The market is zeroed in on SpaceX's upcoming IPO, expected to be one of the largest in history. The company plans to list on Nasdaq under ticker $SPCX, with a target date of June 11-12.

SpaceX aims to raise as much as $75 billion. BlackRock is reportedly considering an investment of up to $10 billion — potentially one of the largest single-IPO commitments by any asset manager.

Why it matters

SpaceX's IPO follows the successful debut of Cerebras, an Nvidia competitor in the chip space. Cerebras' strong performance has boosted hype for SpaceX and OpenAI, but may crowd out smaller issuers.

Jim Cramer warned the IPO could prove "destructive" to the broader market due to its sheer size and the attention it will command.

Market chatter

X conversations center on the wider implications. Some investors see it as a positive signal for tech and space sectors, while others worry about negative spillover on smaller IPOs.

Meanwhile, upcoming earnings reports are on deck from Zscaler ($ZS), SentinelOne ($S), Okta ($OKTA), Palo Alto Networks ($PANW), and CrowdStrike ($CRWD). The semiconductor sector has led but is cooling after recent prints.

Nvidia's latest 13F filing showed a major increase in its CoreWeave stake (up 94.5% to 47.2M shares).

The bottom line

The market is waiting on SpaceX as a landmark event. A successful debut could open the door for more large-scale offerings. In the meantime, investors are watching how Cerebras' performance and the upcoming earnings slate play out.