SpaceX began trading on Nasdaq on June 12 under the ticker SPCX, with an IPO price of $135. The stock closed its first session at $160.95, a gain of about 19%. During the day, shares reached a high of $176.52 and a low of $149.34. Based on the closing price, SpaceX ended the session with a market capitalization of roughly $2.1 trillion, after briefly crossing the $2 trillion mark intraday.
A Record-Breaking $75 Billion IPO
The offering raised $75 billion, making it the largest IPO ever recorded in the U.S. stock market. Subscription demand was reported at about 4 times the shares available, and total orders at one point exceeded $150 billion. After just one trading day, SpaceX became the most highly valued space company in the market.
The first-day performance showed how concentrated investor interest was. Strong buying pushed the valuation sharply higher in a single session, and the stock quickly became the center of attention across the space segment. That shift in focus also changed capital flows across related names almost immediately.
Other Space Stocks Sell Off
While SpaceX surged, other space companies fell sharply. Virgin Galactic (SPCE) dropped 31% in one day, wiping out the previous session’s 23% gain. Redwire (RDW), Satellogic (SATL), and AST SpaceMobile (ASTS) each fell more than 11%. EchoStar (SATS) and Rocket Lab (RKLB) were down about 10%. Smaller names including Intuitive Machines (LUNR) and Firefly (FLY) had already been declining for several sessions before the listing.
Capital Rotates Toward the New Market Leader
The source described the move as a siphon effect. Investors and funds looking to buy SpaceX appeared to free up cash by selling other space holdings first, pulling both money and attention toward the newly listed leader. The debut did not just reset SpaceX’s valuation. It also created a sharp split across the broader space-stock group on the same day.