SpaceX shares surged on the company’s first full trading day, lifting the Elon Musk-led space and technology firm to a market value of about $2.5 trillion and placing it above the total crypto market capitalization.
SpaceX stock, trading under the ticker SPCX, rose 19.6% to $192.50 on Monday, extending gains from its market debut after the company completed the largest initial public offering on record. The rally added hundreds of billions of dollars in market value and positioned SpaceX as the sixth-largest public company globally.
The move came after SpaceX announced that its IPO raised approximately $85.7 billion in gross proceeds, including the full exercise of the underwriters’ overallotment option. The final IPO size surpassed the company’s earlier $74.4 billion raise and exceeded Saudi Aramco’s previous IPO record by a wide margin.
SpaceX said it closed the issuance of 638,888,888 shares of Class A common stock, including 83,333,333 additional shares purchased by underwriters through the overallotment option. The issuance closed on June 15, bringing total gross proceeds from the IPO to about $85.7 billion.
The offering surpassed Saudi Aramco’s 2019 public listing, which raised more than $29 billion and had stood as the largest IPO on record. Based on the reported figures, SpaceX raised nearly three times that amount through its public market debut.
The IPO followed years of private market demand for SpaceX shares, driven by the company’s reusable rocket business, Starlink satellite internet operations, government contracts, and its February acquisition of xAI and X. The public listing gave investors direct exposure to a company that had previously been accessible mainly through private markets and selected funds.
Ron Baron said he bought $1 billion of SpaceX IPO shares and that Baron Capital’s total SpaceX holdings were worth about $25 billion. His comments added to market attention around institutional demand after the listing.
SpaceX’s latest rally pushed its market capitalization to roughly $2.5 trillion, making it larger than the entire crypto market cap cited at around $2.3 trillion during the same market period. The comparison drew attention because SpaceX reached the milestone only days after going public.
The company is now the sixth-largest public company in the world and is reportedly within about 5% of surpassing Amazon for the fifth position. Its valuation also places it ahead of most publicly traded technology and industrial companies, despite its relatively recent shift from private to public markets.
The rally also affected Musk’s personal wealth, as SpaceX’s public market debut strengthened his position among the world’s wealthiest individuals. Reports described the IPO as a turning point for Musk’s business empire, which now includes SpaceX, Starlink, xAI, and X under one public company structure.
SpaceX’s market value expanded as broader risk assets also recovered following a preliminary agreement aimed at ending the Iran war. Investors moved back into equities as geopolitical concerns eased, while SpaceX received additional attention from traders after its record listing.
Musk said SpaceX could generate $1 trillion in annual revenue by 2030 and added that he would be surprised if revenue was not above that level in 2031. He projected shortly after the company’s public debut, although no detailed breakdown was provided with the estimate.
SpaceX recently disclosed full financial details ahead of its IPO. The company reported $18.7 billion in revenue last year, up 33% from the prior year, while posting a loss of more than $4.9 billion after higher artificial intelligence-related spending. In 2024, the company had reported a profit of $791 million.
The company’s growth story remains tied to reusable rockets, Starlink broadband, artificial intelligence expansion, federal contracts, and future commercial space operations. Its IPO has also become a reference point for other large artificial intelligence companies expected to pursue public listings.
The strong stock move has already led to new ETF activity. According to Bloomberg analyst Eric Balchunas, 11 leveraged SpaceX ETFs are pending from seven issuers, including long and short products tied to SPCX performance. ProShares Ultra SpaceX, Direxion, T-REX, GraniteShares, Defiance, Leverage Shares, and Tradr were among issuers listed with pending products.
