01Listed
SPCX listed on Nasdaq on 12 June 2026 — the largest IPO on record, with an unusually high share going to retail. TSLA has traded since 2010. Both price continuously, both move independently.SPCX listed on Nasdaq in June 2026. TSLA has traded since 2010. Both price continuously, both move independently.
Intelligence
Market events, corporate structure and the things that get mistaken for each other. Every item is dated, and every figure traces to a filing or a disclosed round.
NASA/Frank MichauxQ2 revenue of $7.81bn, up 92% year on year against a consensus near $6.93bn, with adjusted EBITDA of $3.5bn on a $541m net loss. The shares had closed as low as $108.27 earlier in the month, against a $135 IPO price. Both of those things are true at once, and the gap between them is the whole argument.
Regan Geeseman - NASA - JSCBooster recovery moved from demonstration to routine years ago. What changed this cycle is that the recovered hardware is being turned around fast enough that cadence, not vehicle cost, is the binding constraint.
≈6bn
On the order of $116bn of stock. Supply that size can move a price regardless of what the business does.
U.S. Air Force / Trevor CokleyNvidia disclosed a position around $21bn, Harvard roughly $2.2bn, alongside Norway's sovereign wealth fund.
Steve Jurvetson$2.6bn in the quarter. Fastest-growing line, and the most capital-hungry.
Kim ShiflettSpaceX bought xAI outright in an all-stock deal valuing it near $250bn, folding the model family, the social platform and the Colossus compute cluster into one segment of one listed company. Starlink was never separate to begin with. Three of the most heavily branded names in the group are divisions — which is exactly why they keep being mistaken for listings.
MSFC$4.3bn in the quarter and 1.7m net adds. Billed monthly to consumers, enterprise and government — it behaves like a subscription business rather than a lumpy launch contractor, and it is wholly owned.
Votpuske$650m raised at roughly a $9bn valuation. That remains the last disclosed primary.
Steve Jurvetson from Menlo Park, USANeither holds equity in the other. They report separately, they are owned by different registers, and they move independently — which is worth saying plainly, because the single most common assumption about this group is the opposite.
A listing is not a one-way move. The stock went through its IPO price inside a month, then recovered sharply, and nothing about the underlying business changed in either direction.
Steve JurvetsonThe machine is the easy part. Timelines are set by municipalities, and secondary liquidity in the private units is thin enough that a mark can sit unchanged for quarters.
Steve JurvetsonColossus sits inside the AI segment and is the reason its margins look the way they do.
$100bn
With a $1T revenue goal pulled forward to 2030. Management ambition and likely outcome are not the same number.
$104 – $225
A 2.1x spread inside a single year of trading.
NASA/Frank MichauxWhich is why the register behaves differently to a comparable institutional listing.
Listed
The listed side of the group. Quotes are end-of-day and delayed, sourced from a third party — do not trade on them.
SPCX · public equity
$124.50
Close 2026-08-19 · delayed
SNLK · public equity
$88.20
Close 2026-08-19 · delayed
TBCO · public equity
$4500.00
Close 2026-08-01 · delayed
3/3 quotes resolved · end-of-day, delayed. Nothing here is a recommendation to buy.
Private
Both sides of this platform are tradeable. A listed share and a private unit are equally capable of changing hands here — what differs is the machinery underneath, and pretending otherwise is the single most common way retail investors get hurt in this asset class.
A listed company has an exchange behind it: a continuous auction, a clearing house, a filing calendar. A private company has none of those. It has a register, a set of agreements, and events that occur irregularly. Access to it is granted by treaty — a standing arrangement between the company, the custodian holding the shares, and this platform — and that treaty permits units to transfer while expressly restricting what may be published about their value.
So you will not find a price for a private name anywhere on this page. Not because the figure is unknown to us, but because a price published outside an exchange is an assertion no one can settle against. Inside your account, against a signed arrangement, a mark is a contractual fact. On a public marketing page it is decoration, and decoration on a number is how people end up wiring money to strangers.
Coverage opens only where there is a signed arrangement with the company and a supply of shares held against it. Until both exist, a name appears here as planned coverage — it is not something you can buy, and it is labelled that way rather than left ambiguous.
The treaty is what makes the units transferable between holders without an exchange. It also constrains what may be published about them. Those two things travel together: the same instrument that lets a private position change hands is the one that keeps a price off a public page. This is not us being coy — it is the condition on which access exists at all.
You submit an indication rather than a limit order. It rests against standing interest on the other side, and when it matches, it settles at the mark in force on the settlement date. No spread is quoted to you because there is no continuous two-sided market to quote one from.
A mark carries its figure, its effective date, its basis and the name of whoever struck it. It appears on your statement exactly as recorded. The chart steps between marks; it never slopes, because a sloping line between two events implies daily prices that never existed.
If the company lists, the market takes over pricing, the vehicle resolves into the listed security, and the position stops being a private one. That is the intended exit, and it is the only one with a timetable attached.
Units in private vehicles are speculative and illiquid. You should be prepared to lose the entire amount invested and to hold for an indefinite period. Nothing on this page is an offer to sell or a solicitation to buy any security.
Coverage
Autonomous defence systems and AI-powered military technology.
Marked secondary block · Aug 3, 2026 · illustrative
Status
Preview build. Names shown as planned coverage carry illustrative marks; no agreement is in place and units are not offered for sale. Starlink, Grok and X are divisions of SPCX and have no separate ticker.
Imagery
From the NASA Image and Video Library — public domain, and shown because NASA missions fly on this hardware, not as an endorsement of anything on this page.
Video
Who runs what
Everything else in the group sits inside one of them, or is private.
Elon Musk runs both Tesla and SpaceX. They are separate listed companies — TSLA and SPCX — and neither holds equity in the other, so they move independently.
Three heavily branded things sit inside SpaceX:
What changed
Every date below is checkable. This is why the group looks confusing from the outside — the corporate shape moved twice before the listing and once after it.
The social platform folds into the AI company in an all-stock deal, putting model and distribution under one roof.
Series E at roughly a $9bn valuation. Still the last disclosed primary round, and still no announced listing.
All-stock deal valuing xAI near $250bn. Grok, X and the Colossus cluster become a SpaceX segment — which is why none of them has its own ticker.
The largest IPO on record, with an unusually high share of the offering allocated to retail. Ticker SPCX.
The stock falls through its IPO price, closing as low as $108.27 in early August before recovering sharply. A reminder that a listing is not a one-way move.
Q2 revenue of $7.81bn beat expectations, up 92% year on year, with adjusted EBITDA of $3.5bn against a $541m net loss.
SpaceX completes its acquisition of Anysphere, while quarterly filings reveal large new positions from Nvidia, Harvard and others.
The argument
SPCX reported its first results as a public company in August 2026. The numbers were strong and the stock had already been below its issue price. Both of those things are true at once.
Nasdaq, largest IPO on record
+92% YoY, ahead of the ~$6.93bn consensus
+191% YoY, against a $541m net loss
Closed as low as $108.27 in early August
Targeted by end-2026; $1T revenue goal pulled to 2030
Figures as of 17 August 2026 and point-in-time. Analyst views are paraphrased from published notes — read the originals before acting on any of it.
Questions
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