Space Exploration Technologies Corp (NASDAQ: SPCX) has had one of the most dramatic public market debuts in history. Here is what's happened so far.
The IPO
SpaceX priced its initial public offering at $135 per share on June 12, 2026, selling roughly 639 million Class A shares. After underwriters exercised their full overallotment option, total proceeds reached $85.7 billion, making it the largest initial public offering on record, raising close to $75 billion in its initial pricing before the overallotment exercise increased that figure further.
The Price Action
In the days following its debut, the stock moved sharply higher. Shares hit $213 in premarket trading just four sessions after listing, pushing the company's market capitalization to roughly $2.84 trillion and briefly above $3 trillion. In after-hours trading, SPCX touched $229.85 at one point, implying a market value above $3 trillion and putting it ahead of both Amazon and Microsoft simultaneously.
On its third straight day of gains, SpaceX overtook Amazon to become the fifth-largest stock in the world, with shares closing 4.8% higher and market capitalization reaching about $2.65 trillion. At its peak that session, the company's market cap reached $2.95 trillion, briefly edging past Microsoft's own all-time high market cap before shares pulled back.
Why the Cursor Deal Matters
A key catalyst behind the rally was a corporate announcement. SpaceX shares jumped 17% after the company announced a $60 billion acquisition of Anysphere, the startup behind AI coding assistant Cursor, a move that significantly expands the company's reach into enterprise AI. The transaction is expected to close in the third quarter of this year, with Cursor set to operate as a wholly owned subsidiary after merging into SpaceX's corporate structure.
Supply and Demand Dynamics
Part of what's driving the volatility is a limited float. Retail investors poured roughly $225 million into the stock on a net basis in its first two days, accounting for around 75% of all net single-stock buying in the entire market over that stretch. That demand is chasing a small available pool of shares, since most of the company's stock remains under a lockup for about another week. Separately, early index-inclusion rules mean passive funds will need to buy an estimated $22 billion to $27 billion worth of shares to match their target weighting, with very little supply currently available to meet that demand.
Where Analysts Stand
Views remain split. Wall Street is divided on valuation, with ratings ranging from "Sell" to "Outperform" reflecting differing opinions on the company's long-term potential weighed against its current operating losses. CFRA issued a "Sell" rating on debut day with a 12-month price target of $115, implying significant downside from the first closing price. Across a broader sample, the average analyst rating is "Buy," with a 12-month price target of $164, which would actually represent a decrease from the most recent trading price.
What's Next
Two events were flagged as near-term catalysts for volatility: the launch of SPCX options contracts on Cboe Global Markets, and "Quadruple Witching," when stock index futures, stock index options, equity options, and single-stock futures all expire simultaneously. Index inclusion timelines and the eventual lockup expiration are likely to remain the key technical factors shaping the stock's next move
The IPO
SpaceX priced its initial public offering at $135 per share on June 12, 2026, selling roughly 639 million Class A shares. After underwriters exercised their full overallotment option, total proceeds reached $85.7 billion, making it the largest initial public offering on record, raising close to $75 billion in its initial pricing before the overallotment exercise increased that figure further.
The Price Action
In the days following its debut, the stock moved sharply higher. Shares hit $213 in premarket trading just four sessions after listing, pushing the company's market capitalization to roughly $2.84 trillion and briefly above $3 trillion. In after-hours trading, SPCX touched $229.85 at one point, implying a market value above $3 trillion and putting it ahead of both Amazon and Microsoft simultaneously.
On its third straight day of gains, SpaceX overtook Amazon to become the fifth-largest stock in the world, with shares closing 4.8% higher and market capitalization reaching about $2.65 trillion. At its peak that session, the company's market cap reached $2.95 trillion, briefly edging past Microsoft's own all-time high market cap before shares pulled back.
Why the Cursor Deal Matters
A key catalyst behind the rally was a corporate announcement. SpaceX shares jumped 17% after the company announced a $60 billion acquisition of Anysphere, the startup behind AI coding assistant Cursor, a move that significantly expands the company's reach into enterprise AI. The transaction is expected to close in the third quarter of this year, with Cursor set to operate as a wholly owned subsidiary after merging into SpaceX's corporate structure.
Supply and Demand Dynamics
Part of what's driving the volatility is a limited float. Retail investors poured roughly $225 million into the stock on a net basis in its first two days, accounting for around 75% of all net single-stock buying in the entire market over that stretch. That demand is chasing a small available pool of shares, since most of the company's stock remains under a lockup for about another week. Separately, early index-inclusion rules mean passive funds will need to buy an estimated $22 billion to $27 billion worth of shares to match their target weighting, with very little supply currently available to meet that demand.
Where Analysts Stand
Views remain split. Wall Street is divided on valuation, with ratings ranging from "Sell" to "Outperform" reflecting differing opinions on the company's long-term potential weighed against its current operating losses. CFRA issued a "Sell" rating on debut day with a 12-month price target of $115, implying significant downside from the first closing price. Across a broader sample, the average analyst rating is "Buy," with a 12-month price target of $164, which would actually represent a decrease from the most recent trading price.
What's Next
Two events were flagged as near-term catalysts for volatility: the launch of SPCX options contracts on Cboe Global Markets, and "Quadruple Witching," when stock index futures, stock index options, equity options, and single-stock futures all expire simultaneously. Index inclusion timelines and the eventual lockup expiration are likely to remain the key technical factors shaping the stock's next move
Haftungsausschluss
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Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.