SpaceX: biggest IPO in history
SpaceX's IPO surpassed Saudi Aramco to become the largest IPO in history, pricing at $135, opening at $150, and trading into the $170s.
Snapshot · Excess Returns
Andy Constan on the SpaceX IPO, AI CapEx, and the End of the Buyback Tailwind
Explore episode
Jun 16, 2026
Where this was said
Why underwriters and regulators want IPOs to work
At 13:00 · chapter starts 8:27
Andy evaluates the SpaceX IPO: $85B float on a $2T cap, priced at $135, opened at $150, traded into the $170s — the biggest IPO in history and a well-executed deal. [1] — Andy Constan "A good IPO isn't about getting the perfect price — it's about satisfying every party in the room. SpaceX priced at $135, opened at $150, an…" 05:45
$85B float on $2T market cap
SpaceX issued approximately $85 billion of stock, representing roughly 4% of its $2 trillion market cap at IPO.
Why Issuers Actually Want the Stock to Trade Up
Conventional wisdom says issuers hate leaving money on the table. Wrong. When you're selling just 4% of a $2 trillion company, a strong aftermarket pop signals quality to every future investor, employee, and M&A counterparty. The cost of underpricing 4% is tiny vs. the reputational return.
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