SPCX: The Day Reddit Met Its Match in the Biggest IPO Ever

SPCX closed its first trading day at $160.95, a 19.2% gain from the $135 IPO price, giving SpaceX a $2.1 trillion market cap.
Reddit sentiment was overwhelmingly bullish (average sentiment 0.57), but a vocal minority of skeptics on r/stocks and r/stockmarket warned of a 95x price-to-sales valuation and potential post-IPO downside.
A meme trade on r/wallstreetbets—the theory that retail would accidentally buy SPCE instead of SPCX—proved hilariously wrong, with SPCX gaining 28% and SPCE dropping 28% on the day.

The Biggest IPO Ever, According to Reddit

On June 12, 2026,

$SPCX made history as the largest IPO ever, raising $75 billion at a $1.77 trillion valuation and debuting on the Nasdaq. The stock surged over 30% intraday to a peak of $176.52 before closing at $160.95, giving SpaceX a $2.1 trillion market cap and making it the world's seventh-largest public company. Across Reddit, the ticker dominated discussion with 18 posts, 852 comments, and 1,177 upvotes, earning a score rank of 1 and a sentiment score of 0.57—solidly bullish.

The most popular post on r/wallstreetbets captured the euphoria: a user with a $180K IPO allocation request from Robinhood—filled with basically nothing—declared, "SpaceX is the biggest IPO ever, Elon is a cunt, NASDAQ inclusion rule changes, low float... Doesn't matter cause we're all getting f***ed out of the IPO allocation and it's going to rocket without us." The post, which received 7,292 upvotes and 1,907 comments, predicted a "generational run" driven by low float, high demand, and Elon Musk's involvement, with a target of $2.4 trillion.

The Meme Trade That Backfired

One of the most entertaining threads on r/wallstreetbets this week was a post titled "$SPCX vs $SPCE: The degenerate thesis was hilariously wrong." The theory, popular in the days leading up to the IPO, held that retail investors would mistakenly buy

$SPCE (Virgin Galactic) instead of

$SPCX on IPO day because they "can't read." The actual results:

$SPCX gained 28%, while

$SPCE dropped 28%. "Not only did the market prove WSB wrong, it somehow inverse-WSB'd the trade with mathematical precision," the post noted, earning 1,041 upvotes.

The Skeptics: "I Am Not Buying SPCX Tomorrow"

Not everyone on Reddit was drinking the Kool-Aid. A detailed post on r/stocks with 893 upvotes laid out the bear case: at a $1.77 trillion valuation and $18.67 billion in 2025 revenue,

$SPCX opened at a 95x price-to-sales multiple. Even assuming 30% revenue growth for two years, the author calculated that a 50x multiple would still imply an 11% decline from the IPO price by 2027—before accounting for $30 billion in annual cash burn and a $4.94 billion net loss in 2025. "I like SpaceX as a company, but I just don't like it at this price on day one," the author concluded, planning to wait for a lock-up expiry.

On r/stockmarket, a post highlighted that

$SPCX is the only non-profitable stock with a market cap above $1 trillion. CFRA analyst Keith Snyder issued a Sell rating with a $115 target—a 30% downside from the IPO price—noting that his previous sell ratings on CHTR, ZM, and MAT had proved timely. The post, which received 340 upvotes, pointed out that when combined with Tesla, the two Elon Musk companies had a combined market cap of $3.77 trillion.

News Context: The IPO's Ripple Effects

The

$SPCX IPO wasn't just a Reddit story. Same-day news from The Motley Fool reported that the stock's debut caused a portfolio reallocation effect: investors moved capital out of defense stocks like Red Cat (RCAT, down 6.9%) and into SpaceX, while AI-adjacent semiconductor stocks like Navitas (NVTS, up 5.3%) rallied on the sentiment boost. The broader S&P 500 also gained as oil prices fell on Iran peace deal optimism, reducing inflation concerns and easing Fed rate-hike expectations.

Meanwhile, Leverage Shares by Themes launched two new leveraged ETFs—SPCH (2X long) and SSPC (-2X short)—with a 0.75% management fee, targeting retail demand for SpaceX exposure. And WisdomTree's Christopher Gannatti argued that the "persistent disagreement" over

$SPCX's valuation—given its mix of rocket launches, Starlink broadband, and AI infrastructure—could generate both volatility and investment opportunities for years to come.

SPCX

$SPCX

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