SpaceX Settles

Bankers working the deal, led by Goldman Sachs (GS) and Morgan Stanley (MS) as the co-lead, priced SpaceX (SPCX) at $135/share last night, giving the company a market cap of roughly $1.77 trillion at the IPO.

Shares began trading on secondary markets just after 11:30 AM ET at $150/share, and with about a half hour to go in the trading day, shares have settled in around $165/share after peaking just above $176 at 1 PM ET.

At $165, SpaceX has a market cap of $2.2 trillion.

Below is a look at where SPCX ranks among the current crop of publicly-traded $1+ trillion companies.

As of now, SpaceX is the sixth largest US company behind Amazon (AMZN) at $2.54 trillion and ahead of Broadcom (AVGO) at $1.81 trillion.

Elon Musk's SPCX is already $700 billion larger than Tesla (TSLA), and it's more than twice the size of Berkshire Hathaway (BRK/B).

Before the end of the year, we're expected to get two more private companies that will make a run for the $1+ trillion club: Anthropic and OpenAI.

Over the past couple of months, we've been covering the growing list of space stocks.  Below is a snapshot of our space-stock basket with SpaceX (SPCX) now included.

Obviously with a $2.2 trillion market cap, SPCX dwarfs the rest of the group.  The 26 other stocks in the basket have a combined market cap of just under $200 billion; less than 10% the size of SpaceX!

While the space stocks had massive runs higher ahead of the SPCX IPO, today they're getting slammed.  It appears that traders "bought the rumor" and are now "selling the news" in non-SPCX names, or maybe they were just using all of the other space stocks as proxies until SPCX began trading.

On average, the non-SPCX space stocks are down 10.5% today.  In the past few weeks, there were stories that Virgin Galactic was rallying because traders thought its ticker -- SPCE -- stood for SpaceX.  Shares of Virgin Galactic (SPCE) are trading down 30.8% today, so as dumb as it sounds, maybe there was some truth to the rumors.