#我的Gate交易时刻 SpaceX's Century IPO Lands on NASDAQ, Opening 29% Surge Reshaping Space Capital Landscape

Beijing Time June 12, 2026 evening (East Coast Time June 12 morning), the commercial space giant SpaceX officially listed on NASDAQ, stock code SPCX. This $75 billion IPO broke Saudi Aramco's 2019 record of $29.4 billion, becoming the world's largest IPO in history. The opening jump of 29% has ignited market enthusiasm for both the space economy and AI computing power, and also reshaped the landscape of the U.S. stock technology and aerospace sectors.

1. Century IPO Launches, Record-breaking Opening Surge

The IPO price for SpaceX was set at $135 per share, issuing 555.6 million shares, with a valuation of $1.77 trillion. The listing ceremony used a remote link between NASDAQ in New York and Starbase in Texas, with Musk and core team ringing the opening bell at Starbase, officially marking the commercial space industry’s entry into the public capital market era.

After trading opened, SpaceX’s stock price quickly surged, opening at $174, up 29%, with intraday gains exceeding 30%. Market capitalization once surpassed $2.2 trillion, ranking as the sixth-largest company in the U.S. stock market. The subscription phase was extremely hot, with over $250 billion competing for the $75 billion offering, retail investors received about 30% of allocations, far exceeding typical IPO allocations. Wall Street investment bank Oppenheimer set a target price of $190, implying a 40% upside potential, while NYSE research set a target of $165, with a clear long-term bullish stance.

2. Financials and Equity: Absolute Control Amid High Losses

Behind the impressive stock price, SpaceX has long operated with high growth and high losses. In 2025, total revenue was $18.67 billion (up 33% YoY), with a net loss of $4.94 billion; in Q1 2026, revenue was $4.69 billion (up 15% YoY), with a net loss of $4.28 billion, accumulating losses of about $41.3 billion since inception. The only profitable segment is Starlink, which had over 10.3 million users by Q1 2026, continuously supporting rocket launches and AI business.

On the equity side, Musk maintains tight control, holding over 82% of voting rights, enabling him to dominate major decisions. Post-IPO, his personal wealth surged, with SpaceX’s equity valued at $866.5 billion. Coupled with Tesla holdings, he is expected to become the world’s first trillionaire.

3. Sector Siphon Effect: Space Stocks Plunge, Tech Stocks Under Pressure

SpaceX’s strong fundraising ability triggered intense volatility across U.S. sectors. Global aerospace concept stocks fell sharply: Virgin Galactic down 25.1%, Intuitive Machines down 10.3%, Rocket Lab down 8.8%, Satellogic down 9.8%. Funds withdrew from peers and flooded into SpaceX, highlighting its industry dominance.

Tech giants also faced pressure, with Tesla down 0.85%, Amazon and Microsoft slightly declining. Analysts pointed out that investors are selling other tech stocks to subscribe to SpaceX shares, creating a “money drain effect.” BNP Paribas warned that after SpaceX’s listing, the freely tradable market cap is about $75 billion, and combined with passive buying and leverage funds, short-term volatility risks have sharply increased.

4. Business Model Reconfiguration: From Aerospace Company to Space AI Computing Platform

Market valuation logic for SpaceX has shifted from “rocket company” to space AI computing infrastructure. The prospectus added a mission statement: “Understanding the true nature of the universe,” integrating the vision of XAI. The core logic is: Starlink provides global network coverage, rocket launches enable low-cost space deployment, Starship builds interstellar transportation systems, ultimately providing space-grade computing power for AI.

Its core competitive advantage lies in vertical integration to reduce costs: reusable rockets lower single-launch costs to $18 million; self-developed Starlink satellites and in-house launches keep unit costs far below competitors; the large-scale production plan for Starship aims for an annual capacity of 1,000 ships, further compressing launch costs. This “rocket-satellite-AI” closed loop supports the imagination of a trillion-dollar valuation.

5. Controversies and Outlook: Risks Behind the Frenzy

Despite market enthusiasm, doubts have never ceased. High losses, high debt, and Musk’s absolute control are core concerns for institutions. Some pension funds have directly “blacklisted” the stock, citing governance and financial risks. Additionally, Starlink faces global regulatory scrutiny, and the R&D and Mars plans for Starship involve huge investments, making profitability cycles hard to predict.

However, long-term optimists believe SpaceX is pioneering a new era of space economy. Potential Starlink users exceed 1 billion, Starship may achieve low-cost interstellar travel, and space computing power could become a core infrastructure for AI development. As Musk said during the bell-ringing, “SpaceX’s goal is to send humans to the Moon and Mars, ultimately venturing into more distant interstellar space.”

Conclusion

SpaceX’s listing is not only a milestone for the company but also a turning point for the shift from state-led to capital-driven commercial space. The 29% surge at opening proves the market’s strong optimism for the “space + AI” trillion-dollar track. Short-term volatility and controversies remain, but it’s undeniable that SpaceX has reshaped the global aerospace landscape and opened a new era of human space exploration driven by capital. $SPCX