SpaceX closed its record-breaking initial public offering at $85.7 billion, after underwriters exercised their overallotment option to buy an additional 83 million shares. The final tally surpasses the $75 billion raised at launch on June 11, cementing the aerospace titan's IPO as the largest in history. Shares have continued to rally in the days since Friday's debut, drawing comparisons to the Netscape moment of 1995.
Evercore ISI strategist Julian Emanuel suggested the enthusiasm could reignite the broader bull market, predicting the S&P 500 could climb to 9,000. Pro trader Jay Woods flagged key price levels to watch as the stock extends its post-IPO run. The surge comes as growth investors pile into what many see as a bellwether for a new era of space commercialization.
Yet the deal also offered a cautionary tale for blockchain-based market disruptors. Crypto advocates have long argued that tokenized securities could let private companies raise capital outside traditional exchanges. Bloomberg reported that SpaceX's IPO provided the biggest test yet of that thesis — and the results were mixed, tempering some of the hype around decentralized stock markets.
While the IPO's sheer size and momentum are undeniable, skeptics warn that history is littered with giant public offerings that fizzled after their first week. The long-term test for SpaceX will be whether it can turn its sky-high valuation into sustained operational performance, especially in an industry where margins remain thin and capital intensity is extreme.