AI super bullish market comes to SpaceX moment! Shadow disk skyrocketed 35%, ETF rushed to lay out and oversubscribed. SpaceX bullish atmosphere is full.

The shadow market is currently pricing in the record-breaking debut of American super tech giant SpaceX, founded by Elon Musk, which focuses on "AI + space exploration", suggesting that the stock price on the first day of trading on the Nasdaq stock market on Friday is expected to rise by at least 35%, and the market value is expected to surge from the already exaggerated $1.77 trillion to $2.4 trillion. As index-tracking funds (i.e. index ETFs) are expected to generate billions of dollars in new demand for SpaceX stocks, coupled with the expected scale of AI computing infrastructure investment and construction reaching up to $3 trillion, some Wall Street analysts believe that SpaceX could serve as a powerful amplifier for the AI super bull market, rather than a bubble buster. This also indicates that the record-breaking IPO of SpaceX, in terms of the trajectory of the "AI super bull market" that is engulfing global stock markets, the global bull market driven by the AI computing industry frenzy may be far from over. In anticipation of SpaceX's listing, the renowned investment bank Oppenheimer has given the stock an "outperform" rating with a target price of $190. Based on the preliminary IPO price of $135, the $190 target price implies a potential upside of about 41%, corresponding to a market value of about $2.5 trillion. Oppenheimer's bullish report redefines SpaceX from a traditional commercial aerospace company to a "vertically integrated AI infrastructure platform": it not only has rocket launch, Starlink satellite network, and manufacturing engineering capabilities, but also includes a narrative of large language models, AI intelligent agents, large ground AI data centers, large cloud inference computing resources platforms, and future space orbit AI data centers. As Elon Musk, the richest person in the world, has accomplished what others thought impossible in the pastestablishing a commercially viable high-frequency rocket launch business through SpaceX, making electric vehicles a mainstream market through the leading electric vehicle company Tesla, Inc., and providing internet connectivity infrastructure services from space through Starlink. However, some investors doubt whether Musk can really build his latest "epic" chip manufacturing operation in Austin and achieve his vision of an "AI, autonomous driving, humanoid Siasun Robot & Automation, and space AI data center super blueprint". SpaceX's highly anticipated IPO prospectus released last month shows that its self-assessed total addressable market (TAM) reaches an astonishing $28.5 trillion; if this so-called "space AI empire" super blueprint is achieved in the future, it would approach the entire output of the U.S. economy. The company stated in its IPO prospectus that it has identified the largest executable total addressable market prospects in human history, primarily driven by AI super software, with contributions from the space sector not to be overlooked. The shadow market predicts a 35% surge on the first day of SpaceX's listing, propelling the space AI empire to a valuation of $2.4 trillion According to derivative products provided by the renowned online brokerage platform IG International, as of Friday morning Singapore time, the company's market value is approximately $2.4 trillion, indicating a potential increase of over 35% compared to the initial public offering price of $135 per share and the valuation of $1.77 trillion based on that price. On the Hyperliquid trading platform for cryptocurrency exchanges, perpetual futures contracts linked to SpaceXi.e. futures contracts that do not expiretrade at around $180, implying a valuation of over $2.3 trillion. In the past 24 hours, the trading volume of this instrument has exceeded $143 million, with outstanding contracts totaling over $208 million, highlighting strong bullish sentiment in the market. The prediction market is also adding strong bullish signals for SpaceX's U.S. listing. Traders betting on real money and prediction and betting agreements on the online platform Polymarket wager that the probability of SpaceX's market capitalization closing above $2 trillion on the first day is over 70%. While these signals show a certain degree of enthusiasm, they may not directly the actual stock price movement on the secondary market. Shadow markets typically have thinner liquidity and lower transparency than public markets, so prices may fluctuate significantly, driven by a few traders controlling the distribution of chips, leveraged funds, or large short-term speculative pushes, rather than a consensus demand from a wide range of investors. Nevertheless, this pricing highlights how investors' appetite for assets at the intersection of artificial intelligence applications, AI computing infrastructure platforms, commercial aerospace, and space exploration has become increasingly greedy. If SpaceX's stock market debut brings a significant increase on the first day, it may favor future IPOs from companies like OpenAI and Anthropic PBC, providing positive evidence for investment banks to prove that the public market can absorb valuations of trillions of dollars that were previously unimaginable. Senior market analyst Fabien Yip from IG stated, "The demand for SpaceX IPO has been very strong, and there has been a lot of investor interest in pre-trading." She said, "This is the most popular pre-trading shadow trading we've encountered so far, despite the seemingly high valuation. If the pre-listing price momentum continues to grow, it will set the stage for the next batch of super IPOs." However, in the short term, SpaceX's strong debut may also divert significant funds from the so-called "Magnificent Seven tech giants" stock portfolio, or Tesla, Inc., the electric vehicle and Siasun Robot & Automation leader led by Musk, potentially boosting suppliers core to Musk's AI, rocket, and space exploration company, as well as other investment targets. The shadow market frenzy, high leverage/inverse ETFs, and billions of dollars of excess retail subscription jointly propel Musk's "space AI empire" to the skies With SpaceX planning to price its IPO at around $135 per share, raising about $75 billion to become one of the largest IPOs in history, the corresponding valuation of about $1.77-1.8 trillion implies the arrival of the "SpaceX moment" for the AI super bull market. This listing is no longer just an IPO of a traditional commercial aerospace and space exploration company, but rather a bullish feast in which global capital markets package and price the monopoly of high-frequency commercial rocket launch capability, Starlink satellite internet, AI infrastructure platform, future orbit AI data center, national security assets, and the AI premium of the Musk AI ecological empire. According to current mainstream views on Wall Street, despite recent steep corrections in the share prices of global stock market AI computing chain companies such as ARM, Micron, SK Hynix, and Samsung, there is currently no pessimistic consensus on the end of the "AI super bull market" on Wall Street. On the contrary, there is a completely different phenomenon emerging: more and more large investment institutions are raising their benchmark stock index targets, with almost all of the upward revisions related to the AI capital expenditure surge, the hot AI infrastructure construction process, and the profit expansion driven by AI. Goldman Sachs Group, Inc., a Wall Street financial giant, has raised its target for the Korean KOSPI index multiple times recently, betting that the Korean stock market, which has surged by 100% and experienced significant volatility since the beginning of the year, can continue to soar. Goldman Sachs Group, Inc.'s target for the Korean KOSPI index has increased from 8000, 9000 to 12000 points (compared to the index closing around 8100 on Friday), and the core logic behind this is not macro stimuli or monetary policy factors, but the long-term storage boom cycle and the continued explosive demand for AI memory/storage chips, with SK Hynix, Samsung Electronics, and other Korean leaders being among the most important beneficiaries in the global AI computing chain. The most exuberant signs of bullish sentiment undoubtedly lie in the shadow market and cryptocurrency perpetual contracts offering pricing above the IPO price for the "first-day pop", as well as the sprint by ETF issuers, along with Wall Street giants like BlackRock, Inc., sovereign wealth funds, family offices, retail investors, cryptocurrency traders, and ETF issuers flooding in. Among them, retail subscription sizes exceed $100 billion, indicating that investors are not buying into just one year's profit, but rather a long-term call option covering the "Musk ecosystem + AI computing infrastructure + Starlink global network + future orbital economy". ETF issuers rushing in indicates that Wall Street is ready to quickly productize SpaceX into high-volatility trading tools. Institutions such as ProShares, Themes, and Direxion are introducing or planning to introduce 2x long, 2x short, and other leveraged ETFs centered around SpaceX, with some products intending to begin trading as early as Monday. ProShares Ultra SpaceX ETF plans to track twice the daily performance of SpaceX, and Themes also plans to introduce 2x long and short products. This is similar to the product competition for a Bitcoin spot ETF in 2024, but with higher risksthe volatility at the start of SpaceX's listing, retail sentiment, dark pool premiums, and options/ETF rebalancing may amplify each other, turning standard stock volatility into intraday stampedes or chase pumps for high-leverage funds. In terms of capital, SpaceX is forming a rare "market consensus trading": retail investors, sovereign wealth funds, global asset management, family offices, cryptocurrency traders, and ETF issuers are all vying for the same IPO entrance. Large-scale asset management firms like BlackRock, Inc., Middle Eastern sovereign wealth funds, family offices, and global pension funds are also heavily involved, indicating that SpaceX has become a cross-asset, cross-regional, cross-risk preference consensus trade. BlackRock, Inc. has even submitted orders for at least $5 billion for the SpaceX IPO, which means that a large amount of unmet demand will move to the secondary market for buying, which could drive both a significant first-day increase and extreme volatility post-listing. Long-term funds are focusing on the massive Starlink cash flow, monopoly of high-frequency commercial rocket launches, entry into AI infrastructure, and comprehensive integration of Musk's AI empire; retail investors believe that what they are buying into is very likely the "next Tesla, Inc.-style wealth myth"; the cryptocurrency market trades short-term premiums and volatility; while ETF issuers trade in trading volume. SpaceX is accelerating its transformation from a "commercial aerospace and space exploration company" to a "global AI computing infrastructure operator + AI application behemoth", with a subscription size of $250 billion far exceeding expectations, and the $100 billion retail subscription is enough to indicate market acceptance of this growth narrative, and will continue to reinforce the trend and trajectory that "SpaceX's record-breaking IPO is actually expanding the boundaries of the AI super bull market, rather than consuming the liquidity of the AI bull market". Observing the flow of global capital, the current situation appears more like the AI super bull market entering its second phase. The first phase was dominated by large-scale training clusters driven by AI GPUs and ASICs; the second phase is transitioning to data center power chains, HBM/DRAM/NAND, advanced packaging, liquid cooling, data center CPUs, optical communication/optical interconnects, high-performance Ethernet network infrastructure/data center DCI high-speed interconnection, PC, wearable consumer electronics, humanoid Siasun Robot & Automation, autonomous driving, AI application terminals, and even the "new AI center" represented by SpaceX's space AI computing infrastructure fully diffusing. In the view of Bank of America Corp's analyst team on Wall Street, AI computing infrastructure is entering a more sustained, broader capital expenditure cycle. Almost simultaneously, a research report released by another Wall Street financial giant, Morgan Stanley, shows that the AI computing arms race is entering a stage of systemic expansion, with AI infrastructure demand displaying a rare "inelasticity" trendmeaning that regardless of cost curves, tech giants continue to ramp up the construction of AI data centers, and this "inelastic demand" will further strengthen the resilience of the U.S. economy and the overall profit growth of the S&P 500 index. It predicts that by 2028, close to $3 trillion in AI-related infrastructure investment will flow through the global economy, with over 80% of the expenditure still ahead.