The SpaceX Story: Record IPO, valuation debate and next catalysts

SpaceX completed the largest IPO in history, pricing shares at $135 and raising $85.7 billion including the greenshoe option, pushing its valuation above $2 trillion. The company reported fiscal 2025 revenue of approximately $18.7 billion against a net loss of $4.9 billion, ending the year with nearly $25 billion in cash. Near-term catalysts include options trading launch, future earnings, potential index inclusions in Nasdaq 100 and Russell benchmarks, and lockup expirations that could increase share supply.