SpaceX's Largest IPO Ever Surges 19% on First Day, Market Cap Reaches ~9 Trillion Yen

U.S. space company SpaceX listed on the Nasdaq market on June 12. The company offered 555.6 million shares at $135 each, raising approximately $75 billion (about 11.4 trillion yen). This was the largest initial public offering (IPO) in history, and the stock closed on its first day at $160.95, 19% above the offering price.

Since its founding in 2002, SpaceX has been known for the commercial operation of the reusable Falcon 9 rocket and the construction of the Starlink satellite internet network. The value of founder and CEO Elon Musk’s holdings has surged due to this IPO, and some estimates suggest he could become the world’s first trillionaire.

IPO Breakdown

The 555.6 million shares offered consisted primarily of a secondary sale by existing shareholders. Only a portion of the funds raised came from SpaceX issuing new shares, with much of the proceeds representing profit-taking by founders and early investors. The company’s valuation reached approximately $750 billion at the time of the IPO.

Goldman Sachs and Morgan Stanley served as the lead underwriters. According to a report by The Wall Street Journal, total underwriting fees amounted to about $500 million.

First-Day Trading Dynamics

SpaceX shares opened at an initial price of $150, an 11% increase from the offering price of $135. Buying continued thereafter, with the closing price reaching $160.95, a gain of 19%. At times during the trading session, the stock rose more than 30%.

Trading volume was also at record levels. Online brokerage Robinhood announced that “in the hours following SpaceX’s listing, we recorded the highest traffic ever on our platform.” This result underscores the high level of interest among retail investors.

COO Shotwell Comments on Potential Tesla Merger

In an interview with CNBC, SpaceX COO Gwynne Shotwell made a notable statement. She said, “A merger of SpaceX and Tesla might make Musk’s life a little easier,” marking the first time she has mentioned the possibility of integrating the two companies.

Shotwell is the executive who effectively oversees SpaceX’s daily operations, and this merger concept is seen as a potential move to ease the burden on Musk, who also runs Tesla. However, it has not been clarified whether any specific negotiations or plans currently exist.

Possibility of Exercising the Greenshoe Option

IPO contracts typically include a “greenshoe option” (over-allotment option) that allows underwriters to issue up to 15% more shares than originally planned if demand is strong. Within SpaceX, photos of people wearing green shoes were posted on social media in recognition of this clause, and Musk also reposted them.

Given the first-day price surge and trading volume, it is possible that the underwriters will exercise this option, further increasing the amount raised. A decision is expected within a few weeks.

Starlink’s Revenue Contribution

The success of the IPO is underpinned by the rapid growth of Starlink. SpaceX has launched over 6,000 Starlink satellites and has acquired millions of subscribers worldwide. The service’s annual revenue is estimated to have already reached tens of billions of dollars, making it a key driver of SpaceX’s corporate value.

While the launch business alone relies heavily on government contracts and commercial launches, Starlink is valued as a stable, recurring revenue stream from general consumers. Investors are closely watching the expansion potential of this business model.

Editorial Opinion

In the short term, SpaceX’s first-day performance demonstrated strong demand. The 19% rise from the offering price of $135 is unusually strong for a large-scale IPO. As seen in the traffic surge on Robinhood, retail investor participation is active. However, with a significant amount of selling by existing shareholders looming, caution is needed regarding stock price stability once the initial excitement fades. When the lock-up period ends within six months, block sales could become a temporary downward factor.

From a long-term perspective, the most important point is that SpaceX has transformed the space industry into an “infrastructure industry.” If Starlink becomes established as a broadband service competing with terrestrial fiber, and if Starship mass transportation becomes operational, the cost of access to space will drop dramatically. The gap with other emerging space companies will widen further. A decade after the practical deployment of fully reusable rockets, the democratization of private space development has now received the backing of capital markets through the IPO.

What the editorial team should watch is the true intent behind Shotwell’s comment on a Tesla merger. It may appear as a pretext for operational efficiency, but technical synergies do exist (e.g., EV battery technology and spacecraft power management, factory automation, and rocket mass production). If a merger materializes, the combined product portfolio of the two companies would transform into a massive conglomerate spanning automobiles, space, AI, and energy. At the same time, the risk of further concentration of power in Musk’s hands cannot be denied. How seriously the market is taking this statement will be clarified by future disclosures.

References

• SpaceX IPO: Live updates on everything you need to know - TechCrunch — Published on 2026-06-12
• Nasdaq Official SpaceX Stock Information — *Actual ticker symbol unconfirmed; refer to general search page.