SpaceX shares show explosive growth: +32% in two days after historic IPO
The space technology market is on the rise. SpaceX (SPCX) continues its confident rally following its record-breaking initial public offering. On the second day of trading, quotes held at $178, 32% above the $135 offering price set last week. This is not just a successful debut — it is a true assault on financial heights.
Trading of SPCX began on June 12 at $135 per share. During the offering, the company raised approximately $75 billion, making it the largest IPO in global market history, more than doubling the previous record set by oil giant Saudi Aramco at $29.4 billion in 2019. Investment bank Goldman Sachs managed the process. Demand was colossal: investors submitted orders for roughly $250 billion, leading to an oversubscription of the order book by more than three times even before the official stock market listing.
On Friday, the price of SPCX surged about 19% to $160.95, and by Monday, quotes had risen to $192. SpaceX's market capitalization after its Nasdaq listing is estimated at around $2.3 trillion. The company has joined the list of the most valuable public companies in the world, and Elon Musk has retained his status as the first trillion-dollar billionaire — albeit only on paper for now.
The massive volume of orders remains the key question. Experts are trying to determine whether the second wave of buying reflects genuine sustained demand or if the market is simply still riding a wave of hype following the record oversubscription.
ETF Issuers Catch the Wave
On Monday, asset manager GraniteShares launched the 2x Long SpaceX Daily ETF (SPAL) and the 2x Short ETF (SNK). Simultaneously, provider Defiance brought its own double-long strategy (SPCU) to market. The SPAL fund has a fee of 1.50%. The instrument rebalances positions daily, making it suitable exclusively for short-term trading rather than long-term investments.
Experienced players like ProShares, Direxion, and Leverage Shares have also joined the race. In total, regulators received about 25 applications for instruments linked to SpaceX before the launch. Previously, Defiance's SPCL fund saw trading volume of around $10 million on its first day and gained about 46% before SPCX itself hit the market.
The launch of new instruments is part of a strategy that single-stock leveraged funds have employed since 2022, when U.S. regulators approved them. Figures such as the $6.5 billion in assets for Direxion's 2x Tesla fund (TSLL) and the $4.4 billion for GraniteShares' 2x Nvidia fund (NVDL) clearly demonstrate how quickly retail investors are willing to make aggressive bets on individual stocks.
Risks and Strategies for Long-Term Investors
Similar interest is now shifting to the valuation of SpaceX, although the current stock price has noticeably outpaced expected financial results for 2025. Due to daily position rebalancing, such funds can generate losses even if SPCX rises over a long-term horizon. The risk will increase significantly when more shares hit the market in the coming weeks.
On the other hand, some funds focused on SpaceX are not designed for short-term speculation. For instance, ARK Invest reported that it now holds SPCX in four active ETFs: ARKX, ARKQ, ARKK, and ARKW. This followed its initial investment through the closed-end ARK Venture Fund in 2023. The asset manager purchased approximately 3.3 million shares for about $444 million during the SPCX debut. By the end of May, SpaceX's share in the ARK Venture Fund had reached 11.38%, becoming the fund's largest position.
Expert opinion from Cryptalist: Such a rapid rise in SPCX confirms that the market is ready to revalue technology companies with space ambitions, but the current price level appears excessive relative to fundamental indicators. Investors should be cautious: the hype around the IPO could give way to a correction, especially given the active launch of leveraged ETFs, which amplify volatility.