TLDR
- SpaceX completed the largest IPO in history on June 12, raising $85.7 billion; SPCX last closed at $140
- Five billionaires including Peter Thiel, Antonio Gracias, and Gina Rinehart hold major stakes in SPCX
- SpaceX reported Q2 revenue of $7.8 billion, up 92% year over year
- Morgan Stanley has a Buy rating on SPCX with a 12-month price target of $300, implying 114% upside
- A second lockup expiration on August 20 could create short-term volatility as 319 million more shares become eligible for sale
SpaceX went public on June 12 in the largest IPO in history, raising $85.7 billion. SPCX closed its last session at $140, down from post-IPO highs but still up around 29% in August alone.
Space Exploration Technologies Corp., SPCX
New regulatory filings reveal that several of the world’s wealthiest investors are among the company’s biggest holders.
Antonio Gracias, founder of Valor Equity Partners and a long-time SpaceX board member, reported beneficial ownership of 503.4 million Class A shares as of June 30. That stake represents roughly 6.5% of outstanding Class A stock.
Peter Thiel and entities tied to Founders Fund disclosed 427.3 million Class A shares, or about 5.5% of the float. Thiel has been invested since 2008, making this one of the most successful venture capital bets on record.
Gina Rinehart, Australia’s richest person, bought 8 million SpaceX shares during Q2, valued at around $1.37 billion as of June 30. It is now the largest position in her disclosed U.S. equity portfolio.
PayPal co-founder Luke Nosek, who joined SpaceX’s board in 2008, holds nearly 33 million Class A shares. About 25 million are held directly and 8 million through Nosek Capital LLC.
SpaceX President and COO Gwynne Shotwell holds several million Class A shares plus more than 7 million Class B shares through direct ownership and family trusts.
Q2 Earnings: Revenue Up 92%
These holdings were disclosed alongside SpaceX’s first quarterly earnings report as a public company. Revenue hit $7.8 billion in Q2, up 92% year over year, driven by Starlink expansion and growing AI cloud contracts.
Net loss narrowed to $541 million, and adjusted EBITDA rose sharply. Capital expenditure remained high as SpaceX continues investing in launch systems and AI infrastructure.
Lockup Expiry and Morgan Stanley’s View
SPCX has pulled back around 4% over the past two sessions, but is still up roughly 29% this month. Much of August’s rally came after the first post-IPO lockup passed on August 6 without a wave of selling. More than 911 million shares became eligible at that point.
A second lockup expires on August 20, when 319 million more shares become eligible for sale. That could bring volatility if early investors choose to sell.
Morgan Stanley analyst Adam Jonas calls the lockup expiry “an opportunity rather than a risk.” He rates SPCX a Buy with a 12-month price target of $300, representing about 114% upside from current levels.
Jonas assigns $127 per share to space and connectivity operations, with the rest tied to AI upside not yet fully priced in. He points to Grok 4.7 and version 5 as upcoming catalysts.
Jonas also flagged Starship Flight 14, expected in early September, as another potential catalyst pending FAA authorization.
SPCX holds a Moderate Buy consensus from Wall Street based on 32 analyst ratings: 24 Buys, 6 Holds, and 2 Sells. The average price target sits at $228.59, implying about 63% upside over the next 12 months.
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