Overview
- SpaceX completed the largest U.S. IPO on June 12, pricing shares at $135 and raising about $75 billion, which helped push its market value briefly above $2 trillion.
- A heavy retail bid and a very small free float drove an early multi‑day surge that began to reverse when the stock logged its first full‑day drop on June 17 and extended into larger declines through June 18–19.
- On June 16 SpaceX announced an all‑stock acquisition of Anysphere (Cursor) for about $60 billion, and reporters say bankers are preparing investor calls for a potential ~$20 billion bond offering to help fund AI expansion.
- Market participants flagged structural risks to the share price including the roughly 4% public float, options‑market hedging, upcoming lockup expirations that will add supply, and S&P’s 12‑month seasoning rule that delays passive index demand.
- Analysts’ valuations diverge sharply — published targets range from about $63 to $250 — and investors are watching SpaceX’s first quarterly earnings, index decisions and lockup schedules as the next major catalysts.