Overview
- SpaceX priced its IPO at $135 a share and began trading on Friday, June 12, opening near $150, peaking around $176, and closing at about $160.95 to produce a roughly $2.1 trillion market value.
- The deal raised about $75 billion in cash, made Elon Musk a paper trillionaire, and created large paper gains for thousands of current and former employees who hold company stock.
- Under unusual mechanics, the company used a fixed‑price sale with a small immediate float and an unusually large retail allocation, which left relatively few shares available to meet demand.
- Analysts warn that concentrated voting control, sizable recent GAAP losses from xAI spending, and heavy capital plans for Starlink and orbital AI infrastructure increase the risk of sharp corrections once index flows or lockups change.
- Markets will watch near‑term triggers such as accelerated index eligibility, underwriter overallotment actions and lockup expirations, with historical big‑IPO patterns suggesting early enthusiasm can give way to volatility if fundamentals lag.