#SpaceXIPOAttractsOver250BillionInOrders

SpaceX IPO Final Pricing & First Trading Day
SpaceX officially set its IPO price at $135 per share on the evening of June 11 (Thursday), confirming a fixed pricing strategy with no adjustments. The company instructed underwriters not to revise the price, choosing a “fixed price IPO” instead of the traditional price range model.
On June 12 (Friday), SPCX began trading on the Nasdaq.
The offering included 555.6 million shares, raising approximately $75 billion, making it the largest IPO in global history. The implied valuation reached around $1.77 trillion, making Elon Musk the first individual associated with a trillion-dollar-scale wealth milestone.

Record-Breaking Demand
Total demand exceeded $250 billion, representing an oversubscription of roughly 3.5–4x.
Breakdown:

Retail investor orders: over $100 billion (Bloomberg), significantly higher than earlier estimates of $70 billion

Institutional demand: major funds placed extremely large orders

BlackRock alone reportedly committed at least $5 billion

Multiple institutions submitted orders in the $10 billion range

Retail allocation was set at 20–30%, significantly higher than the typical 5–10% in IPOs. However, most retail demand still remained unfilled due to extreme oversubscription.

Financial Overview: Growth With Structural Pressure
2025 Revenue: $18.7B (+33% YoY)
Key breakdown:
Starlink — Core Profit Engine

Revenue: $11.4B (+50% YoY)

EBITDA: $7.2B (63% margin)

Users grew from 4.5M → 9M

Expected to reach 16.8M+ users by 2026

Contributes ~61% of total revenue

Rocket Launch Business — Growth Plateau

Commercial launch revenue stabilized around $5B

Starlink deployment missions increasingly consume Falcon 9 capacity

Growth constrained by internal mission prioritization

xAI Segment — Heavy Cash Burn

Quarterly cash burn: approximately $2.5B

Estimated annualized burn: around $14B

Starlink profits effectively subsidize AI infrastructure expansion

Overall Financial Position

Total cumulative losses since founding: $41.3B

Full-year 2025 loss: approximately $5B

Q1 2026 operating loss: $1.9B

Q1 2026 capital expenditure: $10.1B (doubled YoY)

Valuation Debate: What Does $1.77 Trillion Mean?

Price-to-sales ratio: ~73x (based on $18.7B revenue)

Far above typical mega-cap tech valuations

ARK Invest argues Starlink alone could justify nearly $2 trillion valuation

Some analysts estimate fair value closer to $129 billion–$1.6 trillion range depending on assumptions

Nasdaq-100 inclusion mechanics could trigger passive inflows post-listing

Gate IPO Access Program
Key details:

Ticker: SPCX

Subscription currency: USDT

IPO price: $135 per share

Subscription fee: 5%

Minimum: 100 USDT

Maximum: 500,000 USDT

Subscription deadline: June 12, 04:00 UTC

Allocation: June 12, 14:00–15:00 UTC

Trading begins: June 12, 13:30 UTC

100% unlock, no lock-up period

Allocation is based on weighted average demand timing, meaning participation does not guarantee full allocation.
Additionally, participants receive USDT yield benefits:

New users: 3-day fixed deposit up to 200% APY

All participants: 14-day deposit up to 5% APY

Total pool: 1 billion USDT (first-come, first-served)