SpaceX Technologies Corp. 

SPCX Price

What is SpaceX (SPCX)?

SpaceX (Space Exploration Technologies Corp.) is a US aerospace, telecommunications, and AI company founded by Elon Musk in 2002, headquartered in Starbase, Texas. SpaceX operates the Falcon 9 and Falcon Heavy launch vehicles, the next-generation Starship V3 rocket, the Starlink satellite internet constellation, the Starshield military satellite program, and the xAI AI unit acquired in February 2026 (including the Grok assistant and the X social platform). SpaceX began trading on Nasdaq under ticker SPCX on June 12, 2026 in the largest IPO in stock market history. This DropsTab page tracks the SPCX-USDC synthetic perpetual futures contract on Hyperliquid — a cash-settled derivative that mirrors SpaceX's live equity price, not the equity itself. See the disambiguation question below.

Who owns SpaceX and what is Elon Musk's stake and voting control?

Elon Musk holds approximately 42–43% of SpaceX economic equity and controls more than 82% of voting rights post-IPO through a dual-class structure where Class B shares carry 10 votes per share. The voting concentration makes board action against Musk effectively impossible regardless of public float. Major institutional shareholders include Alphabet (~5–6% post-xAI dilution, originating from a $500M investment in 2015), Fidelity, Founders Fund, Sequoia Capital, a16z, EchoStar, and several sovereign wealth funds. Following the February 2026 xAI merger, NVIDIA and the Qatar Investment Authority added stakes through their prior xAI positions. Musk publicly committed to selling zero shares at IPO per the S-1 filing.

What is SpaceX's stock price and market cap after the IPO?

SpaceX priced its IPO at $135 per share, implying a market capitalization of approximately $1.77 trillion at listing — making SpaceX roughly the seventh-largest US public company by market cap. The fully diluted share count is 11.87 billion Class A and Class B shares combined. The SPCX-USDC contract on Hyperliquid implies a continuously updated valuation derived from the live Nasdaq SPCX price, with market capitalization values rendered dynamically in the DropsTab header. Private secondary market valuations before the IPO were $800B in December 2025, $400B in July 2025, and $350B in December 2024 — the IPO multiple represents roughly 2.2× the December 2025 private mark.

When did SpaceX IPO on Nasdaq and what was the debut performance?

SpaceX began trading on Nasdaq under ticker SPCX on June 12, 2026. The IPO priced at $135 per share in a fixed-price format — atypical for mega-IPOs, which usually book-build a range. SpaceX sold 555.6 million Class A common shares for $75 billion in proceeds, the largest IPO in stock market history at roughly 2.5× the Saudi Aramco 2019 record. The offering was oversubscribed 4× per Bloomberg, leaving many institutional investors unfilled. Goldman Sachs led the syndicate with Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase as co-leads. Approximately 30% of shares were reserved for retail — roughly triple the standard mega-IPO ratio. The listing made Musk the world's first trillionaire on paper.

How does SpaceX make money?

SpaceX generated $18.67 billion in revenue and $6.58 billion in adjusted EBITDA in 2025 per the S-1. Starlink contributed approximately 61% of total revenue with 10+ million subscribers, adding up to 1.5 million users monthly. Launch services include Falcon 9 with 165 launches in 2025, Falcon Heavy, and the Starshield government satellite contract. Compute supply deals signed in 2026 anchor additional revenue: a Google cloud pact at $920M/month over 32 months and an Anthropic Colossus 1 rental at $1.2B/month over 3 years. The 2025 GAAP net loss of $4.94 billion reflects xAI merger absorption costs.

What changed about SpaceX after the xAI merger and Cursor acquisition?

SpaceX acquired xAI on February 2, 2026 in an all-stock transaction that structured xAI as a wholly owned subsidiary valued at $1.25 trillion at deal close, absorbing the Grok AI assistant and X social platform. SpaceX states the strategic rationale as space-based AI data center development that overcomes terrestrial power and cooling constraints. The merger transition drove a $4.94 billion GAAP loss in 2025, a sharp reversal from pre-merger estimates of approximately $8 billion adjusted EBITDA on a standalone basis. Four days after the IPO, SpaceX announced on June 16, 2026 a $60 billion all-stock acquisition of Anysphere (Cursor parent), expanding into enterprise AI coding tools with Cursor's ~$2.6 billion annualized B2B revenue, expected to close in Q3 2026.

Is Starlink part of SpaceX?

Starlink is a wholly owned subsidiary of SpaceX operated by Starlink Services, LLC — not a separate company and not separately tradeable. As of March 2026, Starlink operates more than 10,020 satellites in low Earth orbit, approximately 65% of all active satellites globally. Starlink generates SpaceX's largest revenue line at roughly 61% of total 2025 revenue, with subscriber growth running at approximately 1.5 million additions per month as of early 2026. The direct-to-cell service launched commercially with T-Mobile in July 2025. Investors seeking Starlink exposure access it through Nasdaq SPCX equity, through the Hyperliquid SPCX-USDC perpetual tracked on this page, or through CEX-listed SPCX futures derivatives — no standalone Starlink ticker exists.

How much Bitcoin does SpaceX hold?

SpaceX holds 18,712 BTC on its balance sheet at an average cost of approximately $35,320 per coin — total cost basis of approximately $661 million — per the S-1 filed May 20, 2026. The position ranks SpaceX among the top-10 corporate Bitcoin holders globally, with at least 8,285 BTC custodied at Coinbase Prime per on-chain attribution. SpaceX initially bought 25,724 BTC in 2021, later trimmed to the current position by end of 2024. The S-1 discloses no 2025 purchases or sales and a $955 million fair-value gain in 2024 under FASB rules. The Bitcoin treasury creates inadvertent crypto proxy exposure for SPCX equity and perpetual holders.

After the IPO, how does the SPCX-USDC perpetual on Hyperliquid work?

SPCX-USDC is a synthetic perpetual futures contract deployed by Trade.xyz on Hyperliquid using the HIP-3 permissionless builder framework, with 10x leverage, USDC collateral, and isolated-margin mode.

Before the Nasdaq IPO, the mark price was determined purely by Hyperliquid orderbook supply and demand — the market acted as its own oracle. After the June 12, 2026 listing, the contract transitioned automatically to use the live Nasdaq SPCX price feed as its oracle, functioning as a standard equity perpetual. Active positions did not convert to actual stock — SPCX-USDC remains cash-settled USDC with no equity claim, no voting rights, and no dividend access. Funding uses an 8-hour rate formula paid every hour at one-eighth of the computed rate, with a baseline annualized rate of approximately 5.5% — half of Hyperliquid's default 11% baseline, reflecting traditional finance carry costs near SOFR + 1–2%.

The post-IPO derivatives landscape now spans multiple venues: Binance Futures holds the largest share by volume with the SPCXUSDT pair, followed by OKX Futures with SPCX-USDT-SWAP and Hyperliquid with the on-chain XYZ:SPCX-USD contract. Bybit, Bitunix, Gate.io, KuCoin, Crypto.com, and BTSE also list SPCX perpetual or futures pairs. The Hyperliquid contract is structurally distinct as the only on-chain permissionless deployment — CEX competitors operate centralized order books with custodial collateral, while Hyperliquid settles trades and margin on a public L1 with verifiable on-chain state.

A separate dynamic shaped IPO-day access: Bybit, Binance, and Bitget cancelled their tokenized spot SPCX products on June 12, 2026 citing share shortage — these were SPV-backed equity wrappers structurally similar to the PreStocks model that OpenAI and Anthropic disavowed in May 2026. The cancellations affected spot tokenized claims, not the cash-settled futures derivatives that remain live across the same exchanges. Hyperliquid had no equivalent exposure since SPCX-USDC has no underlying shares to allocate.

The Cerebras Systems (CBRS) precedent on May 14, 2026 validated the model — the HIP-3 pre-IPO perpetual priced CBRS within 1.3% of its Nasdaq debut price, establishing on-chain price discovery as credible IPO signaling.

How is the Hyperliquid SPCX different from Paimon's SPCX token and the Nasdaq SPCX stock?

Three distinct assets share the SPCX ticker and are not interchangeable.

The Hyperliquid SPCX-USDC is a synthetic perpetual futures contract on Trade.xyz with 10x leverage, USDC settlement, no underlying SpaceX shares, and open access for any wallet holder without accreditation requirements. The Hyperliquid contract is the asset tracked on this DropsTab page.

The Paimon SpaceX SPV Token (ticker SPCX, contract 0x8721...a9d5) deploys on BNB Chain and HashKey Chain, issued by Paimon Finance through a British Virgin Islands special purpose vehicle that holds investment interests in a SpaceX equity fund. Paimon SPCX holders own a derivative claim on the SPV, not on SpaceX shares directly. The SPV-based structure is functionally identical to the PreStocks model that OpenAI and Anthropic disavowed in May 2026 — a structural risk distinct from the synthetic perpetual model. DropsTab tracks the Paimon SPCX SPV Token separately at the paimon-spacex-spv-token page.

The Nasdaq SPCX is SpaceX Class A common equity trading on Nasdaq since June 12, 2026 — the only direct equity claim on SpaceX, subject to the dual-class voting structure that concentrates control with Musk. A historical SPCX ticker — the Tuttle Capital SPAC ETF — was vacated in April 2026 and may still surface in cached SERP results.