Overview
- SpaceX priced its IPO at $135 and began trading on June 12, raising roughly $75 billion initially and expanding proceeds after underwriters exercised the greenshoe, producing a multitrillion-dollar market value and large early gains.
- Only a small share of equity was available to public investors after the offering, about 4.3 percent, and the company set an unusual staggered lockup that releases material tranches before and after the first two earnings reports and in windows through 180 days.
- Public filings show strong revenue growth led by Starlink, with company revenue rising substantially from 2023 through 2025 and the connectivity segment producing most operating income, while other units such as xAI and Starship remain loss making and capital intensive.
- Market structure factors — heavy retail demand, large institutional orders, active options flows, and fast-track index inclusion mechanics — amplified early volatility and make shorting or betting against the stock costly for some investors.
- Analysts say the near-term tests for whether the premium holds are the first public earnings (expected late July or early August), the August tranche of lockup expirations, potential debt or equity financings for AI projects, and official index rebalances that could force large passive flows.