SpaceX Raises $86B in $135 IPO as Shares Dip 5% Ahead of Lockup
SpaceX raised $86B by selling 639M shares at $135 apiece, with cumulative trading volume of 1.08B shares—1.7× the IPO float—over its first three sessions as insiders hold 95% of equity under lock-up. Shares have pulled back roughly 5% on profit-taking ahead of August’s potential 37% lockup expiration unlocking.
1. IPO Execution and Raise
SpaceX sold 639 million shares at $135 each, generating $86 billion in proceeds after the full exercise of the overallotment option. The offering represented the largest-ever IPO raise and set a new benchmark for capital markets.
2. Trading Volume and Turnover
Across its first three trading sessions, SpaceX saw 1.08 billion shares change hands—1.7 times its 639 million share float—highlighting intense investor demand and liquidity in the aftermarket. This level of turnover is unprecedented for a debut of this scale.
3. Insider Lock-Up and Future Supply
Insiders, management and early investors hold 95% of SpaceX’s equity under lock-up agreements. In August, up to 37% of the outstanding shares could become eligible for sale, posing a potential increase in share supply.
4. Early Price Action
Following an explosive rally, SpaceX stock pulled back about 5% as investors took profits on the gains from its record-setting debut. This correction reflects normal profit-taking dynamics ahead of significant lockup milestones.
