{"id":118430,"date":"2026-06-15T11:24:16","date_gmt":"2026-06-15T11:24:16","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/118430\/"},"modified":"2026-06-15T11:24:16","modified_gmt":"2026-06-15T11:24:16","slug":"parket-spacex-otevira-otazku-kolik-novych-gigantu-trh-jeste-unese","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/118430\/","title":{"rendered":"Parket: SpaceX otev\u00edr\u00e1 ot\u00e1zku, kolik nov\u00fdch gigant\u016f trh je\u0161t\u011b unese"},"content":{"rendered":"

\u010ctete uk\u00e1zku z\u00a0newsletteru Parket, ve kter\u00e9m Luk\u00e1\u0161 Vo\u017een\u00edlek p\u0159in\u00e1\u0161\u00ed ty nejd\u016fle\u017eit\u011bj\u0161\u00ed novinky ze z\u00e1kulis\u00ed finan\u010dn\u00edch trh\u016f. Pokud v\u00e1s zaj\u00edm\u00e1 v\u00fdvoj burzovn\u00edch index\u016f, cen komodit \u010di m\u011bnov\u00fdch kurz\u016f, p\u0159ihlaste se k\u00a0odb\u011bru<\/a> a\u00a0cel\u00fd newsletter budete ka\u017ed\u00e9 pond\u011bl\u00ed dost\u00e1vat do sv\u00e9 e-mailov\u00e9 schr\u00e1nky.<\/p>\n

P\u00e1te\u010dn\u00ed debut SpaceX na burze Nasdaq pat\u0159il k\u00a0nejsledovan\u011bj\u0161\u00edm ud\u00e1lostem roku na Wall Street. Akcie firmy Elona Muska za\u010daly obchodov\u00e1n\u00ed pod symbolem SPCX a\u00a0hned prvn\u00ed den pos\u00edlily o\u00a019\u00a0procent.<\/p>\n

Ne\u0161lo p\u0159itom jen o\u00a0dal\u0161\u00ed technologick\u00e9 IPO. SpaceX vstoupila na burzu jako jedna z\u00a0nejhodnotn\u011bj\u0161\u00edch firem sv\u011bta. P\u0159i upisovac\u00ed cen\u011b 135\u00a0dolar\u016f za akcii byla ocen\u011bna na 1,77\u00a0bilionu dolar\u016f a\u00a0samotn\u00e1 nab\u00eddka vynesla 75\u00a0miliard dolar\u016f. \u0160lo tak o\u00a0nejv\u011bt\u0161\u00ed vstup firmy na burzu v\u00a0historii\u00a0\u2013 m\u011b\u0159eno objemem z\u00edskan\u00e9ho kapit\u00e1lu.<\/p>\n

Velk\u00fd debut ale vede k\u00a0\u0161ir\u0161\u00ed ot\u00e1zce: Co ud\u011bl\u00e1 s\u00a0akciov\u00fdm trhem firma, jej\u00ed\u017e hodnota se u\u017e v\u00a0prvn\u00ed den obchodov\u00e1n\u00ed bl\u00ed\u017e\u00ed nejv\u011bt\u0161\u00edm burzovn\u00edm hv\u011bzd\u00e1m? Pro investory nejde jen o\u00a0rakety, satelity nebo internetovou s\u00ed\u0165 Starlink. SpaceX je pro n\u011b i\u00a0s\u00e1zkou na to, \u017ee Musk dok\u00e1\u017ee z\u00a0vesm\u00edrn\u00e9ho byznysu, datov\u00e9 infrastruktury a\u00a0um\u011bl\u00e9 inteligence vybudovat dal\u0161\u00ed dominantn\u00ed technologickou platformu.<\/p>\n

\u201ePoka\u017ed\u00e9 kdy\u017e se na trh dostane nov\u00e1 emise akci\u00ed, vznik\u00e1 na ostatn\u00ed akcie postupn\u00fd tlak,\u201c varoval podle agentury Bloomberg zakladatel spole\u010dnosti Research Affiliates a\u00a0investor Rob Arnott. Podle n\u011bj nejde jen o\u00a0samotn\u00fd n\u00e1kup nov\u00fdch akci\u00ed. Probl\u00e9m m\u016f\u017ee nastat i\u00a0ve chv\u00edli, kdy se podobn\u011b velk\u00e9 firmy za\u010dnou dost\u00e1vat do hlavn\u00edch akciov\u00fdch index\u016f a\u00a0fondy kv\u016fli nim budou muset m\u011bnit slo\u017een\u00ed portfoli\u00ed.<\/p>\n

Dal\u0161\u00ed ob\u0159i ve front\u011b<\/p>\n

Nejde jen o\u00a0SpaceX. Agentura Reuters informovala, \u017ee spole\u010dnost Anthropic, kter\u00e1 stoj\u00ed za AI n\u00e1strojem Claude, u\u017e d\u016fv\u011brn\u011b podala \u017e\u00e1dost o\u00a0vstup na burzu. Firma kr\u00e1tce p\u0159edt\u00edm z\u00edskala nov\u00e9 financov\u00e1n\u00ed p\u0159i ocen\u011bn\u00ed 965\u00a0miliard dolar\u016f.<\/p>\n

Firma OpenAI, tv\u016frce popul\u00e1rn\u00edho n\u00e1stroje ChatGPT, podle vlastn\u00edho ozn\u00e1men\u00ed tak\u00e9 d\u016fv\u011brn\u011b podala dokumenty k\u00a0IPO, p\u0159esto\u017ee o\u00a0konkr\u00e9tn\u00edm na\u010dasov\u00e1n\u00ed zat\u00edm nerozhodla. Vlna ob\u0159\u00edch technologick\u00fdch emis\u00ed nicm\u00e9n\u011b ukazuje, jak siln\u00fd z\u016fst\u00e1v\u00e1 hlad investor\u016f po firm\u00e1ch spojen\u00fdch s\u00a0um\u011blou inteligenc\u00ed.<\/p>\n

D\u016fvodem k\u00a0obav\u00e1m nen\u00ed jen popularita t\u011bchto firem, ale hlavn\u011b jejich velikost. Pokud se na burze objev\u00ed nov\u00fd titul v\u00a0hodnot\u011b stovek miliard \u010di bilion\u016f dolar\u016f, investo\u0159i na jeho n\u00e1kup \u010dasto nep\u0159inesou \u00fapln\u011b nov\u00e9 pen\u00edze. \u010c\u00e1st pou\u017eije hotovost, \u010d\u00e1st prod\u00e1 jin\u00e9 akcie a\u00a0\u010d\u00e1st p\u0159esune prost\u0159edky z\u00a0fond\u016f, kter\u00e9 u\u017e dr\u017e\u00ed.<\/p>\n

<\/a><\/p>\n

Pro tento jev se pou\u017e\u00edv\u00e1 pojem absorpce kapit\u00e1lu. Na rozd\u00edl od klasick\u00e9ho \u0159ed\u011bn\u00ed akcion\u00e1\u0159\u016f nejde o\u00a0to, \u017ee by se sn\u00ed\u017eil pod\u00edl st\u00e1vaj\u00edc\u00edch vlastn\u00edk\u016f jedn\u00e9 ve\u0159ejn\u011b obchodovan\u00e9 firmy. U\u00a0IPO je podstatn\u00e9, \u017ee velk\u00e1 nov\u00e1 emise m\u016f\u017ee st\u00e1hnout pen\u00edze z\u00a0jin\u00fdch \u010d\u00e1st\u00ed trhu.<\/p>\n

Tlak mohou zm\u00edrnit penzijn\u00ed fondy, st\u00e1tn\u00ed investi\u010dn\u00ed fondy nebo zahrani\u010dn\u00ed investo\u0159i, pokud na americk\u00fd trh p\u0159inesou nov\u00fd kapit\u00e1l. Z\u00e1kladn\u00ed ot\u00e1zka ale z\u016fst\u00e1v\u00e1 stejn\u00e1: Kolik nov\u00fdch gigant\u016f dok\u00e1\u017ee trh vst\u0159ebat, ani\u017e by to ubralo kapit\u00e1l star\u0161\u00edm akci\u00edm?<\/p>\n

Pr\u00e1v\u011b to je j\u00e1drem Arnottova varov\u00e1n\u00ed. Nov\u00e9 hv\u011bzdy trhu mohou \u201evys\u00e1vat\u201c kapit\u00e1l ze star\u0161\u00edch titul\u016f a\u00a0zvy\u0161ovat rozd\u00edl mezi firmami, kter\u00e9 investo\u0159i vn\u00edmaj\u00ed jako budouc\u00ed v\u00edt\u011bze, a\u00a0zbytkem burzy. U\u00a0SpaceX je tento efekt mimo\u0159\u00e1dn\u011b siln\u00fd pr\u00e1v\u011b proto, \u017ee firma na trh vstoupila s\u00a0velikost\u00ed, kter\u00e1 ji okam\u017eit\u011b za\u0159adila mezi nejhodnotn\u011bj\u0161\u00ed ve\u0159ejn\u011b obchodovan\u00e9 spole\u010dnosti sv\u011bta.<\/p>\n

Nov\u00e9 akcie, star\u00e9 pen\u00edze<\/p>\n

Agentura Reuters je\u0161t\u011b p\u0159ed samotn\u00fdm prvn\u00edm obchodn\u00edm dnem uvedla, \u017ee popt\u00e1vka investor\u016f b\u011bhem IPO n\u011bkolikan\u00e1sobn\u011b p\u0159ev\u00fd\u0161ila nab\u00eddku akci\u00ed. \u010c\u00e1st investor\u016f pak na Wall Street mluvila o\u00a0SpaceX jako o\u00a0titulu, u\u00a0n\u011bho\u017e m\u016f\u017ee b\u00fdt slo\u017eit\u011bj\u0161\u00ed vysv\u011btlovat, pro\u010d jej investor nevlastn\u00ed, ne\u017e pro\u010d jej koupil.<\/p>\n

Velkou roli v\u00a0cel\u00e9 debat\u011b hraj\u00ed indexov\u00e9 fondy a\u00a0ETF, tedy fondy, kter\u00e9 se sna\u017e\u00ed co nejp\u0159esn\u011bji kop\u00edrovat slo\u017een\u00ed vybran\u00e9ho akciov\u00e9ho indexu. Takov\u00fd index si lze zjednodu\u0161en\u011b p\u0159edstavit jako ko\u0161 akci\u00ed, podle n\u011bho\u017e se m\u011b\u0159\u00ed v\u00fdvoj ur\u010dit\u00e9 \u010d\u00e1sti trhu.<\/p>\n

Pokud se do takov\u00e9ho indexu dostane nov\u00e1 ob\u0159\u00ed firma, pasivn\u00ed fondy ji mus\u00ed nakoupit, aby jejich portfolio odpov\u00eddalo slo\u017een\u00ed indexu. Aby pro ni ud\u011blaly v\u00a0portfoliu m\u00edsto, musej\u00ed z\u00e1rove\u0148 sn\u00ed\u017eit v\u00e1hu jin\u00fdch akci\u00ed. Za\u0159azen\u00ed nov\u00e9 hv\u011bzdy do indexu tak m\u016f\u017ee spustit p\u0159esuny kapit\u00e1lu, kter\u00e9 zas\u00e1hnou i\u00a0firmy, s\u00a0nimi\u017e nov\u00fd titul p\u0159\u00edmo nekonkuruje.<\/p>\n

Pr\u00e1v\u011b proto je d\u016fle\u017eit\u00e9, kdo a\u00a0podle jak\u00fdch pravidel rozhoduje o\u00a0tom, zda se nov\u00e1 firma do hlavn\u00edho indexu v\u016fbec dostane. O\u00a0slo\u017een\u00ed index\u016f toti\u017e nerozhoduje trh automaticky, ale jejich provozovatel\u00e9 podle p\u0159edem dan\u00fdch podm\u00ednek. A\u00a0ti k\u00a0nov\u00fdm burzovn\u00edm obr\u016fm nep\u0159istupuj\u00ed stejn\u011b.<\/p>\n

V p\u0159\u00edpad\u011b indexu S&P 500, kter\u00fd sleduje p\u011btistovku velk\u00fdch americk\u00fdch firem a\u00a0podle n\u011bho\u017e investuj\u00ed biliony dolar\u016f po cel\u00e9m sv\u011bt\u011b, tato pravidla ur\u010duje spole\u010dnost S&P Dow Jones Indices. Ta u\u017e d\u0159\u00edve ozn\u00e1mila, \u017ee podm\u00ednky pro rychl\u00e9 za\u0159azen\u00ed ob\u0159\u00edch nov\u00e1\u010dk\u016f m\u011bnit nebude.<\/p>\n

Nasdaq otev\u00edr\u00e1 dve\u0159e<\/p>\n

Jin\u00fdmi slovy to znamen\u00e1, \u017ee SpaceX se podle sou\u010dasn\u00fdch pravidel nem\u016f\u017ee do S&P 500\u00a0dostat hned po IPO, i\u00a0kdyby jej\u00ed hodnota na burze byla mimo\u0159\u00e1dn\u011b vysok\u00e1. Samotn\u00e1 velikost toti\u017e nesta\u010d\u00ed.<\/p>\n

Nov\u00e1 spole\u010dnost mus\u00ed splnit tak\u00e9 dal\u0161\u00ed podm\u00ednky, v\u010detn\u011b dostate\u010dn\u011b dlouh\u00e9 historie obchodov\u00e1n\u00ed, ur\u010dit\u00e9ho mno\u017estv\u00ed akci\u00ed voln\u011b dostupn\u00fdch pro investory a\u00a0finan\u010dn\u00ed kondice. Pr\u00e1v\u011b posledn\u00ed bod m\u016f\u017ee b\u00fdt u\u00a0SpaceX citliv\u00fd. Firma toti\u017e v\u00a0lo\u0148sk\u00e9m roce vyk\u00e1zala \u010distou ztr\u00e1tu 4,9\u00a0miliardy dolar\u016f p\u0159i tr\u017eb\u00e1ch 18,7\u00a0miliardy dolar\u016f.<\/p>\n

Na z\u00e1klad\u011b posledn\u00edho rozhodnut\u00ed spole\u010dnosti S&P Dow Jones nebude SpaceX za\u0159azena do indexu S&P 500\u00a0d\u0159\u00edve ne\u017e rok po sv\u00e9m vstupu na burzu.<\/p>\n

<\/a><\/p>\n

Jinak postupuje burza Nasdaq, kter\u00e1 z\u00e1rove\u0148 provozuje vlastn\u00ed index Nasdaq-100.\u00a0Ten zahrnuje stovku nejv\u011bt\u0161\u00edch nefinan\u010dn\u00edch firem obchodovan\u00fdch na Nasdaqu a\u00a0m\u00e1 siln\u00e9 zastoupen\u00ed technologick\u00fdch spole\u010dnost\u00ed. Tato burza od kv\u011btna umo\u017e\u0148uje, aby se mimo\u0159\u00e1dn\u011b velk\u00e9 nov\u011b obchodovan\u00e9 firmy dostaly do tohoto indexu rychleji ne\u017e d\u0159\u00edve.<\/p>\n

U vybran\u00fdch firem se m\u00e1 velikost posuzovat u\u017e sedm\u00fd obchodn\u00ed den a\u00a0p\u0159i spln\u011bn\u00ed podm\u00ednek mohou b\u00fdt do indexu za\u0159azeny po 15.\u00a0dni obchodov\u00e1n\u00ed nam\u00edsto p\u016fvodn\u00edch t\u0159\u00ed m\u011bs\u00edc\u016f. Nasdaq z\u00e1rove\u0148 zru\u0161il po\u017eadavek, aby firma m\u011bla voln\u011b obchodovateln\u00fdch alespo\u0148 deset procent akci\u00ed. U\u00a0SpaceX je to d\u016fle\u017eit\u00e9, proto\u017ee akcie prodan\u00e9 v\u00a0IPO odpov\u00eddaly jen zhruba 4,2\u00a0procenta hodnoty firmy. Pokud je k\u00a0obchodov\u00e1n\u00ed dostupn\u00e1 jen men\u0161\u00ed \u010d\u00e1st akci\u00ed, Nasdaq j\u00ed v\u00a0indexu p\u0159id\u011bl\u00ed ni\u017e\u0161\u00ed v\u00e1hu.<\/p>\n

Nov\u00e1 pravidla pro star\u00fd trh<\/p>\n

IPO SpaceX tak uk\u00e1zalo \u0161ir\u0161\u00ed probl\u00e9m sou\u010dasn\u00e9ho trhu. Nejv\u011bt\u0161\u00ed technologick\u00e9 firmy z\u016fst\u00e1vaj\u00ed soukrom\u00e9 mnohem d\u00e9le ne\u017e v\u00a0minulosti a\u00a0na burzu p\u0159ich\u00e1zej\u00ed a\u017e ve chv\u00edli, kdy u\u017e maj\u00ed ob\u0159\u00ed hodnotu.<\/p>\n

Spr\u00e1vci index\u016f proto \u0159e\u0161\u00ed ot\u00e1zku, na kterou d\u0159\u00edve nenar\u00e1\u017eeli v\u00a0takov\u00e9 m\u00ed\u0159e: Maj\u00ed podobn\u00e9 firmy za\u0159azovat rychle, aby indexy l\u00e9pe odr\u00e1\u017eely skute\u010dnou podobu trhu, nebo maj\u00ed trvat na opatrn\u011bj\u0161\u00edch pravidlech a\u00a0chr\u00e1nit investory p\u0159ed p\u0159\u00edli\u0161 rychl\u00fdm n\u00e1kupem \u201edrah\u00fdch\u201c a\u00a0zat\u00edm kr\u00e1tce obchodovan\u00fdch akci\u00ed?<\/p>\n

Pro investory to neznamen\u00e1, \u017ee by SpaceX, OpenAI nebo Anthropic byly automaticky hrozbou. Jejich vstup na burzu m\u016f\u017ee naopak otev\u0159\u00edt cestu k\u00a0firm\u00e1m, kter\u00e9 dosud rostly hlavn\u011b mimo dosah b\u011b\u017en\u00fdch investor\u016f. Jen\u017ee pen\u00edze na trhu nejsou nekone\u010dn\u00e9. Pokud se velk\u00e1 \u010d\u00e1st z\u00e1jmu soust\u0159ed\u00ed na nov\u00e9 technologick\u00e9 hv\u011bzdy, m\u016f\u017ee to ubrat kapit\u00e1l i\u00a0pozornost firm\u00e1m, kter\u00e9 se na burze obchoduj\u00ed u\u017e roky.<\/p>\n

V pln\u00e9 verzi newsletteru Parket v\u017edy najdete i\u00a0souhrn nejd\u016fle\u017eit\u011bj\u0161\u00edch zpr\u00e1v z\u00a0oblasti akciov\u00fdch trh\u016f a\u00a0makroekonomick\u00fdch trend\u016f, investi\u010dn\u00ed tipy odborn\u00edk\u016f nebo novinky z\u00a0pra\u017esk\u00e9 burzy. P\u0159ihlaste se k\u00a0odb\u011bru<\/a>, aby v\u00e1m nic d\u016fle\u017eit\u00e9ho neuniklo.<\/p>\n","protected":false},"excerpt":{"rendered":"\u010ctete uk\u00e1zku z\u00a0newsletteru Parket, ve kter\u00e9m Luk\u00e1\u0161 Vo\u017een\u00edlek p\u0159in\u00e1\u0161\u00ed ty nejd\u016fle\u017eit\u011bj\u0161\u00ed novinky ze z\u00e1kulis\u00ed finan\u010dn\u00edch trh\u016f. Pokud v\u00e1s…\n","protected":false},"author":2,"featured_media":118431,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[12],"tags":[412,67,68,461,6461,69,3888,7473,3887,12929,952,462,6459],"class_list":["post-118430","post","type-post","status-publish","format-standard","has-post-thumbnail","category-byznys","tag-akcie","tag-business","tag-byznys","tag-elon-musk","tag-etf-exchange-traded-fund","tag-investice","tag-investicni-fondy","tag-nasdaq","tag-newsletter-parket","tag-prvni-verejna-nabidka-akcii-ipo","tag-sp-500","tag-spacex","tag-wall-street"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116753876070615926","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/118430","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=118430"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/118430\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/118431"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=118430"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=118430"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=118430"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}