SpaceX went public on June 12, and the shockwave is still rippling through portfolios everywhere. The company raised $75 billion by selling 555.56 million shares at $135 each, making it the largest IPO in history, eclipsing Saudi Aramco’s previous record by a comfortable margin.
The debut that broke records
SpaceX began trading on Nasdaq under the ticker SPCX with an opening price around $150, a healthy premium over its IPO price. The stock climbed to an intraday high of nearly $176 on its first day, briefly pushing the company’s market capitalization above $2 trillion.
To put that in perspective, SpaceX momentarily surpassed Tesla, Meta, and Amazon in market value. On day one. A company that reported a net loss of roughly $4.94 billion on $18.67 billion in 2025 revenue was suddenly worth more than some of the most profitable businesses on the planet.
The offering was managed by Goldman Sachs and Morgan Stanley, and demand wasn’t exactly a problem. The deal was oversubscribed by more than four times, meaning investors collectively wanted to buy over $300 billion worth of shares that didn’t exist. The IPO also included a greenshoe option that could push total proceeds to $86 billion if fully exercised.
Elon Musk retained approximately 82-85% voting control after the offering, ensuring that going public won’t dilute his grip on the company’s direction.
The Magnificent 7 rotation
Hedge funds began trimming their exposure to the Magnificent 7 stocks ahead of the IPO, anticipating that institutional allocations would need funding. The Roundhill Magnificent Seven ETF, which tracks the group under the ticker MAGS, experienced notable declines as the rotation picked up speed.
Retail investors joined the exodus too. Net selling pressure emerged across the previously dominant tech names as individual traders rebalanced toward the new entrant.
Analysts have already started floating alternative groupings. Some are calling it MANGOS, others the Fab 10.
What SpaceX actually sells
The $1.77 trillion IPO valuation was anchored primarily by two businesses: rocket launches and Starlink.
Starlink, the satellite internet division, contributed the lion’s share of SpaceX’s $18.67 billion in 2025 revenue. The company has also integrated xAI into its subsidiary structure.
The net loss of $4.94 billion is worth noting. SpaceX is not yet profitable, and at a price-to-revenue ratio north of 90x at IPO pricing. By mid-September 2026, shares had settled into a range between $150 and $160.
What this means for markets
SpaceX used a fixed-price marketing period rather than a traditional book-building roadshow, and allocated a notably larger portion to retail investors than is typical for offerings this size.
The companies most at risk are those within the Magnificent 7 that overlap with SpaceX’s narrative. Tesla, which competes for the “Musk premium” in investor portfolios, faces the most direct challenge.