Overview
- SpaceX priced its IPO at $135 and began trading on June 12, raising $75 billion from the initial share sale and confirming on June 15 that underwriters exercised a greenshoe to increase proceeds to about $85.7 billion.
- The stock surged roughly 50% above the IPO price in the first trading days, pushing SpaceX’s market value past $2.5 trillion and briefly ahead of Amazon and Microsoft during intraday moves.
- Options and other derivatives exploded onto the tape with record contract volumes and implied volatility above 100%, and market‑maker hedging of call exposure has mechanically added to buying pressure.
- Only a small share of SpaceX equity was freely tradable at listing, retail investors received an unusually large allocation (reported around 20–30%), and underwriter stabilization and staggered lockups have kept near‑term supply tight.
- Fundamentals contrast with the market price: SpaceX reported about $18.7 billion in 2025 revenue and multi‑billion GAAP losses, it announced a proposed $60 billion all‑stock deal for Anysphere (Cursor), and analysts warn that upcoming lockup expirations and index‑driven passive flows could sharply change liquidity and price direction.