For the SpaceX IPO, buying on day one was not better than waiting: shares bought at the $150.00 opening price on June 12, 2026 were worth $148.68 at the September 25 close, a loss of 0.9%, while an investor who waited 60 days and bought at the August 11 close of $133.29 was up 11.5% [1][2]. Only buyers who received shares at the $135 offering price are clearly ahead, with a gain of about 10.1% as of September 25, 2026.
Space Exploration Technologies Corp., now listed on Nasdaq as SpaceX (SPCX), priced its offering on June 11, 2026. The first three and a half months of trading gave investors a rare, clean test of the old question: is it better to chase a hot listing on its first day, or to let the early excitement fade before buying?
How the SpaceX IPO was priced and how day one went
SpaceX sold 555,555,555 shares of Class A common stock at $135.00 each, which works out to about $75 billion before fees [1]. The shares began trading on June 12, 2026 on the Nasdaq Global Select Market and Nasdaq Texas under the ticker SPCX, and the underwriters received a 30 day option to buy up to 83,333,333 more shares at the same price [1]. A full exercise of that option would add about $11.25 billion to the offering.
Demand was strong from the first trade. SPCX opened at $150.00, 11.1% above the offering price, reached an intraday high of $176.52 and closed the first session at $160.95, a first day gain of 19.2% [2]. At that close the company was valued at roughly $2.1 trillion, according to the public record of the offering compiled from press reports [3].
What happened to SPCX stock after the first day
The path since June 12 has been a round trip. The rally continued for two more sessions, and SPCX closed at a record $211.39 on June 16, 56.6% above the offering price [2]. From there the stock gave back most of its gains. It fell below $135 in mid July, and its lowest close so far was $108.27 on August 5, which was 48.8% below the June 16 peak and 19.8% below the offering price [2].
The recovery came in August. SPCX closed at $138.74 on August 10, back above the offering price, and it has closed between $133.29 and $154.81 since then [2]. The most recent close in this review is $148.68 on September 25, 2026 [2].
Key price points since the listing
- Offering price (June 11): $135.00 [1]
- First trade and first close (June 12): $150.00 and $160.95 [2]
- Highest close (June 16): $211.39 [2]
- Lowest close (August 5): $108.27 [2]
- Latest close (September 25): $148.68 [2]
SpaceX IPO: buying on day one vs waiting 30, 60 and 90 days
The table compares five entry points, all measured to the September 25 close of $148.68. The 30, 60 and 90 day entries use the closing price on the first trading day at or after that many calendar days from the June 12 listing [2].
| Entry point | Date | Entry price | Return to Sept. 25 close |
|---|---|---|---|
| IPO allocation | June 11, 2026 | $135.00 | +10.1% |
| Day one, at the open | June 12, 2026 | $150.00 | -0.9% |
| Day one, at the close | June 12, 2026 | $160.95 | -7.6% |
| Wait 30 days | July 13, 2026 | $139.14 | +6.9% |
| Wait 60 days | August 11, 2026 | $133.29 | +11.5% |
| Wait 90 days | September 10, 2026 | $148.18 | +0.3% |
Two points stand out. First, every waiting strategy beat buying at the day one close, and the 30 and 60 day entries beat the day one open by 7.8 and 12.4 percentage points. Second, the result depends heavily on timing within the first weeks. An investor who bought at the June 16 record close would still be down 29.7%, while one who bought near the August low would be up more than 35% [2].
Why the first weeks were so volatile
Several features of a very large listing tend to push prices around in the early weeks, and SpaceX showed most of them.
- Small float relative to value. The roughly $75 billion sold at the offering is a small share of a company valued near $2 trillion, so early trading reflects a limited supply of shares meeting heavy demand [1][3].
- Index buying. The company became eligible for fast entry into major indexes, including the Nasdaq 100 after 15 trading days, which created expected buying that traders tried to anticipate [3].
- Price discovery. Before the listing, the only prices came from private rounds and tender offers. Once public, the market had to agree on a value for a business whose largest projects are still being developed.
- Future share supply. Most pre-IPO investors are subject to lock-up periods of about 180 days, and insiders to longer ones, so a large block of shares may become sellable later [3].
The first point matters most for the day one question. When the float is small and attention is high, the first trade often prices in years of expected growth at once. That was the case here: the June 16 close implied a value more than 55% above the level that institutions paid only three trading days earlier [1][2].
What the SpaceX IPO says about buying new listings
The SpaceX record fits a pattern seen in many large listings. The investors with the best entry were those who received shares at the offering price, and most of those allocations go to large institutions. Retail buyers who enter in the open market on day one pay the premium created by that first burst of demand. Waiting gave investors more time to study the business and, in this case, a lower price.
Waiting is not free, though. A 90 day wait ended with almost the same price as the day one open, so most of the benefit came from buying during the July and August weakness, which no one could time in advance. The larger lesson is that the entry price matters less than the valuation relative to the business. Investors may consider setting a price range based on revenue, cash flow and growth targets, and buying in several parts over time rather than all at once.
Upcoming listings and earnings dates for newly public companies can be tracked on DataPorium's markets calendar, which lists IPOs, earnings releases and economic events in one place [4].
Patience paid off after the SpaceX IPO: every entry 30 or 60 days after the listing beat buying on day one, while only offering price buyers are clearly ahead.
Key takeaways
- SpaceX priced 555,555,555 shares at $135.00, raising about $75 billion, and listed on Nasdaq as SPCX on June 12, 2026.
- SPCX opened at $150.00, closed day one at $160.95 and peaked at a $211.39 close on June 16.
- The stock hit a low close of $108.27 on August 5 and closed at $148.68 on September 25, 2026.
- Buying at the day one open lost 0.9% through September 25, while waiting 30 or 60 days produced gains of 6.9% and 11.5%.
- Future lock-up expirations add a source of share supply that investors may want to watch.
Frequently asked questions
What was the SpaceX IPO price?
SpaceX priced its initial public offering at $135.00 per share on June 11, 2026, selling 555,555,555 Class A shares for about $75 billion. The shares began trading on Nasdaq under the ticker SPCX on June 12, 2026.
How much did SpaceX stock go up on its first day?
SPCX opened at $150.00 and closed its first session at $160.95, a gain of 19.2% over the $135 offering price. The intraday high on June 12 was $176.52.
Is SpaceX stock above its IPO price now?
Yes. SPCX closed at $148.68 on September 25, 2026, about 10.1% above the $135 offering price, after trading as low as a $108.27 close on August 5.
When does the SpaceX IPO lock-up expire?
Most pre-IPO investors face lock-up periods of about 180 days from the June 2026 listing, and company insiders face longer periods, according to the public record of the offering. Exact release dates depend on each holder's agreement.