Overview
- SpaceX sold about 555.6 million shares at $135 to raise roughly $75 billion and began trading on Nasdaq as SPCX, closing about 19% above the offering price on June 12 and pushing the company's market value past $2 trillion.
- Company filings show Elon Musk will retain roughly 82% of voting power, while only about 4–5% of shares were offered to the public and retail investors received an unusually large allocation reported between 20% and 30%.
- The S‑1 disclosed 2025 revenue near $18.7 billion with a consolidated GAAP loss around $4.9 billion, Starlink as the main cash generator, and the recent xAI acquisition reported to be burning roughly $1 billion a month, increasing near‑term funding needs.
- Demand for the offering was massive, with reports of total orders above $350 billion and retail interest north of $100 billion, and recent index‑rule changes that speed inclusion mean large index funds may be forced to buy shares soon after listing.
- Analysts are split: some brokerages initiated bullish coverage while research firms like Morningstar put a far lower fair value around $780 billion, and investors should watch short‑term price swings, quarterly filings, xAI cash burn, and how fast passive flows affect liquidity.