SpaceX began trading on the Nasdaq on June 12, 2026, at $135 per share, raising roughly $75 billion in the largest initial public offering on record. That figure dwarfs Saudi Aramco's $29.4 billion listing back in 2019. The offering, led by Goldman Sachs, drew about $250 billion in orders and was oversubscribed by roughly 3.5 times.
Record-Breaking Debut
Shares of the rocket-and-satellite company rallied fast. On the first day, the stock closed at $160.95 — a 19% jump. By the second day (June 15), it hit roughly $192, bringing the two-day gain to about 32% above the IPO price. That push lifted SpaceX's market cap past $2.5 trillion, adding $420 billion in market value on that single day. At its Nasdaq debut, the company was valued near $2.3 trillion.
Leveraged ETFs Flood the Market
Multiple ETF issuers wasted no time launching products tied to the new stock. GraniteShares listed a 2x Long fund (ticker SPAL, expense ratio 1.50%) and a 2x Short fund (SNK) on June 15. Defiance launched its own 2x long product (SPCU) the same day. Earlier, Defiance's SPCL fund had drawn about $10 million in first-day volume and rose 46% even before SPCX began trading. About 25 SpaceX-linked ETF filings were submitted ahead of the listing.
Existing single-stock leveraged funds have seen enormous growth. Direxion's 2x Tesla fund (TSLL) now holds $6.5 billion in assets, while GraniteShares' 2x Nvidia fund (NVDL) has $4.4 billion. That trend suggests strong investor appetite for amplified exposure to a single name.
ARK Invest's $444 Million Stake
Cathie Wood's ARK Invest holds SPCX across four active ETFs — ARKX, ARKQ, ARKK, and ARKW — and acquired roughly 3.3 million shares worth about $444 million around the debut. As of the end of May, SpaceX accounted for 11.38% of the ARK Venture Fund's net assets. Elon Musk's status as the first trillionaire on paper, already built on Tesla and SpaceX's private valuation, appears secure after the public listing.
The Risk of Daily Compounding
Leveraged ETFs reset daily, which means they can lose money even when the underlying stock rises over longer periods. That's a particular concern now that more leveraged shares are hitting the market. Daily compounding creates a mathematical drag that can erode returns in volatile or whipsaw conditions. Investors piling into 2x and short products may not fully realize the gap between daily leverage and long-term performance.
For now, SpaceX remains the centerpiece of the biggest IPO in history, its stock volatile, its market cap above $2.5 trillion, and its leveraged derivatives multiplying the action for a new wave of retail and institutional traders.
