The SpaceX IPO priced at $135 per share on June 11, 2026, raised $75 billion and closed its first day of trading at $160.95, a 19.2% first-day return [1][2]. At the offer price the company was worth about $1.77 trillion, or roughly 95 times its 2025 revenue of $18.7 billion, based on prospectus figures [1]. By July 31, 2026, the shares had fallen to $108.37, about 20% below the offer price, which shows how quickly the market has repriced the largest IPO on record [2][3].
How the SpaceX IPO was priced
Space Exploration Technologies (SPCX) sold 555,555,555 Class A shares at $135.00 each, for gross proceeds of about $75.0 billion, according to its final prospectus dated June 11, 2026 [1]. The underwriters, led by Goldman Sachs, Morgan Stanley and BofA Securities, received $0.90 per share, or $500 million in total, which is about 0.67% of the offer price [1]. They also held an option to buy up to 83,333,333 more shares at the same price within 30 days [1].
| Offering term | Figure |
|---|---|
| Offer price | $135.00 |
| Shares sold | 555.6 million (plus up to 83.3 million option shares) |
| Gross proceeds | $75.0 billion before the option |
| Underwriting fee | $0.90 per share, $500 million total |
| Shares outstanding after the offering | about 13.08 billion (Class A and B) |
| Voting power held by Elon Musk | about 82.4% |
The share count comes from the prospectus: 6.82 billion Class A and 5.70 billion Class B shares outstanding as of March 31, 2026, plus the shares sold in the IPO [1]. New investors bought only about 4.3% of the company. Class B shares carry 10 votes each, so Mr. Musk keeps control, and the company qualifies as a controlled company under Nasdaq rules [1].
What was the SpaceX first-day return?
Nasdaq trading data show a strong but orderly debut on June 12 [2]:
- The stock opened at $150.00, 11.1% above the offer price.
- It traded as high as $176.52 during the day.
- It closed at $160.95, a first-day return of 19.2%.
- Volume was 522.1 million shares, close to the 555.6 million shares sold in the offering.
Renaissance Capital described the 19% gain as easing concerns of a debut that was either too hot or too cold [3]. On a simple measure, the first-day rise means the company left about $14.4 billion on the table: the $25.95 gain per share multiplied by 555.6 million shares. For an issuer of this size, a moderate first-day gain can still be a sensible outcome, because it rewards the buyers who commit to a very large order book and supports later demand.
SpaceX IPO valuation: what investors paid for
Revenue and profit
SpaceX reported 2025 revenue of $18.674 billion, up from $14.015 billion in 2024, and first-quarter 2026 revenue of $4.694 billion, up 15.4% from a year earlier [1]. The company is not profitable on a GAAP basis. It posted a 2025 net loss of $4.937 billion and a first-quarter 2026 net loss of $4.276 billion, while reporting 2025 Adjusted EBITDA of $6.584 billion [1].
The segments explain the mix. Connectivity, mainly Starlink, generated $11.387 billion of 2025 revenue, up 49.8%, with $4.423 billion of operating income [1]. Space (launch) produced $4.086 billion of revenue with an operating loss of $657 million, driven by Starship development. The AI segment, which came from the xAI combination, produced $3.201 billion of revenue and an operating loss of $6.355 billion, and it spent $7.723 billion on capital projects in the first quarter of 2026 alone [1].
Multiples at the offer price and today
| Price point | Share price | Implied market value | Price to 2025 revenue |
|---|---|---|---|
| Offer price (June 11) | $135.00 | $1.77 trillion | 94.5x |
| First-day close (June 12) | $160.95 | $2.10 trillion | 112.7x |
| Highest close (June 16) | $211.39 | $2.77 trillion | 148.0x |
| July 31 close | $108.37 | $1.42 trillion | 75.9x |
Implied values multiply each price by about 13.08 billion shares and ignore option shares and later share issuance [1][2]. At the offer price, the market value was about 268 times 2025 Adjusted EBITDA. Renaissance Capital put the market value at listing at about $1.7 trillion [3]. These multiples price in years of rapid growth in Starlink and large future returns from AI and Starship, which remain uncertain.
How SpaceX stock has traded since the IPO
After the June 16 closing high of $211.39, the shares declined steadily [2]. They closed at $139.14 on July 13, fell below the offer price on July 16 at $131.11 and ended July at $108.37, down 49% from the peak close [2]. The sell-off shows the risk of a thin float: with only about 4% of shares in public hands, small changes in demand move the price sharply. A large lock-up also matters for later months. About 7.8 billion shares, roughly 60% of the total and including all of Mr. Musk's shares, are restricted until results for the quarter ending June 30, 2027, while other holders face a 180-day lock-up with timed releases [1].
Readers can follow upcoming listings and lock-up related dates in DataPorium's markets calendar [4].
The SpaceX IPO was priced for a 19% first-day gain, but a valuation near 95 times revenue left little room when sentiment turned in July.
Key takeaways
- SpaceX sold 555.6 million shares at $135 on June 11, 2026, raising $75 billion, the largest IPO on record.
- The stock closed its first day at $160.95, a 19.2% gain, on volume of 522.1 million shares.
- The offer price valued SpaceX at about $1.77 trillion, or 94.5 times 2025 revenue of $18.674 billion.
- The company reported a 2025 net loss of $4.937 billion; Starlink is profitable, while the AI and launch segments lose money.
- By July 31, the stock was at $108.37, about 20% below the offer price and 49% below its peak close.
Frequently asked questions
What was the SpaceX IPO price?
SpaceX priced its IPO at $135.00 per share on June 11, 2026, and began trading on Nasdaq under the ticker SPCX on June 12. It sold 555.6 million Class A shares for about $75 billion.
How much did SpaceX stock go up on its first day?
SpaceX opened at $150.00 and closed at $160.95 on June 12, a first-day return of 19.2% from the $135 offer price. The intraday high was $176.52.
What was SpaceX valued at in its IPO?
Using the prospectus share count of about 13.08 billion shares, the $135 offer price implied a market value of about $1.77 trillion. Renaissance Capital rounded the market value at listing to about $1.7 trillion.
Is SpaceX stock below its IPO price?
Yes. As of July 31, 2026, SpaceX closed at $108.37, about 20% below the $135 offer price, after peaking at a close of $211.39 on June 16.
