Overview
- SpaceX completed the largest IPO in history on June 12, selling a very small public float and drawing heavy retail allocations that powered an early, rapid rally.
- Retail buying pushed the stock into multitrillion‑dollar territory and briefly into the top five public companies, but that surge relied on a tiny tradable share pool that amplified price moves.
- The first full‑day decline came on June 17 and the stock fell further through June 19 as retail flows cooled and some investors took profits from post‑IPO highs.
- Market attention shifted after SpaceX announced a roughly $60 billion all‑stock acquisition of Anysphere (Cursor) and reports said bankers were preparing investor calls for a possible $20 billion bond offering.
- Near‑term risks that could drive more volatility include concentrated founder voting control and limited float, upcoming lockup expirations, index‑inclusion timing under S&P rules, and SpaceX’s first public earnings report.