Ninety trading days after going public, SpaceX is doing something Facebook couldn’t at the same point. Its stock is above its IPO price.
That matters because Facebook is the classic example of mega-tech IPOs, and SpaceX’s roughly $75 billion IPO is the latest test of it.
Facebook didn’t close back above its IPO price until August 2013, more than 14 months after its debut.
Now put SpaceX next to three of the most-watched tech IPOs of the past 15 years. The chart below shows each one at its 90th trading-day close against its IPO price.
SpaceX has handily outperformed Facebook, though it’s still well behind Arm and Alibaba, both of which were up more than 40% at the same point.
SpaceX priced at $135 a share on June 12 and closed October 20 at $147.79.
In between, the stock went as high as $201.80 in June before falling as low as $108 in August.
The latest numbers give Elon bulls more to work with.
SpaceX crushed earnings estimates after the bell Tuesday, with revenue hitting $14.58 billion, up 161% from a year ago and well above the roughly $12.7 billion Wall Street expected.
Notably, its Super Intelligence segment, which includes its AI business and X’s advertising, now brings in about 52% of sales.
That includes $608 million from Cursor, which it bought in August.
Meanwhile, revenue from Connectivity, the segment that includes Starlink, grew 69%.
The company also posted $2.8 billion in operating income after losing money a year earlier.
And in a full-circle moment for IPO history, at about $2 trillion, SpaceX is now worth more than Facebook’s parent company, Meta.
Thursday brings one more test for the rocket company. That’s when up to 1.3 billion more shares held by pre-IPO shareholders become eligible for sale, worth about $192 billion.
While no one would say 90 days makes a track record, a stock that can lose nearly half its value and still sit above its offer price has earned a second look.
Elsewhere
📉 GM fell 6.8% even after beating earnings estimates. The automaker narrowed its 2026 adjusted EBIT guidance to $14.5 billion to $15.5 billion and announced a new $20 billion buyback, but its outlook missed Wall Street’s expectations. (CNBC)
📊 Netflix slid 5% after hours on a soft revenue forecast. The streamer beat estimates with earnings of 87 cents a share, but guided to $13.44 billion in fourth-quarter revenue versus the $13.51 billion analysts expected. (Yahoo Finance)
🛢 Oil fell as traders hoped for progress on US-Iran diplomacy. Brent crude settled down 0.7% at $108.79 a barrel after touching $111.99 earlier in the session. (CNBC)
Rapid-fire
Eli Lilly closed at a record high after Goldman Sachs raised its price target (Yahoo Finance)
3M raised its full-year profit forecast on cost controls and price hikes (CNBC)
GE Aerospace fell 3.7% even after raising its 2026 guidance across the board (Yahoo Finance)
Pending home sales dropped to a record low and analysts expect it to slow further (Barron’s)
Equifax grew revenue 10% in the third quarter despite a weaker mortgage market (Equifax)
Tesla stock has swung 7.8% on average after its last 8 earnings reports (Opening Bell Daily)
Full Signal
Meb Faber is co-founder and chief investment officer of Cambria Investment Management. We sat down to discuss the bear market in diversification, cheap stocks outside the US, and the global buyback boom.
Tune in on Spotify, Apple Podcasts, or YouTube.
On this day
🗓 October 21, 1987: Two days after Black Monday, the Dow Jones Industrial Average jumped 186.84 points, or 10.15%, to 2,027.85. It was the biggest one-day point gain in the index’s history at the time.
Last thing
💡If you find this newsletter valuable, you can help shape its future by taking our 2-minute reader survey. Your feedback directly influences our content.
