SpaceX Raises $86.2B in IPO, Plans $20B Bond Offering as Competition Looms
SPCX•SpaceX’s June 12 Nasdaq debut raised $86.2 billion with shares pricing at $135 and peaking at $176.52 before a four-session slide wiped out $400 billion in cap, including a 16% drop. The company targets $20 billion in notes for AI buildout as Rocket Lab’s $8 billion Iridium deal intensifies competition.
1. Record-Breaking IPO Launch
SpaceX priced its June 12 Nasdaq debut at $135 per share, opened at $150 and reached an intraday high of $176.52. Exercise of the underwriters’ greenshoe brought total proceeds to $86.2 billion, marking the largest IPO in history.
2. Post-IPO Share Performance
In the four trading sessions following the debut, SpaceX shares slid sharply, erasing about $400 billion in market capitalization and including a 16% single-day decline. Despite the downturn, the stock remains above its initial $135 IPO price.
3. Debt Issuance and Growth Plans
Days after going public, SpaceX filed for a senior unsecured note offering targeting at least $20 billion. Proceeds are earmarked to repay a bridge loan and fund expansion of its AI infrastructure.
4. Competitive Landscape
SpaceX faces heightened competition as Rocket Lab’s $8 billion acquisition of Iridium Communications brings a 66-satellite network into its orbit, potentially challenging Starlink’s satellite internet services and end-to-end launch and manufacturing business.
