EDGAR Closed Friday, July 3

July 4 falls on a Saturday this year. Under 5 U.S.C. § 6103(b), when a federal holiday lands on a Saturday, the observed holiday shifts to the preceding Friday. EDGAR will not accept filings on July 3. Plan accordingly, then enjoy the long weekend.

SEC Appoints Lucosky Brookman Partner to Small Business Capital Formation Advisory Committee

Joseph Lucosky, Managing Partner of Lucosky Brookman LLP, was appointed to the SEC's Small Business Capital Formation Advisory Committee on June 10, 2026, one of five new members named by SEC Chairman Paul S. Atkins to four-year terms. The Committee advises the Commission directly on capital formation, IPO activity, and regulatory issues affecting smaller public companies.

Texas Stock Exchange Targeting July 6 Launch

A new national exchange beginning trading in America's 250th year is a fitting marker of how the country's capital markets keep evolving. TXSE is moving into launch mode. Its member readiness guide targets trading to begin on July 6, 2026 in specified test stocks, with connectivity, testing, and certification milestones leading up to go-live. TXSE says the launch is the first step in a broader rollout that later includes ETP and corporate listings. txse.com →

555,555,555: The Number Behind the Largest IPO in History

The largest IPO in history pricing in America's 250th year is a fitting marker of how far American capital markets can carry a company. SpaceX began trading on Nasdaq in June 2026 under ticker SPCX, raising $75 billion in the largest IPO ever recorded. Priced at $135 per share. But the number worth remembering is the share count: exactly 555,555,555 shares. Not approximate. Exact. The repeating fives were deliberately engineered so the arithmetic would land precisely on $75 billion. The total raise came to $74,999,999,925, just $75 short of a round number. The greenshoe option followed the same logic: 83,333,333 shares. Intentional elegance built into the deal structure from the start.

Before any of that, SpaceX raised capital for over two decades exclusively through Regulation D private offerings. Its Form D filings on SEC EDGAR are public record, a useful illustration of what Reg D filings actually look like. No financials, no deal terms, no valuation. Just a notice that a raise occurred. The private-to-public path SpaceX took is its own story, but the Reg D starting point is one that many companies share.

Reg D Still Drives Private Capital

Before companies ever reach a public market, many start with a private raise under Regulation D. The SEC's Reg D framework, primarily Rules 504, 506(b), and 506(c), allows companies to raise capital from accredited investors without registering the offering publicly. Rule 504 covers raises up to $10 million in a 12-month period; Rule 506 offerings can raise unlimited amounts. Companies must file a Form D notice with the SEC within 15 calendar days of the first sale. Form D filings are public record on SEC EDGAR and are often an early signal of where private capital is flowing, useful context for advisors tracking companies that may later pursue OTC trading or a public-market path.

The 2026 FIFA World Cup is being played across the United States, Canada, and Mexico, with the U.S. hosting the majority of matches, including the final at MetLife Stadium in New Jersey. It is the first World Cup since 1994 to be hosted in North America, and the largest in history with 48 teams and 104 matches. Estimates put total economic impact for the U.S. at over $5 billion, with an expected 5 million international visitors arriving throughout the tournament.

But the story that has captured the most attention is not on the field. It is on social media. Across TikTok, Instagram, and X, international visitors are posting videos that have generated millions of views, not of the soccer but of ordinary American life. A Swedish tourist screaming with excitement when she spotted a yellow school bus. A German fan going viral after visiting Buc-ee's, a Waffle House, and a Texas stadium, eventually drawing shoutouts from Transportation Secretary Sean Duffy and former NFL star J.J. Watt. Scottish supporters filling Boston's streets with bagpipes at 6:30 in the morning, and the neighbors loving it. A Japanese soccer journalist comparing Nashville to Universal Studios.

One British supporter captured the sentiment in a widely shared video: "We owe America a huge apology because America is nothing like the media tells us. Everyone is so friendly, everyone is so accommodating, and I've honestly had the best time."

That inbound wave is arriving in a country also celebrating its 250th anniversary. For investors and market watchers, it is not just a cultural moment. Travel, lodging, dining, retail, transportation, and the local economies that host these visitors are all in focus. It is a real economic event with measurable sector-level tailwinds, and a reminder that firsthand experience often tells a different story than the news cycle.

The thread running through 250 years of American capital markets is simple: America builds the rules, then builds the markets. The Buttonwood Agreement. The Securities Exchange Act of 1934. Nasdaq in 1971. Each era, America set the framework and the world followed.

That pattern is now extending into digital market infrastructure. In May, DTCC announced that DTC's new tokenization service is scheduled to begin limited production trades in July 2026, with more than 50 firms participating and a broader launch planned for October. The pilot is designed to support tokenized securities within the existing post-trade framework, signaling that the same core plumbing behind traditional U.S. capital markets is being adapted for the next era of issuance, custody and settlement.

Digital assets are no different. The White House has made it explicit: the United States intends to be the crypto capital of the world. President Trump signed executive orders in early 2025 establishing a Strategic Bitcoin Reserve and directing federal agencies to remove barriers to digital asset development. The CLARITY Act, which cleared the Senate Banking Committee 15-9 in May, would establish the first comprehensive U.S. framework for digital asset jurisdiction, drawing a clear line between the SEC and the CFTC and giving the industry something it has never had: legal clarity. Whether that bill passes in 2026 or later, the direction is set. America is not ceding this market.

For companies and advisors in the public markets, that matters. The same infrastructure that supports OTC trading and national exchange listings is being positioned to support tokenized securities. SpaceX went public. TXSE is launching. The CLARITY Act is on the Senate floor. The next chapter of American capital formation is being written now, and it looks a lot like the chapters before it.

The Markets That Built America

25 capital market milestones across 250 years, from the Buttonwood Agreement to SpaceX.

For 250 years, America's capital markets have financed the nation's growth, from canals and railroads to automobiles, computers, the internet, artificial intelligence, and private space exploration. Every era of innovation has been powered by access to capital.