What is SpaceX (SPCX)?

Article Summary

• 💰 World Record Valuation: SpaceX set the record for the largest IPO in history on June 12, 2026, raising $75 billion with an initial valuation of $1.77 trillion.
• ⏱️ 24/7 Access via Blockchain: SPCX shares are tokenized on the Solana network, allowing retail investors to trade shares (whole or fractional) at any time without being bound by market hours.
• 🔄 DeFi Integration: SPCX stock tokens don’t just serve as proof of ownership — they can also be used as collateral in decentralized finance ecosystems.
• 🚀 Market Dominance & AI: SpaceX monopolizes space launches through Falcon 9, officially acquired xAI (February 2026), and secured long-term AI computing contracts with the world’s largest tech companies.

History of SpaceX

Space Exploration Technologies Corp (SpaceX) was founded in 2002 by Elon Musk with the primary goal of reducing the cost of space transportation and enabling the colonization of Mars. In its early years, the company faced numerous launch failures that nearly drove it to bankruptcy. However, the successful launch of Falcon 1 in 2008 marked a turning point that led SpaceX to secure major contracts with NASA.

Here are SpaceX’s business lines:

• Commercial & Government Launch Services: Provides satellite launch services for various global clients using a fleet of reusable rockets, such as Falcon 9 and Falcon Heavy.
• Strategic NASA Partnership: Uses the Dragon spacecraft to execute key contracts, including cargo supply deliveries and astronaut transport to the International Space Station (ISS).
• Private Spaceflight: Facilitates commercial spaceflight missions and space tourism for civilians and private parties.
• Starlink (Satellite Internet): Operates a large-scale Low Earth Orbit satellite constellation to provide high-speed broadband internet services worldwide, serving individual, corporate, maritime, and aviation customers.
• Interplanetary Exploration (Starship): Develops the next-generation super heavy-lift rocket, Starship, specifically designed for the Moon landing program (such as NASA’s Artemis missions) and the long-term goal of colonizing Mars.

What Is SPCX Tokenized Stock and How Does It Work?

SPCX Tokenized Stock is a digital representation of real SpaceX shares traded on traditional markets. These tokens are issued on blockchain networks such as Solana, BNB Chain, and Ethereum through regulated third-party intermediaries, including entities such as Backpack Securities or Ondo Global Markets.

Each SPCX token is backed on a 1:1 ratio by real SpaceX (SPCX) shares purchased through a registered broker or dealer in the United States. The underlying shares are then held by a licensed custodian. This system ensures that SPCX token holders have the same economic rights as traditional shareholders, including value adjustments in the event of dividends or stock splits.

The key difference lies in the trading infrastructure. Because SPCX exists on the blockchain network, these tokens can be traded at any time — 24 hours a day, 7 days a week. In addition, investors can buy SPCX in small or fractional amounts, making the required capital far more affordable.

Learn about Asset Tokenization: Definition, How It Works, and RWA Risks in 2026 on Pintu Academy

For more than two decades, SpaceX operated as a private company funded by venture capital and private investment. A major transformation in capital markets finally occurred on June 12, 2026, when SpaceX officially listed its shares (IPO) on the NASDAQ exchange under the ticker SPCX. Shares were offered at an initial price of $135 per share. This IPO broke global records by raising $75 billion in fresh capital and pushing SpaceX’s valuation past $1.77 trillion.

Before the IPO, SpaceX also expanded its business into the artificial intelligence sector. In February 2026, SpaceX officially completed the acquisition of xAI, the AI company founded by Elon Musk. This strategic move integrated generative AI capabilities into the SpaceX ecosystem while strengthening its position as an AI computing infrastructure provider through its Colossus data center.

SPCX Metrics and Performance

Since its launch in June 2026, SPCX immediately became one of the highest-volume assets in both traditional and crypto markets. Here are some key performance metrics from the SpaceX ecosystem and the SPCX token:

• Network Achievement: The SPCX token on the Solana network recorded spot trading volume exceeding $80 million within just 24 hours of launch, making it one of the most liquid tokenized stocks in the crypto world.
• Company Revenue: In 2025, SpaceX’s revenue reached $18.67 billion, with Starlink as the largest contributor at $11.4 billion (61% of total revenue). Several analysts project Starlink’s contribution could exceed $20 billion in 2026. As of February 2026, Starlink had surpassed 10 million active subscribers across 160 countries, and SpaceX raised Starlink package prices by up to $10/month in May 2026.
• Launch Dominance: SpaceX set a new world record in 2025 by completing 165 orbital launches with a mission success rate of over 99%. The FAA also authorized an increase in launch capacity at Starbase, Texas from 5 to 25 launches per year, opening the potential for much larger revenue from the launch segment going forward.

SPCX Stock Performance and Its Future

Source: Companiesmarketcap

On its first day of trading on the NASDAQ on June 12, 2026, SPCX shares surged 19% and closed at $161 per share. This price increase briefly pushed SpaceX’s market capitalization past $2.1 trillion. This positive momentum continued as the price reached an all-time high of around $222 a few days later.

However, like any highly volatile asset, SPCX also experienced a price correction after the extended rally. In the following weeks, the SPCX stock and token prices consolidated in the range of $150 to $160.

SpaceX Revenue Growth from 2003 to 2026

Source: Companiesmarketcap

The SpaceX (SPCX) revenue history chart shows a consistent growth trend from 2023, reaching its peak in 2025. Data shows a significant increase from $14.01 billion USD in 2024 to $18.67 billion USD in 2025, representing the company’s highest financial performance during that period.

However, this positive trend reversed sharply entering 2026, with the chart dropping steeply. Based on the latest Trailing Twelve Months (TTM) data for 2026, SpaceX’s revenue is recorded at $8.76 billion USD. Important note: This TTM figure is partial data for the first half of 2026 and cannot be directly compared to full-year 2025 revenue ($18.67 billion). This is not an indication of a fundamental decline in SpaceX’s business.

SpaceX Risk Factors to Consider

Before investing in SPCX, investors need to understand the following material risks:

• Low Free Float: With ~80% of shares locked by Elon Musk and insiders, only about 4.2% of shares are freely circulating. This creates extremely high price volatility.
• Starship Risk: Elon Musk has warned of a “genuine risk of bankruptcy” if Starship fails to achieve a flight frequency of at least 2 times per week. Starship is the key to Mars missions and long-term NASA contracts.
• Premium Valuation: CFRA initiated a “Sell” rating with a target of $115, considering the ~$2 trillion valuation already too high relative to fundamentals, given that SpaceX still recorded a net loss of $4.9 billion in 2025.
• Revenue Concentration: Over 61% of revenue comes from Starlink; dependence on a single segment carries risk if competitive or regulatory disruptions occur.
• Smart Contract Risk: For holders of SPCX tokenized stock, there are additional risks related to smart contract security on the blockchain network, beyond conventional market risks.

Latest SpaceX Updates and Analyst Views on X

Many financial analysts on X and Wall Street have offered varied perspectives on the future of SPCX, including:

SpaceX Secures $6.3 Billion AI Deal from Reflection

According to Matthew Sigel, Head of Research at VanEck, via his thread on X, SpaceX ($SPCX) has just signed a $6.3 billion computing infrastructure deal with an AI startup called Reflection. Under the long-term agreement, Reflection will pay SpaceX’s AI division (SpaceXAI) $150 million per month from July through 2029 to utilize hardware at SpaceX’s Colossus 2 data center in Memphis.

Reflection is an American open-source AI startup touted as a competitor to Deepseek, founded in 2024 by former Google DeepMind researchers and backed in part by Nvidia. Their flagship product is Asimov, a code research agent specifically designed to help engineering teams understand large and complex codebases. This focus is based on the premise that approximately 70% of engineering time is spent reading and understanding existing systems rather than writing new code from scratch.

SpaceX Secures Massive AI Contract with Alphabet/Google

In addition to the Reflection deal, SpaceX also announced an AI computing contract worth $920 million per month with Alphabet (Google), valid through October 2029. This agreement positions SpaceX, through its computing infrastructure and Colossus data center division, as the backbone of AI infrastructure for the world’s largest technology company. The combination of these long-term contracts creates a stable stream of recurring revenue outside the launch and Starlink businesses.

Potential Massive Short Squeeze for SpaceX ($SPCX)

According to analyst Crypto Deus in his thread on X, SpaceX ($SPCX) stock has the potential to trigger the largest passive short squeeze on Wall Street due to an extreme supply crisis. With 80% of shares locked by Elon Musk and insiders, only about 4.2% of shares are in free float. This scarcity at a company valued at nearly $2 trillion creates a bottleneck effect, where large buy orders will immediately drive prices up regardless of fundamentals.

The surge will be further amplified by “mandatory buying” from index funds (MSCI USA and FTSE Russell 1000) at the end of this week. Recognizing this momentum, Market Makers have been accumulating shares around $159 to sell at a premium to passive ETFs later. In line with this strategy, Crypto Deus positioned himself with a first Take Profit (TP) target at the $178 level, and a second TP if prices break through $190.

Historic Record: SpaceX IPO Retail Demand Exceeds $405 Million

According to The Kobeissi Letter via their thread on X, retail investor enthusiasm for SpaceX ($SPCX) stock in its first week of trading set a historic record. In the first five trading sessions, retail investors reportedly purchased over $405 million worth of SpaceX shares. Based on Vanda Research data, this achievement makes it the largest first-week retail purchase in IPO history, surpassing the previous record held by Rivian ($185 million) by more than double.

Even more remarkably, the total retail inflows into SpaceX exceeded the combined net purchases of the “Magnificent 7” mega-tech group, which totaled only $158 million in the same period. SpaceX even attracted more retail capital than the combined purchases of the S&P 500 ETF ($SPY) and the Nasdaq 100 ETF ($QQQ), which totaled $352 million. This confirms that no stock debut has ever triggered a retail demand explosion of this magnitude.

Bearish View: CFRA Initiates “Sell” Rating

Despite extremely high retail investor enthusiasm, not all analysts are optimistic about SPCX. Independent financial research firm CFRA initiated coverage of SPCX stock with a “Sell” rating and a price target of $115 per share — below the IPO price of $135.

CFRA argues that SpaceX’s valuation, which is approaching $2 trillion, is already overvalued compared to its financial fundamentals, including the net loss of $4.9 billion recorded in 2025.

On the other side, NewStreet Research set a more optimistic target of $165 per share. This divergence in analyst views reflects how important it is for investors to conduct independent research before making decisions.

Differences: Traditional SPCX Stock vs. SPCX Tokenized Stock

Legality and Taxation of SpaceX (SPCX) Tokenized Stock

Stock tokenization at the global level must comply with strict securities regulations. In the United States, tokenized stock issuers such as Backpack Securities or other entities operate under broker licenses supervised by the SEC (Securities and Exchange Commission). They must ensure that the tokens minted are genuinely backed by real underlying shares in the real world.

In Indonesia, the regulation and supervision of crypto assets and digital financial assets is now fully overseen by the Financial Services Authority (OJK) and Bank Indonesia (BI), following the official transfer of authority from Bappebti effective January 10, 2025. This regulatory transition framework is mandated by Law Number 4 of 2023 (UU P2SK) and Government Regulation Number 49 of 2024.

From a taxation standpoint, crypto asset buy and sell transactions on local exchanges now follow the Minister of Finance Regulation (PMK) Number 50 of 2025. Under these latest rules, VAT on crypto transactions has been officially eliminated (0%) and replaced by a Final Income Tax (PPh Final), now set at 0.21%. The total deduction at local exchanges remains the same (0.21%), but legally it is now recorded purely as a single tax (Final Income Tax).

Learn about Comparison of Tokenized Stock Taxation vs. Conventional US Stocks on Pintu Academy!

Conclusion

SpaceX (SPCX) has not only made history through space missions but has also shaken global financial markets through its record-breaking IPO in 2026. The arrival of SpaceX Tokenized Stock has revolutionized investment accessibility. Investors no longer need to be held back by market hours, high minimum capital requirements, or the complicated registration process of traditional brokers. With the support of blockchain technology, anyone can participate in the growth of the most ambitious technology company of this century — safely and transparently.

This article is for educational purposes and does not constitute investment advice. Crypto asset prices are volatile and can change at any time. Always do your own research (DYOR) before investing.

Frequently Asked Questions (FAQ)

Is SPCX Tokenized Stock safe to buy?

This asset is relatively safe as it is issued by licensed institutions that store the physical shares at registered custodians. However, you must still consider market volatility risks and risks related to blockchain smart contracts.

Will the SPCX token price always match the SpaceX share price on NASDAQ?

Yes, the token price is designed to precisely track the price movement of the underlying share. Arbitrage performed by liquidity providers (market makers) will ensure there is no significant price discrepancy between the crypto token and the traditional stock.

Do I receive dividends if I hold SPCX Tokenized Stock?

If SpaceX distributes dividends in the future, tokenized stock holders will generally benefit from those distributions. Typically, the dividend value will be reinvested, which will automatically increase the intrinsic value of the tokens you hold.

What is the minimum capital to buy SPCX?

Through fractional purchases on crypto platforms, you can buy SPCX tokens with very little capital — often starting from just tens of thousands of Rupiah.

How to Buy SpaceX Tokenized Stocks (SPCX) on Pintu?

If this tokenized stock asset is already available on the Pintu app, here are the easy steps to purchase it:

1. Open and log in to your Pintu app account.
2. Navigate to the Market menu.
3. Search for the crypto asset with the ticker SPCX.
4. Enter the Rupiah amount you wish to invest.
5. Confirm your purchase and complete the transaction.

References

• Matthew Sigel, VanEck. “SpaceX ($SPCX) Signs $6.3B AI Infrastructure Deal with Reflection.” X (Twitter), June 2026. Accessed: June 25, 2026.
• The Kobeissi Letter. “SpaceX IPO: Record $405M Retail Demand in First Week.” X (Twitter), June 2026. Accessed: June 25, 2026.
• CNBC. “SpaceX IPO takeaways: SPCX closes at $161, jumping 19% after record debut.” cnbc.com. Accessed: June 25, 2026. https://www.cnbc.com/2026/06/12/spacex-ipo-spcx-live-updates.html
• CNBC. “SpaceX gains 6% in premarket after record debut.” cnbc.com. Accessed: June 25, 2026. https://www.cnbc.com/2026/06/15/spacex-stock-record-ipo-debut.html
• Vanda Research. Retail IPO purchase data, cited in The Kobeissi Letter, June 2026.
• Companiesmarketcap. SpaceX market capitalization and revenue data. companiesmarketcap.com. Accessed: June 25, 2026.
• Yahoo Finance. SPCX stock price. finance.yahoo.com. Accessed: June 25, 2026. https://finance.yahoo.com/quote/SPCX/
• SEC EDGAR. SpaceX S-1 Filing. sec.gov. Accessed: June 25, 2026. https://www.sec.gov/Archives/edgar/data/1181412/000162828026036936/spaceexplorationtechnologi.htm
• Financial Services Authority (OJK). Digital asset regulations in Indonesia under UU P2SK No. 4 of 2023.
• Minister of Finance Regulation (PMK) Number 68 of 2022 on crypto asset taxation.