SpaceX Surges 19% in Historic Nasdaq Debut

On June 12, 2026, SpaceX began trading on Nasdaq under the ticker SPCX. Seven years after Raison first invested in the company, the day finally arrived. Shares closed 19% above the IPO price, and SpaceX's market cap crossed $2 trillion.

Day One: The Numbers

• IPO price: $135
• Open: $150 (+11%)
• Intraday high: $175
• Close: $161.11 (+19%)
• Volume: over $11.4 billion, 360+ million shares traded

Market makers delayed trading until 11:46 a.m. ET, because they were working through an enormous order book and setting the opening price. By the end of the day, SPCX's volume was 10 times Cerebras's, the second-largest IPO of 2026.

At the closing price, SpaceX's market cap reached $2.1 trillion. Thus, the company is sixth among the most valuable publicly traded companies in the US, ahead of both Meta and Tesla.

The Largest IPO in History

SpaceX sold 555.6 million Class A shares at $135 and raised $75 billion. That is nearly triple the previous record, set by Saudi Aramco in December 2019, when the oil giant raised $25.6 billion.

The company was valued at $1.77 trillion at IPO, despite reporting a $4.9 billion net loss in 2025 on $18.7 billion in revenue. That puts the valuation at roughly 100 times annual revenue. Investors are not paying for what SpaceX earns today. They are paying for what they expect it to become.

A Different Kind of IPO

SpaceX did not follow the standard playbook. Companies typically announce a price range and let the roadshow determine the final number. SpaceX named its price at $135 before the roadshow even began. The June 11 pricing was a formality.

The retail allocation was equally unusual. Around 30% of shares went directly to retail investors through Robinhood, Fidelity, Charles Schwab, SoFi, and E-Trade at the same price paid by institutional buyers. For an offering this size, that is about three times the industry benchmark.

Even so, demand swamped supply. Investors placed $250 billion in orders, four times the offering size. Most buyers received a fraction of what they requested, or nothing at all.

What Comes Next

Underwriters have 30 days to purchase up to 83.3 million additional shares at the offering price. This opportunity is called the "greenshoe option": a mechanism that allows the company to raise more capital if post-listing demand stays strong. If exercised in full, total proceeds grow from $75 billion to $86.25 billion.

The transaction settles June 15. From there, SpaceX could be added to the Nasdaq-100 in as few as 15 trading days. Nasdaq updated its rules in May 2026 to fast-track large-cap newcomers, a process that previously took three months. Index inclusion would require passive funds to hold SPCX, adding structural buying pressure over time.

One Risk Worth Watching

Starship, the rocket at the center of SpaceX's long-term ambitions, is currently grounded. After a failed test flight, the Federal Aviation Administration opened a formal investigation. No timeline for resuming flights has been given. That does not change the investment thesis, but it is worth monitoring in the months ahead.

Where Raison Stands

Raison invested in SpaceX in 2019, when the company was valued at around $33 billion. Today that number is north of $2 trillion. The valuation has grown more than 60-fold in six years.

We are tracking what comes next and will keep you updated. While the market determines SpaceX's value as a public company, there are other compelling pre-IPO stories in our portfolio. If you want to learn more, leave a request, and our expert will get in touch for a personal consultation.

Sources: Fortune, CNBC.