Record SpaceX IPO Climbs in First-Day Trading | Bloomberg Businessweek Daily 6/12/2026

Summary

Bloomberg's special edition covers the record SpaceX IPO on its first trading day. Shares surged as much as 30% to a $2.3 trillion market cap, making Elon Musk the first trillionaire. The program examines the AI and Starlink-driven investment thesis, Starship's technical risks, merger speculation with Tesla, and historical IPO performance data that warns of modest long-term returns.

• SpaceX opens at $150 per share and pops up to 30%, raising $75 billion in the largest IPO ever.
• The company is marketed on a $26.5 trillion AI and orbital data center addressable market, though Starlink generates the bulk of revenue.
• Elon Musk holds 84% voting control; insider lock-ups are staggered, with Musk locked for a full year.
• Investor demand was heavily oversubscribed; many institutional and retail buyers received only partial allocations.
• Ross Gerber plans to hold SpaceX for the long term and sees an eventual Tesla-SpaceX merger as a catalyst for Tesla shares.
• Professor Cam Harvey warns that IPOs historically underperform the S&P 500, implying modest expected returns for new investors.
• Technical hurdles remain for Starship reusability, which is critical to both orbital data centers and NASA's moon missions.
• Oil prices fall on progress toward a US-Iran deal to reopen the Strait of Hormuz, supporting broad equity gains.