What changed

SpaceX IPO

Comparing version 2 (21 October 2026, 13:12 UTC, imported from the content file) with version 3 (23 October 2026, 14:57 UTC, imported from the content file), which is the page as it stands.

29 paragraphs differ. Removed words are struck through; added words are underlined.

1. What we know so far

2. On 11 June 2026, SpaceX priced its IPO at 135 dollars a share, raising 75 billion dollars on 555.56 million shares at pricing, according to Reuters.

   On 11 June 2026, SpaceX priced its IPO at $135 a share, raising $75 billion from 555.56 million shares at pricing, according to Reuters.

3. On 12 June 2026, SpaceX Class A shares began trading on Nasdaq under the ticker SPCX, opening at 150.00 dollars and closing at 160.95 dollars, up 19.22 percent on the first day.

   On 12 June 2026, SpaceX Class A shares began trading on Nasdaq under the ticker SPCX, opening at $150.00 and closing at $160.95, up 19.22 percent on the day.

4. On 20 October 2026, SpaceX reported third-quarter revenue of 14.58 billion dollars (up 161 percent year-over-year) and net income of 4.4 billion dollars, beating analyst estimates, according to Reuters.

   On 20 October 2026, SpaceX reported third-quarter revenue of $14.58 billion, up 161 percent from a year earlier, and net income of $4.4 billion, beating analysts' estimates, according to Reuters.

5. As of 20 October 2026, SpaceX shares traded at 147.50 dollars, giving the company a market capitalization of about 2 trillion dollars, according to CNBC.

   On 20 October 2026, SpaceX shares traded at $147.50, giving the company a market capitalization of about $2 trillion, according to CNBC.

6. On 20 October 2026, Musk said on the SpaceX earnings call that SpaceX and Tesla had each formed special committees of independent directors to evaluate a possible merger, with no agreement on transaction terms.

   On the same day's earnings call, Musk said SpaceX and Tesla had each formed a special committee of independent directors to evaluate a possible merger, and that no transaction terms had been agreed.

7. On 4 August 2026, SpaceX reported second-quarter revenue of 7.81 billion dollars, a net loss of 541 million dollars, and capital spending of 18.37 billion dollars; shares fell more than 8 percent in late trading.

   On 4 August 2026, SpaceX reported second-quarter revenue of $7.81 billion, a net loss of $541 million and capital spending of $18.37 billion; its shares fell more than 8 percent in late trading.

8. On 19 October 2026, The Motley Fool reported a 52-week range of 104.83 to 225.64 dollars for SpaceX shares, with 1.3 billion shares becoming eligible for sale two trading days after the third-quarter report.

   On 19 October 2026, The Motley Fool reported a 52-week range of $104.83 to $225.64 for SpaceX shares, with 1.3 billion shares becoming eligible for sale two trading days after the third-quarter report.

9. On 30 March 2026, Nasdaq changed its rules to allow large companies like SpaceX to be included in the Nasdaq-100 index 15 trading days after their IPO.

   On 30 March 2026, Nasdaq changed its rules so that large companies such as SpaceX can join the Nasdaq-100 index 15 trading days after their IPO.

10. IPO price: 135 dollars per share

    IPO price: $135 per share

11. Shares offered at pricing: 555.56 million

12. Amount raised at pricing (Reuters): 75 billion dollars

    Amount raised at pricing (Reuters): $75 billion

13. Amount raised at closing (SpaceX): 85.7 billion dollars in net proceeds on 638,888,888 shares (SpaceX filing)

    Amount raised at closing (SpaceX): $85.7 billion in net proceeds on 638,888,888 shares

14. Enterprise valuation at pricing: 1.77 trillion dollars (Reuters)

    Enterprise valuation at pricing: $1.77 trillion (Reuters)

15. First-day close: 160.95 dollars, up 19.22%

    First-day close: $160.95, up 19.22%

16. Share price (CNBC): 147.50 dollars

    Share price (CNBC): $147.50

17. 52-week range (The Motley Fool): 104.83 to 225.64 dollars

    52-week range (The Motley Fool): $104.83 to $225.64

18. Third-quarter 2026 revenue: 14.58 billion dollars (Reuters)

    Third-quarter 2026 revenue: $14.58 billion (Reuters)

19. Background

20. SpaceX, founded by Elon Musk in 2002, is an American aerospace and artificial intelligence company. In a July 2025 tender offer, SpaceX shares were priced at 212 dollars, valuing the company at about 400 billion dollars. According to Fortune (Bloomberg), in December 2025, SpaceX conducted an insider share sale at 421 dollars a share that valued the company at about 800 billion dollars. In a memo seen by Bloomberg on 12 December 2025, SpaceX CFO Bret Johnsen said SpaceX was preparing for a possible 2026 IPO, but added that timing and valuation were uncertain. In February 2026, SpaceX acquired xAI at a valuation of 125 billion dollars for xAI and 1 trillion dollars for SpaceX.

    SpaceX is an American aerospace and artificial intelligence company founded by Elon Musk in 2002. Its private valuation rose quickly before the listing: a July 2025 tender offer priced its shares at $212, valuing the company at about $400 billion, and in December 2025 an insider share sale at $421 a share valued it at about $800 billion, Fortune reported, citing Bloomberg. In a memo seen by Bloomberg on 12 December 2025, chief financial officer Bret Johnsen said SpaceX was preparing for a possible IPO in 2026, though the timing and valuation were uncertain. In February 2026, SpaceX acquired xAI in a deal that valued xAI at $125 billion and SpaceX at $1 trillion.

21. The offering

22. On 2 June 2026, Goldman Sachs, Morgan Stanley, Bank of America, Citigroup and JPMorgan were named joint book-running managers. On 11 June 2026, SpaceX priced its IPO at 135 dollars a share, raising 75 billion dollars from the sale of 555.56 million shares at pricing, according to Reuters. Reuters reported the IPO gave SpaceX an enterprise valuation of 1.77 trillion dollars based on 13.08 billion shares outstanding. SpaceX set aside 30 percent of shares for retail buyers, and the IPO price was set before the roadshow that bankers typically use to test demand, according to Reuters. Fees on the IPO were to be less than 0.75 percent, or about 500 million dollars, against the 4 to 7 percent typical for IPOs.

    On 2 June 2026, Goldman Sachs, Morgan Stanley, Bank of America, Citigroup and JPMorgan were named joint book-running managers. On 11 June, SpaceX priced the IPO at $135 a share, raising $75 billion from the sale of 555.56 million shares at pricing, which, Reuters reported, gave the company an enterprise valuation of $1.77 trillion, based on 13.08 billion shares outstanding. SpaceX set aside 30 percent of the shares for retail buyers, and it set the price before the roadshow that bankers typically use to test demand, Reuters reported. Fees were to be less than 0.75 percent, or about $500 million, against the 4 to 7 percent typical for IPOs.

23. The $135 price NBC News, the evening before trading began: the price set at $135 a share, valuing SpaceX at $1.77 trillion.
24. Up to 30 percent for retail buyers CNBC's Tech Check, April 2026: the reported plan to set aside as much as 30 percent of shares for retail investors, against a norm of 5 to 10 percent.
25. Share structure and lockups

26. SpaceX has a two-class share structure in which Class A shares have one vote and insider-held Class B shares have 10 votes each. Reuters reported Musk will hold 82 percent of SpaceX's voting power after the IPO, controlling more than 5.5 billion Class B shares. Musk and other insiders agreed to a 366-day lockup, while other pre-IPO investors had a 180-day lockup with staged early releases. CNBC reported that the first lockup of 912 million shares lifted on 6 August 2026, with shares initially popping 6 percent. The Motley Fool reported that 1.3 billion SpaceX shares will become eligible for sale two trading days after the third-quarter earnings report, with another 328 million shares unlocking on 24 October 2026.

    SpaceX has two classes of shares: Class A shares carry one vote each, and Class B shares, held by insiders, carry 10 votes each. Reuters reported that Musk would hold 82 percent of the voting power after the IPO, through more than 5.5 billion Class B shares. Musk and other insiders agreed to a 366-day lockup; other pre-IPO investors had a 180-day lockup with staged early releases. The first lockup, covering 912 million shares, lifted on 6 August 2026, and the shares initially jumped 6 percent, CNBC reported. According to The Motley Fool, another 1.3 billion shares were to become eligible for sale two trading days after the third-quarter earnings report, and a further 328 million were to unlock on 24 October 2026.

27. First day of trading

28. On 12 June 2026, SpaceX Class A shares began trading on Nasdaq under the ticker SPCX, according to the company's second-quarter earnings release. On the first day, shares opened at 150.00 dollars and closed at 160.95 dollars, up 19.22 percent, with volume above 503 million shares. Reuters reported the IPO was the largest in history, beating Saudi Aramco's 25.6 billion dollar listing in December 2019. SpaceX reported the IPO closed on 15 June 2026, with an aggregate 638,888,888 shares of Class A common stock and net proceeds of approximately 85.7 billion dollars. The company also reported closing a 25 billion dollar investment-grade bond issuance on 26 June 2026.

    SpaceX Class A shares began trading on Nasdaq under the ticker SPCX on 12 June 2026. They opened at $150.00 and closed the first day at $160.95, up 19.22 percent, on volume of more than 503 million shares. Reuters reported that the IPO was the largest in history, ahead of Saudi Aramco's $25.6 billion listing in December 2019. The offering closed on 15 June 2026 with an aggregate 638,888,888 Class A shares sold and net proceeds of about $85.7 billion, SpaceX reported, and on 26 June 2026 the company closed a $25 billion investment-grade bond issue.

29. SpaceX's first trade on Nasdaq Bloomberg Television, 12 June 2026: the opening trade at $150, 11 percent above the $135 offering price, as the Nasdaq floor cheers.
30. Valuation debate

31. Morningstar placed fair value on SpaceX at 780 billion dollars. NYU Stern professor Scott Galloway called the IPO the greatest case of manufactured scarcity he had ever seen, and that short-seller Jim Chanos characterized the IPO as a don't-look-behind-the-curtain situation. Michael Burry wrote on Substack that the S-1 did not suggest SpaceX was worth 1 trillion dollars or 2 trillion dollars. Ross Gerber, of Gerber Kawasaki, said the IPO valuation was alarming given SpaceX had been valued at 400 billion dollars just 13 months earlier. Aswath Damodaran modeled an enterprise value for SpaceX of approximately 1.3 trillion dollars.

    Morningstar put SpaceX's fair value at $780 billion, and NYU Stern professor Scott Galloway called the IPO the greatest case of manufactured scarcity he had ever seen, while short-seller Jim Chanos described it as a don't-look-behind-the-curtain situation. Michael Burry wrote on Substack that the S-1 did not suggest SpaceX was worth $1 trillion or $2 trillion. Ross Gerber, of Gerber Kawasaki, called the valuation alarming, given that SpaceX had been valued at $400 billion just 13 months earlier. Aswath Damodaran modeled an enterprise value for SpaceX of about $1.3 trillion.

32. Morningstar's $780 billion NBC News: Morningstar's view that SpaceX should be valued closer to $780 billion, less than half its IPO valuation.
33. Index inclusion

34. On 30 March 2026, Nasdaq changed its rules to allow large companies like SpaceX to be included in the Nasdaq-100 index 15 trading days after their IPO. S&P Global confirmed there would be no rule change to allow SpaceX faster inclusion in the S&P 500 and that its 2025 net loss of 4.94 billion dollars rendered it ineligible. Bloomberg reported in June 2026 that underwriters barred subscription orders from investors in Hong Kong and China due to export control and regulatory risks.

    On 30 March 2026, Nasdaq changed its rules so that large companies such as SpaceX could join the Nasdaq-100 index 15 trading days after their IPO. S&P Global, by contrast, confirmed that it would not change its rules to admit SpaceX to the S&P 500 sooner, and said the company's 2025 net loss of $4.94 billion made it ineligible. Bloomberg reported in June 2026 that the underwriters had barred subscription orders from investors in Hong Kong and China because of export-control and regulatory risks.

35. Index rules and investor access
36. Index funds and the new listing rules NBC News: how new exchange rules let a newly listed company reach index funds such as the Nasdaq-100 sooner.
37. Results as a public company

38. On 4 August 2026, SpaceX reported second-quarter results with revenue of 7.81 billion dollars, a net loss of 541 million dollars, and adjusted EBITDA of 3.54 billion dollars. SiliconANGLE reported second-quarter capital spending was 18.37 billion dollars, more than six times the prior year, with the AI segment accounting for 15.83 billion dollars. SpaceX's quarterly earnings release reported second-quarter Starlink subscribers reached 12 million, with average revenue per user at 66 dollars. The company reported 100 billion dollars in cash, cash equivalents and marketable securities at the end of the second quarter, helped by 85.7 billion dollars in net IPO proceeds. SpaceX shares fell more than 8 percent in late trading on 4 August 2026 after the earnings release, according to SiliconANGLE.

    SpaceX reported its second-quarter results on 4 August 2026: revenue of $7.81 billion, a net loss of $541 million and adjusted EBITDA of $3.54 billion. Capital spending reached $18.37 billion, more than six times the figure a year earlier, with the AI segment accounting for $15.83 billion of it, SiliconANGLE reported. Starlink subscribers reached 12 million in the quarter, with average revenue per user of $66, and SpaceX ended the quarter with $100 billion in cash, cash equivalents and marketable securities, helped by $85.7 billion in net IPO proceeds. The shares fell more than 8 percent in late trading after the release.

39. Share price since the listing

40. By late July 2026, SpaceX shares had fallen more than 50 percent from their first-week peak above 225 dollars, according to a Stocktwits report carried by Yahoo Finance. The Motley Fool reported a 52-week range of 104.83 to 225.64 dollars for SpaceX shares as of 19 October 2026. CNBC reported that on 20 October 2026 SpaceX shares traded at 147.50 dollars, giving the company a market capitalization of about 2 trillion dollars. The same CNBC report noted a low of 104.83 dollars on 3 August 2026. Reuters reported SpaceX shares were up 2.5 percent in extended trading on 20 October 2026 after the third-quarter earnings, while CNBC reported shares climbed about 8 percent after hours.

    By late July 2026, SpaceX shares had fallen more than 50 percent from a first-week peak above $225, according to a Stocktwits report carried by Yahoo Finance. The Motley Fool gave a 52-week range of $104.83 to $225.64 as of 19 October 2026, and CNBC put the low, $104.83, on 3 August 2026. On 20 October 2026 the shares traded at $147.50, giving SpaceX a market capitalization of about $2 trillion, CNBC reported. After the third-quarter results that day, Reuters reported the shares up 2.5 percent in extended trading, while CNBC reported a gain of about 8 percent after hours.

41. Merger talks with Tesla

42. On 15 October 2026, Tesla unveiled a next-generation Roadster prototype at a SpaceX test site in McGregor, Texas, developed with SpaceX thrusters; Musk said the vehicle will enter production in 2028. On 20 October 2026, Musk said on the SpaceX earnings call that SpaceX and Tesla had each formed special committees of independent directors to evaluate a possible merger, at shareholders' request. Musk said a Tesla merger would require approval from 50 percent of all outstanding Tesla shares, not just those voting, and that the special committees had not agreed on transaction terms. CNBC reported Barclays analyst Dan Levy predicted in mid-October 2026 that a SpaceX and Tesla merger announcement could come before the end of 2026.

    On 15 October 2026, Tesla unveiled a next-generation Roadster prototype, developed with SpaceX thrusters, at a SpaceX test site in McGregor, Texas, and Musk said the car would enter production in 2028. Five days later, on the SpaceX earnings call, Musk said that SpaceX and Tesla had each formed a special committee of independent directors to evaluate a possible merger, at shareholders' request. He said a merger would need the approval of 50 percent of all outstanding Tesla shares, not just of those voting, and that the committees had not agreed on transaction terms. Barclays analyst Dan Levy predicted in mid-October 2026 that a merger announcement could come before the end of the year, CNBC reported.

43. Musk on a SpaceX and Tesla merger The Wall Street Journal, 21 October 2026: Musk says SpaceX and Tesla have each formed committees to look at a possible merger, and that he supports the idea.
44. Plans disclosed around the listing

45. SpaceX stated in the S-1 that its total addressable market was 28.5 trillion dollars, of which roughly 25.6 trillion dollars was attributed to artificial intelligence through xAI. On 5 June 2026, Google signed an agreement to pay 920 million dollars per month for cloud compute capacity from Colossus. In its second-quarter release, SpaceX said that Cloud Services Agreements it had closed brought 14.1 billion dollars of contracted sales. SpaceX reported that during the second quarter it agreed to acquire Cursor's parent company Anysphere for 60 billion dollars, with the deal expected to close in the third quarter. SpaceX aims to reach volume production of AI chips at the planned Terafab factory in Texas during the third quarter of 2028, according to Musk on the SpaceX earnings call. SpaceX aims to conduct its first launch from a planned Louisiana spaceport by 2029, according to SpaceX COO Gwynne Shotwell on the SpaceX earnings call, while Musk said the first launch may be possible by the end of 2028.

    In its S-1, SpaceX put its total addressable market at $28.5 trillion, about $25.6 trillion of it attributed to artificial intelligence through xAI. On 5 June 2026, Google agreed to pay $920 million a month for cloud compute capacity from Colossus, and SpaceX's second-quarter release said the Cloud Services Agreements it had closed brought $14.1 billion of contracted sales. During the second quarter SpaceX also agreed to acquire Anysphere, the parent company of Cursor, for $60 billion, with the deal expected to close in the third quarter. On the October earnings call, Musk said SpaceX aims to reach volume production of AI chips at its planned Terafab factory in Texas in the third quarter of 2028. Chief operating officer Gwynne Shotwell said SpaceX aims to make its first launch from a planned Louisiana spaceport by 2029, while Musk said that launch may be possible by the end of 2028.

46. What is not known

47. Whether SpaceX and Tesla will merge is not known. On 20 October 2026 Musk said the special committees had not agreed on the terms of any transaction, and that treating a merger as a certainty would be overstating it. How the shares will trade as more locked-up shares become eligible for sale is not known either; The Motley Fool, on 19 October 2026, called the outlook hard to say. Even the amount raised is reported two ways: Reuters reported 75 billion dollars on 555.56 million shares at pricing, while SpaceX reported net proceeds of about 85.7 billion dollars on 638,888,888 shares when the offering closed on 15 June 2026.

    Whether SpaceX and Tesla will merge is not known. On 20 October 2026, Musk said the special committees had not agreed on the terms of any transaction and that treating a merger as a certainty would be overstating it. Nor is it clear how the shares will trade as more locked-up stock becomes eligible for sale; The Motley Fool said on 19 October 2026 that the outlook was hard to call. Even the amount raised is reported two ways: Reuters gave $75 billion from 555.56 million shares at pricing, while SpaceX reported net proceeds of about $85.7 billion from 638,888,888 shares when the offering closed on 15 June 2026.

48. Timeline
49. 2025-07: SpaceX tender offer priced shares at 212 dollars for a 400 billion dollar valuation.
50. 2025-12: Insider share sale at 421 dollars a share valued SpaceX at about 800 billion dollars; CFO Bret Johnsen's memo confirmed IPO preparations.
51. 2026-02: SpaceX acquired xAI at a valuation of 125 billion dollars for xAI and 1 trillion dollars for SpaceX.
52. 2026-03-30: Nasdaq changed its rules to allow early Nasdaq-100 inclusion for large new listings.
53. 2026-05-15: SpaceX chose Nasdaq as the listing exchange for its IPO.
54. 2026-05-20: SpaceX filed its S-1 prospectus with the SEC.
55. 2026-06-11: SpaceX priced its IPO at 135 dollars a share, raising 75 billion dollars on 555.56 million shares at pricing, according to Reuters.
56. 2026-06-12: Class A shares began trading on Nasdaq as SPCX; opened at 150.00 dollars, closed at 160.95 dollars, up 19.22 percent.
57. 2026-06-15: IPO closed with 638,888,888 shares of Class A common stock and net proceeds of approximately 85.7 billion dollars.
58. 2026-06-26: SpaceX reported closing a 25 billion dollar investment-grade bond issuance.
59. 2026-08-04: SpaceX reported second-quarter revenue of 7.81 billion dollars, a net loss of 541 million dollars, and capital spending of 18.37 billion dollars; shares fell more than 8 percent in late trading.
60. 2026-08-06: First lockup of 912 million shares lifted; shares initially popped 6 percent, according to CNBC.
61. 2026-10-15: Tesla unveiled a next-generation Roadster prototype developed with SpaceX thrusters; Musk said production would begin in 2028.
62. 2026-10-20: SpaceX reported third-quarter revenue of 14.58 billion dollars, net income of 4.4 billion dollars, and Starlink subscribers of 13.6 million; Musk announced special committees to evaluate a Tesla merger.

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