Overview
- SpaceX, which priced its IPO on Friday, June 12, sold 555.6 million Class A shares at $135 to raise about $75 billion and then expanded proceeds to roughly $85.7 billion after underwriters exercised the greenshoe.
- Only about 4–5% of the company’s stock was made available to the public, and a large retail allocation plus extreme call buying pushed options volume to record first‑day levels — roughly 2 million contracts tracked by Cboe — forcing market‑makers to buy shares to hedge and amplifying the rally.
- The stock briefly implied a near‑$3 trillion market cap in early trading and settled in the roughly $2.5–2.8 trillion range before cooling with about a 5% pullback this week, while SpaceX named Roelof Botha to the board and announced a $60 billion all‑stock acquisition of Anysphere (Cursor).
- Public filings show the company generated about $18–18.7 billion in 2025 revenue with Starlink contributing roughly $11.4 billion, but SpaceX posted a GAAP net loss near $4.9 billion as xAI and Starship investments drive heavy cash burn and could require further capital.
- Analysts are deeply divided on value, with some firms issuing sell ratings and low targets, and market watchers warn that index‑inclusion rules, lockup expirations and any future equity raises could trigger large mechanical flows that increase price swings and affect retail investors.