SpaceX IPO opens at $150, surges to $165 in record debut
SpaceX opened at $150 per share, rising to $165 in the largest $75 billion IPO in history. MSCI confirmed early large-cap index inclusion starting June 13. Space-related stocks sold off sharply on the news.
*this image is generated using AI for illustrative purposes only.
Space Exploration Technologies Corp. opened at $150 per share on Friday, delivering an initial 11% gain over its $135 IPO price in the largest public offering in history. The shares subsequently climbed to $165 at the time of publication, valuing the company at roughly $1.96 trillion. The debut added approximately $197 billion in market cap above its IPO-night valuation of $1.77 trillion, driven by demand that topped $250 billion—nearly four times the available float.
The offering priced 555.6 million Class A shares at a fixed $135 each, raising $75 billion. Goldman Sachs served as lead bookrunner, alongside Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase, across a 21-bank syndicate. The official SpaceX account on X celebrated the first trade with a post that read: "Liftoff! First $SPCX trade complete." The opening price of $150 came in below the $174 level that pre-market activity had indicated earlier Friday morning, suggesting institutional price discovery tempered early speculative enthusiasm.
MSCI confirmed on June 9 that SPCX qualifies for early large-cap index inclusion starting June 13. This designation means passive index funds will be forced buyers at Friday's close, potentially providing a structural tailwind into the second trading day. The stock was up 20.41% at $162.56 at the time of publication, according to Benzinga Pro.
Space-related stocks felt the pressure of capital rotation into the new listing. Redwire Corp. and Satlogic Inc. each fell over 10%, while AST SpaceMobile Inc. dropped 9% and EchoStar Corp. fell 12%. The debut occurred alongside broader market volatility, with the Consumer Price Index recording a 4.2% year-over-year increase in May and the VIX surging above 20 for the first time since late April.
The Federal Reserve is set to meet on June 17 under new Chair Kevin Warsh, with the bond market fully pricing in a rate hike by year-end. Despite inflationary pressure, the University of Michigan's preliminary June Consumer Sentiment index rose 9% to 48.9, helped by easing gas prices.
| Metric | Value |
|---|---|
| SpaceX IPO Price | $135 per share |
| SpaceX Open Price | $150 per share |
| SpaceX Trade Price (Pub) | $165 per share |
| SpaceX Valuation | $1.96 trillion |
| Funds Raised | $75 billion |
| Demand | >$250 billion |
| CPI Increase (May) | 4.2% year-over-year |
| Producer Inflation | 6.5% annual jump |
How will the forced buying from passive index funds following MSCI inclusion impact SPCX's price volatility during its second trading day?
Will the capital rotation away from Redwire, Satlogic, and AST SpaceMobile persist, or will these competitors recover as speculative interest stabilizes?
How might the Federal Reserve's anticipated rate hike under Chair Warsh affect SPCX's valuation in a high-interest-rate environment?
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