Gwynne Shotwell rang the opening bell at the Nasdaq MarketSite in Times Square early on June 12, followed by Elon Musk from Texas. It was no coincidence that the ceremony was held in two different locations. It was, in a sense, a synopsis of SpaceX’s operations: the technical infrastructure in one region of the nation, the executive presence dispersed throughout the company’s footprint, the construction of launch facilities on both coasts and in the Gulf of Mexico, the operation of satellite internet terminals in dozens of nations, and the completion of the biggest initial public offering in financial history. $75 billion was raised by SpaceX.
The stock gained 19% on its first day, closing at $161 after opening at $150, which was higher than the $135 IPO price. The market capitalization had approached $2.2 trillion by the time prolonged trading finished. Over 522 million shares were exchanged, which is close to the 580 million shares that Facebook traded on its inaugural day in 2012.
The Facebook comparison is both helpful and flawed at the same time. Investors were applying a multiple to a business model they could assess when Facebook went public in 2012 with sales and profit. A distinct backdrop is provided by a figure in SpaceX’s prospectus: $41.3 billion in cumulative losses since the company’s founding in 2002. According to Musk’s own statement on a JPMorgan livestream prior to trading, the only division that is currently making money is Starlink, the satellite internet company that currently serves millions of subscribers worldwide and accounts for the majority of revenue that has made the company cash-flow positive since roughly 2015.
The rocket launch industry, including the Starship program, the reusable Falcon 9, and the brand identity, is not yet profitable. When investors purchased SPCX at $161 on the first day, they were investing in Starlink’s current profitability as well as a number of initiatives that have no immediate financial benefit, such as 100,000 satellites in orbit, AI data centers in space, and interplanetary ambitions that are currently measured in years rather than quarters.
The acquisition of xAI in February 2026 expanded SPCX’s public image. Grok, the AI models, the xAI data centers, and the social network X (previously Twitter) were all integrated into the same company that runs Falcon 9 and Starlink when SpaceX acquired xAI. The combination of assets under one ticker is uncommon.
The bundling may turn out to be a cogent strategic concept that concurrently creates compound value across several technology industries. Combining a rocket company, a satellite internet firm, an AI lab, and a social network under one roof may also result in complexity that makes it more difficult to assess, manage, and hold the company responsible to any one performance metric. Investors are currently purchasing the combo and have faith in the operator.
Observing the SPCX tape through its first two trading days—$150 open, $176 intraday high, and back to $166 as of June 13—gives the impression that the market is figuring out a price for which it lacks a framework. On day one, the 30 percent retail allocation that Musk advocated for resulted in a broad base of shareholders, including both individual investors who support the cause regardless of what any model says and professional investors who conducted discounted cash flow models.
Now, both groups are part of the same stock. It is still really unknown if the current price of about $166 will hold, expand into its valuation, or correct toward something more typically defendable. The space data centers have not yet been constructed. However, the bell for opening has been rung.
