SpaceX completed the largest IPO in history on June 12, raising $85.7 billion. The offering sold roughly 556 million shares, plus another 83 million through a broker over-allotment option, against 13.2 billion shares outstanding. SPCX last closed at $140, down from post-IPO highs but still up around 29% in August alone.
Elon Musk controls 6.4 billion SpaceX shares, equal to 48.4% of all outstanding stock. At the end of Q2 that stake was worth around $1.1 trillion; at $140 per share it had dropped to roughly $900 billion. Musk is not eligible to sell his SpaceX shares until June 2027.
Among corporate holders, Alphabet disclosed a 551 million-share stake, worth about $77 billion at current prices. Nvidia owns 123 million shares, just under 1% of outstanding stock, and its position is strategic because SpaceX merged with xAI in February and buys large volumes of Nvidia GPUs. Fidelity, BlackRock, Baillie Gifford, and Ontario Teachers’ Pension Plan hold a combined 455 million-plus shares.
Other notable holders include Antonio Gracias with 503.4 million Class A shares, Peter Thiel and Founders Fund entities with 427.3 million Class A shares, Gina Rinehart with 8 million shares valued around $1.37 billion as of June 30, Luke Nosek with nearly 33 million Class A shares, and Gwynne Shotwell with several million Class A shares plus more than 7 million Class B shares.
SpaceX reported Q2 revenue of $7.8 billion, up 92% year over year, driven by Starlink expansion and growing AI cloud contracts. Net loss narrowed to $541 million and adjusted EBITDA rose sharply.
Lockup expirations remain the near-term market focus. The first post-IPO lockup passed on August 6 without heavy selling, when more than 911 million shares became eligible. A second unlock on August 20 will free another 319 million shares, and by year-end about 4.2 billion shares will have unlocked. Shares had fallen below $105 in August amid early-seller concerns before rebounding. Morgan Stanley analyst Adam Jonas rates SPCX a Buy with a 12-month price target of $300, or roughly 114% upside. The Wall Street consensus is Moderate Buy from 32 analysts, with an average target of $228.59.
Separately, the Wall Street Journal reported that Tesla’s shareholder-approved $1 trillion pay package for Musk contains a clause that could be triggered by a Tesla-SpaceX merger, potentially clearing key performance targets. In premarket trading Monday, SpaceX stock was about 1.2% higher at $141.63.
