SpaceX IPO Debuts at $135 as Industrial Shares Rally

Tejas Dessai, director of thematic research at Global X, noted that the company’s blend of launch scale, Starlink’s monetization, and burgeoning AI compute capabilities makes it a singular entity. However, he cautioned that the current valuation already accounts for a significant portion of the firm's future success, potentially leaving little room for immediate upside.

Beyond the space sector, consolidation remains a major theme for industrials. Auto-parts manufacturer Dana reached an agreement to merge with Eaton’s Mobility business in a transaction valued at $5.1 billion. The deal is designed to forge a dominant supplier capable of servicing both light and commercial vehicle markets more efficiently.

Simultaneously, the political landscape shifted in the United Kingdom as Defense Secretary John Healey resigned on Thursday. Healey cited a persistent shortfall in departmental funding as the primary driver for his departure, underscoring the ongoing financial pressures facing government defense budgets.