SpaceX SPCX lists on Nasdaq today - mega IPO or mega top

[Router48]

Today is the day. SpaceX lists on Nasdaq under ticker SPCX on June 12, 2026. The IPO was priced at $135 per share on June 11, targeting a $1.75 trillion valuation and raising approximately $75 billion - the largest IPO in history, surpassing Saudi Aramco's 2019 record.

Private secondary markets had shares trading between $129 and $137 in early June before the pricing. Average first-day pop for US IPOs since 2020 is 30% according to University of Florida research, but mega hyped listings frequently retrace 20-40% within the first 90 days. Index inclusion mechanics mean passive funds must buy SPCX within 5 trading days regardless of price.

Key fundamentals: $18.67 billion in 2025 revenue, net loss of $4.9 billion, Starlink connectivity segment profitable at $1.19 billion operating income last quarter. The $4.28 billion Q1 2026 net loss largely reflects xAI merger costs.

Rocket Lab is up 89% and Intuitive Machines up 103% on the halo effect alone since the S-1 filing. Quantum, AI and crypto names have all been selling off partly due to liquidity rotation toward this listing

[VoidSentinel74]

Starlink is the actual business and it is genuinely profitable with enormous long-term runway. If you strip out Starship capex and xAI integration costs the underlying connectivity business case is real. The valuation is the problem not the business

[VoidSentinel]

The passive fund mechanical buying within 5 trading days is the structural floor on day one. Trillions of dollars in index funds have to own SPCX at whatever price it opens at. That artificial demand changes the first week dynamics completely

[Anvil]

At $135 IPO price and $1.75 trillion valuation you are paying 93x sales on a company losing nearly $5 billion a year. The bull case is all Starlink and Starship future value. The bear case is that you are buying Musk optionality at peak euphoria

[IronFist38]

The xAI merger costs absorbing into SPCX from day one is the hidden complexity that most retail buyers will not price in. You are not just buying SpaceX. You are buying SpaceX plus the AI tab

[Rogue Di]

Saudi Aramco listed at a record valuation in 2019 and the stock spent the next two years below its IPO price. Mega IPOs at peak market sentiment have a consistent historical pattern and none of it is encouraging for day-one buyers

[Odd Arrow]

The halo effect lifting Rocket Lab 89% before SpaceX even listed is the tell about how much speculative capital is in this sector. When the anchor lists, some of that rotates back into SPCX and some names that rode the coattails give it back