SPCX Reclaims Its First-Day Highs at $173 as the Debut Bid Returns

The Bounce Off the Midday Lows

SPCX is up 5.38% over the past hour to $173.40, and the part worth noticing is where it pushed to: back through the $168.75 high the stock printed at its first-day peak earlier in the session. After opening at $150 and running 25% above its $135 IPO price, SpaceX faded back into the low $160s through midday — by 12:28 p.m. ET it was changing hands around $164.91. The last hour has erased that fade entirely.

The mechanism here is clean. With the Nasdaq listing cross done, the Hyperliquid contract no longer estimates a private mark — it tracks the live SpaceX tape tick for tick, so a 5% hourly candle is the real afternoon bid carrying the stock to fresh debut-day highs, with at most modest perp-to-cash basis on top. There is no company-specific headline behind it. This is ordinary first-day price discovery on a float where only a thin slice trades freely, and right now the discovery is pointing up rather than handing back the open.

The Largest IPO in History, in Numbers

Everything trading today sits on top of a deal with no precedent. SpaceX priced at $135 per share and raised roughly $75 billion — the largest IPO ever, more than triple Alibaba's prior record — against some $350 billion of investor demand. Trading opened around 11:46 a.m. ET at $150, an 11% pop, before the run to $168.75 put the market cap near $2.2 trillion at the high, ahead of Meta, Samsung and Tesla.

The deal also reshuffled the rich list: Elon Musk owns roughly 4.8 billion shares — about 42% of the company and 82.4% of the voting power — which on the IPO mark made him the first trillionaire on paper. The stock had been pricing $135 into the roadshow for weeks, so the open and the subsequent two-way action are the market resolving where, exactly, an asset this large clears its first session.

The $2.2 Trillion Question

At $173.40 the live tape is valuing SpaceX back above the $2.2 trillion mark it touched at the session high — a number that bundles three businesses into one ticker: the launch franchise, Starlink's satellite broadband, and the xAI unit SpaceX absorbed in February. That is the bull case for paying up here: optionality across space, connectivity and frontier AI under one cap table.

The bear case is blunt. SpaceX did $18.7 billion in revenue last year and is not profitable, and Morningstar pins fair value at $63 — more than 60% below where the stock trades now — arguing the price is more than double intrinsic worth and is being held up by hype. That gap is the entire trade. The perp lets you take either side of it intraday, and the fact that today's first real fade got bought back inside an hour says the demand that produced a record IPO has not exhausted itself on day one.