Overview
- SpaceX sold 555.6 million shares in the offering and began trading on Nasdaq, jumping about 19% on its first day and adding further gains in premarket trading to place its market value above $2 trillion after Friday’s debut.
- The company reported about $18.7 billion in revenue for 2025 and a roughly $4.9 billion GAAP loss, with Starlink producing most current revenue while xAI and AI infrastructure drove steep R&D spending and higher capital expenditures.
- Only roughly 3–4% of SpaceX’s total shares are in the public float because most holdings are locked up and the company uses a dual‑class structure that leaves Elon Musk with overwhelming voting control.
- Index rules and fast‑track inclusion by Nasdaq, plus planned additions by FTSE Russell and MSCI in late June, could force large passive funds to buy shares quickly and magnify short‑term price swings given the limited float.
- Market views are split: retail investors took about 20% of the IPO allocation and demand was strong, while some analysts opened coverage with sell or deep‑discount valuations, citing lofty multiples and future dilution risks.