Nagham Hassan, Market Analyst at eToro
Abu Dhabi, United Arab Emirates – June, 2026: Just two weeks after one of the most anticipated public listings in market history, SpaceX remains at the center of investor attention as the market continues to assess its valuation and long-term prospects.
The company debuted on June 12 at $135 per share, with trading opening around $150. Investor enthusiasm quickly pushed the stock higher, with shares reaching approximately $226 within days and briefly making SpaceX the fourth most valuable publicly traded company in the world, ahead of both Amazon and Microsoft.
However, the rally proved short-lived. Over the following sessions, the stock experienced a sharp pullback, shedding more than $600 billion in market value and retreating toward its IPO price. On Tuesday, shares briefly traded below the $150 debut level before recovering to close marginally higher. As of today, the stock is trading around $157 per share, remaining above the IPO price but significantly below its recent highs.
Several factors have contributed to the volatility. A key consideration is the limited share float. Only around 4.2% of total shares were made available during the IPO, amplifying price movements and increasing sensitivity to shifts in investor sentiment.
Markets are also beginning to price in upcoming lock-up expirations. A 20% insider share unlock linked to the company’s August earnings release is expected to increase the number of shares available for trading, with additional unlocks anticipated later in August and September.
Investor focus has also turned to SpaceX’s recent debt issuance. As shares came under pressure, the company launched its first bond offering, initially targeting approximately $20 billion in senior unsecured notes before increasing the size of the deal to $25 billion following nearly $90 billion in investor demand. Proceeds are expected to be used to refinance a bridge loan associated with the company’s merger with xAI and support future AI-related investments.
While the strong demand for the bond offering highlights continued investor confidence in the company’s long-term growth story, the timing of the fundraising effort so soon after a record-setting IPO raised questions among some market participants.
Commenting on the stock’s recent performance, Nagham Hassan, Market Analyst at eToro, said: “The extreme volatility we’ve seen since SpaceX’s market debut reflects the challenge investors face when valuing a company of this scale and ambition. A limited public float, expectations around insider share unlocks, and the company’s move into the debt markets have all contributed to significant price swings. While the pullback may appear dramatic, the stock remains above its IPO price, suggesting investors continue to see long-term potential despite the near-term uncertainty.”
With the company’s first earnings report expected in August and several significant lock-up expirations approaching, the coming months are likely to play a key role in shaping investor sentiment and establishing a clearer picture of the company’s public market valuation.
About eToro:
eToro is a trading and investing platform that empowers you to invest, share and learn. We were founded in 2007 with the vision of a world where everyone can trade and invest in a simple and transparent way. Today we have 40 million registered users from 75 countries. We believe there is power in shared knowledge and that we can become more successful by investing together. So we’ve created a collaborative investment community designed to provide you with the tools you need to grow your knowledge and wealth. On eToro, you can hold a range of traditional and innovative assets and choose how you invest: trade directly, invest in a portfolio, or copy other investors. You can visit our media centre here for our latest news.
Disclaimers:
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
CFDs are leveraged and speculative products intended for investors who understand the risks involved. Due to leverage, losses can occur rapidly and you may lose all of your invested capital.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
eToro is a group of companies that are authorised and regulated in their respective jurisdictions. The regulatory authorities overseeing eToro include:
- The Financial Conduct Authority (FCA) in the UK
- The Cyprus Securities and Exchange Commission (CySEC) in Cyprus
- The Australian Securities and Investments Commission (ASIC) in Australia
- The Financial Services Authority (FSA) in the Seychelles
- The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) in the UAE
- The Monetary Authority of Singapore (MAS) in Singapore
This communication is for information and education purposes only and should not be taken as investment advice, a personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without taking into account any particular recipient’s investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past or future performance of a financial instrument, index or a packaged investment product are not, and should not be taken as, a reliable indicator of future results. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication.
Regulation and License Numbers:
Middle East
eToro (ME) Limited, is licensed and regulated by the Abu Dhabi Global Market (“ADGM”)’s Financial Services Regulatory Authority (“FSRA“) as an Authorised Person to conduct the Regulated Activities of (a) Dealing in Investments as Principal (Matched), (b) Arranging Deals in Investments, (c) Providing Custody, (d) Arranging Custody and (e) Managing Assets (under Financial Services Permission Number 220073) under the Financial Services and Market Regulations 2015 (“FSMR”). Its registered office and its principal place of business is 25th Floor, Al Sila Tower, ADGM Square, Al Maryah Island, Abu Dhabi, United Arab Emirates (“UAE”).
