Overview
- SpaceX completed the largest IPO in history when it began trading after pricing at $135, a June 12 listing that raised roughly $75 billion and pushed the company's public value into the low‑trillion dollar range.
- The stock ran to about $225 on heavy early demand then cooled to the mid‑$150s, a swing traders attribute to a tiny tradable float of roughly 4–5% and outsized retail allocations.
- Company filings show 2025 revenue near $18.7 billion with a GAAP net loss in the low‑single billions, while Starlink drives most current profit and AI and Starship efforts generate large losses and capital needs.
- SpaceX has moved quickly to raise debt and pursue M&A, including a reported all‑stock roughly $60 billion deal for Cursor/Anysphere, which raises near‑term dilution and financing questions investors will watch.
- Near‑term catalysts that could move the price include fast entry into major indexes that will force passive buying, the first public quarterly report that triggers staged insider unlocks, and analysts’ average price target near $188.