SpaceX priced its IPO at $135 per share on June 11, 2026, per the New York Times, with the company offering 555.6 million shares — a deal size that put total gross proceeds, before the overallotment, north of $75 billion. The stock jumped nearly 20% following the listing, according to Yahoo Finance, implying a first-day market cap well above $150 billion on the base offering alone.

The mechanics of the deal carry a few notable features. Underwriters hold an overallotment option for up to 83,333,333 additional shares — the standard greenshoe structure that gives bookrunners a stabilization tool if aftermarket demand softens, or additional upside for the issuer if it doesn't. SEC filings confirm the size of that option. If exercised in full at $135, it adds roughly $11.25 billion to the raise.

The international distribution architecture is equally revealing. SpaceX lodged an Australian prospectus — internally tagged Project Apex — alongside an S-1 registration statement on June 4, 2026, ahead of pricing. A separate EU prospectus, approved by BaFin and dated June 5, 2026, set a maximum price per share of $162.00 and contemplated the issuance of up to 83,333,333 newly issued Class A common shares, per that document. The $162 ceiling in the EU filing is a regulatory formality — prospectus rules in many jurisdictions require a maximum price to be lodged before final book-build pricing — but it set the outer bound that bookrunners and compliance teams were working within across the Atlantic.

The EU and Australian filings together indicate a genuinely global bookbuild, with the issuer navigating at least three distinct regulatory regimes simultaneously: the SEC in the US, ASIC in Australia, and BaFin acting as lead competent authority for the EU under the Prospectus Regulation. That coordination overhead is non-trivial, and the BaFin approval in particular carries passporting rights across the EEA, suggesting SpaceX and its banks were targeting meaningful European institutional allocation.

The 20% first-day pop is worth unpacking. A jump of that magnitude on a deal this size is unusual — the float is large enough that it cannot be explained away by thin liquidity or a tight lock-up on supply. It suggests either that $135 was set conservatively relative to where institutional demand cleared, that index-related buying materialized faster than expected post-listing, or some combination of both. For the company, leaving that return on the table is real money: had the deal priced at, say, $155, the base offering alone would have raised roughly $11 billion more. Whether that reflects deliberate under-pricing to ensure a clean debut or a misjudgment of clearing demand is something only the order book data — which stays private — can fully answer.

The Class A share structure matters for governance. SpaceX's use of a multi-class stock framework means economic dilution from this offering need not translate into voting dilution for Elon Musk and other pre-IPO holders, depending on how the voting rights are apportioned across share classes. Prospectus readers will want to scrutinize the conversion and voting provisions carefully.

For institutional investors now holding the stock, the greenshoe expiry window — typically 30 days — is the next near-term event to watch. If the stock holds above $135, underwriters will buy shares in the open market rather than exercise the option, providing a price floor during that window. If it trades below issue price, they exercise the option to cover their short position, which has an analogous stabilizing effect. Either way, the mechanism is designed to dampen volatility in the weeks immediately following listing, not eliminate it.