Overview
- SpaceX completed the largest U.S. IPO on June 12, pricing at $135 and raising about $75 billion before underwriters exercised their overallotment, and the stock surged in early trading before peaking at multi‑trillion dollar valuations.
- As of June 22 the shares have cooled from mid‑June highs and traded down in premarket action, reflecting rising investor debate about the sustainability of the rally.
- Starlink is the company’s current profit engine, producing roughly $11.4 billion in 2025 revenue and reporting about 10.3 million subscribers while other units, including xAI and Starship, are driving large GAAP losses and heavy capital needs.
- Market structure is amplifying volatility because the public float is very small (about 4–5% at listing), insiders face a staggered lockup schedule that will release substantial shares over the summer, and fast index inclusion mechanics could temporarily force buying or misprice supply.
- Analysts and investors are divided: some argue the IPO could fuel broader market momentum, while others including Morningstar and KeyBanc warn the valuation is stretched; key near‑term catalysts to watch are the first public earnings, the scheduled Starship test on June 29, and upcoming lockup expirations.