Space Exploration Technologies Corp. (SPCX) — IPO Dossier

Space Exploration Technologies Corp. priced the largest primary-only IPO on record — no insider selling — and began trading June 12, 2026 at $135.00 per share on Nasdaq. Per the 424B4, Elon Musk holds 82.4% of the voting power (82.3% with the greenshoe) on roughly 49% of the economics — the supervoting Class B structure concentrates control well above his economic stake. The company reported $18.67 billion in 2025 revenue, and the mix is the story: Starlink connectivity is now 61% of the business and the cash engine, launch is profitable, and the xAI segment still burns cash.

Demand read

The deal priced and the BDI is locked at 79 (ELEVATED) with HIGH confidence — frozen at pricing. What the filing and pricing show: SpaceX came with an 11-bank syndicate led by Goldman Sachs and Morgan Stanley, in Aerospace & Defense sector context. It priced at $135.00 per share and began trading June 12, 2026 on Nasdaq. An 82.4% Musk voting block on ~49% of the economics, a primary-only structure with zero insider selling, and segment momentum (Connectivity 61% of revenue at ~63% EBITDA margins) underpin an institutionally-anchored book — this was not a deal looking for demand. The ~$1.75T valuation context cited in coverage reflects market commentary, not a figure asserted on the prospectus cover.

The Bellipo take

Space Exploration Technologies Corp. priced the largest primary-only IPO on record — no insider selling — and began trading June 12, 2026 at $135.00 per share on Nasdaq. Per the 424B4, Elon Musk holds 82.4% of the voting power (82.3% with the greenshoe) on roughly 49% of the economics. The company reported $18.67 billion in 2025 revenue, and the mix is the story: Starlink connectivity is now 61% of the business and the cash engine, launch is profitable, and the xAI segment still burns cash. At ~$1.75T in market commentary, this ranks among the largest debuts since Aramco's 2019 listing (~$1.7T). The sovereign-scale is real — SpaceX is a de facto defense contractor with heavy government-customer dependency. The 61% Starlink connectivity segment is the cash engine, generating EBITDA at roughly 63% margins. Launch (22%) is profitable. AI (17%) is still burning heavily — Q1 2026 segment operating results show Connectivity at +$1.19B versus AI at −$2.47B. The burn math is straightforward: AI keeps burning while Starlink subsidizes it. The real question is how long Connectivity can carry the consolidated entity. Musk controls 82.4% of the voting power on roughly 49% of the economics — supervoting Class B concentrates control well above his economic stake, and the 51% figure some coverage cites is the Class B right to elect 51% of directors, a board-control provision, not an economic share. The milestone overhang is ~1.30 billion restricted Class B shares (≈1.0B across the CEO Award Mars tranches plus ~302M under the AI CEO Award data-center tranche); the former Class C was reclassified into Class A and eliminated. Zero insider selling is a genuine positive, but supervoting control and the milestone overhang compound forward dilution.