What Happened
SpaceX shares began trading on the Nasdaq under ticker SPCX at 9:30 AM ET on June 12, 2026, after pricing at $135 per share the prior evening. The debut echoes OpenAI’s confidential IPO filing earlier this week, signaling a blockbuster year for tech public markets. The offering of 555.56 million shares raised $75 billion — three times Saudi Aramco’s 2019 record. First trades printed at $155, and the stock climbed to an intraday high of $163 before settling at $161, a 19% gain that briefly valued the company above $2 trillion.
Reuters reported the IPO was 4x oversubscribed, with demand from both institutional and retail investors. The unprecedented 30% retail allocation — offered through Robinhood, Fidelity, Schwab, and Interactive Brokers — was heavily subscribed. Hedge funds sold positions in Nvidia, Apple, Microsoft, and other mega-cap tech names to free up capital for SPCX, Bloomberg reported.
SpaceX reported $18.7 billion in revenue for 2025 but a GAAP net loss of $4.9 billion, driven by the xAI integration and the $119 billion Terafab capital program. At 94x trailing revenue, SPCX trades at a significant premium to Nvidia (~35x). Jay Ritter, IPO expert at the University of Florida, noted: “SpaceX is unprofitable and far smaller by revenue than any of its trillion-dollar peers.” This mirrors the overvaluation concerns flagged by the Shiller P/E at 42.66, just 3.5% from the 1999 dot-com peak.
Why It Matters
The debut reshapes the global equity landscape. SpaceX instantly became the seventh most valuable U.S. public company, surpassing Tesla ($1.6T). The surge validated Musk’s thesis that Starlink, reusable launch, and AI infrastructure converge under one roof — but the 94x revenue multiple prices in extraordinary execution. The rotation out of Magnificent Seven stocks signals a structural shift: investors are treating space-AI convergence as a new asset class.
For international investors, SPCX is accessible via Nasdaq on major platforms: Canada (RBC, TD, Scotia), Australia (CommSec, Stake), UK (Hargreaves Lansdown, Interactive Investor), UAE (Sarwa, ADCB). Currency costs apply (USD/CAD ~1.37, AUD/USD ~0.67). The surge comes as the Dow surged 900 points on geopolitical optimism, lifting risk appetite.
What’s Next
Three milestones will define SPCX’s first year: (1) Lockup expiration (90–180 days) — historically triggers 15–25% declines in mega-tech IPOs; (2) First public earnings report (expected August 2026) — first quarterly disclosure under SEC rules; (3) Potential S&P 500 inclusion within 6–12 months — would trigger billions in passive inflows. Ritter warned: “The scarcity trade risks turning a great company into a bad entry.” This pattern mirrors the volatility seen in OpenAI’s upcoming IPO and market valuation extremes.
Frequently Asked Questions
When did SpaceX start trading on Nasdaq?
SpaceX (SPCX) began trading on the Nasdaq at 9:30 AM ET on June 12, 2026, after pricing its IPO at $135 per share on June 11.
How much did SpaceX stock surge on its first day?
SPCX shares surged 19% on debut, opening at $155 and closing at $161, briefly pushing the company’s market cap above $2 trillion.
What was the SpaceX IPO valuation?
The IPO valued SpaceX at $1.77 trillion, making it the seventh most valuable U.S. public company, surpassing Tesla ($1.6T).
Why did hedge funds sell Magnificent Seven stocks?
Funds rotated out of Nvidia, Apple, Microsoft, and other mega-cap tech to free up capital for SPCX positions, per Bloomberg.
Is SpaceX profitable?
No. SpaceX reported $18.7B revenue but a $4.9B GAAP net loss in 2025, driven by xAI integration and the $119B Terafab program. Only Starlink is profitable.
See also: OpenAI Files for IPO | Shiller P/E Near Dot-Com Peak