors<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>The stated use of IPO proceeds is expansion: more infrastructure for the AI and rocket businesses, and continued growth of the Starlink satellite network. But SpaceX has been private for more than two decades, and for the employees and early backers who accumulated shares over that time, going public also means that these shareholders can finally sell and cash out.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><a href=\"https:\/\/www.cnbc.com\/2026\/05\/21\/spacex-insiders-will-get-to-sell-shares-earlier-than-usual-after-the-ipo.html\">SpaceX's lock-up structure<\/a> is designed to manage how quickly these insiders can exit. Rather than the conventional 180-day waiting period, where all locked-up shares become eligible at once, SpaceX's filing describes a staged release: up to 20% of eligible insider shares unlock after the company's first earnings report as a public company, with an additional 10% if the stock is trading 30% or more above the IPO price by then. A rolling schedule releases another 7% at each of five intervals (70, 90, 105, 120, and 135 days post-IPO), with full release at the 180-day mark. Elon Musk himself is locked up for 366 days and does not participate in the early releases.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Spreading supply across multiple dates is smarter than a single cliff, but it also means the market has to price in a series of unlock events rather than just one. Every earnings report will become a date that investors will watch, and not only for revenue figures, but also for an indication of the next tranche of insider selling.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading {\"levelOptions\":[2,3,4,5,6]} -->\n<h2>The Index Fund Problem<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Buried in the mechanics of this listing is a question that gets surprisingly little attention: what happens when index funds are required to buy a stock?<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>In May 2026, Nasdaq revised its Nasdaq-100 index methodology to allow fast-entry candidates ranked in the top 40 by market cap, and meeting certain eligibility criteria, to be added after just 15 trading days. The change was a direct response to the reality that companies are now arriving at public markets at sizes that legacy index rules were not designed to accommodate.&nbsp;<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>S&amp;P Dow Jones Indices has completed a parallel review, and decided to maintain the requirement that companies be profitable before being added to the S&amp;P 500 index.&nbsp; This means that it is unlikely that SpaceX will be eligible for index inclusion before 2028.&nbsp;<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The rules for index inclusion are important because index funds are not discretionary buyers who weigh a company's prospects and decide whether the price is right. Instead, they buy because a company is in the index they track, and they must own it in proportion to its weight. That weight is calculated on float-adjusted market cap, not total market cap. With only about 4% of SpaceX's shares in the public float, its index weight would be a fraction of what the headline $1.77 trillion valuation might suggest, and the required passive buying would be proportionally modest. But even a relatively small amount of index buying, hitting a thin and illiquid float, can move prices significantly.&nbsp;<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading {\"levelOptions\":[2,3,4,5,6]} -->\n<h2>Five Things Coming Together at Once<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>The size alone is not what makes this offering unusual; it is the combination of all the other factors that are happening simultaneously.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:list -->\n<ul class=\"wp-block-list\"><!-- wp:list-item -->\n<li>The <a href=\"https:\/\/www.cnbc.com\/2026\/06\/03\/spacex-ipo-stock-price-roadshow-musk.html\">fixed $135 offering price<\/a> is atypical; most large IPOs run a bookbuilding process with a range that gets tightened before final pricing.<\/li>\n<!-- \/wp:list-item --><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:list -->\n<ul class=\"wp-block-list\"><!-- wp:list-item -->\n<li>The float is tiny relative to implied market cap, concentrating price discovery in a narrow slice of the total equity. The lock-up structure is nonstandard, replacing the conventional single release with a multi-stage schedule.<\/li>\n<!-- \/wp:list-item --><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:list -->\n<ul class=\"wp-block-list\"><!-- wp:list-item -->\n<li>The index rules for some major indices have been rewritten to accommodate these mega cap and currently unprofitable tech stocks.<\/li>\n<!-- \/wp:list-item --><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:list -->\n<ul class=\"wp-block-list\"><!-- wp:list-item -->\n<li>And <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1181412\/000162828026036936\/spaceexplorationtechnologi.htm\">SpaceX's S-1<\/a> discloses that Musk would retain more than 82% of voting power through Class B shares meaning that public shareholders will own an economic interest but will have very limited influence over company decisions.<\/li>\n<!-- \/wp:list-item --><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:paragraph -->\n<p>None of these factors is disqualifying on its own. Concentrated voting structures are common at large technology companies. Fixed-price offerings exist. Nonstandard lock-ups have been tried before. But they are all happening together, at the largest IPO ever attempted, in a market that was not built for any of this at this scale.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading {\"levelOptions\":[2,3,4,5,6]} -->\n<h2>Conclusion<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>The SpaceX IPO is, in one sense, straightforward: a company is selling shares, setting a price, and listing on an exchange. What makes it worth understanding carefully is the degree to which every element of that process is being done differently, at a scale the market has not seen before. The float is tiny relative to the implied valuation. The lock-up structure distributes insider selling across multiple future dates rather than one. The index rules have been rewritten to handle exactly this kind of mega-cap arrival. And public shareholders will own an economic stake in a company where one person controls more than four-fifths of the votes.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>None of that is a reason to dismiss the offering. SpaceX is a real business, with real revenue ($18 billion, loss of $4.9 billion), operating in real markets that matter. But the $1.77 trillion price tag is not simply a reflection of those operations today. It also prices in years of future ambition in AI infrastructure and beyond. Public investors are being asked to pay a private-market valuation for a company that private investors built, on terms that private markets designed. To put this in perspective, General Mills, maker of Cheerios and H\u00e4agen-Dazs, had $19.5 billion in revenue in 2025 and is solidly profitable. Its market cap is roughly $26 billion. SpaceX has almost the same revenue and is being valued roughly 68 times what General Mills is worth. That is a different proposition than the traditional IPO, and it deserves to be understood as such.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:ncst\/featured-people {\"label\":\"featured expert\"} -->\n<!-- wp:ncst\/featured-person {\"name\":\"Richard Warr\",\"title\":\"\\u003ca href=\\u0022http:\/\/poole.ncsu.edu\/people\/rswarr\/\\u0022\\u003e\\u003cem\\u003eRichard Warr\\u003c\/em\\u003e\\u003c\/a\\u003e\\u003cem\\u003e is a professor of finance and associate dean for faculty and research. His scholarship focuses on finance, the stock market, inflation, cryptocurrencies and investing.\\u003c\/em\\u003e\",\"headshot\":{\"id\":35556,\"url\":\"https:\/\/poole.ncsu.edu\/thought-leadership\/wp-content\/uploads\/sites\/423\/2026\/06\/Richard-Warr-500x500-1.jpg\",\"alt\":\"Richard Warr standing in front of Nelson Hall\"}} -->\n<!-- wp:ncst\/bold-link {\"placeholder\":\"Enter optional link\"} \/-->\n<!-- \/wp:ncst\/featured-person -->\n<!-- \/wp:ncst\/featured-people -->"},"excerpt":{"rendered":"<p>SpaceX&#8217;s June 12 public offering will be the largest IPO ever. But the bigger story is how a limited share sale, insider liquidity and fast-track index rules may reshape how investors think about the next wave of mega-cap listings.<\/p>\n","protected":false},"author":39405,"featured_media":35533,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"source":"","ncst_custom_author":"Richard Warr","ncst_show_custom_author":true,"ncst_dynamicHeaderBlockName":"ncst\/default-post-header","ncst_dynamicHeaderData":"{\"caption\":\"Image Credit: Rawpixel.com \/ Shutterstock.com\",\"displayCategoryID\":105,\"showAuthor\":true,\"showDate\":true,\"showFeaturedVideo\":false,\"subtitle\":\"SpaceX's June 12 public offering will be the largest IPO ever. But the bigger story is how a limited share sale, insider liquidity and fast-track index rules may reshape how investors think about the next wave of mega-cap listings.<br>\"}","ncst_content_audit_freq":"","ncst_content_audit_date":"","ncst_content_audit_display":false,"ncst_backToTopFlag":"","footnotes":""},"categories":[105,162,77],"tags":[124,566,715],"_ncst_magazine_issue":[],"series":[],"class_list":["post-35532","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-issues-and-insights","category-newswire","tag-finance","tag-richard-warr","tag-spacex"],"displayCategory":{"term_id":105,"name":"Finance","slug":"finance","term_group":0,"term_taxonomy_id":105,"taxonomy":"category","description":"","parent":0,"count":163,"filter":"raw"},"acf":{"ncst_posts_meta_modified_date":null},"_links":{"self":[{"href":"https:\/\/poole.ncsu.edu\/thought-leadership\/wp-json\/wp\/v2\/posts\/35532","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/poole.ncsu.edu\/thought-leadership\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/poole.ncsu.edu\/thought-leadership\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/poole.ncsu.edu\/thought-leadership\/wp-json\/wp\/v2\/users\/39405"}],"replies":[{"embeddable":true,"href":"https:\/\/poole.ncsu.edu\/thought-leadership\/wp-json\/wp\/v2\/comments?post=35532"}],"version-history":[{"count":8,"href":"https:\/\/poole.ncsu.edu\/thought-leadership\/wp-json\/wp\/v2\/posts\/35532\/revisions"}],"predecessor-version":[{"id":35557,"href":"https:\/\/poole.ncsu.edu\/thought-leadership\/wp-json\/wp\/v2\/posts\/35532\/revisions\/35557"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/poole.ncsu.edu\/thought-leadership\/wp-json\/wp\/v2\/media\/35533"}],"wp:attachment":[{"href":"https:\/\/poole.ncsu.edu\/thought-leadership\/wp-json\/wp\/v2\/media?parent=35532"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/poole.ncsu.edu\/thought-leadership\/wp-json\/wp\/v2\/categories?post=35532"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/poole.ncsu.edu\/thought-leadership\/wp-json\/wp\/v2\/tags?post=35532"},{"taxonomy":"_ncst_magazine_issue","embeddable":true,"href":"https:\/\/poole.ncsu.edu\/thought-leadership\/wp-json\/wp\/v2\/_ncst_magazine_issue?post=35532"},{"taxonomy":"series","embeddable":true,"href":"https:\/\/poole.ncsu.edu\/thought-leadership\/wp-json\/wp\/v2\/series?post=35532"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}