SpaceX IPO Set for Nasdaq Debut Under Ticker SPCX

SpaceX is set to make stock market history this Friday, June 12, as the company begins trading on the Nasdaq under the ticker symbol SPCX [1]. The aerospace and technology firm priced its initial public offering (IPO) at $135 per share, raising approximately $75 billion in what stands as the largest IPO ever recorded [1].

Key takeaways

• The $75 billion raise surpasses the previous record of $29.4 billion set by Saudi Aramco in 2019 [1].
• SpaceX is valued at approximately $1.77 trillion, placing it among the world's most valuable companies [1].
• The company reported 2025 revenue of $18.7 billion, though it also posted a $4.9 billion net loss during the same period [1].
• While some retail brokerages are offering shares at the $135 price, others will be subject to market-determined prices at the opening bell [1].
• SpaceX will not join the S&P 500 index for at least one year, though it may be added to the Russell 1000 or Nasdaq 100 indexes within weeks [2].

Financial Performance and Business Scope

While SpaceX is widely recognized for its rocket launches, which totaled 170 in 2025, the company operates a diverse business model that includes the Starlink satellite-connectivity network and an artificial intelligence segment [1]. Starlink generated $11.4 billion of the company's total revenue last year and maintained 10.3 million subscribers as of late March [1]. The company's recent net loss of $4.9 billion is attributed largely to its AI business, which includes the Grok chatbot and the X social media platform following a February acquisition [1]. At the $135 offer price, the company is valued at approximately 95 times its 2025 revenue [1].

Market Expectations and Investor Access

The IPO has generated significant interest among retail investors, with the company’s prospectus noting that several brokerage platforms will provide access to shares at the fixed offer price [1]. However, market history suggests that first-day price gains often favor those who receive shares at the offer price, while those purchasing at the market open may face different outcomes [1]. Furthermore, only about 4% of the company's total shares are being sold in this offering, with the remainder held by insiders and early investors subject to lockup restrictions [1]. These restrictions are set to expire in staggered tranches tied to the company's future quarterly reports, though CEO Elon Musk is prohibited from selling his shares for one year [1].

Why it matters

The debut of SpaceX represents a major shift for public markets, as it introduces a conglomerate spanning space, connectivity, and AI to retail and institutional portfolios [1]. Because the company will not be included in the S&P 500 for at least a year, index-fund investors may not gain exposure to the stock immediately through passive vehicles [2]. Investors looking for entry points may find that historical IPO trends—where shares often trade below their initial offer price in the months following a debut—provide alternative opportunities as supply increases and initial market volatility subsides [1].