Overview
- SpaceX priced 555.6 million Class A shares at $135 on June 12 and raised $75 billion at IPO pricing before underwriters exercised a 30‑day greenshoe that increased proceeds to about $85.7 billion.
- Shares climbed sharply in the first trading days, gaining roughly 40–60% from the IPO price and briefly pushing the company’s market value above Amazon and at times above Microsoft during intraday trading.
- Only a small share of total equity was floated and retail investors received an unusually large allocation—reported around 20% and cited by some sources as high as 30%—which, together with options hedging, has amplified short‑term price moves.
- SpaceX’s filings show $18.7 billion in 2025 revenue and a GAAP net loss near $4.9 billion while Starlink produced the only profitable, recurring revenue stream at about $4.42 billion and roughly 10 million users.
- Control and market‑structure risks are rising because Elon Musk retains about 82% of the voting power with a roughly 366‑day lockup, and fast‑track Nasdaq index rules make likely inclusion about 15 trading days after listing, a combination that could trigger large passive buying or later volatility when more shares are released.