SpaceX achieved the highest-valued IPO in financial history on June 12, raising over $75 billion and reaching a $2 trillion valuation despite the company currently operating at a loss.

Key Points

• SpaceX shares debuted at $135 and surged 19% on the first day of trading, though the stock has since experienced significant price volatility.
• Elon Musk retains 85% of the company's voting power through super-voting shares, despite owning approximately 42% of the total equity.
• The company reported $18.5 billion in revenue for 2025 but incurred a $5 billion loss, largely due to heavy investment in xAI data centers and aerospace equipment.
• A Nasdaq rule change allows SpaceX to enter the Nasdaq-100 index on July 7, potentially forcing the stock into millions of retirement and savings accounts.
• The IPO featured an unusually large 30% allocation for retail investors, though demand still outpaced supply during the initial offering.

Why it Matters

The inclusion of SpaceX in index funds and potential government-backed children's accounts shifts the financial risk of a volatile, profitless company onto everyday families and retirees. This move sets a controversial precedent for how high-profile tech firms can bypass traditional vetting processes to gain immediate, widespread market exposure.