TLDR
- On June 12, SpaceX launched its IPO at $135 per share, generating $75 billion in what became the biggest U.S. public offering ever, with shares jumping approximately 49% to roughly $201.80 by June 19.
- CNBC’s Jim Cramer labeled SpaceX a “meme stock,” expressing concern he’d be troubled to watch it balloon to “the size of Nvidia” via consecutive overnight surges without significant selling pressure.
- The stock currently exceeds all publicly available analyst price objectives; Oppenheimer leads with a $190 target, whereas Morningstar estimates fair value at merely $63.
- Ross Gerber, a prominent investor, noted “no one wants to talk about Tesla anymore,” though talk of a potential Tesla-SpaceX combination remains purely conjectural.
- Baron Capital expanded its position to approximately $25 billion while Cathie Wood’s ARK funds purchased roughly $530 million, demonstrating substantial institutional backing.
When SpaceX set its IPO price at $135 per share on June 12, the aerospace company generated $75 billion in capital — establishing a new benchmark as America’s largest initial public offering, eclipsing Saudi Aramco’s 2019 record by approximately threefold. Shares began trading at $150 and finished the inaugural session near $160.95, representing approximately 19% appreciation. The stock continued climbing to $192.50 by June 15, before reaching an intraday peak of $212.19 on June 16. By June 19, SPCX was changing hands around $201.80, marking a nearly 49% surge from the offering price.
Space Exploration Technologies Corp., SPCX
Retail participants reportedly submitted more than $100 billion in advance orders before trading commenced. These individual investors also secured approximately 30% of the total allocation — significantly exceeding the conventional 5% to 10% allotment.
Then Jim Cramer weighed in.
The CNBC personality took to X, expressing he would “hate to see a meme stock — what SpaceX has become — walked to the size of Nvidia over a series of overnight moves with no sellers.”
He noted that observing the shares advance ten points within just a couple of hours created discomfort, though he clarified his continued support for the underlying business. Nvidia commanded approximately $5 trillion in market capitalization during that period, suggesting Cramer envisioned a scenario where SPCX nearly doubles from current levels.
The meme stock characterization hasn’t gained universal acceptance. Commentators at 24/7 Wall St. contended that SpaceX fails to match the typical meme-stock pattern since the advance stems from tangible operations — satellite launches, Starlink services, and artificial intelligence initiatives — rather than social media-driven speculation.
Valuation Is Where the Bull Case Gets Tested
SpaceX disclosed $18.67 billion in 2025 revenue alongside a $4.94 billion net deficit. At the initial offering price, shares commanded approximately 94 times trailing twelve-month sales. Elon Musk has communicated to shareholders that the enterprise could achieve $1 trillion in yearly revenue by 2030.
The equity currently trades beyond every available Wall Street price projection. Oppenheimer, initiating coverage with the most bullish outlook, established a $190 objective — which the stock has already surpassed. Morningstar calculated intrinsic value at $63.
Nevertheless, institutional capital continues flowing in. Baron Capital increased its SpaceX holdings to approximately $25 billion following an additional $1 billion investment, according to founder Ron Baron’s CNBC interview. Cathie Wood’s ARK investment vehicles accumulated approximately $530 million in shares.
The Tesla Angle
Investor Ross Gerber contributed another dimension to the discussion. On X, he remarked: “No one wants to talk about Tesla anymore. Just SpaceX SpaceX.”
Gerber, who has contended Tesla is “worthless” absent a combination with SpaceX, has previously indicated any transaction would resemble SpaceX acquiring Tesla rather than an equal partnership.
Wedbush analyst Dan Ives estimated the probability of a Tesla-SpaceX consolidation at approximately 80% last month, pointing to overlapping infrastructure spanning artificial intelligence, robotics, semiconductor technology, and energy systems. The scenario remains hypothetical at this juncture.
From June 12 IPO date through the same period, Tesla (TSLA) has declined 0.44% from that day’s closing price. SPCX has advanced nearly 49.5% during the identical timeframe.
SpaceX also maintains 18,712 Bitcoin valued at approximately $1.3 billion as of the first quarter, and has reportedly reached an agreement to purchase Cursor developer Anysphere for $60 billion.
