#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)
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)
