Overview
- SpaceX, which priced its IPO at $135 on June 12, raised about $75 billion and briefly pushed its market value into the multitrillion range with intraday prints approaching $3 trillion.
- The stock’s rally quickly cooled as concentrated supply, heavy retail and ETF flows and options-market hedging amplified moves and produced single-day declines of roughly 5–9%, wiping out hundreds of billions from peak prints.
- Company filings show 2025 revenue near $18.7 billion with a GAAP net loss around $4.9 billion, and Starlink is the primary cash generator while AI and Starship programs drive heavy losses and capital spending.
- SpaceX used its public equity to fold in xAI and to announce a roughly $60 billion all‑stock acquisition of Cursor (Anysphere), and bankers are preparing further capital raises such as bond issuance to fund the AI push.
- Elon Musk retains overwhelming voting control — more than 82% of votes — and analysts remain split between high price targets that cite scarce float and skeptics who point to steep valuation multiples and uncertain monetization timelines.