SpaceX Just Became the Biggest IPO in History. Here Is What Actually Happened

$135 IPO price. $150 opening. $176 intraday high. $161 close. $2 trillion market cap on day one. And Morningstar says it is worth $63. Here is the full picture

Yesterday, Gwynne Shotwell rang the opening bell at the Nasdaq.

Audible cheers from the crowd outside. A ticker that opened at $150, ran to $176.52, and closed at $161.11. SpaceX stock, listed under SPCX, rose 19% on its first day of trading to close at $160.95, becoming one of the world’s biggest listed companies on its first day on the market, valued above $2 trillion.

The company raised $75 billion selling more than 555 million shares at its offer price of $135, making it the biggest IPO in history. More than triple the size of Alibaba, which held the previous US record.

Musk spoke before the opening bell. “I gave SpaceX a less than 10% chance of succeeding at all,” he said. “Let me tell you, if people had told me this was gonna happen, I was like, man, you must be smoking some really good crack, because I think this company’s gonna fail.”

The crowd loved it.

The numbers from day one:

▫️ IPO price: $135

▫️ Opening trade: $150 (11% above IPO price)

▫️ Intraday high: $176.52 (31% above IPO price)

▫️ Day one close: $161.11 (19% gain)

▫️ Market cap at close: roughly $2.1 trillion

▫️ Elon Musk’s net worth after day one: over $1 Trillion

Today, Saturday June 13, the structural buying pressure continues. MSCI’s early-inclusion methodology for SPCX kicked in on June 13, one day after listing. At its post-debut valuation, SpaceX is one of the 10 largest constituents of the MSCI World and MSCI ACWI indices. It is estimated that $15 to $20 trillion of passive funds have to buy SPCX to adjust to the new index weights, with only a 4% float available.

That structural buy pressure with almost no shares available is the setup heading into next week.

What is inside the full breakdown:

▫️ Why this is the biggest IPO ever and what the comparison actually looks like

▫️ SpaceX’s actual revenue, losses, and what the business really generates

▫️ The honest valuation debate: $2 trillion or $63?

▫️ What the MSCI inclusion means for price action next week

▫️ The primary source S-1 documents, the SEC filings, the court exhibits, and the xAI Series E announcement

▫️ What to watch before the first public earnings report in November 2026

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Everyone Is Celebrating. Here Is What the S-1 Actually Says

Before You Buy SPCX, Read This: