Overview
- SpaceX sold roughly 555.6 million shares in an IPO that priced on Friday, raising about $75 billion and then saw the stock climb more than 50% in the first three trading days to a market value near $2.7–$2.8 trillion.
- The rally lifted Elon Musk's personal wealth above the $1 trillion mark and left him with concentrated voting control of the company while only a small share of equity is freely tradable.
- Australian miner Gina Rinehart bought more than $1 billion of shares and recorded an estimated paper gain of about $400 million after the early rally.
- Days after the listing SpaceX used shares to acquire Cursor (Anysphere) for roughly $60 billion, folding the AI coding platform into xAI as the company pursues large AI and space-based computing ambitions.
- Analysts warn the price may be detached from fundamentals because only about 5% of shares trade freely, the consolidated group posted near‑term losses (around $4.9 billion in 2025), Starship test problems and an FAA review pose operational risks, and fast index inclusion could channel more passive flows into the stock.