SpaceX (SPCX) just pulled off the biggest stock market debut in history. On June 12, 2026, the rocket and satellite company priced its IPO at $135 a share, opened at $150, and closed its first day up nearly 19%. If you’ve been searching for SpaceX stock, watching the SpaceX IPO stock price move, or simply asking whether SpaceX stock is a good buy right now, you’re far from alone – demand for this listing broke records across nearly every major brokerage.

This piece breaks down what SpaceX actually does, why Starlink matters more than people realize, what happened on IPO day, and what you should weigh before deciding if SPCX belongs in your portfolio.

What SpaceX Actually Is

Founded by Elon Musk in 2002, SpaceX built its name on reusable rockets – a breakthrough that crushed the old cost structure of getting anything into orbit. By the time it went public, the company had completed roughly 650 orbital launches with a success rate of over 99%, the vast majority of which were on reused boosters.

However, SpaceX will no longer be just a rocket company. Earlier this year, it absorbed xAI into the business, folding Musk’s AI venture (and, by extension, X/Twitter) directly into SpaceX’s structure. The pitch to investors now is bigger than space travel: SpaceX wants to put AI data centers in orbit, starting as early as 2028, using its satellite and launch infrastructure as the backbone.

So how does SpaceX actually make money for shareholders? Three engines: rocket launches for government and commercial clients, Starlink subscriptions, and AI infrastructure through xAI and Grok. What could push the SpaceX IPO stock price higher from here largely comes down to execution – specifically, whether Starship starts flying on schedule. Starship is the only vehicle capable of carrying the heavier, more powerful V3 Starlink satellites, and it’s still in testing. It flew just five times in 2025 against a target of 25, which tells you the execution risk here is real, not theoretical.

Starlink Is Quietly Running the Show

What’s actually paying the bills is Starlink, not rockets,

Starlink went from a 10,000-user beta in 2021 to over 10 million paying subscribers by early 2026, spread across 160+ countries. Revenue followed the same curve – $11.4 billion in 2025, up 48% year-over-year, accounting for 61% of SpaceX’s total revenue. By Q1 2026, that share climbed to 69%.

More importantly, Starlink is the only part of SpaceX that’s actually profitable. It pulled in $4.42 billion in operating income in 2025 while the rocket business lost money and the AI division ran a loss of $6 billion. Analysts now project Starlink revenue near $15.5 billion for 2026.

There’s a wrinkle worth knowing, though: average revenue per subscriber has been falling, down to roughly $81/month as SpaceX prioritized growing its global user base over squeezing more out of each customer. That trend reversed slightly in May 2026, when SpaceX raised Starlink prices by up to $10/month across the board.

Inside the SpaceX IPO

This wasn’t just a big IPO. It was the biggest ever recorded.

SpaceX initially sold 555.6 million shares at $135 each, raising $75 billion and valuing the company at $1.77 trillion – instantly making it more valuable than Tesla. After underwriters exercised their full overallotment option, total gross proceeds climbed to roughly $85.7 billion, with the valuation settling around $2.3 trillion.

On day one, SPCX opened at $150, spiked as high as $176.52, and closed at $161.11 – a gain of 19% from the offer price. Musk became the world’s first trillionaire on paper that same day.

As of July 1, 2026, SPCX is trading at $170.86, with an intraday range of $161.64 to $172.40 and a 52-week high of $225.64. That shows how wide the swings have been.

One more catalyst on the horizon: SPCX is set to join the Nasdaq-100 on July 7, 2026, which analysts estimate could trigger around $4.3 billion in passive inflows as index funds are required to buy the stock. That’s a meaningful near-term tailwind to be aware of.

What retail investors actually received at IPO, though, was a different story. Investors requesting 1,000 shares through Robinhood walked away with as few as 17. One investor who bumped their order to 4,250 shares through Schwab received just 147. Every major platform gave eligible applicants something, but allocations were thin across the board.

What Wall Street Is Saying

Wedbush initiated coverage on SPCX with an Outperform rating and a $190 price target, calling SpaceX a “major hyperscaler” and anchoring the bull case on its AI infrastructure ambitions.

The bear case is harder to ignore, though. SpaceX’s prospectus revealed a nearly $5 billion GAAP loss in 2025 and up to $119 billion in planned capital spending ahead. Musk himself has flagged the “genuine risk of bankruptcy” if Starship can’t hit a reliable launch cadence. That’s not typical IPO language – and it’s worth taking seriously.

How to Buy SpaceX Stock

If you missed the IPO allocation window, buying SpaceX stock now is simple:

1. Open or log into a brokerage account – Robinhood, Schwab, Fidelity, SoFi, and E-Trade all support SPCX.
2. Search the ticker SPCX on NASDAQ.
3. Place an order. Since the IPO window has closed, you’re buying on the open market at whatever the current SpaceX IPO stock price is, not the original offer price.
4. Use a limit order if you’re cautious – the stock swung more than $40 a share within its first day of trading alone.
5. Set a plan before you buy. Some early buyers are holding for the long run; others are taking profits near specific price targets. Decide which camp you’re in before you click “buy.”

Bottom Line

SpaceX delivered the largest IPO in history, and SPCX is trading at $158 levels as of today, and the Nasdaq-100 inclusion next week is adding a near-term catalyst. Starlink is the real engine behind the valuation: already profitable, still growing fast, and still the only segment consistently making money.

The risks are real, though. A near-$5 billion annual loss, a Starship program that hasn’t proven its reliability, and a $2+ trillion valuation that demands near-perfect execution – these aren’t footnotes. They’re the actual story.

Whether SPCX belongs in your portfolio comes down to one honest question: how much execution risk are you willing to hold for a piece of what might be the most consequential company of the next decade?

FAQs

Should I buy SpaceX stock after the IPO?

Depends on your risk tolerance. Starlink’s growth is real and already profitable. The AI bet and Starship dependency aren’t proven yet. If you can stomach volatility, a position makes sense. If not, let the stock settle and revisit.

What happened with the SpaceX IPO?

SpaceX raised $75 billion at $135 a share, jumped over 19% on debut, and closed its first day above a $2 trillion market cap. Retail demand far exceeded supply at every major brokerage.

How does SpaceX make money?

Three ways: Starlink subscriptions (the only consistently profitable segment), rocket launch contracts, and AI revenue through xAI and Grok.

Is SPCX overvalued?

At $2.3 trillion against a near-$5 billion annual loss, the valuation is aggressive. But Starlink’s profitability and growth trajectory give bulls a credible counterargument. So, no clean answer.

What is Starlink’s revenue?

$11.4 billion in 2025, projected to be near $15.5 billion in 2026.

What’s next for SPCX stock?

The Nasdaq-100 inclusion on July 7 is the immediate catalyst – analysts expect roughly $4.3 billion in passive buying tied to index rebalancing. Beyond that, watch Starship’s launch cadence. That’s the variable everything else depends on.

Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.