SpaceX priced its initial public offering at $135.00 per share on June 11, 2026, began trading on Nasdaq as $SPCX on June 12, and finished at $147.49 at the October 23, 2026 close, 9.25% above the offer price. Between those two numbers sit a 56.59% first-week surge, a slide below the IPO price in July and August, a $60 billion all-stock acquisition, a $25 billion bond deal and the company's first quarterly net profit since listing. This is the full record, built from SpaceX's own releases and SEC filings.
The IPO terms
According to SpaceX's pricing release dated June 11, 2026, Space Exploration Technologies Corp. sold 555,555,555 shares of Class A common stock at $135.00 each. The registration statement was declared effective by the SEC on June 11, and the shares were listed on both the Nasdaq Global Select Market and Nasdaq Texas. Underwriters received a 30-day option to buy up to 83,333,333 more shares at the offer price.
Goldman Sachs and Morgan Stanley led a book-running group that also included BofA Securities, Citigroup, J.P. Morgan, Barclays, Deutsche Bank, RBC Capital Markets, UBS and Wells Fargo. The deal had a Canadian leg: it was offered in Canada under a base PREP prospectus filed with provincial and territorial regulators on SEDAR+.
On June 15, 2026, SpaceX announced the closing of the offering, including full exercise of the underwriters' option, for an aggregate 638,888,888 shares and gross proceeds of approximately $85.7 billion. The base deal alone works out to 555,555,555 x $135.00 = about $75.0 billion.
How SPCX has traded since June 12
The stock closed its first session at $160.95 and peaked three sessions later. It then gave back all of that gain. SPCX first closed below the offer price on July 16, 2026, and it spent 19 sessions under $135, the last on August 20 at $134.00.
| Date (2026) | Event | SPCX close | vs $135 IPO price |
|---|---|---|---|
| June 11 | IPO priced | $135.00 | 0.00% |
| June 12 | First day of trading | $160.95 | +19.22% |
| June 16 | Highest close to date | $211.39 | +56.59% |
| July 16 | First close below IPO price | $131.11 | -2.88% |
| August 5 | Lowest close, day after Q2 report | $108.27 | -19.80% |
| October 21 | Day after Q3 report | $159.31 | +18.01% |
| October 23 | Latest completed session | $147.49 | +9.25% |
From the June 16 peak to the August 5 low, the stock fell 48.78% ($108.27 / $211.39 - 1). The October 23 close is still 30.23% below that peak and 8.36% below the first-day close. Over the same stretch, the S&P 500 moved from 7,394.30 on June 11 to 7,623.68 on October 23 (+3.10%), and the Nasdaq Composite from 25,809.66 to 25,955.34 (+0.56%). Prices are from Yahoo Finance.
What has happened since the IPO
- Cursor deal (June 16 to August 14): One day after the offering closed, SpaceX agreed to buy Anysphere, the maker of Cursor, at an implied equity value of $60.0 billion, payable in Class A shares priced at a seven-day volume-weighted average. The merger closed on August 14, 2026, with 389,289,254 shares issued to Cursor holders, plus 1,752,426 shares for vested restricted stock units. SpaceX also assumed about 29.1 million restricted stock units and about 44.4 million options.
- $25 billion bond (June 23): SpaceX priced $25 billion of senior notes in five tranches, from $7.0 billion of 5.350% notes due 2031 to $3.5 billion of 6.650% notes due 2056. It said the net proceeds would repay its bridge loan in full.
- Q2 results (August 4): Revenue was $7.8 billion, up 92% from $4.1 billion. The net loss narrowed to $541 million, adjusted EBITDA reached $3.5 billion, and the company ended June with $100 billion of cash and marketable securities. The stock fell from $125.33 to $108.27 the next session (-13.61%).
- Lock-up schedule: The Motley Fool reported a staggered unlock, with up to 328.4 million shares each on September 24, October 9 and October 24, up to 1.3 billion shares after the Q3 report, and about 800 million on December 8. Elon Musk's stake becomes eligible for sale on June 12, 2027.
- Q3 results (October 20): Revenue was $14.6 billion, up 161% from $5.6 billion. Net income was $4.4 billion, against a $1.1 billion loss a year earlier, and adjusted EBITDA was $8.8 billion. SpaceX flew its first revenue-generating Starship mission, which carried 26 Starlink V3 satellites, and Starlink consumer subscribers reached 13.6 million, up from 7.2 million.
- Tesla committees (October 20): On the Q3 webcast, Musk said both companies had formed special committees to discuss a combination. He added that "the special committees have not reached agreement on the terms of any transaction." SPCX gained 7.79% on October 21, then fell 9.14% on October 22 to $144.75.
- GPU lease (October 24): In an 8-K filed October 26, SpaceX disclosed a binding commitment letter for a master finance lease of GPU pods with an entity managed by Apollo Global Management. Aggregate principal payments are expected to total about $40 billion. Closing is expected before year end.
The math: growth versus spending
The Q3 earnings release shows how quickly the profit line has turned, and how heavy the investment still is.
| $ millions | Q3 2025 | Q2 2026 | Q3 2026 |
|---|---|---|---|
| Revenue | 5,576 | 7,814 | 14,575 |
| Income (loss) from operations | (273) | (143) | 2,791 |
| Adjusted EBITDA | 2,169 | 3,538 | 8,809 |
| Capex | 6,880 | 18,369 | 19,593 |
Revenue rose 86.52% sequentially ($14,575M / $7,814M - 1). But Q3 capex of $19.59 billion still ran $10.78 billion ahead of adjusted EBITDA, and nine-month capex totaled $48.07 billion. On Cursor, the share count implies about $154.13 per share ($60.0 billion / 389,289,254), while SPCX closed at $140.00 on the August 14 closing date, valuing those shares at about $54.5 billion.
What to watch
- The December 8 unlock of about 800 million shares, as reported, and how the share count absorbs it.
- Any terms from the Tesla and SpaceX special committees. Musk has said there is no agreement.
- Closing of the Apollo GPU lease before year end, and the capex run rate in Q4.
- Whether the move from net loss to net profit holds in Q4.
For earlier coverage, see our reports on SPCX dipping below its IPO price, the first earnings date and lock-up and the Tesla-SpaceX merger committees. More IPO coverage is on the Trading Tips For You homepage.
Bull/Bear Verdict
Bull Case: Q3 revenue grew 161% year over year, and SpaceX swung to a $4.4 billion net profit with $8.8 billion of adjusted EBITDA. The stock sits 9.25% above its $135 offer price after shrugging off a 48.78% peak-to-trough drop.
Bear Case: Capex of $19.59 billion in Q3 still outran adjusted EBITDA by $10.78 billion, and a roughly $40 billion GPU lease adds to fixed commitments. Staggered lock-ups and the open Tesla question keep supply and governance uncertainty in play.
FAQ
What was the SpaceX IPO price?
SpaceX priced 555,555,555 Class A shares at $135.00 on June 11, 2026, and trading began on Nasdaq under $SPCX on June 12.
How much did the SpaceX IPO raise?
With the underwriters' option fully exercised, SpaceX sold 638,888,888 shares and reported gross proceeds of approximately $85.7 billion at the June 15, 2026 closing.
Has SPCX traded below its IPO price?
Yes. It first closed below $135 on July 16, 2026, and hit its lowest close of $108.27 on August 5. It last closed below the offer price on August 20, at $134.00.
Is SpaceX merging with Tesla?
Not as of October 26, 2026. Musk said on October 20 that both boards formed special committees, and that those committees had not agreed on the terms of any transaction.
Updated October 26, 2026: rewritten as the full SpaceX IPO record, with terms from the pricing and closing releases, the Cursor, bond and GPU-lease filings, Q2 and Q3 results, and SPCX price data through the October 23, 2026 close.