The largest IPO in history just went live.

SpaceX started trading on the Nasdaq this morning at $135 a share, raising $75 billion and landing a $1.77 trillion valuation. But here's the part most people will miss: only 4% of the company's shares are actually available to trade, and MSCI just fast-tracked SPCX for index inclusion starting tomorrow. That means billions in forced buying is about to hit a very small pool of available stock.

I'll break down what that means for the price, which companies are raising massive rounds this week, and why Uber's AI budget problem is actually a preview of what's coming to every large company.

Let's get into it.

Jobless claims hit a 3-month high. New unemployment filings came in at 229,000 for the week ending June 6, up from 225,000 the prior week and above the 219,000 economists expected. Continuing claims rose to 1.795 million. One week doesn't make a trend, but this is the highest reading since early March, and it comes right before the Fed meets next week.

Wholesale prices jumped the most in over three years. The May Producer Price Index came in at 6.5% year-over-year, the highest since November 2022. Gasoline was up 23.4%. Core prices (stripping out food, energy, and trade) hit 5.1% year-over-year. These are the costs businesses pay before passing them to you. When PPI runs this hot, consumer prices usually follow.

The Fed meets next week, and the new chair gets his first decision. The FOMC convenes June 16-17 with Kevin Warsh running his first meeting as chair. Markets are pricing a 98% chance rates stay put. But with CPI at 4.2% and PPI at 6.5%, the bigger question is whether the Fed officially shifts its bias from "leaning toward cuts" to "not cutting anytime soon."

Amdocs is cutting 2,900 jobs. The telecom software company is laying off roughly 10% of its workforce as new CEO Shimie Hortig restructures the business. The company cited a need to become "less hierarchical" and adapt to AI. This is Amdocs' fourth straight year of cuts.

Colorado rewrote its AI law and pushed it back six months. The state's original AI Act was set to take effect June 30, but Governor Polis signed a replacement bill in May that narrows the scope and delays the effective date to January 1, 2027. The new law focuses specifically on automated decision-making in employment, healthcare, and financial services rather than the original broad "high-risk AI" framework.

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SpaceX started trading on the Nasdaq this morning under the ticker SPCX, priced at $135 a share. The company raised $75 billion, making this the largest initial public offering ever. The valuation: $1.77 trillion, putting SpaceX in the same neighborhood as Apple, Microsoft, and Nvidia before it even completes a single day of trading.

But the number that matters most today isn't the price. It's the float. Only about 4% of SpaceX's shares are available for public trading. The rest are held by insiders, early investors, and employees with lockup restrictions. That's an extraordinarily thin market for a company this size.

And it's about to get thinner. MSCI announced on June 9 that it would fast-track SPCX for index inclusion starting June 13, just one day after the IPO. That means every index fund and ETF that tracks MSCI benchmarks will be required to buy SPCX shares. Analysts estimate this will create $35-50 billion in structural demand chasing that 4% float. Meanwhile, the S&P 500 has excluded SpaceX from its index because the company doesn't meet its profitability requirements.

For anyone watching from the sidelines, the real story isn't whether SPCX goes up or down today. It's what happens when forced institutional buying meets an artificially limited supply of shares. This is a supply-demand problem, not a valuation debate.

Why it matters: SpaceX going public changes the landscape for space, defense, and satellite internet. But more immediately, it's a case study in how IPO structure and index mechanics can move prices independently of fundamentals. If you're in program management, government contracting, satellite communications, or aerospace engineering, the opportunities downstream from $75 billion in capital are real. The company is scaling Starlink globally, building Starship for deep space, and winning government contracts at an increasing pace. Where there's capital and growth, there are roles.

Uber laid off roughly 23% of its People and Places division in early June. The company says it's a restructuring move to simplify reporting layers. It has nothing to do with AI, they insist.

Here's what else happened at Uber recently: the company blew through its entire 2026 AI coding budget by April. AI tool adoption among its 5,000 engineers went from 32% to 84% in four months. Nearly 95% of engineers now use AI tools monthly. Close to 70% of all committed code is AI-generated. Per-engineer AI costs ran between $500 and $2,000 a month, and the company has since capped spending at $1,500 per engineer per month.

The company says these two things are unrelated. Maybe they are. But the pattern is becoming familiar: companies adopt AI tools at breakneck speed, productivity per engineer goes up, and then a different department gets restructured for "organizational complexity."

Why it matters: This isn't just an Uber story. It's a preview. When 70% of a company's code is written by AI and the productivity gains are measurable, the pressure to restructure supporting functions follows. If you work in a function that supports a team getting dramatically more efficient, the question isn't whether restructuring happens. It's when, and whether you're positioned for the roles that emerge on the other side.

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Funded companies hire aggressively in the 6-12 months after a major raise. This week alone, three companies raised over $500 million each: Prometheus ($12B), NEURA Robotics ($1.4B), and Supabase ($500M).

Here's the move: go to LinkedIn, search "[Company name]," click "Jobs," and hit the bell icon to turn on alerts. Do this for 3-5 recently funded companies every month. You'll see roles posted before they hit the job boards, and you'll be early when hiring managers are building new teams with fresh budgets.

Crunchbase and TechCrunch's funding tracker both list recent rounds. Five minutes a week keeps your pipeline warm.

Where does SPCX close on its first day of trading?

Reply with your number. We'll share the results Monday.

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