Overview
- SpaceX completed the largest IPO on June 12, pricing shares at $135 and raising about $75 billion which rose to roughly $85.7 billion after underwriters exercised an overallotment option.
- The stock jumped on debut then swung wildly in mid‑June after SpaceX announced a roughly $60 billion all‑stock acquisition of Anysphere (Cursor), with a two‑day slide that wiped about $620 billion of market value.
- Only about 4–5% of SpaceX’s equity was tradable at listing, and a staggered lockup schedule will materially expand the float—roughly doubling available shares by the end of August and unlocking a larger tranche by the end of October.
- SpaceX’s filings show a two‑speed business: Starlink was the only profitable segment in 2025 and drove most revenue (the company reported about $18.7 billion for 2025), while xAI and Starship are generating heavy losses and large capital needs.
- Near‑term tests that will shape price and supply include the company’s first public earnings (expected late July or early August), an initial lockup window that lets some holders sell shares, a reported $20 billion+ bond to refinance xAI bridge debt, and wide analyst disagreement on fair value.