At 9:30 a.m. ET on June 12, 2026, a ticker appeared on the Nasdaq that millions of Americans had been waiting years to see: SPCX. SpaceX — Elon Musk's rocket company and builder of Starship — started trading publicly for the first time ever at $135 per share, valuing the company at $1.77 trillion and making it one of the ten largest publicly traded companies on Earth from its very first minute of trading. If you're trying to decide whether to buy SpaceX IPO stock on its first day of trading, here is what you need to know before you click buy.
The Biggest IPO in History: What the Numbers Look Like
SpaceX's offering raised $75 billion — more than double Saudi Aramco's $29.4 billion record set in 2019. Before today's opening bell, the order book had already attracted over $250 billion in investor demand, roughly 3.3 times the amount on offer. Retail investors who applied through Schwab, Fidelity, Robinhood, SoFi, or E-Trade received a historically large allocation window: SpaceX reserved 30% of the offering for retail, compared to the typical 5–10% seen in most large IPOs. Even so, demand far exceeded supply for most individual investors.
SpaceX also broke IPO convention by using a fixed price rather than a range. Instead of announcing a $120–$140 range and pricing based on demand, the company set $135 as a firm take-it-or-leave-it number — a move analysts say reflects Musk's signature preference for unconventional deal structures and his confidence in the order book.
- IPO price: $135 per share (fixed, not range-priced)
- Total capital raised: $75 billion
- Opening valuation: $1.77 trillion — larger than Tesla on day one
- Retail allocation: 30% of shares — roughly triple the typical amount
- Available brokerages: Schwab, Fidelity, Robinhood, SoFi, E-Trade
- Ticker: SPCX on Nasdaq
Should You Buy SpaceX Stock Today — or Wait for a Pullback?
This is the most important question for retail investors right now. The honest answer depends on your time horizon and risk tolerance, but here is the full picture.
The bull case for SPCX is real. SpaceX is not a speculative startup — it is a cash-generating business with a $13.7 billion launch contract backlog, a Starlink satellite internet service with more than 5 million paying subscribers, and NASA's Artemis lunar missions as a flagship client. Revenue for 2025 was estimated at approximately $24 billion, with Starlink alone contributing over $11 billion. No private aerospace company competes at this scale, and no publicly traded company offers comparable exposure to commercial space. Today's broader market rally — with the Dow up nearly 930 points on Iran peace deal hopes — is adding further opening-day momentum to SPCX.
"SpaceX has built a business model that is genuinely hard to replicate at scale. The combination of launch economics, Starlink cash flows, and government contract exclusivity gives it a moat that justifies a premium valuation." — institutional analyst ahead of the IPO
The bear case for buying today specifically is about IPO mechanics. Research from University of Florida professor Jay Ritter shows that the most hyped large IPOs tend to see their biggest price pop in the first hours of trading — and then underperform the broader market by 3–5% over the following twelve months. Investors who bought Amazon on its IPO day in May 1997 watched the stock fall nearly 30% within the first year before its legendary multi-decade run. That is not an argument against SPCX — it is an argument for thinking carefully about your entry point rather than chasing the open.
If you did not receive an IPO allocation and are considering buying in the open market today, you should expect to pay above $135. Yesterday's pre-IPO guide covered the step-by-step process for buying through each brokerage — that piece is still relevant for open-market purchases and walks through each platform's process.
The Risk Picture Every SPCX Buyer Should Understand
SpaceX is a remarkable company, but SPCX carries real risks that deserve honest treatment before you invest:
- Elon Musk concentration risk: Musk retains voting control after the IPO. Problems at Tesla, X, xAI, or involving his public persona could affect SPCX sentiment and price.
- Government revenue dependency: A substantial share of revenue comes from NASA and Department of Defense contracts. Policy shifts or budget cuts could affect this pipeline.
- Extreme valuation multiple: At $1.77 trillion, SPCX trades at roughly 74 times its estimated 2025 revenue — a multiple that prices in decades of growth and leaves little room for disappointment.
- Competition is building: Blue Origin's New Glenn is actively competing for government launches. United Launch Alliance remains in the market. International competitors — especially China's state-backed CASC — are scaling rapidly.
- No dividend, no near-term buybacks: SpaceX has made clear all free cash flow goes into Starship development and Starlink expansion. Returns depend entirely on stock appreciation.
- Starlink regulation risk: Governments in Europe and Asia have pushed back on Starlink dominance. Regulatory friction could slow international subscriber growth, which is the primary growth driver for the next five years.
What to Watch in the Coming Days
For anyone holding SPCX or considering a position, these are the near-term signals that matter most for the stock's direction:
- First-day close vs. $135: A strong close well above the IPO price signals durable institutional demand. A close near or below $135 on day one — unusual but not unheard of for mega-cap IPOs — would suggest early seller pressure from flippers.
- Volume mix: High institutional buying relative to retail selling suggests the stock is finding long-term holders, not just day-traders looking for a quick gain.
- Iran peace deal: If the US-Iran agreement is formally signed this weekend, the broad market could get an additional leg up, giving SPCX more fuel going into next week's trading.
- First earnings call: SpaceX will release its first quarterly report as a public company within 45 days of IPO. Starlink subscriber count, launch revenue, and Starship progress are the numbers that will set long-term sentiment.
Bottom line: SPCX is a once-in-a-generation company going public, and the long-term story is compelling for investors with a 5- to 10-year horizon. Whether you should buy at today's open-market price depends on one question: are you investing for a decade, or trying to trade the next two weeks? Long-term investors may consider a partial position now and hold cash to add on any post-IPO correction — which history says is more likely than not in the months after a record IPO. Anyone hoping for a quick day-one flip should know the odds on the most hyped offerings are rarely in the retail investor's favor.
Frequently Asked Questions
Should I buy SpaceX IPO stock SPCX on the first day of trading?
Long-term investors may consider a small initial position, but data shows the most hyped IPOs frequently pull back 10–20% in the weeks after their debut. A common strategy is to buy a partial position today and reserve cash to add on any post-IPO dip, rather than committing fully at peak opening excitement when price discovery is still happening.
Can I still buy SpaceX stock if I didn't get an IPO allocation?
Yes. Once SPCX begins trading on Nasdaq, any brokerage customer can purchase shares in the open market at the prevailing price. You will likely pay more than the $135 IPO price if the stock opened higher, but there is no special access requirement to buy shares of a publicly traded company after the IPO date.
What is SpaceX's valuation compared to other companies in 2026?
SpaceX's $1.77 trillion opening valuation places it among the ten largest publicly traded companies in the United States on day one — larger than Tesla and comparable in scale to major technology companies. It is the most valuable aerospace and defense company ever listed on a public exchange, by a wide margin.
