SpaceX priced its IPO Thursday night at $135 per share and opened Friday at $150 — an 11% jump right out of the gate.
The stock climbed as high as 30% above its IPO price during the session before pulling back. It closed at $160.95, up 19.2% on the day.
Space Exploration Technologies Corp., SPCX
After hours, it added another 3.66%, hitting $166.83.
The company raised a record $75 billion, selling 555.6 million shares. Underwriters also hold an option to sell an additional 83 million shares, worth roughly $11.2 billion, if demand continues.
That makes this the largest IPO in history.
Bespoke Investment Group put the scale of it plainly: SpaceX is now the sixth-largest US company, sitting behind Amazon at $2.54 trillion and ahead of Broadcom at $1.81 trillion. It’s already $700 billion larger than Tesla and more than twice the size of Berkshire Hathaway.
Retail demand was a standout story on Friday. SpaceX reportedly targeted a 30% retail allocation — well above the 5–10% typical for most IPOs.
Reports suggest retail orders exceeded $100 billion. Vanda Research noted SPCX became the most bought stock by retail investors on the day, with net buying running at more than 3.5x that of Nvidia. Retail turnover hit $453 million, roughly 4% of all single-stock retail activity.
The IPO was also four times oversubscribed overall, according to Reuters. That said, institutional oversubscription figures are often inflated, so actual demand could be softer than the headline number suggests.
Wedbush analyst Dan Ives called the debut “an important moment for the broader tech sector,” tying it to what he described as the next step in the AI Revolution.
Not everyone is rushing to buy at these levels. Howard Chan, founder and CEO of Kurv Investment Management, flagged the volatility risk directly: “The stock is bound to be volatile. Maybe it’s better to harvest volatility premium while the equity price settles down.”
History backs that caution. Cerebras Systems dropped from $400 to roughly $200 in its first five weeks of trading after a strong debut.
Astera Labs had four consecutive doji candles after its IPO before a 62% drawdown to $36. It has since recovered to become one of the best-performing stocks of the year, up nearly 300% year to date.
Reddit followed a similar path — falling from around $75 to $37 in just five weeks before stabilizing and eventually pushing to new highs.
Both ALAB and RDDT were trading well above their IPO prices a year later.
SpaceX’s debut also arrives alongside confidential IPO filings from OpenAI and Anthropic, setting up what could be an unusually active stretch for large-cap listings.
SPCX closed its first day of trading at $160.95.
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