Key Takeaways
- SPCX debuted at $135 on June 12 in a $75 billion offering—the biggest IPO ever recorded—and has climbed approximately 49% to roughly $201.80 by June 19.
- CNBC’s Jim Cramer labeled SpaceX a “meme stock,” expressing concern about seeing it “walked to the size of Nvidia” via rapid overnight gains without selling pressure.
- The stock currently trades beyond all published analyst price targets; Oppenheimer’s $190 target is highest, while Morningstar values shares at only $63.
- Ross Gerber noted “no one wants to talk about Tesla anymore,” though Tesla-SpaceX merger talk remains in the realm of speculation.
- Baron Capital increased its position to approximately $25 billion and Cathie Wood’s ARK bought roughly $530 million, demonstrating genuine institutional interest.
On June 12, Space Exploration Technologies priced shares at $135 apiece, securing $75 billion in what became the largest initial public offering in American market history—roughly triple the size of Saudi Aramco’s 2019 landmark debut. Shares launched at $150 and finished near $160.95 on day one, marking approximately 19% growth. The stock advanced to $192.50 by June 15, then peaked at $212.19 during early June 16 trading. As of June 19, SPCX changed hands around $201.80, representing nearly 49% appreciation from its offering price.
Space Exploration Technologies Corp., SPCX
Retail demand was exceptional, with investors submitting more than $100 billion in orders before trading commenced. These individual buyers secured approximately 30% of available shares—significantly higher than the standard 5% to 10% retail allocation.
Then came Jim Cramer’s commentary.
The CNBC personality took to X, expressing concern about witnessing “a meme stock — what SpaceX has become — walked to the size of Nvidia over a series of overnight moves with no sellers.”
He acknowledged discomfort watching the shares climb ten points within hours, while maintaining his positive view of the underlying business. Nvidia commanded approximately $5 trillion in market capitalization then, implying Cramer envisioned a scenario where SPCX could nearly double from current levels.
The meme characterization isn’t universally accepted. 24/7 Wall St. analysts contended SpaceX fails the meme-stock test because its price movement stems from tangible operations—rocket launches, Starlink operations, and artificial intelligence initiatives—rather than coordinated social media activity.
The Valuation Debate Intensifies
SpaceX posted $18.67 billion in 2025 revenue alongside a $4.94 billion net loss. At the offering price, shares commanded nearly 94 times trailing revenue. Elon Musk has projected the company could generate $1 trillion in annual sales by 2030.
SPCX now exceeds every analyst price objective on record. Oppenheimer initiated coverage with the Street’s most bullish stance at $190—yet shares already trade above that level. Morningstar’s fair value assessment sits at $63.
Institutional investors continue accumulating shares. Baron Capital expanded its SpaceX holdings to approximately $25 billion after purchasing an additional $1 billion, according to founder Ron Baron’s CNBC interview. Cathie Wood’s ARK portfolios acquired about $530 million in shares.
The Tesla Connection
Ross Gerber introduced another dimension to the discussion, posting on X: “No one wants to talk about Tesla anymore. Just SpaceX SpaceX.”
Gerber, who has characterized Tesla as “worthless” absent a SpaceX combination, has previously indicated any transaction would more closely resemble SpaceX acquiring Tesla rather than an equal partnership.
Wedbush’s Dan Ives estimated last month that a Tesla-SpaceX combination carries approximately 80% probability, pointing to overlapping capabilities in artificial intelligence, robotics, semiconductor technology, and energy systems. However, no concrete steps toward such a deal have materialized.
Since June 12’s IPO, Tesla (TSLA) has declined 0.44% from that session’s close. SPCX has gained nearly 49.5% during the identical timeframe.
SpaceX maintained 18,712 Bitcoin valued at approximately $1.3 billion as of the first quarter, and has reportedly reached agreement to purchase Cursor creator Anysphere for $60 billion.
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