Overview
- SpaceX completed the largest IPO in history when it listed on Nasdaq on June 12, raising roughly $75 billion with a very small public float and a dual‑class share structure that preserves Elon Musk’s outsized voting control.
- Shares jumped above $225 in the first days of trading but then fell about 18% after the company announced a roughly $60 billion all‑stock acquisition of Anysphere (Cursor), a two‑day slide that erased about $620 billion of market value.
- The IPO filing shows Starlink was the only profitable segment in 2025 while xAI and Starship drove large GAAP losses and heavy capital spending, leaving near‑term cash flow and financing needs in focus.
- Analyst opinion is split: Goldman projects explosive AI‑led revenue growth to roughly $474 billion by 2030, while other firms have cut fair‑value estimates or warned the current price does not reflect dilution and execution risk.
- Investors are watching short‑term supply and funding catalysts that could move the stock, including fast index inclusions that force passive buying, a late‑July lock‑up expiry that could expand the tradable float, the company’s first public quarterly report and possible debt or other capital raises.