SpaceX just pulled off one of the largest IPOs in history, pricing at $135 per share on June 11 and beginning to trade under the ticker SPCX on Nasdaq the following day. And TD Securities thinks the company is just getting started.
Peter Haynes, an analyst at TD Securities, used the occasion to do two things at once: flag SpaceX as a company with significant runway still ahead of it, and publicly criticize S&P Global for not fast-tracking mega-cap IPOs like this one into the S&P 500 index.
The IPO by the numbers
SpaceX sold 555,555,555 Class A shares at $135 each, landing a post-IPO valuation north of $1.75 trillion. SpaceX reported $18 billion in revenue for 2025, a 33% jump from the prior year. Q1 2026 revenue showed a 15% year-on-year increase.
Starlink posted even more impressive figures. The subsidiary’s adjusted EBITDA surged 86% between 2024 and 2025, and its subscriber count doubled over the same period.
