SpaceX Just Made Market History

June 12, 2026

SpaceX just pulled off the biggest initial public offering (IPO) in history — but some experts say everyday investors may be the ones left holding the bag.

At a Glance

SpaceX raised $75 billion by selling shares at $135 each on the Nasdaq, making it the largest IPO ever recorded.
The deal values SpaceX at roughly $1.75 trillion, but the company reported a $4.9 billion net loss in 2025.
Nasdaq changed its index rules to let large IPOs join immediately, which forces index funds to buy SpaceX shares within 15 days — whether they want to or not.
Analysts are split: some see a generational investment, while others warn retail investors to wait for a price dip before buying.

The Biggest IPO Ever — By a Wide Margin

SpaceX priced its IPO at $135 per share and sold 555.6 million shares to raise $75 billion. That tops every IPO in stock market history. The company debuted on the Nasdaq stock exchange under the ticker symbol SPCX. BlackRock, one of the world’s largest investment firms, placed an order for at least $5 billion in shares as an anchor buyer. A syndicate of 21 banks backed the deal, giving it enormous Wall Street muscle from the start.

The offering skipped the traditional roadshow process, where company executives pitch investors over several weeks. Instead, SpaceX locked in pricing terms early and moved fast. Bloomberg reported the deal drew more than $70 billion in retail orders alone — meaning demand from everyday investors far exceeded the shares available to them. Less than 5% of shares were set aside for the general public, according to analysts who reviewed the deal structure.

Strong Brand, Shaky Financials

SpaceX reported $18.7 billion in revenue for fiscal year 2025 — but also posted a net loss of $4.9 billion. The company has lost roughly $37 billion since it was founded. Of its three business units, only Starlink turned a profit, generating $4.42 billion. The rocket launch and space segment brought in $4 billion but lost money. The artificial intelligence segment added $3.2 billion in revenue but also ran at a loss.

The $1.75 trillion valuation puts the price-to-sales ratio at roughly 95 times annual revenue. For comparison, Robinhood traded at about 30 times revenue at its IPO, and Coinbase came in near 50 times. Analysts note that SpaceX’s premium is built largely on future expectations — including major AI contracts worth billions — rather than current profits. Supporters point to projected revenue of $90 billion by 2028, though that figure comes from venture capital estimates, not audited forecasts.

A Rule Change That Forces Buying

One of the more controversial parts of this IPO is a Nasdaq rule change that allows large new listings to join major stock indexes right away — without waiting the usual one year. That means index funds, which track those indexes automatically, must buy SpaceX shares within 15 days of the listing. Critics say this creates artificial demand that pushes the price up regardless of whether the stock is fairly valued. Supporters say it simply reflects the size and importance of the company.

SPACEX IPO SET FOR TODAY

Company plans to list on Nasdaq after raising $75B in a deal valuing it at $135 per share, per company statement.

Bottom line: this brings one of the most anticipated public debuts in years to market.

What are you watching for in the open?

— Stockcram (@stockcram) June 12, 2026

Ray Wang of Constellation Research, a technology analysis firm, offered a cautious take. He told CNBC that investors should “wait for the first dip and then come in,” comparing the expected pattern to Facebook’s IPO, which launched high, fell sharply, and then recovered over time. Other analysts echo that view, pointing to similar post-IPO drops at Airbnb, DoorDash, Uber, and Coinbase. The core question isn’t whether SpaceX is a real company with real technology — it clearly is. The question is whether $135 a share already prices in years of future growth, leaving little room for early buyers to profit.