Joshua joined AusBiz this morning ahead of one of the busiest IPO windows the local and global markets have seen in years. SpaceX prices tonight, Pengana’s new AI vehicle is mid-raise, and a small defence-tech listed in Canberra has more than doubled inside its first week of trade. Below, the four moves worth understanding, and where the better positioning sits.
SpaceX at $1.77 trillion, with limited Australian access.
SpaceX prices its IPO at US$135 per share tonight, 12 June, raising approximately US$75 billion at a valuation of US$1.77 trillion. That ranks it as the seventh largest US-listed company by market value, ahead of Tesla. Retail allocation is unusually generous at 30%, compared with the typical 5% to 10% on Tier-1 IPOs. Domestic distribution, however, is narrow. CommSec appears to be the principal Australian retail channel, and the vast majority of local advisers, Barker Wealth included, are not facilitating direct allocations in the offer.
Boresight (ASX: BST), the smaller listing that actually moved.
Canberra-based defence-tech Boresight listed on 10 June at 20c, raising $8 million in an IPO backed by Regal Funds Management. The company manufactures low-cost aerial target drones used in live-fire training by 11 Western armed forces, including the Australian Defence Force, the US Army, the US Navy, the US Marine Corps, and the British Army. The stock traded sharply higher in its first two sessions, with a market value around $42 million at listing and further appreciation since. The thesis is straightforward. Counter-drone training is a structurally rising line item in Western defence budgets, and Boresight is the only ASX-listed pure play we are aware of in the category.
A gold parallel worth remembering.
The retail enthusiasm around physical gold in late 2025 and early 2026 is a useful reference point. Gold peaked at US$5,589 per ounce on 28 January and now trades near US$4,170, a drawdown of roughly 25% that has effectively erased the metal’s calendar-year gain. The structural case from sovereign reserve buying remains intact. The lesson is positioning. Late-cycle, headline-driven entries rarely compound well, regardless of the underlying thesis.
Pengana AIX, the pick of the calendar.
The listing we view as most compelling for Australian investors is the Pengana AI Trust (proposed ASX: AIX). AIX is a self-liquidating listed investment trust providing exposure to private companies that develop, enable, or benefit from artificial intelligence. The portfolio is managed by GCM Grosvenor, the US-based alternatives manager with approximately US$91 billion under management. Confirmed positions include ByteDance, the parent of TikTok, and the AI hiring platform Handshake. Targeted future positions include Anthropic and OpenAI.
The public offer closes on 19 June, with listing expected early July. Institutional demand has been sufficient that the cornerstone allocation was lifted from $100 million to $150 million and is now fully subscribed.
For Australian investors, AIX does something most other vehicles cannot. It opens considered, structurally credible pre-IPO access to private AI businesses that are otherwise out of reach for retail capital.
The macro backdrop.
Markets rallied overnight on President Trump’s announcement that a multi-party Iran settlement is “subject to finalisation,” with a signing expected within days. Oil retreated, equities advanced, and the Strait of Hormuz is reportedly set to reopen on agreement. Iran has not yet publicly confirmed. The market is, in our view, pricing the constructive outcome rather than waiting on it.
Watch on ausbiz
Joshua Barker joined ausbiz to discuss the ASX open and what global markets are signalling for Australian investors.
To speak with a member of our team, visit our contact page or explore our advisory services.
This article is intended for general informational purposes only and does not constitute financial product advice, legal advice, or tax advice. The information provided is based on general principles under the Corporations Act 2001 (Cth) and may not apply to your individual circumstances. Always consult a licensed financial adviser and a qualified accountant before making investment decisions. Past performance is not a reliable indicator of future performance.