Overview
- SpaceX went public on June 12 at $135 per share, opened at $150, rallied to an intraday high near $225 on June 16 and has since fallen about 35% to trade around $140–$150.
- The IPO priced a valuation near $1.75 trillion on 2025 revenue of $18.67 billion, while the company reported a $4.94 billion net loss for 2025 and Starlink accounted for roughly 60% of sales.
- Corporate moves since the debut include a $60 billion all‑stock acquisition of Cursor, large notes offerings to raise about $20–25 billion, and reported multi‑billion AI compute deals with Alphabet and Anthropic that analysts say could materially change revenue if realized.
- Market structure has amplified volatility because only about 4–5% of equity was tradable at IPO, index additions forced passive buying, and a staggered lock‑up schedule will make roughly 911.5 million shares eligible for sale around the company’s first public earnings in early August.
- Analysts are broadly positive but deeply split on valuation, producing a Moderate Buy consensus with wide price targets that range from about $115 to several hundred dollars, making the August earnings and lock‑up window the key near‑term test of investor conviction.