SpaceX announced Monday it will primarily release corporate updates to the public through its website and social media account on X, bypassing traditional wire services. This strategy aligns with Elon Musk's push to establish the social media platform as a central hub for corporate communications. The disclosure comes days after SpaceX completed its public market debut, becoming one of the world's most valuable publicly traded companies.

X Becomes Primary Disclosure Channel

While material information will continue to be included in filings to the Securities and Exchange Commission as required, SpaceX plans to bypass traditional wire services such as Business Wire and PR Newswire for earnings releases and other major announcements. The company stated it encourages members of the investment community, the media, and others to follow the channels listed above and to review the information disclosed through such channels.

Breaking From Corporate Tradition

Most large public companies continue to rely on wire services to broadly distribute earnings reports, corporate announcements, and other market-moving information. The move is consistent with Musk's communication style, as the entrepreneur frequently uses X to engage directly with users, respond to critics, and make major announcements affecting his companies. Musk has long used X to announce Tesla Inc's production updates, SpaceX milestones, product launches, and strategic decisions.

IPO Performance

SpaceX made its public market debut on Friday, raising $75 billion by selling 555.6 million shares at $135 each, making it the largest public offering on record. The stock opened at $150 and climbed to an intraday high of $176.52. SpaceX gained 19.6% on Monday to $192.50 and rose further 3.49% in after-market trading.

SpaceX executed the largest initial public offering in history on Friday, pricing its shares near $1.78 trillion. The stock jumped approximately 19% on its debut to close above $2 trillion. This financial milestone sharply contrasts with recent setbacks at Blue Origin, the space company backed by Jeff Bezos, which experienced a critical failure just weeks prior.

On May 28, a New Glenn rocket exploded on the pad during a ground test of its engines. The blast destroyed the rocket and caused severe damage to Blue Origin's only launch site capable of flying the New Glenn, the vehicle intended to transport its Blue Moon lunar lander. Following the explosion, the probability of Blue Origin reaching the moon before SpaceX fell to 45% on the prediction market Kalshi, dropping from above 69% prior to the incident.

Blue Origin CEO Dave Limp stated the company intends to fly again before the end of this year, though some employees expressed skepticism to the Financial Times. The timing of the failure is particularly damaging as Bezos had indicated just a week before the blast that the company was prepared to accept outside investors, suggesting it was gaining ground on its competitors.

SpaceX now possesses two significant revenue streams that Blue Origin lacks: the profits from its Starlink business and the capital raised through its record IPO, which totaled $75 billion. Bezos continues to fund Blue Origin primarily by selling Amazon stock. Furthermore, SpaceX's valuation is bolstered by its expansion into artificial intelligence, having acquired xAI and planning to operate data centers in orbit.

The fallout from the explosion extends beyond Blue Origin. AST SpaceMobile Inc., which is building a broadband network for phones, had its BlueBird satellites booked on the New Glenn rocket. With the rocket currently grounded, the hardware lacks a launch vehicle, delaying the deployment that underpins the company's valuation. Meanwhile, SpaceX shares rose roughly 6% above $170 on their second trading day, surpassing two of three early analyst targets.