Ten leveraged SpaceX ETFs launched this week alongside the public debut of Space Exploration Technologies Corporation (SPCX), which began trading on the Nasdaq, giving traders an immediate lineup of tools to bet for or against the stock.
Key Takeaways: Ten leveraged SpaceX ETFs launched alongside SPCX’s Nasdaq debut. Expense ratios range from 0.75% to 2.20%, with Leverage Shares by Themes carrying the lowest fee. Tuttle Capital Management handed the SPCX ticker to SpaceX ahead of its Nasdaq listing. The flood of launches means traders now have a full toolkit to express a directional view on SpaceX from the first session. Ten funds from six issuers all target the same underlying stock. According to press releases from the respective issuers, all ten seek to deliver either two times or inverse two times SPCX’s daily price move, before fees and expenses.
SpaceX sought to raise roughly $75 billion in its IPO, which would make it the largest public offering in history, surpassing Saudi Aramco’s 2019 listing, according to a Themes ETF Trust announcement. Reuters reported more than $250 billion in indications of interest, or roughly 3.5 to 4 times the planned offering size. As much as 30% of the allocation could go to retail investors, according to the announcement.
SpaceX is not just a rocket business. According to Defiance ETFs’, the company operates across three segments: launch services, satellite connectivity through its Starlink network, and artificial intelligence, following its acquisition of xAI in February.
Starlink generated $11.4 billion in revenue for the year ended Dec. 31, up 49.8% year over year, and served about 10.3 million subscribers across 164 countries and territories, according to Defiance ETFs.
SpaceX ETFs Cover Both Sides at Varying Costs Issuers moved quickly to meet that demand. Leverage Shares by Themes launched the Leverage Shares 2X Long SpaceX Daily ETF (SPCH) and the Leverage Shares 2X Short SpaceX Daily ETF (SSPC), both trading on Cboe, each carrying a 0.75% expense ratio, the lowest in the group, according to a Themes ETF Trust announcement.
According to Themes ETF Trust, SPCH’s fee runs about 38% below what the issuer calls the industry average for comparable two-times long SpaceX funds, while SSPC’s fee is roughly 47% below average for comparable inverse products.
Defiance ETFs launched the Defiance Daily Target 2X Long SpaceX ETF (SPCU) and the Defiance Daily Target 2X Short SpaceX ETF (SPCQ), both on Cboe, each at a 1.31% expense ratio. According to Defiance ETFs, the SPCU provides traders with exposure to SpaceX’s AI infrastructure, Starlink broadband, and reusable rocket business.
Tradr ETFs launched the Tradr 2X Long SpaceX Daily ETF (SPCM) and the Tradr 2X Short SpaceX Daily ETF (SPCG), both on Cboe, at 1.49%, according to a Tradr ETFs announcement.
“Some traders see a transformational business with enormous growth potential, while others see a stock that may face high expectations and significant valuation questions,” said Matt Markiewicz, head of product and capital markets at Tradr ETFs. “We launched both SPCM and SPCG because active traders need tools that allow them to express either view with precision.”
More Issuers Join the SpaceX ETF Field GraniteShares launched two funds on Cboe: the GraniteShares 2x Long SpaceX Daily ETF (SPAL) at 1.5% and the GraniteShares 2x Short SpaceX Daily ETF (SNK) at 2.2%, the highest fee in the group.
REX Shares and Tuttle Capital Management launched the T-REX 2X Long SpaceX Daily Target ETF (SPAX) on NYSE Arca at 1.5%. According to REX Shares, SPAX gives traders two-times daily exposure to SPCX. The T-REX suite now covers more than 40 leveraged and inverse single-stock ETFs.
In a post on X, SpaceX thanked Tuttle Capital Management for handing over the SPCX ticker, a symbol the firm had used for one of its own ETFs before passing it to SpaceX for the Nasdaq listing, according to REX Shares.
Direxion, which describes itself as the largest issuer of single-stock ETFs in the U.S., also launched the Direxion Daily SpaceX Bull 2X ETF (LOFF), a long-only fund seeking two-times daily exposure to SPCX.
See more: Direxion Debuts Daily SpaceX Bull 2X ETF
For more news, information, and strategy, visit ETF Trends.
SpaceX has captured the attention of media, investors, and the public for years now — interest propelled by the company’s reusable rocket launches, the rise of its Starlink satellite network, and of course, for its founder and CEO Elon Musk.
But in its 24-year history, nothing quite compared to its initial public offering. Everyone seemed interested — perhaps because of the sheer size of the IPO. The company priced its 555.6 million shares at $135 each to raise $75 billion, making it the largest IPO in history and turning Musk into the world’s first trillionaire.
TechCrunch has followed SpaceX’s start, struggles, and successes from the early days. And we’re here for what happens next too. Here is your go-to landing page for all the relevant SpaceX IPO news, including notable updates now that the company is public.
SpaceX is now public. What’s next? On its first full day of trading, SpaceX shares pushed even higher. As of 2:30 pm ET, SpaceX shares were up more than 15% to $186.15.
The latest on the SpaceX IPO SpaceX shares opened June 12 at $150 on the Nasdaq public exchange, an 11% pop for the most anticipated debut in history. And it has continued to rise. The shares kept rising too. In midday trading, SpaceX shares soared 30%. SpaceX shares closed at $160.95, up 19%.
There has been heavy trading volume, as expected. Robinhood said it has seen “record-breaking traffic on its trading platform in the hours after SpaceX’s historic public markets debut.
SpaceX COO Gwynne Shotwell was interviewed by CNBC on June 12 and among the many interesting comments she made, here is one that might get the attention of Tesla shareholders. At one point in the interview, Shotwell said a “merger between SpaceX and Tesla might make Elon’s life a little easier.”
Among the winners are the banks, which have brought in about $500 million in total fees. The big winners are Goldman Sachs and Morgan Stanley, per the WSJ.
Musk took to X, the social media company he owns, to share his appreciation of SpaceX employees as the stock rose. “I love the incredible people of SpaceX beyond words,” he wrote Friday afternoon. He also reposted a number of SpaceX IPO related posts, including a photo of insiders all wearing green shoes in what appears to be a nod to “the green shoe option.” This is a provision in an IPO underwriting agreement that lets underwriters sell up to 15% more shares than originally planned if demand is strong.
To get a deeper look into what happened, and all the far-ranging implications of SpaceX now being a publicly traded company, Senior Reporter Sean O’Kane and AI Editor Russell Brandom sat down for a special episode of our Equity podcast, which you can listen to right here or via your podcast player of choice, or queue it up on YouTube here.
How to track the SpaceX IPO With an offering this large, there is a lot of financial machinery operating behind the scenes — so the first question is just when the stock makes it to the market to start trading. SpaceX is debuting on Nasdaq and you can see the official Nasdaq listing here, which will have the price of record as soon as there is one. Nasdaq also has video of the SpaceX crew ringing the bell, if that’s your thing.
But the price is just part of the picture. For the most up-to-the-minute information, your best bet is still financial press outlets like Bloomberg and CNBC, both of which have liveblogs running and will have close coverage of any hiccups that happen in getting the stock to market.
The SpaceX IPO, by the numbers Here we look at some of the bigger numbers, the consequential figures, and the eyewatering amounts that make up the company’s S-1 form.
For instance, SpaceX lost $4.9 billion on revenues of over $18 billion in 2025. That’s only a fraction of the more than $37 billion lost since SpaceX’s inception.
As CEO, Elon Musk holds about 85.1% of the company’s voting power. You can read more about that in the next section “Who wins and who doesn’t” — and we’ll continue to drop interesting numbers in here.
Here is another figure that caught our attention… 4,400. That’s the number of SpaceX employees who could become millionaires, according to the NYT.
Elon Musk can’t hear you over the sound of his $1.75 trillion IPO: The Equity podcast weighs in on the IPO.
Who wins and who doesn’t SpaceX is the world’s largest IPO in history and means a big payday for some investors, employees, and of course, Elon Musk.
Who will benefit most from SpaceX IPO? Mostly Elon — and a few from his inner circle: Elon Musk has the largest stake in SpaceX by billions of shares, but others also stand to win. Here’s the rundown of who owns what.
SpaceX SPV investors won’t know their true holdings until post-IPO lock-ups lift: After SpaceX makes its public debut, lower-tier SPV investors face hidden fees, lengthy payout delays, and the risk of outright fraud.
What’s in the S-1 The S-1 registration document gave the world an unprecedented look inside SpaceX, including its financials and its various businesses. The S-1 continued to be amended as the IPO date approached, and we were on it. Here is what we found.
The SpaceX IPO filing is filled with AI bets, Starship dreams, and Elon Musk at the center: The contents of the SpaceX IPO details a business dominated by its Starlink satellite internet offering, more than $37 billion in losses, and future business prospects through its xAI division.
Starship’s path to reusability looks murky after SpaceX’s S-1: SpaceX’s IPO and Starship rocket test flight delivered two big data points that offer a realistic vision for the coming years — and one that may disappoint both the company’s boosters and its critics.
SpaceX warns investors of future dilution, adding fuel to Tesla merger rumors: The company added new language to its S-1, a warning to prospective investors that a major dilution could be in the cards after it goes public.
Pre-IPO deals and events Leading up to the IPO, SpaceX locked in a string of deals, mostly selling off compute to improve its balance sheet.
Anthropic will pay xAI $1.25B per month for compute: Initial coverage of the Anthropic deal on May 20.
How long is Anthropic’s lease with SpaceX? Opinions vary: Elon Musk keeps downplaying the duration of SpaceX’s contract with Anthropic.
Google will pay SpaceX $920M per month for compute: A Google representative described the deal as a short-term deal addressing unexpected demand for its recently launched AI products.
This article originally published at 10 a.m. ET, June 12, 2026. It has been updated with new coverage of the SpaceX IPO, share price, and other related events.
When you purchase through links in our articles, we may earn a small commission. This doesn’t affect our editorial independence.
SPCX stock is moving. See the chart and price action here. When Wall Street’s first coverage notes dropped ahead of last Friday’s IPO, the targets on SpaceX stock ranged from $165 to $190.
New Street Research analyst Pierre Ferragu set a $165 12-month target, representing 22% upside from the $135 offer price.
Wolfe Research followed with a $175 target and an Outperform rating, built on 16x projected 2028 sales and 54x 2028 EBITDA.
Oppenheimer came in most aggressive, initiating at Outperform with a $190 target — implying nearly 41% upside from the IPO price.
SPCX topped $176 intraday Friday, clearing both New Street’s $165 and Wolfe’s $175, before closing at $160.95. By Monday it was back near $170 — once again within striking distance of $175 and leaving only Oppenheimer’s $190 untested.
Only Oppenheimer’s $190 still offers meaningful near-term distance.
The $330 Bull CaseNew Street’s $330 bull-case scenario is the number that tends to stop investors cold.
It is not a 12-month target — it is a 2040 scenario anchored to a $20 trillion total addressable market for space, with SpaceX capturing 50% share, according to the New Street note.
The analyst's sum-of-parts base case breaks down to $650 billion for telecom, $575 billion for xAI, $650 billion for orbital data centers, $325 billion for owning the physical stack, and $100 billion for launch — totaling $2.3 trillion.
Getting to $330 requires SpaceX to hit $127.7 billion in AI revenue and $57.9 billion in connectivity revenue by 2030, implying a 60% revenue CAGR over five years, with EPS of $3.30 in 2030.
With Oppenheimer’s $190 still untested, the question heading into Day 2 is whether the stock consolidates at current levels or accelerates toward that mark.
SPCX Stock Price Activity: SpaceX shares are climbing, up 6.09% to $170.75 at the time of publication on Monday, according to Benzinga Pro data.
Photo: Shutterstock
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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SpaceX (NASDAQ: SPCX) went public with the largest-ever IPO on Friday, June 12, and just one trading session later, artificial intelligence (AI) models are predicting a wide range of outcomes for the stock by the end of the month.
On average, Finbold’s AI prediction agent projects a SpaceX stock price target of $16.38 on June 30, 2026, which implies the model sees a 4.5% upside potential for the space company in the next two weeks compared to the current price of $161.13.
AI predicts SpaceX stock price for June 30. Source: Finbold However, the average price represents a joint projection of five leading large language models (LLMs), not all of which were equally bullish – or bullish at all.
AI SpaceX stock price prediction Specifically, our prediction tool combined the outputs of Claude Opus 4.6, DeepSeek Chat, Gemini 3 Flash, ChatGPT 5.2, and Grok 4.1.
Gemini was the most bullish model, forecasting a 13.23% rally and an SPCX share price target of $182.45. Claude and Grok were slightly less optimistic, although they still saw an upside potential of 7.06% and 8.3%, respectively, which would put the stock in the $172.5–174.5 range.
ChatGPT was much more conservative, with a price target of $164.2, up only 1.91% from the current levels. Completely bearish, on the other hand, DeepSeek sees the space leader’s stock plummeting 7.99% by June 30 and ending the month at $148.25.
AI sets SpaceX stock price target for June 30. Source: Finbold The divergent AI predictions illustrate the expected early volatility for a stock of such caliber. Even in the long run, some Wall Street analysts have already expressed some not-so-optimistic views, with, for example, CFRA analyst Keith Snyder saying the company’s current valuation reflects substantial optimism despite significant execution risks.
Featured image via Shutterstock
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SpaceX (SPCX +9.22%) stock began trading on Friday, and despite a high valuation out of the gate, it finished its first day up more than 19%, closing at a price of just under $161. Demand for the IPO was strong, as retail investors are bullish on the company, which is run by Elon Musk.
It has been one of the most highly anticipated new offerings, potentially ever. The momentum may very well continue in the days and weeks ahead, but it's also likely to be a volatile investment.
Is it a good idea to buy SpaceX stock right now, or should you hold off given the risks?
Image source: Getty Images.
It's an enticing opportunity, but it could be a bumpy road ahead In SpaceX's S-1 filing, it estimates its total addressable market to be $28.5 trillion. Between space, connectivity, and artificial intelligence (AI), it has some significant growth opportunities, and that potential is why investors may not necessarily balk at its high valuation; the belief is that the stock can still produce a great return in the long run.
But there's still risk here. While the opportunity may be enticing, that doesn't mean it'll be easy for SpaceX to rapidly grow its sales or generate significant profits. In its most recent quarter, for instance, which covered the first three months of 2026, its revenue rose by 15% to $4.7 billion. It's decent growth, but not exactly earth-shattering. Meanwhile, its net loss of $4.3 billion was eight times the $528 million loss it incurred in the prior-year period. As the business expands heavily into its different ventures, its costs may increase dramatically, making it difficult for SpaceX to get out of the red anytime soon.
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Why SpaceX stock may not be suitable for most investors SpaceX stock has a high valuation, with a market cap of $2.1 trillion that easily puts it among the most valuable companies in the world. It's surprising given its unimpressive financials. The stock may still rise higher, but that'll be indicative of the excitement around the business rather than solid, fundamental reasons to invest in the company.
For most investors, the safest option is to remain on the sidelines with SpaceX stock, because while it may be the hot new investment today, its high price tag could make it vulnerable to a steep sell-off and correction in the near future. This is only suitable for investors with a high tolerance for risk and uncertainty. There are plenty of other growth stocks that could make for better options today.
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SpaceX underwriters have officially exercised their overallotment of shares in the historic initial public offering, bringing the total raised to $85.7 billion, according to an investor relations update out Monday.
Elon Musk's space and artificial intelligence company raised an initial $75 billion on Thursday, making it the biggest IPO ever.
SpaceX's brokers, which include Goldman Sachs and Morgan Stanley, had the option to buy an additional 83.3 million shares as part of the overallotment, which is commonly referred to as the "greenshoe."
The additional money raised in the SpaceX overallotment is bigger than almost all tech IPOs on record. Underwriters typically exercise the overallotment when the stock rises.
SpaceX staff wore green shoes on the trading floor Friday in a nod to the "greenshoe" option, and Musk re-shared a photo on X.
After pricing at $135 per share, the stock soared in Friday's debut, climbing 19%. The stock closed at around $161, pushing the company's valuation past $2 trillion.
Shares of SpaceX continued to climb on Monday morning, jumping more than 7% in their first full day of trading.
Read more CNBC tech newsA year after Meta tapped Alexandr Wang to build a new AI model, Zuckerberg has to sell itAnthropic disables access to Fable 5 and Mythos 5 to comply with government directiveFrom 10% chance of success to $2 trillion market cap: SpaceX's historic IPONew SpaceX millionaires are reinventing the business of managing large wealthMusk told employees gathered at SpaceX's Starbase headquarters in Texas on Friday that he wanted to take the company public now to raise capital for "a significant growth phase."
SpaceX is expected to use the funds to complete and begin commercially flying its Starship rockets, the largest ever built or launched. The rockets are designed to be fully re-usable someday, and to deploy SpaceX's new V3 satellites, which could massively expand their Starlink satellite internet service.
The rockets are still being tested and have mostly carried dummy satellites to space so far.
The company also aims to build, launch and run AI data centers in space, known as orbital data centers, and to build a massive chip factory with Musk's automaker, Tesla, and Intel in Texas. Musk has pitched space-based data centers as a solution to AI's power needs, though the technology remains unproven and comes with a host of associated risks.
SpaceX has a fraction the revenue of any of tech's megacaps and racked up a $4.9 billion loss last year, with total losses since its founding of over $41 billion. After the stock's close on Friday, SpaceX was worth $2.1 trillion, giving it a multiple of 112 times last year's revenue.
Item 1 of 2 A general view of a SpaceX building on the day of the company’s initial public offering (IPO), in Starbase, Texas, U.S., June 12, 2026. REUTERS/Gabriel V. Cardenas
[1/2]A general view of a SpaceX building on the day of the company’s initial public offering (IPO), in Starbase, Texas, U.S., June 12, 2026. REUTERS/Gabriel V. Cardenas Purchase Licensing Rights, opens new tab
June 15 (Reuters) - SpaceX (SPCX.O), opens new tab said on Monday that its underwriters had exercised the "greenshoe" option to purchase additional shares, increasing the total proceeds from its initial public offering to $85.7 billion from $75 billion that it raised last week.
Elon Musk's rocket, AI and internet conglomerate, which sold 555.56 million shares at $135 apiece to raise the record $75 billion, became the largest IPO in history even before the greenshoe option was exercised.
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The 'greenshoe' is a standard feature of most U.S. stock market listings that acts as a safety valve, helping underwriters support the stock and limit sharp price swings in the weeks after trading begins due to strong demand.
SpaceX's shares surged 19% after the blockbuster Nasdaq debut on Friday.
Reuters reported last week, citing sources, that the IPO had attracted more than $250 billion of investor orders, far exceeding the amount the company was seeking to raise. The IPO was oversubscribed by roughly three-and-a-half to four times, underscoring the extraordinary demand for the offering.
The debut, which analysts described as a "Goldilocks" stock market entry, hit the sweet spot of rewarding investors with a strong first-day gain, while avoiding the perception that the company had left significant money on the table by pricing the offering too conservatively.
Its shares rose another 7% in early trading on Monday, adding to the strong gains recorded in Friday's historic market debut, which lifted the company's market capitalization above $2 trillion and made Musk the world's first trillionaire.
Underwriters typically exercise the greenshoe option when a stock trades above its IPO price. SpaceX said its underwriters purchased 83.3 million additional shares through the option.
The greenshoe option is typically exercised in IPOs that have generated extraordinary demand from both Main Street and Wall Street investors.
"Demand significantly outstripped the initial supply. Retail interest was high, but several major funds submitted massive orders, so underwriters wanted to tap the overallotment to satisfy these massive positions," said Brian Jacobsen, chief economic strategist at Annex Wealth Management.
The deal has shattered IPO records and become an early test of investor appetite for a new wave of mega-listings, with AI heavyweights Anthropic and OpenAI reportedly expected to follow it into the public markets later this year.
Goldman Sachs and Morgan Stanley were the lead underwriters for the offering.
Reporting by Manya Saini in Bengaluru; Editing by Shinjini Ganguli
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Manya covers the most influential U.S. financial institutions, from Wall Street’s largest banks and card networks to leading asset managers and fintech companies. She also reports on late-stage venture capital fundraises, initial public offerings on U.S. exchanges and regulatory developments shaping the cryptocurrency industry. Her work appears across the finance, markets, business and future of money sections of the Reuters website. She holds a bachelor’s degree in political science from the University of Delhi and a master’s in journalism from the Symbiosis Institute of Media and Communication.
SpaceX shares surged again on Monday, extending gains from their blockbuster market debut as investors continued to pile into Elon Musk's rocket and artificial intelligence infrastructure company.
Shares of SpaceX, trading under the ticker SPCX, rose 8% in early trading to $173.67 after jumping 19% during their first day on the Nasdaq on Friday.
The broader market was also higher, with the S&P 500 gaining 1.5% amid optimism surrounding a potential agreement to end the Iran war.
One of the reasons the stock is surging higher today is that many expect the firm to join the Nasdaq-100 within days.
The move would make it a significant component of exchange-traded funds and other passive investment vehicles that track the benchmark.
Analysts estimate that inclusion could drive between $7 billion and $10 billion in passive inflows as index funds and ETFs adjust their holdings.
Newly public companies must wait at least 12 months before they can be considered for inclusion in indexes maintained by S&P Dow Jones Indices.
The strong follow-through came after underwriters exercised their overallotment option, increasing the total amount raised through the initial public offering to $85.7 billion.
The debut marked the largest IPO on record and attracted heavy trading activity, with more than 500 million shares changing hands on the first day.
SpaceX's early gains have coincided with a broader rotation into high-growth technology and artificial intelligence-linked companies.
Memory-chip maker Micron Technology was among the few stocks outperforming SpaceX in early trading, while Seagate Technology and Western Digital also posted gains of more than 5%.
Nvidia stock was also up around 2% in early trade.
Investor enthusiasm was further boosted by comments from Musk over the weekend.
Responding to a social media post on X referencing a Morgan Stanley revenue forecast, Musk suggested SpaceX revenue could exceed $1 trillion by 2030.
The target would be more than three times higher than Morgan Stanley's projection and would represent a roughly 66-fold increase from the company's 2025 revenue level.
A major component of that growth strategy is expected to come from artificial intelligence infrastructure.
SpaceX plans to begin deploying orbital AI data centers in 2028.
The company's terrestrial data-center operations, which were previously owned by xAI before being merged with SpaceX in February, currently rent computing capacity to customers, including Anthropic and Google.
Cathie Wood's ARK Invest emerged as one of the most notable buyers following the listing.
The investment firm purchased nearly 3.3 million SpaceX shares during the company's first trading session, building a position valued at more than $500 million by the close of trading.
SpaceX shares were sold in the IPO at $135 and finished their first session at $160.95, representing a gain of more than 19%.
The ARK Innovation ETF accounted for most of the purchases and ended the day with SpaceX representing 3.28% of its portfolio.
Despite the strong start, not all analysts are convinced the rally is sustainable.
CFRA initiated coverage of SpaceX on Friday with a Sell rating and a 12-month price target of $115, implying significant downside from current levels.
The research firm cited the company's aggressive growth plans, elevated valuation expectations, and substantial capital requirements.
Morningstar analyst Nicolas Owens also expressed caution in a June 8 note, valuing SpaceX at $63 per share and describing the stock as overvalued.
Even as skeptics question the valuation, investors appear focused on the company's long-term ambitions in launch services, satellite communications, artificial intelligence infrastructure, and future orbital computing networks.
A CNBC segment that ran last week opened with a sentence you do not normally hear from a buyer. “It’s stupid. It’s unreasonable… The valuation is really, really aggressive, in my opinion,” said Marvin Jung, a regional director of operations in veterinary care. Then he told CNBC he had requested roughly 1,000 shares of SpaceX through Robinhood anyway. That gap, between what retail investors are saying and what they are doing, is the actual story of the IPO.
Why analysts call the $2.1 trillion price aggressive SpaceX is now public at a $2.1 trillion valuation. A Morningstar analyst told CNBC the company has been “significantly overvalued” and that investors will likely find better prices later. The Connectivity segment, mostly Starlink, did $11.4 billion in 2025 revenue with $7.17 billion in segment adjusted EBITDA; revenue grew 49.8% year over year. That is a real business.
The AI segment, formed by the February 2026 acquisition of xAI, posted a 2025 loss from operations of $6.35 billion on $3.2 billion in revenue, with first-quarter 2026 AI capex alone of $7.7 billion. Mid-roadshow, SpaceX disclosed roughly $26 billion in new annual revenue from Anthropic and Google partnerships, which hardened conviction.
The retail archetypes lining up for shares What makes this IPO unusual beyond size is the allocation. Per CNBC, 20% to 30% of shares are going to retail, well above the normal sliver. Three archetypes are showing up. The short-term pop chaser, hoping to flip day-one demand.
The cautious position-taker, capping exposure at around $10,000 or two shares, treating it as a small lottery-ticket position. And the long-term believer, like recent Cornell graduate Andrew Chen, who told CNBC he wants to “underwrite Elon’s ability to execute in this growing TAM” and called it a “once in a lifetime opportunity.”
The Musk premium and the AI infrastructure bet Day trader Ross Cameron, founder of Warrior Trading, put the bull case in a line to CNBC. The IPO “would be overvalued if it didn’t include Elon Musk… because it includes Elon Musk… It doesn’t really make sense on paper, but this is the right market environment.” CNBC kept returning to the reframing that “SpaceX is not one business… it’s three businesses” across communications, launch, and AI infrastructure. Eric Jackson of The AI Investor Podcast said he would not buy on day one or even in the first month, citing the low float and pent-up demand bottleneck.
Admiration plus patience is the Morningstar posture too. The Musk premium is real, but so is the dilution risk if xAI keeps consuming cash faster than Starlink can throw it off. Retail buyers who treat the IPO as a venture-style bet rather than a public-market trade are the ones most likely to come out ahead, because the path from a $1.8 trillion entry price to a higher one almost certainly runs through several years of messy quarterly prints.
Where Rocket Lab fits into the trade For investors who do not get an allocation, Rocket Lab (NASDAQ:RKLB | RKLB Price Prediction) has been the de facto SpaceX proxy. Q1 revenue hit $200.35 million, up 63.46% year over year, with backlog at a record $2.20 billion and CEO Peter Beck citing “access to more than $2 billion in liquidity” in the 8-K filed May 7, 2026. The Neutron medium-lift rocket will likely debut later in 2026. Reddit sees the stock as the cheaper executable version of the SpaceX trade.
The risk both stocks share is execution. SpaceX must turn xAI capex into AI revenue, Starship into a reliable workhorse, and Starlink growth into something durable enough to justify a software-like multiple. Rocket Lab has to land Neutron’s debut later in 2026, integrate three acquisitions without margin slippage, and convert that $2.2 billion backlog into recognized revenue on schedule. Retail investors who get SpaceX allocations should also keep an eye on the eventual lock-up expiration, when early shareholders sitting on enormous private-market gains finally get to sell. That is when the Morningstar “better prices later” thesis gets tested in public, and when the RKLB-as-proxy trade either gets validated or quietly unwinds.
SpaceX’s historic IPO just got super-sized, after the public offering’s underwriters exercised their option to purchase the maximum amount of shares — bringing the total amount raised to $85.7 billion.
Elon Musk’s space-and-AI company had initially raised $75 billion, which was already enough to make it the largest IPO windfall ever.
SpaceX has said it plans to use the proceeds from this IPO in a variety of ways. The company plans to extinguish around $20 billion in debt related to legacy loans tied to X, the social media company formerly known as Twitter, and Musk’s AI company xAI — both of which were combined into SpaceX before the IPO.
Funds will also be used to expand SpaceX’s AI compute infrastructure, enhance its launch infrastructure, and improve Starlink.
SpaceX’s stock started trading on the Nasdaq exchange on Friday. The company finished the day with a valuation of more than $2 trillion, and Musk became the world’s first trillionaire. Shares climbed higher on Monday, helping SpaceX eclipse the valuation of chipmaker TSMC.
Yet the significance of this IPO extends far beyond the company’s first-day gains. For investors, the listing represents a major test of market appetite for high-growth businesses that prioritize long-term expansion over near-term profitability. It may also provide a roadmap for a new generation of public offerings, particularly from the artificial intelligence sector.
The enthusiasm surrounding SpaceX reflects investor confidence in the company’s long-term vision rather than its current earnings profile. Since its founding in 2002, SpaceX has accumulated substantial losses while investing heavily in launch systems, satellite infrastructure and next-generation space technologies. However, management argues that years of investment are beginning to generate meaningful returns.
A key pillar of that strategy is Starlink, the company’s satellite internet network, which has become a significant source of recurring revenue and cash flow. The proceeds raised through the IPO are expected to accelerate an ambitious expansion plan that includes a dramatic increase in satellite deployment and the development of space-based computing infrastructure.
Investors are effectively betting that SpaceX can evolve from a successful aerospace company into a foundational provider of global communications and computing services. This vision helps explain why the market has been willing to assign such a lofty valuation despite the company’s limited profitability.
Retail investors also played a major role in the stock’s debut. Individual traders accounted for an unusually large share of demand, reinforcing the strong retail participation that has become a defining feature of modern financial markets. The combination of a globally recognized brand, Elon Musk’s reputation and the scarcity of publicly traded space-related investments created conditions for exceptional first-day demand.
Why Volatility Could Remain Elevated While the IPO’s success has generated excitement, investors should also prepare for significant volatility in the weeks and months ahead. Historically, many high-profile listings experience sharp price swings after their initial surge. Early enthusiasm often collides with the realities of valuation, profit expectations and changing market sentiment.
These mandatory purchases could create additional upward pressure on the stock price in the short term. However, such flows are technical rather than fundamental, meaning they may not necessarily reflect changes in the company’s underlying business performance.
For retail investors, this distinction is important. Strong demand from index funds can support a stock temporarily, but long-term returns ultimately depend on revenue growth, profitability and operational execution.
What the SpaceX IPO Means for OpenAI and Anthropic Perhaps the most important consequence of the SpaceX listing is what it signals for the broader IPO market. For several years, high interest rates and economic uncertainty limited the number of large technology companies willing to go public. The strong reception received by SpaceX suggests that investor appetite for disruptive growth stories remains intact, particularly when companies operate in sectors viewed as transformational.
This development is likely to be closely watched by OpenAI and Anthropic, two of the most anticipated future listings in the artificial intelligence industry. Unlike SpaceX, these companies are positioned at the center of the generative AI boom and benefit from rapidly expanding commercial adoption. Their revenue growth trajectories may therefore appear more immediately attractive to investors seeking exposure to artificial intelligence.
However, the comparison is not entirely straightforward. SpaceX enters public markets with more than a decade of investor familiarity with Elon Musk as the leader of a publicly traded company. Many investors who generated substantial returns from Tesla are willing to extend a similar degree of trust to his latest venture.
OpenAI and Anthropic do not yet possess that same public-market track record. As a result, investors may place greater emphasis on governance structures, management execution and the path toward sustainable profitability. This difference could lead to even greater volatility once these companies eventually begin trading.
Can Fundamentals Catch Up With Valuations? The success of the SpaceX IPO highlights a familiar pattern in financial markets. During periods of optimism, investors often focus on future opportunities rather than current earnings. SpaceX, OpenAI and Anthropic all share a common characteristic: they operate in industries with enormous potential but require extraordinary levels of capital investment. As a result, profitability remains elusive despite rapid revenue growth.
For now, investors appear comfortable funding these long-term ambitions. The belief is that today’s losses represent investments in infrastructure that could eventually support dominant market positions. Nevertheless, history suggests that enthusiasm alone cannot sustain valuations indefinitely. Public companies ultimately face scrutiny from shareholders who expect measurable progress toward profitability and cash generation.
Research on high-growth listings has consistently shown that companies trading at extreme revenue multiples often struggle to justify those valuations over time. While some become transformative market leaders, many eventually face significant repricing as investors reassess expectations. The challenge for SpaceX—and potentially for future AI listings—will be demonstrating that revenue growth can eventually translate into durable earnings power.
Conclusion The SpaceX IPO could be more than a successful market debut; it may mark the beginning of a new phase for global equity markets. Its record valuation, extraordinary investor demand and rapid ascent into the mega-cap universe have reopened discussions about how much investors are willing to pay for long-term innovation. The listing also provides an early indication of how public markets may respond to the next generation of AI giants. If SpaceX has reopened the door for transformative growth companies, OpenAI and Anthropic could be the next major beneficiaries.
For investors, however, the lesson remains unchanged. Exciting narratives can drive valuations higher in the short term, but long-term shareholder returns ultimately depend on execution. The coming years will reveal whether these ambitious companies can transform extraordinary expectations into equally extraordinary financial results.
HomeInvestingStocksIPO ReportIPO ReportUnderwriters on the already record-breaking IPO exercised the ‘greenshoe’ option to buy another 83 million sharesPublished: June 15, 2026 at 11:38 a.m. ET
SpaceX shares are pushing higher in their second day of trading after the company disclosed that its record haul of initial-public-offering proceeds was an even bigger sum than first recorded.
The company included what’s called a greenshoe option in its offering, allowing underwriters of the IPO to buy additional shares at the IPO price of $135 per share. SpaceX said that its underwriters had decided to fully exercise that option, buying 83.3 million further shares.
June 15, 2026 11:39 ET | Source: Purpose Investments Inc.
TORONTO, June 15, 2026 (GLOBE NEWSWIRE) -- This release corrects and replaces the press release issued on June 15 at 1601 Eastern Time. In the third paragraph, Nick Mersch's name was misspelled Mersh. The corrected release follows:
Purpose Investments Inc. (“Purpose”) is excited to announce the expansion of its Yield Shares suite with the launch of the Purpose SpaceX (SPCX) Yield Shares ETF, which begins trading today on Cboe Canada under the ticker SPXY.
The new ETF offers investors exposure to SpaceX and is designed to generate enhanced* monthly income through a diversified covered call strategy on approximately 50% of the portfolio, combined with modest leverage of approximately 25%.
“SpaceX is one of the most influential companies shaping the future of space exploration and advanced technology, and Canadian investors have been looking for a simple way to access its growth potential,” said Nick Mersch, Portfolio Manager at Purpose Investments. “SPXY gives investors access to that opportunity while providing enhanced monthly income through a strategy focused on long-term total return.”
As investor demand continues to grow for single-stock income strategies, SPXY expands Purpose’s Yield Shares suite into one of the most anticipated public market opportunities, offering investors a new way to access innovation, growth potential, and monthly income in a single ETF.
Key Benefits:
Growth Potential: Gain exposure to the long-term growth opportunity of SpaceX, a leader in the commercial space industry.Monthly Income: Designed to generate enhanced monthly income through a diversified covered call strategy written on approximately 50% of the portfolio.Modest Leverage: Uses approximately 25% leverage to enhance exposure and support the fund’s income objective.Tax-Efficient Distributions: Distributions are expected to be in the form of capital gains and/or return of capital, which are typically taxed more favourably than interest income.Canadian Dollar Hedged: The Fund will be 100% hedged back to the Canadian dollar, reducing U.S. dollar currency risk for investors.
With the addition of SPXY, the Purpose Yield Shares suite has grown to feature 30 ETFs, offering an array of yield-focused strategies across Canadian, U.S. and crypto assets. The new addition reinforces Purpose Yield Shares as a leading option for investors seeking monthly income and total return from their favourite stocks and digital assets.
About Purpose Investments
Purpose is the manager of the ETF. Purpose is an asset management company with more than $31 billion in assets under management. Purpose has an unrelenting focus on client-centric innovation and offers a range of managed and quantitative investment products. Purpose is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.
*Purpose Yield Shares funds provide "enhanced" or higher yields in the form of additional monthly distributions compared with the underlying common stock, which pays a relatively lower or no distribution yield.
The content of this document is for informational purposes only and is not being provided in the context of an offering of any securities described herein, nor is it a recommendation or solicitation to buy, hold or sell any security. Information contained in this document is not, and under no circumstances is it to be construed as, an offering memorandum, prospectus, advertisement or public offering of securities. No securities commission or similar regulatory authority has reviewed this information, and any representation to the contrary is an offence. The information contained in this document is believed to be accurate and reliable; however, we cannot guarantee that it is complete or current at all times. The information provided is subject to change without notice.
Commissions, trailing commissions, management fees and expenses may all be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Copies of the prospectus may be obtained from purposeinvest.com. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed; their values change frequently, and past performance may not be repeated. Fund distribution levels and frequencies are not guaranteed and may vary at the sole discretion of Purpose Investments.
Certain statements in this document may be forward-looking. Forward-looking statements ("FLS") are statements that are predictive in nature, depend on or refer to future events or conditions, or that include words such as "may,” "will,” "should,” "could,” "expect,” "anticipate,” "intend,” "plan,” "believe,” "estimate" or other similar expressions. Statements that look forward in time or include anything other than historical information are subject to risks and uncertainties, and actual results, actions or events could differ materially from those set forth in the FLS. FLS are not guarantees of future performance and are, by their nature, based on numerous assumptions. Although the FLS contained in this document are based upon what Purpose Investments believes to be reasonable assumptions, Purpose Investments cannot assure that actual results will be consistent with these FLS. The reader is cautioned to consider the FLS carefully and not to place undue reliance on the FLS. Unless required by applicable law, it is not undertaken, and specifically disclaimed, that there is any intention or obligation to update or revise FLS, whether as a result of new information, future events or otherwise.
SpaceX Says Historic IPO Raised More Than $85 Billion Ty Roush is a breaking news reporter based in New York City.
Jun 15, 2026, 11:33am EDT
ToplineSpaceX’s record-setting initial public offering raised more than $85 billion, the company announced on Monday, after the banks behind the debut sold additional shares that had been set aside to match strong investor demand.
Wall Street banks sold extra shares set aside for stronger investor demand, Elon Musk’s firm said.
dpa/picture alliance via Getty Images
Key FactsBrokers behind SpaceX’s IPO—Goldman Sachs and Morgan Stanley, among others—purchased an additional 83.3 million SpaceX shares, bringing the total raised to $85.7 billion as of Monday, the company said.
Shares of SpaceX, trading for their first full day, jumped another 7.5% on Monday morning after surging 19% in its debut last week.
SpaceX (SPCX, Financials) is back in focus after Elon Musk said the company could generate $1 trillion in revenue by 2030, just days after its record-setting IPO.
Musk made the comment on X, adding that he would be surprised if revenue was not above $1 trillion in 2031.
The statement gives investors another big number to consider after SpaceX went public at a valuation above $2 trillion. The company is now one of the most valuable U.S. businesses, but its current revenue is still much smaller than other companies with similar market values.
SpaceX reported 2025 revenue of $18.67 billion, up from $14.02 billion a year earlier. It also posted a net loss of $4.94 billion.
Wall Street appears more cautious. Goldman reportedly expects SpaceX revenue to top $470 billion in 2030, while Morgan Stanley sees nearly $330 billion.
For investors, the story is simple: Musk is selling a massive growth vision, but SpaceX still has to prove it can scale revenue and move toward profitability.
Kingdom Holding rose after SpaceX's 19% debut gain lifted its stake value to $6.8 billion. Summary
Gulf investors are gaining fresh exposure to Musk’s space and AI ecosystem.
SpaceX's SPCX public-market debut is already creating a major mark-to-market boost for Gulf investors, with Prince Alwaleed bin Talal's Kingdom Holding Co. rising at Sunday's open after the rocket and satellite company's first-day share surge lifted the value of its stake to almost $7 billion. Kingdom Holding said it owns 42.4 million SpaceX shares, valued at $6.8 billion based on the company's closing price, representing roughly half of Kingdom's own market capitalization. Kingdom shares rose as much as 5%, valuing the Saudi investment firm at 56 billion riyals, or $14.9 billion, showing how SpaceX's listing could be reshaping investor attention around Gulf-linked technology exposure.
SpaceX, formally known as Space Exploration Technologies, began trading on Friday after raising $75 billion in the largest listing of all time. The stock closed up 19% at $160.95, delivering tens of billions of dollars in returns for a small group of early investors. Founders Fund, led by Elon Musk's longtime associate Peter Thiel, owns roughly 3% of SpaceX, while Andreessen Horowitz is set to receive the biggest return in its history, and Sequoia Capital, which first backed SpaceX at the end of 2019, owns about 1.5% of the company. Kingdom Holding previously said its stake represents 0.34% of SpaceX, while Prince Alwaleed's personal exposure amounts to about 0.29%, helping lift his net worth to just over $27 billion, a decade-high, according to the Bloomberg Billionaires Index.
The SpaceX listing could also strengthen Saudi Arabia's wider exposure to Musk's expanding technology ecosystem, especially as the $1 trillion Public Investment Fund owns a stake in Kingdom Holding and backs Humain, an AI firm that invested $3 billion into Musk's xAI this year as part of a $20 billion funding round. Humain said at the time that its significant minority stake in xAI would convert into SpaceX shares, adding another possible layer of upside tied to the debut. Regional capital has also been moving deeper into AI, with Abu Dhabi's MGX holding stakes in Anthropic, OpenAI and xAI, while Qatar has invested in both Anthropic and xAI. For investors, SpaceX's first trading session is possibly becoming more than a space IPO story — it could be a fresh signal that Gulf capital is increasingly tied to the next phase of AI, space and private technology monetization.
SpaceX's $2 trillion initial public offering is so far crowning more winners than losers.
One of them is arguably blockchain-based exchanges like Hyperliquid and Binance, which offered perpetual futures on SpaceX in the lead-up to the IPO.
Perpetual futures, or "perps" as they're called among traders, are derivative contracts with no expiration date that have gained popularity with international traders and are increasingly becoming a part of U.S. market structure. The CFTC recently approved prediction market operator Kalshi to trade bitcoin perps.
Perp market traders had a form of early access to SpaceX, and the trading closely aligned with later prices in the stock market.
As bankers hustled behind closed doors to price the deal and reporters indicated a first price of as high as $175, SpaceX perp-traders on Hyperliquid were buying and selling futures as high as $180 around the opening bell and as low as $153 just before the first trade came in at $150.
"Where there's opportunity for liquidity, savvy people will find ways to get it," said David Schamis, founding partner at Atlas Merchant Capital and CEO of Hyperliquid Strategies, a Treasury reserve strategy that owns Hyperliquid cryptocurrency tokens. "This is not just retail people punting for the fun of it. The perps are leading and so far those that have been listed before IPOs have done a pretty damn good job."
More than 7 million SpaceX perps traded on Hyperliquid on Friday for more than $1.2 billion in volume, according to exchange data compiled by CNBC. Meanwhile, about 500 million shares of SpaceX traded in its debut session.
After hitting a high of $176.52, the stock closed at $160.95, giving SpaceX a Day-1 market capitalization of over $2.1 trillion.
SpaceX, 1 day
The accuracy of the perp pricing for such a high-profile event keeps pressure on traditional exchanges who have to keep up with the rapid evolution of investment products and asset classes like event contracts and perpetual futures.
Earlier this month shares of CME, Cboe and Nasdaq all slid when event-contracts giant Kalshi announced it will offer perpetual futures under the supervision of the Commodity Futures Trading Commission.
To be sure, by "traditional finance" standards, the SpaceX IPO went about as smooth as it could, particularly given the deal's unprecedented size.
"The bankers priced it perfectly – not too high, not too low," Jared Dillian, author of the Daily Dirtnap, said via phone. "You want a little bit of a pop on the IPO to reward shareholders but if it's too big a pop, SpaceX would have left money on the table. I was impressed. There were no trading problems. It went off without a hitch."
For cryptocurrency advocates, providing a whole new dimension of trading for the world's biggest stocks and securities on "decentralized" exchanges like Hyperliquid is a much-needed success story for blockchain technology as a serious Wall Street disruptor. Bitcoin's been underperforming stocks for over a year-and-a-half, and digital asset Treasury companies like Strategy have gotten pummeled.
Meanwhile, Hyperliquid's own tradeable token is up over 150% this year, according to CoinMarketCap data.
"Perps are the best way to bring real-world assets on-chain," Atlas's Schamis said. "Bitcoin may go up, might go down, who knows, but the crypto rails built around it are what's really going to endure for many years. Hyperliquid is by far the best example of that."
Early SpaceX investor Ron Baron wasn't taking profits during its blockbuster stock-market debut. He was buying more.
The billionaire investor said Baron Capital purchased an additional $1 billion worth of SpaceX shares Friday during the company's initial public offering, increasing the firm's position in Elon Musk's rocket and satellite company to roughly $25 billion.
The purchase marks a fresh vote of confidence from one of SpaceX's earliest and most enthusiastic institutional backers, even after the company's valuation soared to $2 trillion.
"I think we're going to make hundreds of billions of dollars," Baron said Monday on CNBC's "Squawk Box." "What they've done isn't possible for anyone else to accomplish. Not possible. And so he's at least 10 years ahead of everyone else, as far as making satellites, as far as making rockets, as far as building networks."
Baron said he participated in the IPO to maintain his firm's ownership percentage as the company sold new shares to the public.
"I didn't want to get diluted," Baron said. "I wanted a billion dollars to keep our percentage the same ... I'm an investor in a business. I'm not buying and selling or trading."
Baron first invested in SpaceX in 2017 through employee tender offers when the company was valued at less than $22 billion and has since participated in 27 funding rounds.
As of March 31, SpaceX accounted for 33% of assets in the $10.4 billion Baron Partners Fund and 25.5% of the Baron Asset Fund. Combined with the firm's sizable position in Tesla, about half of the assets in some Baron portfolios are tied to companies led by Musk.
Baron acknowledged that SpaceX's valuation has climbed dramatically since his initial investment, but said he believes the company's growth potential remains vastly underappreciated.
"I think that with now being valued at $2 trillion, I think it's going to be valued in 10 years at $20 trillion, $30 trillion, $40 trillion," Baron said.
The veteran investor argued that Musk's ambitions extend beyond building a successful aerospace company.
"Normally, our economy doubles roughly every 10 years," he said. "What he thinks is, by the innovations and the work that he's doing, he's going to make the economy grow 10 times in 10 years, not double."
An El Al aircraft parked at Phuket International Airport, following regional airspace closures amid the U.S.-Israel conflict with Iran, in Phuket, Thailand, March 3, 2026. REUTERS/Napat... Purchase Licensing Rights, opens new tab Read more
JERUSALEM, June 15 (Reuters) - El Al Israel Airlines (ELAL.TA), opens new tab has signed a deal with Elon Musk's Starlink to make high-speed internet available across its fleet starting next year, the airline said on Monday.
Financial details of the agreement were not disclosed.
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Israel's flag carrier said SpaceX's (SPCX.O), opens new tab Starlink service would be offered free of additional charge and would allow hundreds of customers to connect simultaneously, including on long-haul flights.
Global airlines are pushing to attract premium customers, and fast in-flight Wi-Fi has become an increasingly important perk.
Starlink, which operates around two-thirds of all satellites in space and is the major driver of revenue for SpaceX, had as of last week signed up 11 new airline customers so far in 2026. It faces competition from Amazon (AMZN.O), opens new tab.
"The integration of Starlink technology into El Al aircraft is a significant step forward, allowing customers to stay connected in the air, enjoy live streaming and continue to work and communicate smoothly and without interruption," said El Al Chief Executive Levy Halevy.
The airline has a relatively new long-haul fleet of Boeing (BA.N), opens new tab 787 Dreamliner aircraft that is expected to continue growing in the next few years while it also expands its route network. It also has ordered Boeing 737 MAX aircraft for flights to Europe.
Since the Gaza war began in October 2023, El Al has faced limited competition and seen its profits rise as many foreign carriers suspended flights to Israel, though that is expected to change if an agreement between Washington and Tehran to halt the Iran war holds.
Key U.S. rivals Delta and United have already said they would resume flights to Tel Aviv in September.
Starlink, which uses thousands of low-Earth-orbit satellites rather than larger, slower geostationary satellites, is multiple times faster than legacy systems, according to Ookla, a broadband analytics firm.
Reporting by Steven Scheer; Editing by Kirsten Donovan and Joe Bavier
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Ron Baron, Baron Capital founder, CEO and portfolio manager, joins 'Squawk Box' to discuss the historic SpaceX IPO, Elon Musk's mission with the company, and more.
Elon Musk sat for a CNBC segment last week ahead of the largest IPO in history, and he did something a little odd for someone about to ask public markets for close to $75 billion. He talked about science fiction novels.
The improbable origin in an El Segundo warehouse Musk told CNBC he gave SpaceX (NASDAQ:SPCX) “less than a 10% chance of succeeding at all” when he started it, and figured “we should give it a try because if we don’t… we will never be a truly spacefaring civilization.” He credited COO Gwynne Shotwell as an early partner and recalled the company’s first home, a warehouse in El Segundo. “SpaceX was less than 10 people back then. We didn’t even have office furniture,” he said earlier this month.
SpaceX has raised over $9 billion of equity capital since its 2002 founding to fund Space and Connectivity. The Space segment became Adjusted EBITDA positive on a sustained basis in 2018, and Connectivity got there in 2023. From that warehouse to over 9,600 Starlink satellites in Low-Earth Orbit serving 164 countries is the operational base public buyers are being asked to underwrite.
Taking the fiction out of science fiction “That’s what SpaceX is all about, is to take the fiction out of science fiction and create an exciting, inspiring future for everyone,” Musk told CNBC. He acknowledged that Earth’s problems still deserve attention while arguing that inspiring visions of the future are necessary alongside that work.
The framing is consistent with his recent posts. Musk has been talking up a “major base on the Moon” and arguing humanity must secure “the long-term future of consciousness, both on Earth and other heavenly bodies” against meteor strikes and nuclear war. Whether mission talk justifies the valuation is the question buyers actually have to answer.
Democratizing the trip to the Moon and Mars Musk also pushed the democratization angle on CNBC, saying SpaceX wants to fly “anyone” to the Moon, Mars, and eventually beyond. The IPO itself follows similar logic at the cap table. JPMorgan CEO Jamie Dimon is leading a nationwide pitch to thousands of the bank’s wealthiest private-banking clients, which counts as democratization only if you squint, while retail access runs through Morgan Stanley’s retail allocation role alongside Goldman Sachs as lead-left and JPMorgan and Bank of America rounding out the syndicate.
Then there are the ETFs. ARK Space & Defense Innovation, Procure Space, and Tema Space Innovators are positioned to add SPCX exposure quickly once shares trade on NASDAQ. The plumbing for “anyone” to own a piece is being laid in real time.
What mission framing means for IPO buyers SpaceX generated $18.67 billion in 2025 revenue with a loss from operations of $(2.59) billion and Adjusted EBITDA of $6.58 billion, per the S-1 on file with the SEC. The first quarter of 2026 showed $4.69 billion of revenue against a $1.94 billion loss from operations and $1.13 billion in Adjusted EBITDA. The recent xAI acquisition added both compute ambition and cash burn to that mix.
Skeptics are loud. Michael Burry compares the SpaceX, OpenAI, and Anthropic frenzy to the dot-com bubble. Former Lehman trader Larry McDonald calls the valuations “astronomically unrealistic” and warns rapid index inclusion could rope passive retirement money into the trade at the top. NYU’s Scott Galloway flags the “supply flood” risk as Anthropic and OpenAI line up behind SpaceX, suggesting one of these debuts could give back 80%.
Buyers of SPCX would be funding a thesis that orbital data centers, millions of AI compute satellites deployable as early as 2028, Starship reusability, and cellphone-direct Starlink can all compound into something that justifies the price.
Tom Mueller, Founder and CEO of Impulse Space and first employee at SpaceX, discussed SpaceX's evolution from a risky startup in 2002 to a $2 trillion public company. He described early skepticism, repeated test failures, and key milestones such as reaching orbit, servicing the ISS, landing reusable rockets, and enabling global internet.
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“The reality is this name is likely sentiment-driven in the near-term,” Direxion CEO Douglas Yones told Benzinga. “The economics of the company alone could not warrant the lofty valuation.”
Hype Vs. FundamentalsSpaceX entered public markets with a valuation that has captivated investors for years. But Yones says the enthusiasm surrounding the company extends beyond what conventional financial analysis might justify today.
Instead, he pointed to a combination of factors fueling investor demand, including SpaceX’s status as the largest IPO ever, its leadership under Elon Musk and its potential role in the broader artificial intelligence investment theme.
“The combination of SpaceX as the largest IPO ever, its proximity to Elon, and its potential position in the broader AI trade all contribute to the fervor around this IPO,” Yones said.
The Biggest Bear CaseWhile much of the conversation around SpaceX has focused on its growth opportunities, Yones advises investors to pay attention to shifts in market sentiment.
“If sentiment changes and investors demand cash flows commensurate with its valuation, SpaceX could see some weakness,” he said.
That warning highlights the balancing act facing investors. For now, SpaceX appears to be trading on a mix of ambition, innovation and Musk’s star power. But as the excitement surrounding the IPO settles, investors may eventually begin asking a more traditional question: can the fundamentals keep pace with the hype?
Photo Courtesy: JRdes on Shutterstock.com
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The launch highlights a simple reality: investor demand for SpaceX exposure isn’t waiting around.
From IPO To Leveraged TradeLOFF seeks daily investment results, before fees and expenses, equal to 200% of SpaceX’s daily performance.
The speed of the launch is notable. While many newly public companies spend months building a trading history before derivative products emerge, SpaceX has gone from private-market darling to leveraged ETF underlying asset in a matter of days.
Direxion said the fund is designed for active traders looking to express a short-term bullish view on the stock.
In comments shared with Benzinga, Direxion CEO Douglas Yones said the firm’s decades of experience managing leveraged products helped pave the way for the rapid launch. He pointed to “countless hours of due diligence” and the expertise of Direxion’s portfolio management and risk teams as key factors behind bringing LOFF to market so soon after SpaceX’s debut.
SpaceX Joins Direxion’s Single-Stock LineupThe ETF provider has become one of the biggest names in the single-stock ETF market, thanks in large part to products tied to high-profile names such as Tesla, Inc. (NASDAQ:TSLA).
“Few companies have been followed as closely as SpaceX,” said Mo Sparks, Chief Product Officer at Direxion. “With LOFF, active traders can act on that conviction from the start of public trading.”
The company said the launch builds on its existing suite of leveraged single-stock products that cater to traders seeking magnified exposure to market-moving names.
Betting On The Hottest New TickerSpaceX’s public debut has been among the most anticipated listings in years, drawing intense attention from both retail and institutional investors.
Now, traders looking for even more thrust behind their SpaceX bets have a new vehicle.
Whether SpaceX continues its ascent or experiences the turbulence that often follows blockbuster IPOs, LOFF ensures one thing: the market’s newest marquee stock already has a leveraged ETF riding shotgun.
Photo: berni0004 / Shutterstock
Market News and Data brought to you by Benzinga APIs
SpaceX logo as an employe looks at his phone while making his way to work at the company’s facility on the day of the SpaceX IPO, in Hawthorne, California, U.S. June 12, 2026. REUTERS/Mike Blake Purchase Licensing Rights, opens new tab
CompaniesSEOUL, June 15 (Reuters) - South Korea's Mirae Asset Securities (006800.KS), opens new tab apologized to investors on Monday for failing to secure an allocation of SpaceX shares from the U.S. company’s initial public offering, adding that it would consider financial compensation for those affected.
In a letter to clients reviewed by Reuters, Mirae Asset Securities co-CEOs Kim Mi-seob and Heo Sun-ho said that despite being qualified to offer SpaceX shares to Korean investors, the brokerage, one of the underwriters for the SpaceX IPO, was ultimately left out of the final allocation by the U.S. lead underwriter.
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On Friday, SpaceX's stock market debut sent the company's value past $2 trillion, turning Elon Musk into the world's first trillionaire.
Earlier this month, the brokerage collected deposits worth $500 million from investors participating in a private placement. The offering's two tranches sold out within a few minutes, according to a person familiar with the matter.
"We made every effort until the very end to secure an allocation of shares. However, due to the discretionary final decision made by the lead underwriter in the United States, no shares were ultimately allocated to us," according to the letter. It said it was investigating the circumstances surrounding the decision.
"We are deeply disappointed and sincerely sorry to all customers who placed their trust in Mirae Asset Securities and participated in this offering."
The letter did not disclose the identity of the lead underwriter. Banks involved in the SpaceX IPO, including Goldman Sachs (GS.N), opens new tab, Morgan Stanley (MS.N), opens new tab, Bank of America (BAC.N), opens new tab and JPMorgan Chase (JPM.N), opens new tab, did not immediately respond to requests for comment outside of Asian working hours, while Citigroup (C.N), opens new tab declined to comment.
Investors who exchanged their funds into U.S. dollars to pay for the subscription deposits still had to cover exchange fees and absorb the impact of recent exchange rate fluctuations, according to Korea Economic Daily TV.
Yonhap News Agency reported on Sunday that South Korea's Financial Supervisory Service was investigating the circumstances surrounding the allocation failure. It was planning to scrutinize investor protection measures, including whether Mirae Asset sufficiently informed investors about the risk of the allocation falling through, the report said.
Reporting by Hyunjoo Jin and Yatoultra Ngui Editing by Tomasz Janowski
Our Standards: The Thomson Reuters Trust Principles., opens new tab
When SpaceX NASDAQ: SPCX closed its first day of public trading with a valuation of over a $2 trillion, the market structure shifted entirely.
The company shattered global capital-raising records at its IPO on Friday, June 12, raising $75 billion through 555.5 million shares priced at $135 each. By the closing bell, SpaceX surged 19% to settle at $160.95. Monday premarket action shows relentless institutional accumulation, pushing SpaceX up another 6% toward the $170 mark.
SpaceX (SPCX) Price Chart for Monday, June, 15, 2026
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52-Week Range$149.34▼
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Beneath the headline numbers, an acute supply-and-demand imbalance is dictating immediate price action.
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Participating brokerages also made retail allocations stickier than in a typical IPO. Some platforms warned investors that quickly flipping SpaceX shares could hurt eligibility for future IPO access, while others used roughly 30-day anti-flipping restrictions. That reduced the amount of stock available for immediate retail resale and tightened the early trading float.
Insiders and certain pre-IPO shareholders are also subject to staggered lock-up restrictions, limiting how quickly additional shares can enter the market. That structure avoids a single 180-day release cliff and helps keep near-term supply tighter than it would be under a more traditional lock-up schedule.
The IPO also gives underwriters a built-in way to help steady the stock if early trading gets choppy. SpaceX granted its underwriters a 30-day option to buy up to 83.33 million additional shares at the IPO price, and Morgan Stanley is serving as the stabilization agent. If the stock comes under pressure, the underwriters can buy shares in the open market to help cover short positions. If demand stays strong, they can instead buy the additional shares directly from SpaceX. If SpaceX experiences sudden downside velocity over the next 30 days, Morgan Stanley will buy shares on the open market to cover that short position, with the goal of creating a hard floor. If upward momentum holds, Morgan Stanley can simply exercise its option to acquire the shares directly from SpaceX. Immense demand is currently colliding with an artificially starved float, creating the exact conditions for early-week upward volatility.
Orbital Computing: A Multi-Billion Dollar PivotSpaceX Stock Forecast Today12-Month Stock Price Forecast:
$161.25
0.19% Upside
Buy
Based on 5 Analyst Ratings
Current Price$160.95High Forecast$190.00Average Forecast$161.25Low Forecast$115.00SpaceX Stock Forecast Details
The fundamental debate raging among SpaceX's analyst community has very little to do with reusable rockets. The February 2026 merger with Elon Musk's artificial intelligence (AI) startup, xAI, fundamentally rewrote the financial DNA of SpaceX. Market perception has shifted aggressively from an aerospace infrastructure provider to a space-based artificial intelligence compute ecosystem.
SpaceX currently commands an estimated 90% to 95% of future orbital launch capacity. That near-monopoly on orbital access provides a structural moat unrivaled in modern public markets. The cost of maintaining and expanding that moat is staggering.
First-quarter 2026 capital expenditures hit $10.1 billion, representing a leap from the $4.1 billion spent during the same period last year. SpaceX deployed the bulk of that capital toward developing orbital data centers to power high-density compute workloads in low Earth orbit for the xAI integration. By placing server racks in space, xAI aims to bypass terrestrial power grid constraints and land-use restrictions, a visionary pitch that requires astronomical upfront costs.
This hyper-aggressive capital allocation strategy printed a fiscal 2025 net loss of $4.94 billion on $18.7 billion in revenue. First-quarter 2026 metrics show accelerating revenue of $4.69 billion, paired with negative earnings per share of $1.27.
Institutional sentiment is sharply divided on how to price this cash furnace. NewStreet Research initiated coverage with a $165 price target, arguing that investors must view SpaceX through a two-decade lens to price in the insurmountable launch advantage. Morningstar analysts took a radically different view, slapping a $63 price target on SpaceX. Morningstar cites the sheer payload costs and capital intensity of the artificial intelligence pivot as a severe threat to near-term cash flow, labeling SpaceX broadly overvalued.
Gravitational Pull: Lifting Sector-Wide ValuationsThe $2 trillion market capitalization validates the orbital economy as a premier investable mega-trend. When the largest player in a nascent sector goes public at a historic valuation, it forces a multiple rerating across the entire industry. Institutional portfolios that missed out on primary allocations or are structurally underweight due to SpaceX's large market capitalization must deploy capital into adjacent peers to maintain sector exposure.
This dynamic creates a rising tide for pure-play infrastructure alternatives. Macro funds no longer view companies like Rocket Lab Nasdaq: RKLB and Intuitive Machines Nasdaq: LUNR as speculative ventures in the aerospace sector. Wall Street now benchmarks Rocket Lab and Intuitive Machines against a $2 trillion titan.
While neither Rocket Lab nor Intuitive Machines has SpaceX's artificial intelligence compute pipeline, Rocket Lab offers viable launch logistics exposure at a fraction of SpaceX's valuation multiple. This setup makes both Rocket Lab and Intuitive Machines prime targets for capital rotation as the broader market digests the new orbital baseline established by SpaceX.
Hyperdrive Activated: Leverage, Options, and Index FlowsFundamental valuation models will likely take a back seat to raw market mechanics this week. The immediate trading environment is wired for extreme volatility, driven by leveraged derivatives and forced index accumulation.
After a brief regulatory delay intended to preserve orderly trading on IPO day, ProShares launched a highly aggressive synthetic instrument on Monday morning. ProShares Ultra SpaceX NYSE: SPCF offers traders 200% daily leveraged exposure to SpaceX. Because ProShares must rebalance ProShares Ultra SpaceX at the end of every trading session, ProShares is forced to buy into strength and sell into weakness, mathematically exacerbating intraday price swings in SpaceX.
Standard options contracts on SpaceX are expected to begin trading on Tuesday, June 16, 2026. Pre-IPO perpetual futures on the Hyperliquid exchange priced SpaceX at a heavy premium, suggesting that pent-up speculative capital is poised to flood the derivatives market. When retail traders flood into call options, market makers must hedge those positions by buying the underlying SpaceX stock. Combining an artificially tight retail float with massive market-maker buying often leads to severe implied volatility and intense gamma squeezes.
Adding absolute fire to these structural mechanics is impending index inclusion. Passive funds tracking major benchmarks such as the Nasdaq 100, MSCI, and Russell indexes could be mandated to acquire SpaceX shares this month.
Nasdaq’s updated methodology allows certain large new listings to qualify for fast entry, FTSE Russell now allows eligible large IPOs to enter Russell U.S. indexes after the fifth trading day, and MSCI has long-standing fast-track rules for large IPOs that can lead to inclusion after 10 trading days. However, SpaceX is not getting the same fast-track path into the S&P 500, where S&P Dow Jones Indices kept its existing seasoning, profitability, and float requirements in place.
These passive vehicles may not have the luxury of waiting for a fundamental pullback, as passive funds must buy at market prices to track their respective indexes accurately.
Re-Entry Protocols: Hedging the Imminent VolatilityActive traders might use the emerging derivatives market to hedge SpaceX exposure as this complex web of catalysts unfolds. Long-term investors who believe in the orbital data center thesis may prefer to let the initial wave of derivative-driven volatility settle before establishing a core SpaceX position. Those with a more conservative mandate might look toward the broader aerospace sector, seeking multiple expansion opportunities in adjacent infrastructure peers like Rocket Lab, while the primary float digests this historic public debut.
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SpaceX made its debut at the Nasdaq on Friday, climbing more than 19% on its first day of trading and rising above a $2 trillion market valuation. But while the arrival of the company to public markets is squared away, some of its other long-term plans are years in the future.
Elon Musk's company in its initial public offering prospectus with the Securities and Exchange Commission repeatedly focused on the "Moon, Mars and beyond." The company's goal for Mars is so large that Musk won't get a bonus of restricted shares unless SpaceX establishes a colony on the planet with more than 1 million inhabitants.
But when that will happen is years from now, traders on prediction market platform Kalshi think.
Traders see just an 18% chance that SpaceX launches a human mission to Mars by 2030. Since the event contract first launched in March 2024, traders have never seen more than one-in-four odds of the mission happening this decade.
The event contract will resolve to yes if SpaceX verifies a manned mission to Mars by Dec. 31, 2029.
Traders' uncertainty mirrors SpaceX's own plans. In its prospectus, SpaceX made clear it doesn't have a vision for when a Mars mission may happen.
"Many of our initiatives… involve significant technical complexity, unproven technologies or technologies that do not exist, and such initiatives may not achieve commercial viability," SpaceX said. "As a result, the timeline for certain of our initiatives involving unproven or new innovations ... may be difficult or impossible to determine."
But while an exact timeline may be unknown, the company's focus on Mars is clear. The planet was mentioned 63 times in the prospectus itself, and once in a photo caption featured in the document.
When shares of Elon Musk’s rocket-and-satellite empire began trading on the Nasdaq under the ticker SPCX last Friday, they did so as the largest initial public offering the world has ever seen.
Priced at $135 per share, the deal valued the company at roughly $1.77 trillion — larger than Tesla on day one. The stock opened at $150, climbed as high as $176.52, and closed its first session at $160.95, a gain of 19.2% from the IPO price.
Trading volume was staggering, with more than 500 million Class A shares changing hands and dollar volume approaching $33 billion. To put the scale in perspective, at its pre-money valuation, the listing generated more exit value than every venture-backed IPO of the past decade combined.
So, the obvious question for investors watching from the sidelines is – can a company already worth $1.77 trillion still reward shareholders from here?
Image Source: StockCharts
Why SpaceX Stock May Soar Even HigherI think the honest answer is that it can — but the case rests less on the rockets that made SpaceX famous and more on the quieter business orbiting overhead.
That business is Starlink, and it is the heart of the bull thesis. What began as a satellite-internet experiment has become a genuine cash engine. Starlink subscribers reached 10.3 million in the first quarter of 2026, up from 8.9 million at the end of 2025 and just 2.3 million in 2023.
It operates in more than 160 countries, carries a 63% EBITDA margin, runs at roughly a $1.2 billion quarterly profit run-rate, and accounts for over 60% of total company revenue — and it is the only profitable segment.
Early Street estimates put Starlink’s 2026 revenue somewhere between $15.5 billion and $20 billion, and the business reportedly turned free-cash-flow positive back in 2024. The mechanics are elegant once you see them: the constellation was an enormous upfront capital cost, but with thousands of satellites in orbit and falling terminal costs, the marginal cost of each new subscriber collapses while subscription revenue keeps compounding. That is a recurring, utility-like cash profile bolted onto a hyper-growth subscriber curve — and it’s why some analysts argue Starlink alone could be a premier standalone public company.
Then there’s the moat that makes all of it possible: launch. SpaceX is the only company on Earth that can deploy its own multi-thousand-satellite constellation at scale, on its own reusable rockets, at a fraction of the cost of anyone else. The internal cost of a Falcon 9 launch runs between $15 million and $30 million per mission, a structural advantage no expendable-rocket competitor can match.
The Space segment generated about $4 billion in revenue in 2025, even as the company poured roughly $3 billion into Starship development. That spending is the bridge to the next chapter: Starship is intended to launch next-generation Starlink satellites, enable satellite-to-mobile connectivity, and eventually support orbital data centers. Vertical integration means every dollar invested in cheaper launch compounds the economics of the cash-generating constellation above it.
The wild card — and it is genuinely a wild card — is artificial intelligence. SpaceX acquired xAI, the maker of Grok, in February 2026, folding it into an AI division whose spending is now substantial; the AI segment posted a $6.35 billion operating loss in 2025.
Wedbush analysts have argued that a meaningful slice of the valuation reflects an “orbital intelligence” narrative — the idea of integrating Grok directly into the Starlink network for on-orbit edge computing. This is the most speculative part of the story, and investors should treat it as high-risk optionality rather than a reason to buy. If it works, it’s transformational. If it doesn’t, it’s an expensive distraction that Starlink’s profits are currently subsidizing.
Risks Worth NotingSpaceX is expected to post its first quarterly results as a public company in August or September — a genuine catalyst worth waiting for. Because the company listed only days ago, there is no Zacks Rank yet and no settled Zacks Consensus EPS figure; the Zacks Rank is built on a history of earnings estimate revisions that simply doesn’t exist for a two-day-old stock.
Which brings us to the risks, and they are not small. Operating losses are rising. But the valuation is the headline concern: at $1.77 trillion, the stock trades at well over 100 times trailing sales, a multiple far richer than Tesla or Palantir.
A 180-day lock-up expiration looms as a potential source of volatility once insiders are free to sell, and the heavy xAI cash burn continues to weigh on consolidated profitability. Add Starship execution risk, the company’s reliance on a single visionary founder, and the early governance questions already raised in Washington, and you have a stock that will almost certainly trade with violent swings.
Bottom LineSpaceX (SPCX - Free Report) is a genuinely extraordinary franchise with a real, compounding profit engine in Starlink and a launch moat no competitor can touch.
But it has gone public priced for a future that still has to be built. For investors who believe in the arc of the story, the smart approach is patience — let the lock-up volatility and that first September earnings print clear some of the fog, size any position with the valuation firmly in mind, and treat the AI optionality as upside rather than the foundation.
The rocket has launched. Whether it reaches escape velocity from here is, fittingly, a question of how much altitude is already in the price.
Following commercial space flight giant Space Exploration Technologies Corp.‘s (NASDAQ:SPCX) successful IPO, CEO Elon Musk thinks it may be time to make good on a promise from 2015.
Elon Musk Wants Volcanic LairIn a post on X on Sunday, Musk quoted a post he made in 2015 as SpaceX was trying to land the Falcon 9 rocket upright, which the company eventually did in December 2015. “If this works, I’m treating myself to a volcano lair. It’s time,” Musk said in the post.
“Time to get that volcano lair I've always wanted,” Musk said, sarcastically saying that there were options “in the "Beyond" section” Bed Bath & Beyond, Inc. (NYSE:BBBY).
SpaceX IPO Makes Elon Musk A TrillionaireSpaceX closed its first session at $160.95, up 19%, leading to a valuation of $2.1 trillion for the company. SpaceX was already worth more than 12 aerospace and defense companies listed on the S&P 500 index.
SpaceX IPO Draws CriticismThe milestone was also criticized by Sen. Elizabeth Warren (D-Mass.), as well as Gov. Gavin Newsom (D-CA), who said that Americans were "struggling" to get everyday goods and gas, while Musk became a trillionaire.
Price Action: SpaceX shares were up 3.67% to $166.85 during the after-hours trading session on Friday.
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Shares of SpaceX rose more than 5.6% before the bell on Monday, set to extend gains after a blockbuster debut last week that pushed its valuation past $2 trillion and into the ranks of Wall Street's most valuable companies.
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Scott Morton, standing in the brown jacket on the right, said wealth managers reached out to him before SpaceX's IPO. Revel Scott Morton grew up in Wisconsin. He wasn't tracking Wall Street.
"My family was not super financially literate," he said. "I didn't hear about the stock market growing up."
Now, the money managers have found him.
Morton, the founder and CEO of Los Angeles-based software company Revel, said he has been getting the hard pitch from wealth managers eager to court him ahead of SpaceX's blockbuster initial public offering. In the past couple of months, a prominent firm sent a handwritten letter to his home asking to represent him, while another sent swag and a backpack. More have slid into his LinkedIn DMs.
The wooing attempts are all because he worked at SpaceX for nearly a decade.
Morton — who started as a SpaceX intern before rising to a software engineering manager on its Starship spacecraft project — is part of a class of current and former workers at Elon Musk's rocket company who were paid partly in equity.
That equity is now a hot commodity. SpaceX went public Friday in the largest IPO in history, with its valuation surging above $2 trillion in early trading.
"It's a tremendous outcome, specifically for all of the engineers, technicians, and even the baristas," he told Business Insider before the IPO. "Now all of the hard work is going to pay off for a lot of people."
IPOs and their mafia-making influenceThere is power in being early to a company.
Famously, David Choe, a graffiti artist commissioned in 2005 by Facebook to paint murals at its headquarters, asked to be paid in stock instead of the $60,000 he was offered for the job. When the company went public years later, those shares were valued at $200 million, CNBC reported.
PayPal created its own mythology. The company's 2002 IPO and eventual $1.5 billion sale to eBay helped launch the careers of tech power players now known as the PayPal mafia, including Musk, Peter Thiel, Reid Hoffman, and David Sacks.
Morton said SpaceX is generating a similar movement among former staff, who are using their money, experience, and networks to build companies of their own.
"It's already happening," he said. "The mafia is already there."
Fast cars, financial freedom, shooting stars
Morton said the SpaceX IPO could become a mafia-making event, like PayPal's 2002 IPO and sale. IPO Morton said he still holds SpaceX stock. He said he previously sold some through SpaceX-organized secondary sales, but retained as much as he could. He declined to discuss the specific size of his potential payday.
Other former SpaceX employees have been joking about early plans for their newfound cash, Morton said, including "fast cars" and what the IPO could mean for the Los Angeles high-end housing market.
Morton said he hadn't planned any large celebration for IPO day. He has been too focused on his own startup, he said.
Revel builds software for controlling and testing hardware — the kind of behind-the-scenes infrastructure used in rocket engine test sites, nuclear reactors, industrial systems, and other places where tech and the physical world collide. The company said in February that it had raised $150 million in Series B funding.
Morton said the SpaceX IPO could also give companies like his a halo effect: more attention on hard tech, more investor interest, and more credibility for startups founded by SpaceX alums.
Still, he said he does not expect the IPO to trigger a mass exodus from SpaceX. Many employees he's kept in touch with remain committed to the company's mission — especially the goal of establishing a moon base, he said.
For former employees, the IPO is an opportunity to go on a bit of a spending spree.
"It generically sets people up to have financial freedom," he said. "People will feel like they have the buffer they need to do something adventurous."
For the ones like Morton, they'll have a wealth-manager-branded backpack to take on that adventure.
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Ben Shimkus You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.
Ben Shimkus is a reporter for the Business News desk. He writes about cars, transportation, retail, and jobs. Ben's reporting has appeared in Rolling Stone, The Verge, Automotive News, USA Today, AutoBody News, LGBTQ Nation, TopSpeed, and Out Magazine. He's also held staff writing positions at The U.S. Sun and the Daily Mail. He graduated from NYU with a Master's in journalism in 2024. Email Ben at [email protected] or message him privately on Signal at bshimkus.41.
HomeMarketsThe world’s first trillionaire says he would be surprised not to see trillion-dollar revenue by 2031Last Updated: June 15, 2026 at 5:37 a.m. ET
First Published: June 15, 2026 at 5:35 a.m. ET
Elon Musk makes a bold sales forecast for SpaceX. Photo: Alain Jocard/Agence France-Presse/Getty ImagesLast year, SpaceX collected $18.7 billion in revenue.
In a posting on the X social media service that SpaceX owns, Elon Musk offered this prediction: “I would be surprised if revenue is not greater than $1 trillion in 2031.”
SpaceX stock climbed in premarket trading on Monday after the Elon Musk-led company delivered a strong debut on the Nasdaq, with investors betting that upcoming index inclusions could provide another catalyst for gains.
The stock rose about 6.7% before the opening bell, exceeding the $170 mark after ending its first trading session at $160.95 per share.
SpaceX had priced its initial public offering at $135 a share, meaning the stock surged roughly 19% on its debut and pushed the company's market capitalization above the $2 trillion mark.
The strong start came as Musk doubled down on the company's long-term ambitions.
On Sunday, the billionaire entrepreneur said SpaceX could generate as much as $1 trillion in annual revenue by 2030, a target that far exceeds Wall Street's existing projections.
Goldman Sachs has estimated SpaceX's revenue could exceed $470 billion by 2030, while Morgan Stanley projected revenue of nearly $330 billion, according to a Wall Street Journal report published earlier this month.
SpaceX reported revenue of $18.7 billion in 2025.
Retail investors played a major role in the stock's first trading session.
According to data from Vanda Research, individual investors purchased $117.6 million worth of SpaceX shares on Friday, making it the most-bought stock of the session.
The figure surpassed the previous record for an IPO debut set by cryptocurrency exchange Coinbase in April 2021.
Retail investors were allocated roughly 20% of the IPO, an unusually large share compared with many high-profile public offerings.
The strong buying interest underscored the appeal of SpaceX among individual investors, many of whom have waited years for an opportunity to gain direct exposure to Musk's rocket, satellite and artificial intelligence businesses.
Market participants are now turning their attention to SpaceX's expected inclusion in major stock indexes, a development that could trigger billions of dollars in additional buying.
The company is expected to join the Nasdaq-100 within days, making it a significant holding for exchange-traded funds and passive investment vehicles that track the benchmark.
Analysts estimate that the inclusion could generate between $7 billion and $10 billion of passive inflows.
Nasdaq will adjust the stock's weighting based on its public float, meaning the index will treat SpaceX more like a company valued at roughly $225 billion rather than its full market capitalization of more than $2 trillion.
Additional demand may come later this month when index providers FTSE Russell and MSCI add the stock to their benchmarks on June 26 and June 29, respectively.
Volatility risks remainDespite the enthusiasm, analysts and portfolio managers cautioned that investors should expect significant volatility during the stock's early months as a public company.
SpaceX has a relatively small public float compared with its overall valuation, a factor that can amplify price swings when trading volumes surge.
SpaceX stock gained in tandem with broader market sentiment after reports of a preliminary agreement between the United States and Iran aimed at ending a conflict that has lasted more than three months and reopening the strategically important Strait of Hormuz.
The prospect of easing geopolitical tensions lifted risk appetite across markets.
Futures tied to the S&P 500 rose 1.3%, while Dow Jones Industrial Average futures gained about 1% and Nasdaq futures advanced more than 2%.
"If the overnight news of a deal between the US and Iran proves to be credible and lasting, this should be taken as a positive, whereas setbacks will likely be taken as less of a negative by risk assets," said Max Kettner, chief multi-asset strategist at HSBC Global Investment Research.
With strong retail demand, potential index-driven inflows and Musk's ambitious growth projections, SpaceX begins its life as a public company under intense investor scrutiny, even as questions remain over whether its lofty valuation can be sustained.
Item 1 of 2 A live feed shows SpaceX CEO Elon Musk on the day of SpaceX's initial public offering (IPO) at the Nasdaq MarketSite, in New York City, U.S., June 12, 2026. REUTERS/Jeenah Moon
[1/2]A live feed shows SpaceX CEO Elon Musk on the day of SpaceX's initial public offering (IPO) at the Nasdaq MarketSite, in New York City, U.S., June 12, 2026. REUTERS/Jeenah Moon Purchase Licensing Rights, opens new tab
SummaryCompaniesUpcoming events include options trading, index inclusionAlso upcoming is expiration of investor holding periodsAnalysts debate SpaceX valuationThey cite volatility and Elon Musk's influenceNEW YORK, June 15 (Reuters) - The SpaceX (SPCX.O), opens new tab IPO went off with a bang. Now investors turn their attention to a jam-packed calendar ahead for Elon Musk's rocket, internet and AI firm that may bring volatility.
Just in the next two months, the sixth-largest U.S. listed company by market value will have a handful of events – ranging from the listing of options to the expiration of investor holding periods to index inclusion – that could help dictate trading in its shares and the broader market.
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Friday's launch of the largest-ever IPO was well managed from start to finish, investors said, drawing strong orders from retail and institutions alike and benefiting from Musk's reputation for the Midas touch. But debate continues over what the right price for the stock is and to what extent SpaceX's savvy marketing matches with its fundamentals.
"You have to look at it this way: are people actually investing in SpaceX or trading SpaceX? I am of the belief, and this is also other money managers that I'm talking to, that it's the latter," said Todd Schoenberger, chief investment officer at Crosscheck Management in Washington, D.C.
A bubble chart showing the relative size of the biggest IPOs in the U.S. and their earnings at the time of debutHere are some events that could help shape that argument over coming weeks:
OPTIONS TRADINGOptions on SpaceX are set to begin trading as soon as Tuesday, with early activity expected to be heavy, volatile and likely expensive.
Options, which give holders the right but not the obligation to buy or sell shares at a predetermined price within a certain period, offer investors a low-cost way to play a company's stock. If SpaceX behaves like Musk's Tesla (TSLA.O), opens new tab, it would be almost twice as volatile as the average stock, likely driving heavy options activity.
STOCK SALE RESTRICTIONS ENDSpaceX plans to allow a large portion of its shares to become eligible for resale before the usual six-month restriction period post-IPO, under a staged system linked to the company's performance, a company filing showed.
The approach, designed to avoid a large wave of shares hitting the market at once, helps make post-IPO trading more orderly - but at the cost of potential volatility spread across the six-month period rather than a single day. Some brokers are also imposing holding periods for shares acquired on Friday.
"We got shares of SpaceX for some of our clients (on Friday), and there's a 31-day minimum holding period," said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma. "So I think once some of those minimum holding periods end, you could see some selling pressure."
THE GREEN SHOEThe IPO includes a so-called greenshoe option, a standard feature of most large U.S. stock market listings that acts like a safety valve that keeps the stock price from going crazy one way or another in its first month.
SpaceX gave Morgan Stanley (MS.N), opens new tab the option to purchase an additional 15% of its stock at the IPO price of $135 a share for up to 30 days – or about 83 million in additional shares on top of the 555.6 million SpaceX already sold.
Those additional shares, however, have not yet been issued by the company, so the bank has to effectively sell them on the open market through a short position and buy them from the company later.
Table on how the Greenshoe option work after the SpaceX IPOEARNINGSSpaceX has not set a date for its next earnings report but the event, expected in the next few months, will likely renew the discussion of whether a company with a $4.94 billion loss last year on $18.7 billion of revenue can justify a $2 trillion valuation.
"You can make a lot of arguments that SpaceX is severely overvalued. ... SpaceX is valued based on Elon Musk's reputation," Dollarhide said.
INDEX INCLUSIONThe company is due to be added this month to indexes such as the Nasdaq 100 and some MSCI and Russell indexes tracking large-cap stocks. Some funds will be required to buy, once that happens, and investors are expecting those additions to drive share-price gains.
A related debate centers on whether so-called passive investors appreciate the risks of these decisions and how that may play out for the indexes down the road.
"Most people will end up owning SpaceX without ever deciding to, through a Nasdaq or Russell fund, a target-date fund, or the index sleeve of their 401(k). That's the real democratization here," said Kevin Moss, co-creator of the Private Shares Fund. "A name that used to be walled off in private rounds shows up in mainstream retirement accounts. The flip side is you own it whether or not you have a view on the valuation."
Reporting by Caroline Valetkevich, Suzanne McGee and Shashwat Chauhan; Editing by Colin Barr and Will Dunham
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Investors searching for the best time to buy SpaceX (NASDAQ: SPCX) stock after its record-breaking initial public offering (IPO) may be better served by patience than by chasing the rally, according to analysis from ChatGPT.
SpaceX shares have surged since the company’s historic IPO, which raised approximately $75 billion at $135 per share, briefly pushing the aerospace giant’s valuation above $2 trillion.
By press time, SPCX stock was trading around $160 after ending Friday’s session nearly 20% higher. In pre-market trading on Monday, the stock gained almost 6% to $170.45.
SpaceX’s one-week stock price chart. Source: Finbold SPCX stock ideal entry point Despite the strong debut, several factors suggest a more attractive entry point could emerge in the coming months.
According to ChatGPT’s analysis, the most favorable risk-reward setup could emerge one to three months after the IPO, once initial enthusiasm fades and investors gain greater clarity on the company’s fundamentals.
ChatGPT noted that major IPOs often experience heightened volatility in their early weeks as investors establish positions, and SpaceX appears to be following that pattern after gaining nearly 20% on its debut.
Rather than chasing the rally, the AI model identified a 15% to 25% pullback from post-IPO highs as a potentially more attractive entry point. Such corrections are common as investors reassess valuations after the initial excitement fades.
For long-term investors, ChatGPT suggested gradually building positions during periods of weakness rather than deploying all capital at current levels.
The AI also highlighted valuation as a key consideration. Despite SpaceX’s dominance in commercial space launches and the rapid growth of Starlink, some analysts believe the stock’s valuation may be running ahead of fundamentals.
SpaceX stock analysts concern This comes after CFRA initiated coverage of SpaceX with a ‘Sell’ rating and a $115 price target, citing valuation and execution risks. In contrast, bullish analysts have issued targets between $165 and $190, highlighting uncertainty around the stock’s fair value.
Like most IPOs, the majority of SpaceX shares remain locked up, preventing insiders and early investors from selling immediately after the listing.
As these restrictions expire through 2027, additional shares could enter the market, increasing selling pressure and potentially creating better entry points for investors.
Historically, lockup expirations have weighed on newly listed stocks as early stakeholders take profits.
As a result, ChatGPT identified post-lockup periods as one of the most attractive opportunities to accumulate SpaceX shares.
Despite valuation concerns, the long-term bull case remains intact. Investors continue to bet on Starlink’s growth, while progress in Starship, xAI-related initiatives, and potential inclusion in major stock indices could provide further upside.
Index inclusion may be particularly significant, as membership in benchmarks such as the Nasdaq-100 could drive demand from passive funds and ETFs.
Investors will also be watching SpaceX’s first public earnings reports, Starlink subscriber growth, profit margins, and the expansion of its space and communications businesses.
Tradr ETFs launched SPCM and SPCG, providing traders with 200% leveraged long and short exposure to SpaceX, one of the most anticipated IPOs in market history.
SPCM and SPCG give traders 200% bullish and bearish exposure to the most anticipated IPO in market history
, /PRNewswire/ -- Tradr ETFs, a provider of ETFs designed for sophisticated investors and professional traders, today announced the launch of two leveraged ETFs tied to SpaceX, offering traders access to both bullish and bearish leveraged exposure on the newly public company.
The new funds target the following daily investment results, before fees and expenses:
Active traders need tools that allow them to express either view with precision. Tradr 2X Long SpaceX Daily ETF (Cboe: SPCM) – seeks 200% of the daily performance of SpaceX (Nasdaq: SPCX) Tradr 2X Short SpaceX Daily ETF (Cboe: SPCG) – seeks -200% of the daily performance of SpaceX (Nasdaq: SPCX) "SpaceX is one of the most anticipated public offerings of our generation, and opinions on the stock are likely to be just as strong as those on the company," said Matt Markiewicz, Head of Product and Capital Markets at Tradr ETFs. "Some traders see a transformational business with enormous growth potential, while others see a stock that may face high expectations and significant valuation questions. We launched both SPCM and SPCG because active traders need tools that allow them to express either view with precision."
For detailed information on Tradr ETFs and the significant risks involved with leveraged ETFs, please visit www.tradretfs.com.
About Tradr ETFs
Tradr ETFs are designed for sophisticated investors and professional traders who are looking to express high conviction investment views. The strategies include leveraged and inverse ETFs that seek short or long exposure to actively traded stocks and ETFs.
IMPORTANT RISK INFORMATION
Tradr ETFs are for sophisticated investors and professional traders with high conviction views and are very different from most other ETFs. The Funds are intended to be used as short-term trading vehicles and pursue leveraged investment objectives, which means they are riskier than alternatives that do not use leverage because the Funds magnify the performance of their underlying security. The volatility of the underlying security may affect a Fund's return as much as, or more than, the return of the underlying security.
Investors in the fund should: (a) understand the risks associated with the use of leverage; (b) understand the consequences of seeking inverse and leveraged investment results; (c) for short ETFs, understand the risk of shorting; (d) intend to actively monitor and manage their investment. Fund performance will likely be significantly different than the benchmark over periods longer than the specified reset period and the performance may trend in the opposite direction than its benchmark over periods other than that period.
Leverage increases the risk of a total loss of an investor's investment, may increase the volatility of the Funds, and may magnify any differences between the performance of the Funds and their reference security. The Funds seek leveraged investment results for a specific period (daily, monthly or quarterly). The exact exposure of an investment in the Fund intra-period will depend upon the movement of the reference security from the end of the prior period until the time of investment by the investor.
The Fund will not attempt to position its portfolio to ensure it does not gain or lose more than a maximum percentage of its net asset value on a given trading day. As a consequence, investors in a Fund that seeks two times daily performance would lose all of their money if the Fund's underlying security moves more than 50% in a direction adverse to the Fund on a given trading day.
ETFs involve risk including possible loss of the full principal value. There is no assurance that the Fund will achieve its investment objective. Principal risks and other important risks may be found in the prospectus. Past performance does not guarantee future results.
ETF shares are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. There can be no guarantee that an active trading market for ETF shares will develop or be maintained, or that their listing will continue or remain unchanged. Buying or selling ETF shares on an exchange may require the payment of brokerage commissions and frequent trading may incur brokerage costs that detract significantly from investment returns.
Investors should carefully consider the investment objectives, risks, charges and expenses of the Funds. This and other important information about the Fund is contained in the Prospectus, which can be obtained by visiting www.tradretfs.com. The Prospectus should be read carefully before investing.
Distributed by ALPS Distributors, Inc, which is not affiliated with AXS Investments or its Tradr ETFs. AXI000961
SummaryCompaniesSmall investors can face bans from future IPOs for early resaleHedge funds that generate bank fees can flip with no penaltiesRetail investors get about 20% of SpaceX initial public listingNEW YORK, June 15 (Reuters) - Individual investors in the SpaceX (SPCX.O), opens new tab IPO hoping to quickly sell their shares for a profit face stricter conditions than large funds over the practice known as flipping - and risk losing access to hot future listings such as OpenAI and Anthropic if they run afoul of these limits.
Platforms like Fidelity, Robinhood, E*TRADE and SoFi restrict small investors from selling shares within 15 to 30 days of trading. Penalties range from temporary bans to participate in future IPOs to a permanent platform ban.
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That means penalties for those who were seeking to sell on Friday, when SpaceX rose as much as 30% in its debut before closing up 19% at $160.95.
To avoid penalties, investors may miss key windows of predicted demand in the first two weeks of trading, when major indexes can incorporate the stock.
Hedge funds and asset managers such as BlackRock and Citadel, which have easier access to IPO shares at the offer price, in some cases trade immediately to profit from the initial appreciation known as the “IPO pop.” Citadel and BlackRock did not immediately respond to a request for comment.
“It’s very common for brokerage firms to put restrictions on flipping for retail investors,” said IPO expert Jay Ritter of the University of Florida. “But if the hedge funds are profitable enough customers (for banks), they can do whatever they want."
The asymmetry between small investors and big funds is most visible in the SpaceX IPO, as retail participation is unusually high.
Retail investors ended up taking 20% in the IPO, hedge funds 10%, and institutional investors with a longer term holding strategy got 70%, a person close to the deal said.
For large funds, access to IPO allocations is driven less by market rules and more by the fees and trading business they generate for banks, Ritter says. They are typically judged case by case, with underwriters weighing the broader relationship rather than a single trade.
An asset manager who said they had received roughly a $300 million allocation in the offering, with no flipping restrictions, told Reuters on condition of anonymity they intend "to sell it straight into the open and return cash within five days,” taking advantage of demand by small investors.
For mom-and-pop investors, the trade-off is rigid: sell too soon and risk being shut out of future IPOs; wait too long and risk missing the chance to lock in gains or hedge volatility.
RESTRICTIONSFidelity said clients must hold shares for 15 days, opens new tab, or face escalating penalties from a six‑month ban from future IPOs to a permanent ban tied to the account holder’s Social Security number.
Robinhood, opens new tab applies a 30‑day window with a flat two-month suspension. SoFi, opens new tab and E*TRADE, opens new tab also apply 30-day restrictions, with Sofi imposing a permanent ban after a third violation.
"Their entire trading account could be restricted," says Emil Barr, a 23-year-old entrepreneur who reserved $500,000 for the IPO. "It's a really deep penalizing system in which the punishment doesn't quite match the crime."
Barr said he accessed the IPO through JPMorgan’s private banking, a service typically limited to clients with more than $5 million in assets. He plans to hold the shares and is not subject to the restrictive rules.
The U.S. Financial Industry Regulatory Authority defines “flipping” as selling shares within 30 days after an IPO, but imposes no legal restrictions. Underwriters and brokerage platforms impose market restrictions on flipping because it can destabilize the stock.
Keeping long-term shareholders helps platforms like Robinhood secure more shares in future IPOs, as banks managing public offerings prefer to avoid volatility that could lead to a price drop.
PREDICTED EARLY DEMANDLarge IPOs can be added to stock indexes within two weeks of trading, triggering automatic buying by funds that track them.
For example, Vanguard’s Total Market funds, which track a CRSP index, can begin adding a newly listed company within five trading days, while other benchmarks such as the Nasdaq‑100 may include large IPOs two weeks after listing.
Those inclusions force index funds to buy shares regardless of price, creating predictable demand that larger investors can sell into.
At Fidelity, the faster to lift restrictions, clients can sell without being labeled flippers starting from day 16.
"I think the underwriting firms are using retail investors as cannon fodder because they have to hold the stock for 30 days," Barr said. "It's like a cushion to absorb some of the risk from how highly priced the stock is."
Reporting by Sabrina Valle and Echo Wang, in New York; Editing by Kim Coghill
Our Standards: The Thomson Reuters Trust Principles., opens new tab
NY-based correspondent reporting on some of the largest deals in Healthcare and Industrials. Previously based in Houston, covering global operations of U.S. oil majors. Sabrina has a two-decade career in Business reporting, with a strong background in source-based enterprise and investigations. She previously worked at Bloomberg, Washington Post and has been based in Rio and D.C. covering large corporations, including finance, corruption and geopolitics.
Echo Wang is a correspondent at Reuters covering U.S. equity capital markets, and the intersection of Chinese business in the U.S, breaking news from U.S. crackdown on TikTok and Grindr, to restrictions Chinese companies face in listing in New York. She was the Reuters' Reporter of the Year in 2020.
Hancock Prospecting Executive Chairman Gina Rinehart reacts during the Lest We Forget sunset tribute on the eve of ANZAC Day at Sydney Opera House in Sydney, Australia, April 24, 2025.... Purchase Licensing Rights, opens new tab Read more
MELBOURNE, June 15 (Reuters) - Australia's wealthiest person, mining baron Gina Rinehart, has taken a stake of more than $1 billion in the record-setting $75 billion SpaceX (SPCX.O), opens new tab IPO, the Wall Street Journal reported on Monday, citing a person familiar with the matter.
Rinehart's company Hancock Prospecting did not confirm the size of its stake in Elon Musk's SpaceX. However, she said in a statement: "This is a significant investment for Hancock, and we are pleased to have received an allocation in what has been an extremely popular and oversubscribed IPO."
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She praised Musk for having built two of the world's top 10 largest companies.
“We see SpaceX as a rare business: led by a truly exceptional person, technically exceptional and operating in sectors that are crucial, and with long-term potential," said Rinehart, whose wealth was built on iron ore mined by her company, Hancock Prospecting.
Hancock, which is a significant investor in critical minerals projects, aims to work with SpaceX on supplying its mineral needs.
“In the future, we also see the possibility of mutually beneficial arrangements between SpaceX and Hancock Prospecting’s significant critical minerals investments, as demand grows for the materials and infrastructure needed to support advanced technology," Hancock CEO Garry Korte said in the statement.
Hancock is a significant investor in a swathe of rare earths companies including U.S.-based MP Materials, and Rare Earths Americas (REA.A), opens new tab, and Australia's Lynas Rare Earths (LYC.AX), opens new tab, as well as lithium producer Liontown Resources (LTR.AX), opens new tab among many others.
It bulked up its defence, gold and rare-earths holdings in its $3.3 billion U.S. portfolio this year, filings showed last month.
Rinehart's investment in SpaceX was an instant winner. The shares shot up 19% in their debut last Friday, sending the company's value past $2 trillion to make it the sixth-biggest U.S. company as investors jumped at the chance to get a piece of Musk's sprawling empire spanning rockets, satellites and AI.
While commending Musk's entrepreneurial prowess, Rinehart also called him a patriot for slashing U.S. federal jobs through President Donald Trump's Department of Government Efficiency (DOGE).
"SpaceX is yet another clear example of why the world needs more enterprise, more builders and much less bureaucracy," Rinehart said.
Rinehart, too, has become increasingly political, encouraging some of Australia's wealthiest voters to shift support from the country's opposition Liberal-National conservatives to populist, anti-migration party One Nation.
Reporting by Melanie Burton; Editing by Sonali Paul
Our Standards: The Thomson Reuters Trust Principles., opens new tab
SpaceX (SPCX +19.22%) advanced more than 19% on Friday, its first day of trading -- and reached a market value of $2.1 trillion. This immediately puts it in the league of the world's biggest tech companies, such as Apple and Microsoft, in the so-called "trillion-dollar" club. SpaceX set its IPO price at $135, the stock opened at $150, and it closed at more than $160. The IPO offers SpaceX a spot in the record books, as it raised $75 billion for the biggest IPO ever.
It isn't uncommon for a stock to soar on its IPO day, and we saw this recently with names such as Cerebras Systems surging 68% on its debut last month and biotech Parabilis Medicines advancing 58% during its first trading day last week. So now, the natural question is: How will SpaceX stock perform in the weeks and months to come? A look at history suggests where the stock price might be in three months...
Image source: Getty Images.
The SpaceX excitement First, let's talk a bit about SpaceX and why it's generated so much excitement. SpaceX is led by Elon Musk, who is also the chief of Tesla, and at both companies, Musk is known for his big ambitions and innovations -- for example, at SpaceX, he aims to put data centers in space. Though Musk's roadmap doesn't please everyone, certain major investors, such as Ark Invest and Baron Capital, are supporters and have backed SpaceX since its earlier days.
SpaceX focuses on three businesses: rocket launches, satellite-based connectivity, and artificial intelligence (AI). Today, Starlink, the connectivity service, is the growth engine, generating $4.4 billion in income from operations last year, for a 120% gain year over year. And what's particularly interesting is SpaceX's strengths in rocket launches can serve all of its businesses, as goals across each rely on delivering certain types of equipment to space -- the fact that SpaceX can do this on its own is a big plus, as it offers the company flexibility, control, and a better cost structure.
Musk said on a livestream before the IPO that the company is heading into "a significant growth phase," according to CNBC. One of the plans is to send 100,000 satellites into space for communications.
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Hefty investments required All of this is exciting, and if Musk reaches some of his goals, the company may be extremely successful. But it's important to note that these projects involve a good deal of risk, too. This is because they require hefty investment, and we can't be sure that certain goals, which depend on new or not yet fully developed technology, will be reached.
Last year, capital spending in the AI business was particularly high, reaching $12 billion, and overall, SpaceX delivered an annual loss of $4.9 billion. Considering Musk's growth ambitions, I would expect this heavy investment to continue. So, while SpaceX could offer enormous rewards down the road, risk remains high.
Now let's talk about stock performance and what may happen next. A look back in time at other big IPOs can offer us some clues. SpaceX's first-day gain is actually in line with the average first-day return of IPOs from 1990 through last year. An IPO report from the University of Florida's Jay Ritter shows the average gain at 21.6%.
10 big IPOs And a look at 10 of the biggest U.S. IPOs from 1999 through 2023 offers us a clear performance pattern. Eight out of the 10 delivered a decline in the three-month period following their market debuts. And the average drop was about 13%. For example, Meta Platforms slid 50% in its first three months of trading, while Uber Technologies lost 4%.
All of this suggests that, if SpaceX follows the pattern of other enormous IPOs, the stock price could fall over the coming three months. In fact, if it's in line with the average, it could drop to $139, a level that's only slightly above its IPO price.
Though it's impossible to predict near-term stock performance with 100% certainty, history suggests that SpaceX, like other enormous IPOs before it, may not result in immediate gains for investors. All of that means, if you're intrigued by SpaceX, you don't have to rush to get in on the stock -- it's likely there will be additional buying opportunities down the road.
Scottish Mortgage Trust share price jumped by over 1% on Friday, paring back some of the losses made earlier that week as investors cheered the SpaceX IPO, which marked a major milestone for the fund. It jumped to a high of 1,497p before paring back the gains to close at 1,450p. SMT stock now faces a major headwind, but the upcoming Anthropic IPO may offer a reprief.
The SMT stock has embarked on a strong rally earlier this year as investors cheered the growing valuation of SpaceX, its biggest investment. SpaceX launched its IPO on Friday, raising $75 billion and attaining a $2.1 trillion valuation.
This means that Scottish Mortgage has a substantial return as it invested in the company when it was valued at less than $100 billion. It invested 315 million pounds in the company in 2018, a figure that has now surged.
Still, the trust faces a major risk based on how companies behave when they go public. Data shows that over 90% of all companies that went public since January 2025 made a similar pattern. They surged initially amid the IPO hype and then retreated sharply after that.
There are several good examples of this, including Figma, Circle, and Medline. Figma stock price jumped from $33 to $142, before crashing to below $20 today. Circle jumped to $300 and then crashed to $49 a few months later. Medline rose to $50 and then tumbled to $36 today.
Therefore, there is a likelihood that the SPCX stock will retreat in the coming days as investors book profits and valuation concerns remain. If this happens, the value of Scottish Mortgage’s investment will drop substantially.
Some key companies in Scottish Mortgage’s portfolio have lost momentum this year. Meta Platforms has sunk by 30% from its highest point last year, while Amazon has dropped by 14% from the YTD high.
Still, on the positive side, the SMT share price will receive a reprieve because of its stake in Anthropic, the creator of Claude. Bailie Gifford, which runs SMT, made its first investment in Anthropic in 2021 and has steadily grown its position. Anthropic now accounts for about 2.7% of its holdings.
The fund’s return has been strong as Anthropic recently raised capital at a $900 billion valuation. This fundraising makes it the fastest-growing company to cross that valuation.
Anthropic recently filed its IPO papers, with traders anticipating that it will receive a $1.5 trillion valuation after going public later this year.
The company’s other potential catalysts are its investments in Stripe and Bytedance, the parent company of TikTok. Stripe has become a major player in the finance industry, where it is used by some of the biggest companies in the world like OpenAI, Amazon, Nvidia, Ford, Coinbase, and Google.
It processes transactions worth trillions of dollars a year, with its valuation soaring to over $150 billion. After remaining private for years, Stripe will likely go public in the near future.
ByteDance will also likely go public, a move that will see it attract hundreds of billions of dollars in value.
The daily chart shows that the Scottish Mortgage share price has slipped in the past few days. It retreated from a high of 1,565p earlier this month to a low of 1,395p. It then rebounded to the current 1,450p.
The stock has formed a doji candlestick pattern, pointing to a reversal as the SpaceX IPO hype starts to fade. If this happens, the stock will drop to about 1,300p before resuming the uptrend.
SpaceX shares jumped in premarket trading on Monday following its record-breaking debut last week on the Nasdaq, which marked the biggest initial public offering in history.
Shares of SpaceX were around 6% higher at the start of premarket trading, hovering around the $170 mark.
SpaceX jumped 19% on Friday with the stock closing at $161 after being priced at $135 per share. That put the company's market capitalization above $2 trillion.
Elon Musk's space company operates the Starlink satellite internet service and a fleet of reusable rockets. In February, Musk merged the company with his artificial intelligence startup xAI. SpaceX lost nearly $5 billion in 2025 and the blockbuster IPO has sparked debate over whether the company's huge valuation is justified.
Valuation a key concernCFRA on Friday initiated coverage of the stock with a "sell" rating and a 12-month price target of $115, which is a nearly 29% drop from Friday's closing price. CFRA said its view was "due to the company's extremely ambitious growth strategy, elevated valuation expectations, and significant capital intensity."
SpaceX's capital expenditures in the three months ended March totaled $10.1 billion versus $4.1 billion in the same period last year. The majority of that went toward artificial intelligence.
Morningstar analyst Nicolas Owens released a note on June 8, in which he said the firm values SpaceX at $63 per share, and described the stock as "overvalued."
However, other analysts are more bullish. New Street Research initiated coverage of SpaceX with a $165 price target.
MIAMI, June 15, 2026 (GLOBE NEWSWIRE) -- Defiance ETFs today announced the launch of the Defiance Daily Target 2X Long SpaceX ETF (Cboe: SPCU). SPCU begins trading today at 4am ET and seeks daily investment results, before fees and expenses, equal to 200% of the daily performance of SpaceX Class A common stock (NASDAQ: SPCX).
SpaceX priced its initial public offering at $135 per share and began trading on the Nasdaq on Friday, June 12, under the ticker SPCX. At that price, the company was valued at approximately $1.77 trillion, which according to reports ranks as the largest U.S. IPO in history by debut market value.
SPCU is purpose-built for active traders seeking magnified, short-term exposure to SpaceX. The Fund obtains its exposure primarily through swap agreements and/or listed options contracts rather than by holding SpaceX shares directly, allowing traders to express a high-conviction, tactical view on SpaceX in a single exchange-listed ticker, without a margin account and without managing options positions.
SPCU joins the Defiance Daily 2X Space ETF (Cboe: SPCL), which established 2X daily leveraged exposure to SpaceX on SpaceX's IPO date. On that date, SPCL's leveraged exposure was tied exclusively to SpaceX, although the Fund will hold other investments in accordance with its investment strategy and prospectus disclosures. SPCU further expands Defiance's lineup of leveraged products linked to SpaceX.
For full fund details, the prospectus, holdings, and performance current to the most recent month-end, visit defianceetfs.com/spcu or call 833.333.9383.
The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage, and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. The Fund pursues daily leveraged investment objectives, which means it is riskier than alternatives that do not use leverage. The Fund magnifies the performance of Space Exploration Technologies Corp. (the “Underlying Security”) and is designed strictly for short-term use. For periods longer than a single day, the Fund’s performance will be the result of compounded daily returns, which is very likely to differ from 200% of the return of SpaceX over the same period. It is possible that investors could lose their entire principal within a single trading day.
An investment in the Fund is not a direct investment in SpaceX.
About Defiance ETFs
Founded in 2018, Defiance is a leading ETF issuer specializing in thematic, income, and leveraged ETFs. Our first-mover leveraged single-stock ETFs empower investors to take amplified positions in high-growth companies, providing precise leverage exposure without the need to open a margin account.
Defiance ETFs LLC is the ETF sponsor. The Fund’s investment adviser is Tidal Investments, LLC (“Tidal” or the “Adviser”).
The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus and summary prospectus contain this and other important information about the investment company. Please read the prospectus and/or summary prospectus carefully before investing. Hard copies can be requested by calling 833.333.9383.
Investing involves risk. Principal loss is possible. As an ETF, the Fund may trade at a premium or discount to its net asset value (“NAV”). Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions and bid-ask spreads will reduce returns. A portfolio concentrated in a single theme or industry may be subject to a higher degree of risk. There is no guarantee the Fund’s strategy will be successful, and an investor may lose some or all of their investment.
Leveraged Investment Risk. The Fund seeks daily investment results that correspond to two times (2X) the performance of its underlying portfolio. The use of leverage magnifies both gains and losses. As a result, the Fund may experience significant losses over short periods of time, including the potential loss of the entire investment within a single trading day. If the Target Portfolio’s market value decreases by more than 50% on a given trading day, the Fund’s investors could lose all of their money. The Fund may also be subject to the following risks:
Daily Reset and Compounding Risk. The Fund is designed to achieve its stated investment objective on a daily basis. Due to the effects of compounding, the Fund’s returns over periods longer than one trading day will likely differ, and may differ significantly, from 200% of the performance of its underlying portfolio for the same period. This effect is more pronounced in volatile markets.
Short-Term Trading Risk. The Fund is intended for short-term trading and is not designed for long-term investment. Investors who hold shares for periods longer than a single trading day may experience returns that are substantially different from the Fund’s stated objective. The Fund requires active monitoring and management.
Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective, and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from two times (200%) the Target Portfolio’s performance, before fees and expenses. The Fund will lose money if the Target Portfolio’s performance is flat over time, and it is possible that the Fund will lose money even if the Target Portfolio’s market value increases over a period longer than a single day. Due to daily rebalancing and the effects of compounding, the volatility of the Target Portfolio may affect the Fund’s return as much as, or more than, the Target Portfolio’s actual return. The impact of compounding will affect each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Target Portfolio during that holding period.
Derivatives Risk. The Fund utilizes derivatives, including swap agreements and options contracts, to achieve its investment objective. Derivatives involve risks different from, and potentially greater than, those associated with direct investments in securities. These risks include increased volatility, imperfect correlation, liquidity constraints, valuation complexity, and the potential for losses exceeding the amount initially invested.
Counterparty Risk. The Fund is subject to counterparty risk through its use of derivatives. If a counterparty to a swap or other derivative instrument fails to meet its contractual obligations, the Fund may experience losses, delays in recovery, or reduced exposure.
Space Investing Risks. The Fund concentrates its exposure in companies involved in the space economy, including satellite communications, launch services, and space-enabled technologies. Companies involved in the design, manufacture, or launch of spacecraft, launch vehicles, or related systems face significant risks associated with launch failures, deployment malfunctions, mission delays, and cost overruns; space launches are inherently complex and costly, and failures may result in total loss of spacecraft or payloads, substantial financial losses, reputational harm, and increased regulatory scrutiny. Space-related businesses often rely on advanced, emerging, or unproven technologies and may be adversely affected by rapid technological change, engineering challenges, or competitors’ development of superior or lower-cost technologies. The space industry is subject to extensive domestic and international regulation, including licensing requirements, export controls, national security restrictions, environmental regulation, and orbital debris mitigation standards; changes in laws or regulatory interpretations may increase compliance costs, delay operations, or limit deployment of space-based systems. Many space-focused companies depend on governmental or quasi-governmental customers and contracts, and reductions in government budgets, policy changes, or contract terminations could materially affect revenues. Space-based operations are exposed to risks from orbital debris, collisions, congestion in Earth’s orbits, and space weather, any of which may damage satellites or spacecraft and result in service disruptions or complete mission failure. Many space-focused companies may have limited operating histories, depend on a narrow set of products or services, or rely on a small number of customers or missions. The Fund may have exposure to foreign issuers, including through ADRs, which can involve political instability, geopolitical tensions, trade restrictions, sanctions, and currency fluctuations that may disrupt supply chains or impair cross-border collaboration. When the Adviser determines there are insufficient Space Companies to meet the Fund’s investment criteria, the Fund may obtain exposure to secondary space technology companies that support or enable space-related activities, which may be less directly exposed to the growth of the space economy and may be more sensitive to broader industry or market risks. The space industry is emerging and may experience higher volatility and uncertainty than more established industries.
Industry Concentration Risk. Because the Fund focuses on a specific theme and industry group, it may be more susceptible to adverse developments affecting that sector than a broadly diversified fund. The Fund will concentrate (i.e., invest 25% or more of its total assets) its investment exposure to companies in the space industry and in industries that develop, deploy, or operate space-related technologies and services.
IPO, SPAC, and De-SPAC Risk. The Fund may invest, including indirectly via derivative instruments, in securities of companies that have recently completed initial public offerings (“IPOs”), special purpose acquisition companies (“SPACs”), or companies that have become publicly traded through business combinations involving SPACs (“de-SPAC transactions”). These securities may be less seasoned, lack a meaningful trading history, have limited public information and research coverage, and involve risks similar to those of venture capital or other private equity investments. Their prices may be volatile, subject to speculative trading, and susceptible to rapid and substantial declines in value. SPACs are shell or blank check companies that raise capital in an IPO for the purpose of completing a business combination with a private operating company; there is no guarantee that a SPAC will complete a business combination or that any completed transaction will be successful. Conflicts of interest may arise among a SPAC’s sponsors, affiliates, officers, directors, or promoters and unaffiliated security holders.
Swap Agreements. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements.
Non-Diversification Risk. The Fund is classified as non-diversified, which means it may invest a larger percentage of its assets in a smaller number of issuers. As a result, the Fund’s performance may be more volatile and more sensitive to the performance of individual holdings.
Equity Securities Risk. Investments in equity securities are subject to market risk, including the potential for significant price fluctuations due to company-specific events, broader market conditions, economic developments, and changes in investor sentiment.
Foreign and ADR Risk. To the extent the Fund has exposure to foreign issuers or American Depositary Receipts (ADRs), it may be subject to additional risks, including currency fluctuations, political and economic instability, differing regulatory standards, and reduced liquidity.
Small- and Mid-Capitalization Risk. The Fund may invest in small- and mid-cap companies, which may be more volatile, less liquid, and more sensitive to economic changes than larger companies.
Liquidity Risk. In certain market conditions, the Fund’s investments or derivative instruments may become less liquid, making it difficult to adjust exposure or achieve the desired investment objective. Reduced liquidity may also lead to wider bid-ask spreads for Fund shares.
Rebalancing Risk. The Fund seeks to rebalance its exposure daily to maintain its target leverage. If the Fund is unable to rebalance effectively due to market disruptions, liquidity constraints, or operational issues, its exposure may deviate from its intended objective.
Tracking and Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to 200% of the daily performance of its underlying portfolio. Market volatility, fees, transaction costs, and derivative pricing may cause performance to deviate from expectations.
High Portfolio Turnover Risk. The Fund’s strategy involves frequent trading and daily rebalancing, which may result in high portfolio turnover, increased transaction costs, and potentially higher taxable distributions.
Tax Risk. The Fund intends to qualify for favorable tax treatment as a regulated investment company (RIC), but there is no guarantee it will do so. Distributions may be taxable as ordinary income, capital gains, or a combination of both.
New Fund Risk. The Fund is recently organized and has limited operating history. As a result, there is limited performance history for investors to evaluate.
Market and Economic Risk. The value of the Fund’s investments may decline due to general market conditions, economic trends, geopolitical events, interest rate changes, inflation, or other external factors beyond the control of the Fund.
Brokerage commissions may be charged on trades.
Distributed by Foreside Fund Services, LLC.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/623c9438-6e10-4373-bc05-a6ae8c312daf
