WestEnd Capital Management, a technology-focused investment adviser managing roughly $300 million to $400 million, chose not to participate in SpaceX’s June 2026 IPO because the valuation did not fit its earnings-growth strategy. SpaceX listed on Nasdaq under SPCX on June 12, pricing 555.6 million Class A shares at $135 each for approximately $75 billion in base proceeds; full exercise of the greenshoe option lifted total proceeds to roughly $85.7 billion. The offering implied a valuation of about $1.77 trillion, while the company’s initial market capitalization exceeded $2 trillion, making it the largest IPO on record. WestEnd, founded in 2005 and headquartered in Sausalito, California, focuses on companies with accelerating earnings, particularly in technology and AI-adjacent sectors. The firm did not disclose whether it received an allocation offer. SpaceX sold approximately 4% to 5% of the company, while CEO Elon Musk retained about 82% to 85% of voting power through the dual-class structure. A 366-day lock-up applies to Musk and certain insiders. The IPO included an estimated 20% to 30% retail allocation and gave public investors exposure to SpaceX’s launch business, Starlink satellite network and Starship development, while governance remained concentrated. The listing also benefited 137 Ventures, whose $137 million 2014 fund rose above $1.1 billion after accumulating SpaceX shares since 2011 and holding more than 1% at the IPO. 137 Ventures’ assets under management exceed $15 billion, and its total capital raised surpassed $700 million by early 2026.