SK Hynix formally launched its Nasdaq ADR offering this week, targeting roughly $28 billion in proceeds — a deal that would rank among the largest share sales in history, trailing only SpaceX’s IPO from last month. Pricing is expected Thursday, with trading set to begin Friday under the ticker SKHY.

The scale. SK Hynix is selling 17.79 million new shares via ADRs, with 10 ADRs representing one common share. The target was revised down from an earlier filing that sought closer to $29.6 billion, after the stock corrected in Seoul in the run-up to pricing. Even at the reduced size, it would surpass both the Saudi Aramco and Alibaba IPOs.

SpaceX enters the Nasdaq 100 before the market opens today, and the mechanics matter more than the headline. Index funds and ETFs tracking the Nasdaq 100 — collectively managing on the order of $800 billion in assets — don’t get to decide whether they want to own SpaceX. Once the exchange adds it, they have to buy, regardless of valuation.

The weighting is smaller than the market cap suggests. SpaceX priced its IPO at a valuation north of $2 trillion, comparable to Amazon. But Nasdaq 100 weightings are based on free-float market cap — the shares actually available to trade — not total valuation. Insider holdings and lockup-restricted shares don’t count. That’s why SpaceX is expected to enter at roughly a 1% weighting despite a market cap that would otherwise put it near the top of the index. JPMorgan has estimated the resulting mechanical buying at over $4 billion.

The headline says OpenAI is leaning toward delaying its IPO to 2027. The price action says something narrower: the most leveraged claim on that listing just repriced. SoftBank fell as much as 13% in Tokyo, the worst session since August 2024, while OpenAI’s own business did not change at all.

That gap between the news and the reaction is the entire story. This was never a fundamentals event. OpenAI filed a confidential S-1 on June 8, revenue is still growing, and the company told regulators it had not settled on timing. What moved was the calendar, and the calendar is the only thing SoftBank shareholders were actually long.

SpaceX confirmed on Tuesday that it will acquire Anysphere, the company behind the AI coding tool Cursor, in an all-stock transaction valuing the startup at $60 billion. The deal lands four trading days after SpaceX’s record-setting Nasdaq debut and formally exercises an acquisition option the rocket company secured back in April. SPCX shares ran nearly 9% higher in Tuesday’s premarket on the news, trading around $210 and extending an already-violent post-IPO rally.

Space Exploration Technologies closed its first day on the Nasdaq at $161, up 19% from a $150 open, parking the company at a $2.1 trillion valuation. This is a remarkable price for a firm whose trailing EPS is negative, which is to say a firm that, per share, currently loses money. The market has looked at this and concluded that the rational move is to assign it more value than the entire economy of Italy.

Quantinuum was sold as the quantum sector’s first real institutional listing: a full-stack platform, a Honeywell pedigree, a book that came in roughly twenty times oversubscribed, an offer walked up from a $45–$50 range to $53–$55 and finally priced at $60. Two sessions in, the stock is below its offer price. The debut did not break because quantum sentiment collapsed. It broke because the price embedded a decade of execution that the financials do not support. A $60 offer was a sentiment trade, and sentiment trades reprice fastest.

Two of the three catalysts that will set next week’s tape are dated and certain. The third — the one that actually settles whether June 5’s selloff was noise or a regime change — is not on the calendar until late August. That asymmetry is the whole story. The week ahead can move the market hard without resolving the question underneath it.

May CPI — Wednesday, June 10, 8:30 a.m. ET

The Bureau of Labor Statistics releases the May Consumer Price Index at 8:30 a.m. Eastern on Wednesday. It is the first inflation read since strong jobs data drove the rate-repricing selloff, which makes it the pivot, not a footnote. April came in at 3.8 percent headline and 2.8 percent core year over year, a third consecutive firm print, and the market enters Wednesday with the Fed positioned hawkish and easing odds thin. A hot number extends the rate-driven derating that began on the jobs report; a soft one is the fast track back toward the highs. There is no neutral outcome here — the print either confirms the bond market’s repricing or breaks it, and equities trade off the two-year yield’s reaction within minutes.

On June 12, Space Exploration Technologies Corp. lists on the Nasdaq under the ticker SPCX. The offering is already oversubscribed. It is priced at a fixed $135 per share with no bookbuilding range — a deliberate break from convention that tells you the company believes demand exceeds anything price discovery would surface. SpaceX is selling roughly 555.6 million shares to raise $75 billion at a $1.75 trillion valuation, more than twice Saudi Aramco’s 2019 record and the largest IPO in market history by a wide margin. Morningstar’s independent fair value estimate is $780 billion. The 55% gap between those two numbers is not a footnote. It is the entire question, and on June 12 it stops being theoretical for everyone holding a Nasdaq index fund.