Hello.
Elon Musk’s mother has arrived at the Nasdaq. Protestors have lined up outside. And a ton of people are trying to get in on this IPO.
This can only mean one thing: SpaceX goes public today, and Wall Street is about to find out whether the biggest IPO in history can live up to the hype.
The company priced at $135 per share last night, raising $75 billion and valuing Elon Musk's rocket business at $1.78 trillion. Trading starts this morning under SPCX. Expectations are sky-high. Demand is through the roof. But here's the catch: SpaceX generated nearly $19 billion in revenue last year and posted a $5 billion loss.
That gap matters. IPO data from the University of Florida shows money-losing companies average 26.5% first-day pops but tend to underperform three years out. Profitable IPOs do the opposite: smaller opening fireworks, better staying power. SpaceX has rockets, satellites, defense contracts, and one of the biggest private-market stories on the planet. What it doesn't have yet is proof it can make money.
So today we're breaking down the SpaceX IPO, what the data says about loss-making debuts, and why the real test comes after the confetti clears.
Also: President Trump says an Iran peace deal could be signed this weekend, oil just dropped below $90, and consumer sentiment data hit this morning.
🚀 SpaceX IPO launches today at $1.78 trillion, the largest offering in history
🛢️ Oil plunges 2.9% to $90 as President Trump signals Iran deal could come this weekend
📊 Consumer sentiment data drops today. Will confidence rebound from May's record low?
⚖️ Supreme Court shields investment funds from shareholder lawsuits in 6-3 ruling
🪙 BlackRock's yield-generating Bitcoin ETF expected to launch "very soon"
📉 Traders now pricing 66% chance of Fed rate hike by year-end after inflation hit 4.2%
Let's begin!
This is not financial advice. Always do your own research. Past performance doesn’t guarantee future results.
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SpaceX's IPO Dream Runs Into Wall Street's Oldest Test
SpaceX priced its IPO at $135 per share on Thursday, raising $75 billion in what's expected to be the biggest public offering in history when shares begin trading Friday. The company has rockets, satellites, Starlink, defense demand, and one of the biggest private-market stories on the planet. What it may not have is the one thing Wall Street eventually asks every growth story to show: that the business can make money. Also, side note, Elon’s mom is at the Nasdaq.
SpaceX's filing shows the scale, but also the gap. The company generated nearly $19 billion in revenue in 2025 but posted a net loss of nearly $5 billion. That gives investors plenty of business to analyze, but not a profitable one yet.
A great company can still be a rough trade on IPO day. After the opening rush, the question shifts from who wants access to what the business can already prove. That's where the data gets uncomfortable.
What it means for you
According to IPO data from the University of Florida's Jay Ritter, money-losing companies had the louder opening act, jumping 26.5% on average on their first day. But three years later, their average return was slightly negative. Profitable IPOs did the opposite: fewer first-day fireworks, better staying power.
SpaceX isn't a tiny startup, and that matters. IPOs with more than $100 million in pre-debut revenue had smaller opening pops but much stronger returns over the next three years than companies below that line. Tech also helps; tech IPOs beat non-tech IPOs after the first close, but the category still needs a real business underneath.
The takeaway is simple: Losses make the IPO pop louder. Sales and tech help. Profits are what matter long term after the confetti clears, either way.
Why Central Banks Keep Buying Gold While Everyone Else Chases SpaceX
Everyone's talking about SpaceX. What almost nobody's talking about is what central banks are doing while the hype ramps higher.
They added roughly 850 tonnes of physical gold last year alone.
Not ETFs. Not mining stocks. Actual bullion.
We broke down what they may be preparing for and what investors can still do before the crowd catches on.
📰 Market Headlines
US stock futures rose Thursday night as investors geared up for SpaceX's historic market debut and cheered President Trump's signal that a peace deal with Iran could come as soon as this weekend.
Dow futures ticked up 0.1%, S&P 500 futures edged up 0.2%, and Nasdaq 100 futures rose 0.3%.
Oil plunged to its lowest level since April after President Trump posted that the US would pull back from threatened strikes against Iran, then told reporters at the White House that the US "just made a great settlement" and a signing could happen this weekend. Brent crude dropped 2.9% to settle near $90 a barrel, extending losses in post-settlement trading. Prices are now down more than 25% from their Iran-conflict peak.
Here are our partner AltIndex’s top 10 space stocks, including some you know and some you probably don’t! In honor of SpaceX day, of course.
The Supreme Court handed a win to investment funds in a 6-3 ruling that shields them from certain shareholder lawsuits. The justices blocked activist investors led by hedge fund manager Boaz Weinstein's Saba Capital from suing 11 closed-end funds, including some affiliated with FS Credit Opportunities and BlackRock. The court ruled the 1940 Investment Company Act doesn't authorize private lawsuits for most violations.
The Trump administration is appealing a ruling that struck down the president's $100,000 fee on H-1B visa applications. A federal judge vacated the fee on Monday, ruling President Trump exceeded his authority by imposing what amounted to a tax without congressional approval. The DOJ said it will "continue to hold companies accountable" and noted another court has ruled in the administration's favor on the same issue.
Consumer sentiment data drops Friday, with the University of Michigan's reading expected to show whether American confidence has recovered from its all-time low of 44.8 in May. Inflation expectations will also be in focus as traders try to gauge how the Iran conflict and elevated gas prices are shaping household outlooks.
🤖 AI/Future/Tech News
Oracle warned customers of a critical PeopleSoft bug hackers exploited to breach 100+ organizations, mostly universities, with ShinyHunters claiming credit.
South Korea hit Coupang with a $400 million fine after a breach exposed data from 34 million customers, roughly two-thirds of the country.
Waymo launched a $29.99 monthly tier with priority matching and loyalty credits for power users in SF, LA, and Phoenix.
Microsoft inked its first India carbon deal with Bangalore's Alt Carbon after 18 months of verification, backing enhanced rock weathering over traditional offsets.
🚨 Trending on Reddit
SpaceX chatter exploded ahead of the anticipated IPO. Users expressed a mix of excitement and skepticism, with some viewing it as a guaranteed lottery ticket while others flagged concerns about hype and overvaluation. A few noted Echostar as a potential undervalued proxy play due to its substantial SpaceX holdings.
GameStop (GME) discussion centered on Direct Registration System (DRS) figures and Q1 performance. Users shared frustration with E-Trade for not highlighting GameStop's strong Q1 earnings, while others debated the merits of trading versus long-term investing given recent stock movements.
Virgin Galactic (SPCE) sentiment was mixed. Some users recounted profits from buying calls before a pump and selling when management announced dilution, while others expressed regret over losses. Chatter reflected both cautious optimism about future market trends and lingering wariness from past negative experiences.
🤫 Insider Trading
🚚 Market Movers
Volkswagen is cutting 19,000 jobs by year-end as the German automaker accelerates cost reductions amid softening EV demand.
Corteva agreed to pay $85 million to settle a class action from 100,000+ farmers who accused it of rigging crop protection prices through loyalty programs with distributors.
The EU is reviewing Paramount's $110 billion takeover of Warner Bros. Discovery over $24 billion in backing from Saudi, Abu Dhabi, and Qatari sovereign wealth funds. Decision expected by Sunday.
Honeywell is targeting $2-4 billion deals in industrial automation as it hunts for M&A opportunities to bolster its core business.
Honda is halting Ridgeline production in Q4 2027 at its Alabama plant to upgrade the truck's V6 and potentially add a hybrid powertrain.
🎙 Make Your Voice Heard
Final check: Are you buying the SpaceX IPO?
🎤️ What you said last time
🧠 The Missing (Market) Links
DOE approved Oklo's preliminary safety analysis for Aurora at Idaho National Lab, advancing the first commercial fast fission reactor.
Natural diamonds top US luxury jewellery preference; Gen Z spends $4,080 per piece versus Boomers' $2,250, per De Beers.
Restricting new solar and wind could add $121.2 billion to US electricity and gas bills through 2033, Texas households face a 22.2% spike.
Traders see a 66% chance of a Fed rate hike by year-end after inflation hit 4.2% in May.
Undergraduate enrollment in health fields jumped 7.1% this spring, short-term certificate programs up 10.2% year-over-year.
US cucumber prices fell sharply as Mexican supplies flood crossings, tomato and asparagus drop on seasonal buildups.
📜 Quote of the Day
If you can enjoy Saturdays and Sundays without looking at stock prices, give it a try on weekdays.
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The information provided in Stocks & Income is for informational and educational purposes only and should not be construed as financial advice, investment advice, or a recommendation to buy or sell any securities. Stocks & Income is not a registered investment advisor, broker-dealer, or licensed financial planner. Always do your own research and consult with a licensed financial advisor before making any investment decisions. We may hold positions in or receive compensation from the companies or products mentioned. Disclosures will be made where applicable. Past performance doesn’t guarantee future results.
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