SpaceX raised $75 billion in its initial public offering this week, smashing the IPO record with a $2.2 trillion market cap. Retail buyers snapped up $93.8 million in shares on day one—4% of all single-stock retail turnover and 3.5 times more than Nvidia's net purchases.
Retail Frenzy in First Hours
Small investors jumped into SpaceX trading immediately. They accounted for a full 4% of all retail single-stock activity that day. The crypto angle intensified it: Gate.com's SPCX token volume surpassed $100 million within hours. Tokenized futures reached $930 million as retail traders treated the offering like a new altcoin launch. It wasn't subtle—the rush looked exactly like last year's meme stock chaos but with rockets.
Musk's $1 Trillion Revenue Claim
Musk says SpaceX will hit $1 trillion in annual revenue by 2030. That's three times Morgan Stanley's $330 billion projection. His target demands a 50x jump from 2025's $18.7 billion. The math feels optimistic when the company reported just $4.69 billion in Q1 2026 revenue. Wall Street analysts haven't publicly disputed it yet. They're probably waiting to see the next earnings call.
Still Burning Cash
SpaceX remains unprofitable despite the IPO windfall. First-quarter 2026 revenue hit $4.69 billion but heavy spending on Starship development kept it in the red. The company didn't mention profitability timelines in its filings. This isn't new—the firm prioritized growth over profits through its private years too. Investors now watch how quickly it can convert the IPO cash into sustainable earnings. The next quarterly report in August will be critical.
