SpaceX IPO and Stock Performance
Space Exploration Technologies Corp (NASDAQ: SPCX) priced its IPO at $135 per share on June 11, 2026, raising a record $87.5 billion. The stock surged to $225 within three days, equating to a 67% increase and briefly giving the company a market cap near $3 trillion. However, as of June 24, 2026, the stock trades around $156, reflecting a 31% drop that has erased over $600 billion in market value.
Company Insights and Financial Performance
In 2025, SpaceX generated $18.7 billion in revenue but incurred nearly $5 billion in losses. For Q1 2026, operating losses reached $1.94 billion on $4.69 billion in revenue. The only profitable segment, Starlink, contributed $119 million in operating income, a stark contrast to the losses from space operations and its AI division, xAI, which recorded $2.47 billion in operating losses against $818 million in revenue.
Market Sentiment and Investor Risks
Morningstar assigned a fair value of $63 per share to SpaceX, indicating skepticism about its $1.77 trillion valuation. Investor sentiment has shifted against aggressive AI expansion, with correlation between SpaceX and Tesla stocks adding risk. Elon Musk’s control over the company, holding 85% voting power, raises governance concerns, particularly regarding recent acquisitions made without independent fairness opinions.
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