Overview
- On Friday, June 12 SpaceX sold 555.6 million shares at $135 each, raising about $75 billion with an 83.3 million‑share greenshoe that could push proceeds to roughly $86 billion.
- The offering floated roughly 4.2% of equity and preserved a dual‑class structure that leaves Elon Musk with roughly 82–85% of voting power and pushed his paper net worth above $1 trillion.
- SpaceX reported about $18.7 billion in revenue for 2025 and net losses near $4.9–5 billion, producing an unusually high price‑to‑sales ratio near 95–100 that many analysts say outpaces current fundamentals.
- Market and regulatory responses limited immediate effects: Germany’s BaFin restricted direct retail access in Europe to seven countries, S&P kept index‑inclusion rules that delay entry until profitability, and public pension managers warned about passive funds gaining concentrated exposure.
- Thousands of current and former employees became millionaires on the debut, and the IPO adds to a wave of mega listings in AI and tech that could lift related stocks like Tesla or create spillover risks if valuations re‑rate.