SpaceX Is Going Public at $1.8 Trillion and Wall Street Is Already Fighting Over the Guest List

$AVGO just reminded everyone that expectations are a drug, and the market is in withdrawal. Broadcom posted 48% year-over-year revenue growth and guided for $16B in Q3 AI revenue — but analysts wanted $17.2B, so the stock got kneecapped for ~13%, its worst single-day drop since January 2025. Bloomberg Intelligence noted the Anthropic $200B Google TPU contract was supposed to be a bigger catalyst. It wasn't. The Philadelphia Semiconductor Index fell over 2% in sympathy, dragging $CRWD down 6.7% on modest sales guidance too.

Meanwhile, SpaceX filed for a record $75B IPO targeting a ~$1.8 trillion market cap, with JPMorgan's Jamie Dimon hosting live events for high-net-worth clients despite not even being the lead underwriter — which is a very Jamie Dimon thing to do. Bloomberg Podcasts confirmed Anthropic has also confidentially filed its S-1, with OpenAI expected to follow imminently. Apollo Global's Jim Zelter called this capital markets moment "unprecedented," and for once, the hyperbole feels earned.

The Dow hit a record 51,561 as money rotated hard into $UNH (Bank of America upgraded it to Buy, $150 price target) and $GS, both up over 5% — proof that when chips sneeze, financials hand out tissues and charge you for them.