SpaceX completes the largest IPO ever; SPCX closes its first day up 19% above $2 trillion

SpaceX began trading on Nasdaq under SPCX on June 12, 2026, completing the largest initial public offering in history. After pricing its shares at a fixed $135.00 the night before — skipping the customary range entirely — the stock opened at $150, ran as high as $176.52, and closed its first session at $160.95, up about 19%. That close lifted SpaceX's market capitalization above $2 trillion, against a ~$1.77 trillion valuation at the offer price. The company sold more than 555 million shares for a raise of roughly $75 billion, with up to ~30% of the deal earmarked for retail investors versus the usual 5–10% — distributed through Charles Schwab, Fidelity, Robinhood, SoFi, and Morgan Stanley's E-Trade.

The listing makes public the financials the S-1 first disclosed three weeks earlier. FY2025 revenue was $18.7 billion (up 33%), but the consolidated result was a $4.94 billion net loss — the weight of the xAI 'AI division' SpaceX absorbed in a February 2026 all-stock acquisition (~$3.2 billion of revenue against a ~$6.4 billion operating loss). The launch-plus-Starlink core is profitable: connectivity alone generated $11.39 billion, 61% of sales and the only profitable segment, at $4.42 billion of operating income, while the launch business runs a deliberate loss that funds Starship. Governance is a dual-class 'controlled company' — Elon Musk controls shareholder votes through Class B super-voting stock.

The valuation arc is the context. SpaceX has re-rated from a ~$12 billion Google/Fidelity mark in 2015 to the ~$1.77 trillion offer and then above $2 trillion on day one — well over a hundredfold in eleven years, most of it since 2023 and reset largely through secondary-market tender offers rather than priced rounds.

Read alongside the company's S-1 a few weeks earlier, the debut is the aerospace counterpart to the consolidation this site keeps tracking — the AI-and-infrastructure economy collapsing into a handful of names that now trade like mega-caps. One caveat worth keeping straight: as a brand-new registrant SpaceX has not yet filed a 10-Q, so its income statement remains the prospectus's until that first quarterly report lands.