SpaceX saw over 850,000 customers on Robinhood request shares during its initial public offering, the highest demand the platform has ever recorded for an offering. Chief Brokerage Officer Steve Quirk stated that every person who requested SpaceX shares received at least one, with an allocation algorithm distributing supply democratically as demand outstripped the float. He noted that Robinhood's retail base tends to hold IPO shares long-term rather than flip them, a trend expected to continue with future AI listings like Anthropic and OpenAI.

The company raised $75 billion in the largest IPO in history, pricing shares at $135 to achieve a valuation of roughly $1.75 trillion. Shares rose approximately 19% in their debut session on June 12, 2026, to close near $161, lifting the market value above $2 trillion. However, the stock has since experienced significant volatility. SpaceX dropped 16% on June 22 to $154.60 after announcing plans to sell at least $20 billion in bonds to fund its AI buildout, extending a three-day decline to roughly 23%. The stock has since rebounded, trading up 5% on Tuesday after dipping as low as $147.11.

Business Segments

Starlink is the only segment generating meaningful profits today. Connectivity contributed $11.4 billion in revenue during 2025, accounting for 61% of the total. With 36% operating margins, 10.3 million subscribers across 164 countries, and $4.4 billion in operating income, Starlink is the financial backbone of the enterprise. Launch services generated roughly $4 billion in revenue, or 21% of the total, while the AI business, xAI, generated $3.2 billion in revenue while posting a $6.4 billion operating loss in 2025.

Valuation and Risks

The company is being valued at nearly 100 times its sales of $18.67 billion last year. SpaceX reported a net loss of $4.28 billion in the first quarter, even as revenue rose 15% to $4.69 billion. Vuk Vukovic, CIO of Oraclum Capital, noted that when the addressable market is 1,500 times current revenue, management is asking investors to price the story, not the business. He cited Morningstar's fair value estimate of approximately $780 billion, roughly 55% below the IPO valuation.

Market Reaction

The IPO has triggered a rally in space-related stocks as traders seek exposure to the sector. The following table details the performance of key peers:

Susquehanna analyst Charles Minervino has initiated coverage on SpaceX with a Neutral rating and established a price target of $170. The rating reflects a balanced view of the company's current position and future prospects within the market.

Coverage Details

The initiation provides investors with a benchmark for evaluating the performance of SpaceX shares. The Neutral rating suggests that the stock is expected to perform in line with the broader market averages over the near term.

Price Target

The assigned price target of $170 serves as a reference point for the stock's valuation. This figure indicates the level at which Susquehanna believes the shares could trade given current market conditions and company fundamentals.