SpaceX's initial public offering on the Nasdaq on June 12, 2026, drew record-setting retail investor activity, with Citadel Securities reporting the highest retail order volume ever recorded for an IPO auction. The firm stated it processed the majority of these retail orders. This successful debut is seen as a crucial test case for upcoming mega-IPOs from companies like OpenAI and Anthropic, demonstrating that large-scale offerings can proceed without the technical failures that have marred past high-profile listings, such as the chaotic 2012 IPO.
The trading began shortly before noon on Friday, an earlier start compared to other recent public debuts. Retail investors poured a staggering $118 million into SpaceX stock on its first trading day, setting a new record for retail-driven IPOs according to Vanda Research. This figure exceeded Nvidia's first-day net buying by 3.5 times, and SpaceX's trading volume reached $453 million, accounting for approximately 4% of all single-stock retail turnover that day. The company's stock was initially priced at $135 on June 11, and it officially opened for trading at $150 per share on June 12, closing its first day at $160.95.
Over the subsequent trading days, retail investor interest continued to surge. On Monday, net buying by retail investors was approximately $100 million for the second consecutive session. The Kobeissi Letter reported that on Tuesday, retail investors bought as much SpaceX stock as all other U.S. single stocks combined in the prior week, with over $93 million in purchases, representing about 73% of all retail single-stock purchases that day. SpaceX shares rose 11% to $178 on Monday and were up another 10% in premarket trading on Tuesday, indicating an open above $200 for the first time.
By Tuesday's premarket price, SpaceX's market capitalization reached approximately $2.9 trillion, nearing Microsoft's valuation. This rapid ascent has prompted some analysts, like Charlie Billelo from Creative Planning, to express caution, drawing parallels to the meme stock era of 2021. CFRA analyst Keith Snyder initiated coverage with a Sell rating and a $115 price target, suggesting a potential 46% downside from current levels. Despite these warnings, demand has also extended to leveraged ETFs linked to SpaceX, with total volume surpassing $3 billion and net inflows reaching $308 million, led by SPCF with about $184 million.
Morgan Stanley served as the deal's stabilization agent, taking on the responsibility of managing the stock's opening by potentially buying shares to prevent steep declines, a role of heightened importance given the extraordinary investor demand. The overall smooth execution of the IPO, from order handling by retail brokers to market-making by firms like Citadel Securities, is being hailed as a successful blueprint for future large public offerings.
