Elon Musk

<h3 id="tldr">TLDR</h3>
<ul>
 <li>SpaceX set its IPO offering at $135 per share, securing capital at a $1.77 trillion market cap — establishing the largest public offering in global history.</li>
 <li>Shares are tracking to debut at $175 on Friday, approximately 30% higher than the offering price.</li>
 <li>Oppenheimer launched coverage with an “outperform” designation and $190 price objective; New Street Research established a $165 target.</li>
 <li>The company recorded a $4.94 billion net deficit in 2025 following its xAI combination, contrasting with a $791 million gain in 2024.</li>
 <li>Morningstar assigns a fair value of merely $63 per share, labeling it excessively priced, while prominent short seller Jim Chanos has challenged the $1.77 trillion assessment.</li>
</ul>
<p>SpaceX (SPCX) is poised to create a watershed moment on Friday, with indications showing shares opening at $175 — representing approximately 30% appreciation over the $135 offering price. This trajectory would elevate the aerospace manufacturer’s market capitalization to nearly $2.29 trillion before executing its initial public trade.</p>
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  <p>Many are asking why is SpaceX, <a href="https://x.com/search?q=%24SPCX&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SPCX</a>, NOT trading yet?</p>
  <p>Here's exactly how the IPO process works and when the shares will be available to trade (Bookmark this):</p>
  <p>The IPO was quoted at 9:50 AM ET and was expected to begin trading at 10:00 AM ET, but that does NOT guarantee shares…</p>
  <p>— The Kobeissi Letter (@KobeissiLetter) <a href="https://x.com/KobeissiLetter/status/2065439079563403414?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 12, 2026</a></p>
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<p>The public offering secured capital at a $1.77 trillion assessment after the company distributed 555.56 million shares priced at $135 apiece on Thursday. This positioning already places it beyond JPMorgan Chase, Berkshire Hathaway, Eli Lilly, Meta Platforms, and even Elon Musk’s electric vehicle manufacturer Tesla in market value.</p>
<p>This represents the most substantial initial public offering on record. Saudi Aramco’s 2019 market debut generated $25.6 billion at a $1.71 trillion assessment. SpaceX has now eclipsed that benchmark.</p>
<p>Interest from individual investors exceeded $100 billion, based on Bloomberg reporting. BlackRock independently submitted a $5 billion institutional commitment, according to the Wall Street Journal. <a href="https://coincentral.com/spacex-shares-launch-on-solana-as-tokenized-stock-goes-live-on-blockchain/" rel="noopener noreferrer nofollow">SpaceX</a> additionally reserved 30% of shares for individual investors — a substantially greater portion than typical mega-cap offerings.</p>
<p>Starlink, the company’s orbital internet platform, contributed approximately 60% of SpaceX’s $18.67 billion in 2025 revenue. The service currently supports around 10.3 million subscribers through 9,600 satellites, delivering connectivity across 164 nations and territories.</p>
<p>Oppenheimer emerged as the first leading investment firm to publish analysis, assigning an “outperform” rating alongside a $190 valuation target. Analyst Timothy Horan characterized SpaceX as “the only vertically integrated AI company with the required capital, data, LLMs, hardware, manufacturing and engineering talent.” New Street Research projected a 12-month objective of $165.</p>
<h3 id="the-bear-case">The Bear Case</h3>
<p>Not all market observers share the bullish sentiment. Morningstar calculates SPCX’s intrinsic value at $63 per share — representing a 53% markdown from the offering price. Its highest-probability scenario, weighted at just 7% likelihood, reaches only $154. Valuation authority Aswath Damodaran estimates the enterprise value at $1.22 trillion.</p>
<blockquote>
 <p>Renowned short seller Jim Chanos stated directly: “The company is not worth, in my opinion, $1.75 trillion based on any reasonable assumptions over the next five years.” He emphasized SpaceX commands approximately 90x sales, versus Tesla’s 14x ratio.</p>
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<p>The financial statements support certain concerns. SpaceX generated a $4.94 billion net deficit in 2025 after finalizing its xAI combination, reversing a $791 million surplus in 2024. Revenue expanded 33% annually, yet profitability deteriorated significantly.</p>
<h3 id="governance-and-index-inclusion">Governance and Index Inclusion</h3>
<p><a href="https://coincentral.com/giant-inflatable-elon-musk-invades-times-square-with-a-warning-for-spacex-investors/" rel="noopener noreferrer nofollow">Elon Musk</a> maintains an estimated 80–85% of voting authority. This configuration leaves public shareholders with minimal influence over corporate decisions — a framework attracting examination alongside the valuation controversy.</p>
<p>Regarding index membership, Nasdaq recently modified listing standards that might facilitate SPCX’s entrance into the Nasdaq 100. Nevertheless, S&amp;P Global rejected making accommodations for expedited S&amp;P 500 admission. This indicates automatic purchasing from passive index portfolios may materialize slower than certain market participants anticipate.</p>
<p>Space-sector equities including AST SpaceMobile, Viasat, and Rocket Lab all declined in preliminary trading on Friday preceding SpaceX’s market entrance.</p>
<p>The post <a href="https://blockonomi.com/spacex-spcx-stock-surges-30-pre-market-ahead-of-historic-ipo-debut/" rel="noopener noreferrer nofollow">SpaceX (SPCX) Stock Surges 30% Pre-Market Ahead of Historic IPO Debut</a> appeared first on <a href="https://blockonomi.com" rel="noopener noreferrer nofollow">Blockonomi</a>.</p>

SpaceX (SPCX) Stock Surges 30% Pre-Market Ahead of Historic IPO Debut

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