Everything investors are asking about SPCX.

SPCX began trading June 12, 2026 on the Nasdaq. Pricing was confirmed June 11, 2026 at the fixed $135.00 offer after a book that was roughly 4× oversubscribed, with total demand reported above $250 billion. The first trade printed at $150.00 via Nasdaq's opening cross, and the stock closed its first session at $161.11 — up 19.3%. It has traded continuously since; the Nov 3, 2026 close was $141.31. See our IPO Details page for the full timeline.

The ticker is SPCX. The stock trades on the Nasdaq Global Select Market with a parallel dual listing on Nasdaq Texas; both venues clear against the same consolidated tape. SPCX joined the Nasdaq-100 on July 7, 2026 under the index's fast-entry rule. It is not in the S&P 500: S&P declined to fast-track it, and SPCX remains ineligible under S&P's profitability and seasoning rules (CNBC, Jun 26). There has been no S&P 500 inclusion as of Nov 4, 2026.

About $1.9 trillion at the Nov 3, 2026 close — $141.31 a share across roughly 13.58 billion Class A and Class B shares outstanding at Sept 30, 2026. That is 4.7% above the $135.00 IPO price, 37% below the June 16 all-time high of $225.64 and 35% above the Aug 3 all-time low of $104.83. At the IPO price, SpaceX was valued at roughly $1.77 trillion. On a derived basis, the Nov 3 market cap is about 60× trailing-twelve-month revenue of ≈$32.0 billion. See our SpaceX valuation analysis for the multiples in full.

638,888,888 Class A shares in total: the 555,555,555-share base deal (about $75 billion at $135.00) plus the 83,333,333-share over-allotment, which the underwriters exercised. Gross proceeds were roughly $86 billion and net proceeds about $85.7 billion, according to the Q2 2026 8-K — the largest IPO ever, far ahead of Saudi Aramco's $29.4 billion in 2019. The deal was roughly 5% of the ~13.2 billion shares outstanding at listing; the older "~4.3%" figure counted the base deal only. The tradable float has grown since, as lock-up tranches have been released.

$135.00 per share — a fixed offer price set in the June 3, 2026 S-1/A rather than a range. The roadshow marketed the deal at that price the week of June 8, and final pricing was confirmed June 11, 2026 after the order book closed.

A lock-up bars insiders, employees, and pre-IPO investors from selling, hedging, or pledging shares for a set period without consent from the lead bookrunners (Goldman Sachs and Morgan Stanley). SPCX's is staggered rather than a single 180-day cliff, according to IFR's reading of the prospectus: shares unlock in tranches tied to earnings dates and to days elapsed since the IPO, the standard lock-up runs out in early December 2026, and Elon Musk and other insiders are bound for 366 days — to roughly mid-June 2027. Our SPCX lock-up schedule lists every tranche.

In stages. The first tranche of about 911.5 million shares became eligible on Aug 6, 2026, two days after Q2 results; a price-based early release of another 455.8 million shares did not trigger. Further tranches of up to about 328.4 million shares each were scheduled at 70, 90, 105, 120, and 135 days after the IPO, and up to ~1.3 billion more followed the Oct 20 Q3 report. The remaining standard 180-day lock-up ends in early December 2026 — the 180th day after the June 11 pricing is Dec 8, 2026. Musk and other insiders stay locked up until roughly mid-June 2027. IFR estimates more than $500 billion of stock becomes eligible between August and year-end. Eligible for sale is not the same as sold. Full dates: SpaceX lock-up expiration schedule.

The greenshoe — formally the over-allotment option — covered 83,333,333 additional shares (15% of the base deal), exercisable within 30 days of the June 11 pricing. The underwriters exercised it, lifting the total sold to 638,888,888 Class A shares and gross proceeds to roughly $86 billion. Morgan Stanley acted as stabilization agent — the role that uses the option to support the aftermarket price during the stabilization window.

On SEC EDGAR. The confidential draft was filed April 1, 2026, the first public S-1 on May 20, 2026, and the S-1/A setting the $135.00 price on June 3, 2026. Since listing, SpaceX has filed its quarterly results as 8-K earnings releases — Q2 2026 on Aug 4 and Q3 2026 on Oct 20. See our S-1 summary page for a section-by-section explanation in plain English.

At the IPO, Musk held more than 5.5 billion Class B shares — roughly 42% of the equity and about 82% of the voting power, according to the prospectus as reported by Wikipedia and the press. Class B shares carry 10 votes each and convert to one-vote Class A shares when sold. His shares are subject to a 366-day lock-up running to roughly mid-June 2027. SpaceXChart does not publish a precise current count; for the latest figure, check his Form 4 filings on SEC EDGAR. More on the structure: who owns SpaceX.

$18.674 billion on a consolidated basis (post-xAI merger), up from $14.015 billion in 2024 and $10.387 billion in 2023 — a two-year increase of 79.8%. SpaceX reports three segments: Connectivity (Starlink) $11.387 billion (61.0%) with $4.423 billion of operating income; Space $4.086 billion (21.9%) with a $(657) million operating loss; and AI $3.201 billion (17.1%) with a $(6.355) billion operating loss. The AI segment was renamed Super Intelligence in the Q3 2026 release. Starshield is not a separately reported segment, and the filings do not break out its revenue. See our full financials page.

No. SpaceX reported a net loss of about $4.94 billion for FY2025 and a $(2.589) billion loss from operations. The AI segment's $6.355 billion operating loss more than offset Connectivity's $4.423 billion of operating income; the S-1 also put Starship R&D at roughly $3.0 billion for the year. Adjusted EBITDA, a non-GAAP measure, was positive at $6.584 billion.

For one quarter, yes. SpaceX reported Q3 2026 net income of $4.404 billion — its first profitable quarter as a public company — with income from operations of $2.791 billion and GAAP diluted EPS of $0.35. Pre-tax income of $4.014 billion was helped by $1.025 billion of other income, net, and a $390 million tax benefit lifted net income above that. Over a longer window it is not yet profitable: Q2 2026 was a $(541) million net loss, and the nine months to Sept 30, 2026 show a $(413) million net loss. Adjusted EBITDA was $8.809 billion in Q3. Details on our SpaceX earnings page.

SpaceX has reported twice as a public company. Q2 2026 results came on Aug 4, 2026: revenue of $7.814 billion (+92% YoY), a net loss of $(541) million and capex of $18.4 billion, which sent the stock down as much as ~8% after hours. Q3 2026 followed on Oct 20, 2026 after the close, with a 4:30 p.m. ET webcast: revenue of $14.575 billion (+161% YoY, against a consensus near $12.72 billion, per CNBC) and net income of $4.404 billion. The Q4 and full-year 2026 date has not been announced as of Nov 4, 2026; SpaceX announces dates on its investor-relations site and by press release, typically a few weeks ahead. See the SpaceX earnings calendar and results.

SpaceX now discloses it. Starlink ARPU was $66 a month in Q1 and Q2 2026, down from $85 in Q2 2025, and consumer ARPU was $69 in Q3 2026, against $83 a year earlier. Subscribers grew far faster: 10.3 million in Q1, 12.0 million in Q2, and 13.6 million consumer subscribers in Q3, up from 7.2 million a year earlier. The older ~$92 back-of-envelope figure, worked out from S-1 data before ARPU was disclosed, is superseded.

The S-1 put Starship R&D at $3.0 billion in FY2025 and $930 million in Q1 2026. The program passed a milestone in late September 2026: Flight 14 was Starship's first orbital flight and deployed 26 Starlink V3 satellites; Flight 15 is planned next, with a booster-and-ship catch attempt. Company-wide spending is now dominated by AI, though: Q3 2026 capex was $19.593 billion, of which $16.444 billion was in the Super Intelligence segment.

In Q3 2026, revenue and operating income (loss) were: Super Intelligence $7.560 billion / $431 million, after $1.217 billion of acquisition-related stock compensation, mostly for Cursor; Connectivity $5.248 billion / $2.367 billion; and Space $1.767 billion / $(7) million. Super Intelligence is now the largest segment by revenue at about 52%, ahead of Connectivity (~36%) and Space (~12%). In FY2025, by contrast, Connectivity was 61% of revenue and the only profitable segment, and the consolidated operating margin was about (14)%. There is no separate Launch or Starshield segment.

SPCX trades on the Nasdaq, so you can buy it through any U.S. broker that offers Nasdaq access — Fidelity, Schwab, Robinhood, Interactive Brokers, E*TRADE, Webull, and others. Since its July 7, 2026 Nasdaq-100 inclusion, funds that track that index, such as QQQ, also hold SPCX. S&P 500 index funds do not, because SPCX is not in the S&P 500. See our full how to buy page for the step-by-step.

Yes. Fidelity, Robinhood, Interactive Brokers, and Webull support fractional share orders on virtually all listed stocks, including new IPOs. Schwab supports fractional shares only for current S&P 500 constituents — SPCX joined the Nasdaq-100 on July 7, 2026, but is not in the S&P 500: S&P declined to fast-track it, and it remains ineligible under S&P's profitability and seasoning rules.

That is a personal decision based on your risk tolerance and conviction, and this site does not make buy or sell calls. For context, SPCX has round-tripped hard: from the $135.00 IPO price to an all-time high of $225.64 intraday on June 16, below the IPO price for the first time in mid-July, down to an all-time low of $104.83 intraday on Aug 3, then back to a $171.92 close on Oct 6 — its highest close since the summer — before sliding in late October. The Nov 3, 2026 close was $141.31, inside a 52-week range of $104.83–$225.64. Whatever your view, use a limit order — never a market order. SPCX still moves several percent in a day; it fell 9.14% on Oct 22 alone.

That is a judgement call this site cannot make for you. Two public-company reports are already out — Q2 2026 on Aug 4 and Q3 2026 on Oct 20 — and the Q4/FY2026 date has not been announced. The lock-up is staggered, not a single date: several tranches are already eligible, the remaining standard lock-up ends in early December 2026, and Musk and other insiders are locked up until roughly mid-June 2027. Waiting buys more information and lets more insider supply become eligible; the trade-off is that you may pay more if SPCX rises in the meantime. Shares becoming eligible for sale does not mean they will be sold. See the SPCX lock-up schedule and our SpaceX earnings overview.

The Cambria ERShares Private Investments ETF (XOVR) trades on NYSE Arca and was, before the IPO, the closest publicly traded proxy for SpaceX: as of April 2026, its SpaceX position (held via an SPV) reportedly exceeded 40% of fund assets. Now that SPCX itself trades on the Nasdaq, XOVR is one indirect route rather than the only one, and its current SpaceX weighting may differ — check the fund's latest holdings. The ETF carries a materially higher expense ratio than passive funds; read the prospectus before buying.

Not in the pre-IPO sense. Before the June 2026 listing, Forge Global, EquityZen, and Hiive regularly listed SpaceX secondary shares originating from employee tenders, at a discount to the latest tender price plus platform fees of 3–5%. Now that SPCX trades on the Nasdaq, the public market is the practical venue for everyone, and pre-IPO shares are governed by the staggered lock-up. Verify with any platform before trading.

Multiple compression. SPCX priced at ~94× FY2025 revenue. At the Nov 3, 2026 close — a market cap of about $1.9 trillion — it traded at roughly 60× trailing-twelve-month revenue, 103× FY2025 revenue, and 33× Q3 2026 annualized revenue (all derived). Even NVIDIA, the most expensive mega-cap on a sales basis, traded at ~30–35× in mid-2026. Spending is the other pressure point: management guided Q4 2026 capex to $35–40 billion, after $19.6 billion in Q3. See our valuation analysis for the full framework.

Colossus is the name of SpaceX's Memphis-area AI data centers. In July 2026, outlets including TradingKey and IBTimes reported that a lawsuit sought to shut down the gas turbines powering Colossus 2, and said that could imperil part of a reported $45 billion Anthropic compute contract; SpaceXChart found no court ruling or confirmed shutdown arising from it. Separately, in October 2026 a federal judge denied the Justice Department's bid to dismiss an NAACP Clean Air Act citizen suit over turbines at the Memphis-area Colossus data centers (CNBC, Oct 20), so that case continues. It matters because SpaceX rents AI compute to Google, Anthropic, and others, and Super Intelligence is now its largest segment by revenue.

Still significant, though less binary than at the IPO. The S-1 lists Starship technical execution among its top risk factors. In late September 2026, Flight 14 became the first orbital Starship flight and deployed 26 Starlink V3 satellites; Flight 15 is planned next, with a booster-and-ship catch attempt. Full reuse, flight cadence, and cost per flight remain unproven, and every quarter of slippage adds to the R&D bill.

FCC spectrum coordination, FAA launch licensing, ITU international coordination, and U.S. State Department export controls all touch SpaceX's operations. Any one of these agencies can stand the company down on short notice. Orbital debris management and constellation crowding are active regulatory topics in 2026, and environmental permitting for AI data-center power has joined the list.

The S-1 explicitly names key-person risk associated with Mr. Musk. He held about 82% of the voting power at the IPO via Class B shares and serves as CEO, Chief Engineer, and Chairman. A health event, regulatory enforcement action, or controlling-shareholder dispute could revalue the equity overnight. The S-1's Class B sunset provisions describe what happens to voting power under certain trigger events. If the lettering itself is the confusing part, see what Class A, Class B and Class C shares each buy.

It is now both the biggest growth driver and the biggest spender. The AI segment lost $6.355 billion at the operating level in FY2025 and $1.257 billion in Q2 2026, then swung to $431 million of operating income on $7.560 billion of revenue in Q3 2026 under its new name, Super Intelligence — making it the largest segment by revenue. The cost is capital: SI capex was $16.4 billion of Q3's $19.6 billion total, management guided Q4 capex to $35–40 billion, and the $60 billion Cursor acquisition closed on Aug 14, 2026. Whether compute returns keep pace with that spending is the open question.

Same controlling shareholder (Musk), capital-intensive vertically integrated manufacturing, and a similar narrative-driven multiple history. TSLA traded at ~10–12× sales with profits in mid-2026; SPCX traded at roughly 60× trailing revenue at the Nov 3, 2026 close (derived), with one profitable quarter behind it. On the Q3 call, Musk said Tesla and SpaceX had formed special committees to consider a merger, but that they "have not reached agreement on the terms of any transaction." See peer comparison.

RKLB is the only other publicly traded pure-play launch + space-systems operator at meaningful scale. RKLB traded at ~10–18× P/S in mid-2026. The gap to SPCX reflects Starlink's recurring revenue — $11.4 billion in FY2025 and $5.25 billion in Q3 2026 alone, with nothing comparable at RKLB — plus Starship's optionality and SpaceX's AI business. Both are working on next-generation reusable launch vehicles; only SPCX has a commercial broadband constellation.

Both are direct-to-cell competitors but at very different stages. ASTS is pre-revenue at scale, trading on the optionality of building a direct-to-handset constellation. Starlink Direct to Cell is already generally available with T-Mobile US as the anchor MNO. ASTS represents the higher-beta bet on the same end-market; SPCX has incumbency.

Aramco priced its 2019 IPO at $25.6/share, raising $29.4B at a $1.7T valuation — the previous record. SPCX raised about $75B in its base deal and roughly $86B including the exercised greenshoe, at a similar $1.77T valuation. Different businesses entirely: Aramco was profitable, paying a dividend, in a mature commodity industry. SPCX is growth-stage, pays no dividend, and posted its first quarterly profit in Q3 2026. The size record is the only direct parallel.