SpaceX trading debut reshapes market benchmarks after Nasdaq listing

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SpaceX trading debut reshapes benchmarks

Highlights

SpaceX raises $75 billion in its IPO, with a $10.7 billion greenshoe, more than doubling previous tech records and surpassing Uber’s and Cerebras’ listings.
Elon Musk's 46% SpaceX stake exceeds $1 trillion in value, with 82% voting control, while the company acquires Cursor for $60 billion in stock.
SpaceX shares average $66 billion daily trading volume in first three sessions, surpassing QQQ, SPY, and tech IPOs, as market cap hits $2.66 trillion—above Amazon.

Record IPO, valuation surge and deal activity

As reported by CNBC, SpaceX raises $75 billion in its initial public offering, more than twice the size of the previous largest IPO on record. The company’s greenshoe allotment adds another $10.7 billion, a sum that by itself exceeds many major technology listings, including Uber’s $8.1 billion raise in 2019 and Cerebras’ $6.4 billion offering last month.

The listing also pushes Elon Musk into a new wealth bracket. Musk holds about 46% of SpaceX shares, a stake valued at more than $1 trillion, while retaining voting control of roughly 82% of the shares, according to the report.

Within days of the IPO, SpaceX also enters a formal agreement to acquire AI coding startup Cursor for $60 billion in stock. The deal, first announced in April, is expected to close in the third quarter and ranks among the largest technology acquisitions on record.

Market impact reaches beyond aerospace

Trading activity in SpaceX stock is running at levels that outpace some of the market’s most widely traded securities. On its first day, Friday, about $85 billion worth of shares change hands, followed by nearly $46 billion on Monday and almost $68 billion on Tuesday, for an average of roughly $66 billion across the first three sessions.

That average is higher than the comparable figures for exchange-traded funds QQQ and SPY over the same period, at $33 billion and $46 billion respectively. It also far exceeds the early trading pace of other tech IPOs cited in the report, including Facebook and Cerebras.

SpaceX’s market capitalization climbs above Amazon’s on Tuesday, ending that session at $2.66 trillion and at one point briefly moving past Microsoft. The valuation jump comes despite a large gap in operating fundamentals, with Amazon generating 38 times more revenue than SpaceX last year, while SpaceX is described as losing billions of dollars annually.

In our earlier coverage of SPCX’s post-IPO volatility and euphoric risk, we noted that investor demand was surging even as price action looked increasingly driven by expectations of further valuation expansion rather than fresh financial results. We also outlined key support and resistance levels and warned that heavy reliance on future Starlink and commercial-launch growth could amplify volatility and raise the odds of a sharp correction if expectations cool.

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