Overview
- SpaceX completed the largest IPO in history on June 12, selling under 5% of its shares and raising roughly $75–85.7 billion, which left a very small tradable float that amplifies price swings.
- The stock spiked above $225 after debut then fell about 25–30% and has since traded in the mid‑$150s to $170s, a pattern driven largely by heavy retail demand, options hedging and thin supply.
- Company financials show roughly $18.7–19.3 billion in 2025 revenue with Starlink as the main profit engine and large losses in AI and space projects, creating wide disagreement on valuation between sell‑side targets and Morningstar’s ~$63 estimate.
- SpaceX is pivoting aggressively into AI through a roughly $60 billion all‑stock Cursor (Anysphere) deal and planned debt offerings to refinance bridge loans, raising near‑term execution and funding questions.
- Immediate catalysts that could change supply and price include fast‑track index buying, a confirmed notes offering and the first public quarterly report that will trigger staged insider unlocks and possible selling pressure.