SpaceX Shares Take Flight Post-IPO but Have Come Back Down to Earth
July 2, 2026
2026 has been a volatile year for equity markets, as investors continue to assess the impact of the conflict in Iran, elevated oil prices and artificial intelligence (AI)-related capital expenditures by the Magnificent 7 and other large-cap technology companies. In addition, the anticipated initial public offerings (IPOs) of Anthropic and OpenAI have captured investor interest, particularly retail, seeking exposure to two of the most prominent emerging AI companies of this decade. The other notable story of the year is the IPO of SpaceX, a company founded in March 2002 by Elon Musk, initially focused on space travel and exploration, but has more recently expanded its capabilities in AI and machine learning.
SpaceX (ticker: $SPCX) went public on June 12, raising $75 billion,1 and saw its share price trade up to $161 per share on its first day of trading after debuting at $135 per share.2 As seen in today’s Chart of the Week, the stock has been volatile in recent weeks as investors continue to digest the company’s valuation and forward-looking growth prospects. As of June 29, SpaceX has a market capitalization of just over $2 trillion, making it one of the largest companies in the world and approximately the seventh-largest by market value.3
How will the stock continue to trade? It will be interesting to see over the next few months as investors are locked up across various increments, ranging from 70 to 135 days, with Elon Musk and other large investors locked up for a full year.4 As of June 29, only about 10% of the float is currently trading,5 making the upcoming share unlocks a key factor to watch as investors decide to lock in gains and ultimately return capital to their investors, whether it be limited partners, or other institutional investors and high net worth individuals.
Key Takeaway
SpaceX, one of the largest publicly traded companies in the world, went public after operating privately for 24 years. The company’s IPO is a significant liquidity event for many investors, including venture capital, private equity and high net worth individuals who invested throughout a number of private rounds over the years. While initially focused on space travel and exploration, SpaceX now has a foothold in the AI space, and its stock price will be a key barometer to watch as investors consider the AI trade more broadly. It will also be key to watch the stock price as various investors are no longer locked up and look to sell their shares to generate liquidity and lock in gains.
Sources:
1CNBC – SpaceX raising $75 billion in record-setting IPO as Nasdaq debut awaits; 6/12/26
2,5Bloomberg
3Stock Company Market Cap – Market capitalization of SpaceX (SPCX); 6/29/26
4Yahoo! Finance – SpaceX Lockup Period: What You Need to Know About Potential Sales by Longtime Shareholders; 6/11/26
This material is for informational use only. The views expressed are those of the author, and do not necessarily reflect the views of Penn Mutual Asset Management. This material is not intended to be relied upon as a forecast, research or investment advice, and it is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy.
Opinions and statements of financial market trends that are based on current market conditions constitute judgment of the author and are subject to change without notice. The information and opinions contained in this material are derived from sources deemed to be reliable but should not be assumed to be accurate or complete. Statements that reflect projections or expectations of future financial or economic performance of the markets may be considered forward-looking statements. Actual results may differ significantly. Any forecasts contained in this material are based on various estimates and assumptions, and there can be no assurance that such estimates or assumptions will prove accurate.
Investing involves risk, including possible loss of principal. Past performance is no guarantee of future results. All information referenced in preparation of this material has been obtained from sources believed to be reliable, but accuracy and completeness are not guaranteed. There is no representation or warranty as to the accuracy of the information and Penn Mutual Asset Management shall have no liability for decisions based upon such information.
High-Yield bonds are subject to greater fluctuations in value and risk of loss of income and principal. Investing in higher yielding, lower rated corporate bonds have a greater risk of price fluctuations and loss of principal and income than U.S. Treasury bonds and bills. Government securities offer a higher degree of safety and are guaranteed as to the timely payment of principal and interest if held to maturity.
All trademarks are the property of their respective owners. This material may not be reproduced in whole or in part in any form, or referred to in any other publication, without express written permission.
