Key Takeaways
- On June 12, SpaceX launched its IPO at $135 per share, generating $75 billion in what became the biggest public offering in U.S. history, with shares climbing 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” through rapid overnight price movements lacking sellers.
- Current trading levels exceed all analyst price targets on Wall Street; Oppenheimer leads with a $190 target, while Morningstar estimates fair value at merely $63.
- According to investor Ross Gerber, “no one wants to talk about Tesla anymore,” though Tesla-SpaceX merger talk remains unconfirmed speculation.
- Baron Capital increased its position to approximately $25 billion while Cathie Wood’s ARK invested around $530 million, demonstrating significant institutional backing.
When SpaceX set its IPO price at $135 on June 12, the company secured $75 billion in capital — establishing a new benchmark as the most substantial initial public offering in American financial history, approximately triple the size of Saudi Aramco’s 2019 landmark offering. Trading commenced at $150, with the inaugural session closing near $160.95, representing roughly a 19% first-day pop. The stock continued its ascent to $192.50 by June 15, briefly reaching $212.19 during early June 16 trading. Current pricing as of June 19 hovers around $201.80, marking a nearly 49% surge from the initial offering price.
Space Exploration Technologies Corp., SPCX
Retail demand proved extraordinary, with individual investors submitting more than $100 billion in purchase orders prior to the first trade execution. Unusually, these retail participants secured approximately 30% of the total allocation — significantly exceeding the conventional 5% to 10% distribution.
Then the CNBC host weighed in.
Jim Cramer took to X to express his concerns, stating he would “hate to see a meme stock — what SpaceX has become — walked to the size of Nvidia over a series of overnight moves with no sellers.”
He noted his discomfort watching ten-point climbs occur within mere hours, while emphasizing his continued positive view of the underlying business. Nvidia commanded approximately $5 trillion in market capitalization at that moment, suggesting Cramer envisioned a scenario requiring SPCX to nearly double from current levels.
Not all market observers share Cramer’s characterization. Financial analysts at 24/7 Wall St. contended that SpaceX diverges from the traditional meme-stock template, arguing the price appreciation stems from tangible operations — rocket launches, Starlink connectivity, and artificial intelligence initiatives — rather than social media-driven momentum.
The Numbers Behind the Hype
SpaceX posted $18.67 billion in revenue for 2025 while recording a net loss of $4.94 billion. Based on the IPO valuation, shares commanded approximately 94 times trailing twelve-month sales. Company founder Elon Musk has communicated expectations that annual revenue could reach $1 trillion by decade’s end.
Current market prices have pushed the stock beyond every analyst projection published on Wall Street. Oppenheimer initiated coverage with the most bullish stance at $190 — a figure now below actual trading levels. Morningstar’s analysis suggests a fair valuation closer to $63.
Despite valuation concerns, institutional capital continues flowing in. Baron Capital expanded its SpaceX holdings to approximately $25 billion following an additional $1 billion investment, according to founder Ron Baron’s CNBC interview. Meanwhile, Cathie Wood’s ARK investment vehicles accumulated roughly $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 previously declared Tesla “worthless” absent a SpaceX combination, has suggested any potential transaction would resemble SpaceX acquiring Tesla rather than a merger between equals.
Wedbush Securities analyst Dan Ives estimated last month that a Tesla-SpaceX combination carries roughly 80% probability, pointing to overlapping capabilities in artificial intelligence, robotics, semiconductor technology, and energy systems. However, no concrete moves have materialized.
Since SpaceX’s June 12 market debut, Tesla (TSLA) has declined 0.44% from that session’s closing price. SPCX has gained nearly 49.5% during the identical timeframe.
Additional assets include SpaceX’s Bitcoin holdings — 18,712 coins valued at approximately $1.3 billion as of the first quarter — plus reports indicating the company agreed to purchase Cursor developer Anysphere for $60 billion.
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