This old horse's $SPCX is like a money-burning machine.
In the first round of funding in '21, it raised $1.16 billion, back then valued at $74.1 billion. After several funding rounds, the valuation skyrocketed. Now, with today's IPO, the total market cap of SpaceX is $1.77 trillion.
Gold/Silver, have you entered the market in this wave?
Silver rose for several days—then fell back to pre-liberation levels in just two days. If you have been watching the market these past few days, you will likely feel a strong sense of disconnection: just a few days ago it was 'precious metals invincible, breaking new highs', and suddenly it turned into 'continuous large bearish candles, super waterfall'. However, I prefer to understand it as a typical complete cycle of 'narrative-driven → crowded trades → structural deleveraging'. What really causes the crash is often not the emotions, but the underlying rules of the international market. Last Friday (1/30), precious metals experienced a historic drop, and the downward pressure continued on 2/2. The magnitude mentioned in the reports is very intuitive: spot gold fell by about 9% on 1/30 in a single day, called one of the largest single-day declines since 1983; silver was even more extreme, with the drop on 1/30 described as a 'record level' (about 27%) single-day plunge.
$SPCXB 2026-06-12 Nasdaq IPO, offering price $135, opening at $174 on the first day (up 29% at the open). The fully tradable float was only 4.2%—shares were scarce, and volatility was extremely high.
The overall move can be divided into three phases: a surge right at listing → a high-level crash with a brutal selloff → consolidation and repair at the lows, a full roller-coaster ride throughout.
1. Pre-market open guidance price: $174, up 29% versus the $135 offering price;
2. Continuous long positions during the day; price moved higher with intraday fluctuations. It closed at $160.95, a single-day gain of 19.22%.
3. Market logic: the biggest IPO in global history (raising $75 billion), combined with triple hot narratives—Starlink + Starship + xAI—drove retail money to flood in aggressively; trading volume noticeably surged that day.
$SPCXB 1. Very low floating shares; even a small amount of capital can drive a sharp surge. In just four days, it moved straight up in one direction;
2. On June 16, it hit a new all-time listing high of $225.64:
◦ Increase versus the issue price: +67%;
◦ Peak market cap was close to $3 trillion, briefly surpassing Microsoft and Amazon, and entering the global top five by market cap;
3. Upside drivers: The market is trading on the “space industry + AI” dual-growth thesis, while disregarding ongoing large-scale losses;
4. Risk warning: Valuation has been severely priced in; institutional positioning is gradually being cashed out, and bullish momentum is drying up. $SPCX
$SPCXB 1. The company announced a $20.0 billion large bond issuance, with all proceeds投入 to xAI computing power. The market is concerned about long-term cash burn and distant profitability; in 2025 full-year, net losses totaled $4.9 billion, with xAI alone losing over $6.0 billion, and capital expenditure pressures are huge;
2. At elevated levels, concentrated profit-taking led to an exodus, leaving a gap in the retail “chasing high” momentum;
3. On June 22, the stock saw the worst single-day performance since listing: a plunge of 16.43%, closing at $154.6, with more than $400 billion in market value wiped out in one day;
4. From the peak of $225.64 to $154.6, the cumulative drawdown was 31.5%, and most investors who entered near the highs are trapped deep in losses.
$SPCXB 1. In the intraday session on June 23, the low dipped to 147.11 USD, directly breaking below the opening price on the first day of listing—falling to even nearly the issue price of 135. In the secondary market, losses were across the board;
2. After the oversold move, a technical rebound appeared: the stock surged more than 7% during the day, creating a short-covering pattern;
3. The recent range (as of 6.26): 147–162 USD saw narrow-range consolidation, with volatility contracting and a balance of divergence between bulls and bears;
4. Market features: trading volume shrank noticeably from the earlier highs; capital is holding back, waiting for fundamental catalysts (Starship test flight, Starlink revenue, and confirmed orders from xAI).
$SPCXB 1. Starlink delivers stable revenue; in 2025, revenue is expected to reach US$11.4 billion, with ample room for collaboration with global telecom operators;
2. Starship’s reusability enables long-term cost reductions in spaceflight, while NASA’s large, long-term orders lock in a foundation of cash flow;
3. xAI and Anthropic have signed a US$15 billion per year compute leasing agreement, providing long-term monetization expectations for the AI business.
1. Ongoing massive losses and an bottomless capex cycle mean it’s unlikely to achieve a return to net profitability in the short term;
2. The publicly tradable float is too small, making the stock price highly susceptible to capital manipulation, with boom-and-bust moves becoming the norm;
3. A peak valuation of US$3 trillion implies an enormous revenue bubble at present, with a lengthy valuation digestion period;
4. Musk has absolute control (85% voting rights), giving management wide decision-making freedom, and resulting in relatively high operational uncertainty.
$SPCXB 1. Long cycle: after entering a downward channel from the high point, $225.64 is the strong resistance level for this cycle, and it is unlikely to be broken through in the short term;
2. Support zone: $147–150 is strong support and the dense area of the lows for this round of decline;
3. Resistance zone: the first resistance is $161–163 (upper bound of recent consolidation), and mid-term strong resistance is $180 (around the close on the listing’s first day);
4. Volatility: as enthusiasm for newly listed stock speculation cools off, in the short term it is likely to remain range-bound between $148–163; without any major news catalyst, it is hard to move into a one-way trend.
$SPCXB $SPCX On June 16, US markets opened with mixed results; the Nasdaq dipped 0.13%, the S&P 500 fell 0.01%, while the Dow Jones climbed 0.43%. SpaceX|$SPCX continued its bullish run, soaring over 22%, with the share price crossing $200 for a new all-time high, bringing its market cap to over $2.7 trillion, surpassing Amazon AMZN to become the fifth-largest stock in the US.
Western Digital (WDC.US) rallied over 7%, and Seagate Technology (STX.US) jumped nearly 4%, both hitting fresh highs!
Qualcomm (QCOM.US) rose more than 2%, reportedly in talks to acquire Tenstorrent to enhance its AI chip capabilities.
$SPCX has been on a steady climb, hitting a peak price of 228U, now sitting at 210U, with a market cap of 2.75 trillion dollars💰
The spot trading pair launched on Binance is $SPCXB Elon Musk has also become the world’s first trillionaire.
【IPO Core Key Data】 Ticker: SPCX Issue Price: 135 USD/share Current Price: 210U, up 55% The opening price on the first day was around 153 to 156, then it took off directly.