The largest IPO ever

On June 12, 2026, SpaceX began trading on the Nasdaq under the ticker SPCX. It priced its offering at $135 per share, raising roughly $75 billion at a $1.77 trillion valuation — the single largest IPO in market history, more than triple the previous record. On its first day, the stock climbed about 25% from the offer price to an intraday high of $168.75.

For two decades, SpaceX was the canonical example of a company ordinary investors simply could not own — no exchange, no ticker, access reserved for insiders and a handful of funds. As of this week, that is no longer true. It is also a milestone for the entire private-market ecosystem: confirmation that the most consequential private companies do, eventually, reach the public markets — and that the window before they do is where a great deal of the value is created.

What it meant for investors who entered early

Limen Markets investors who participated in our SpaceX forward purchase agreements entered at approximately 25% below the $135 offer price — on the order of $101 per share. Measured against the IPO price, that is roughly a one-third gain; measured against the stock's first-day high, more. We are proud of that outcome, and grateful to the investors who backed the position before it was the obvious trade.

What "gain" means here: post-IPO lock-ups apply. Positions established before an IPO are typically restricted from sale on the public market for 90–180 days after listing. The figures above are unrealized marks against the public price, not realized proceeds — and the price can move materially during the lock-up window.

The honest version

One result is not a track record. SpaceX was an exceptional company with exceptional demand; most private companies are neither, and some never reach an IPO at all. Pre-IPO investments are illiquid, speculative, and can lose their entire value. Past performance does not indicate future results. The figures here describe one outcome for investors in a specific offering — they are not a projection, a guarantee, or an offer to sell securities.

What we will say plainly: this listing is exactly the kind of event our model is built around — entering quality names at a disciplined discount to a defensible market reference, and holding through the liquidity event. It worked here. We will keep being just as honest about the times it does not.

Congratulations

To SpaceX and its team, on a historic listing. And to every Limen investor who was there before the bell rang — thank you for trusting the process.