Overview
- SpaceX completed the largest IPO in history in mid‑June, raising roughly $75–86 billion and beginning public trading as SPCX on June 12.
- Shares surged to intraday peaks near the $220s then fell into the mid‑$150s, leaving SPCX roughly 18–24% below its post‑IPO highs and exposing steep early volatility.
- The company priced an inaugural senior unsecured notes sale that was upsized from $20 billion to about $25 billion after nearly $90 billion of orders, a sign of strong demand that prompted warnings about market exuberance.
- Mechanical flows are now key drivers: expedited entry into the Russell 1000 took effect after June 26 and Nasdaq 100 inclusion is due in July, while only about 4–5% of shares are publicly tradable under a staged lockup schedule.
- SpaceX is shifting capital into an AI/neocloud business built around its Colossus data centers and multi‑billion‑dollar compute deals, even as Starlink remains the primary cash‑generating arm and the company reports heavy losses and large capital needs.