SpaceX is public: Everything you need to know post-IPO
SpaceX is public: Everything you need to know post-IPO
SpaceX 正式上市：IPO 后你需要了解的一切
SpaceX has captured the attention of media, investors, and the public for years now — interest propelled by the company’s reusable rocket launches, the rise of its Starlink satellite network, and, of course, for its founder and CEO Elon Musk. But in its 24-year history, nothing quite compared to its initial public offering. 多年来，SpaceX 一直吸引着媒体、投资者和公众的目光——这种关注源于该公司可重复使用的火箭发射、星链（Starlink）卫星网络的崛起，当然，还有其创始人兼首席执行官埃隆·马斯克（Elon Musk）。但在其 24 年的历史中，没有任何事件能与此次首次公开募股（IPO）相提并论。
Everyone seemed interested — perhaps because of the sheer size of the IPO. The company priced its 555.6 million shares at $135 each to raise $75 billion, making it the largest IPO in history and turning Musk into the world’s first trillionaire. TechCrunch has followed SpaceX’s start, struggles, and successes from the early days. And we’re here for what happens next too. Here is your go-to landing page for all the relevant SpaceX IPO news, including notable updates now that the company is public. 每个人似乎都对此很感兴趣——或许是因为此次 IPO 的规模极其庞大。该公司以每股 135 美元的价格发行了 5.556 亿股股票，筹集了 750 亿美元，这使其成为史上规模最大的 IPO，并让马斯克成为了世界上第一位万亿富翁。TechCrunch 从早期就开始跟踪报道 SpaceX 的起步、挣扎与成功。我们也将继续关注接下来的发展。这是您获取所有相关 SpaceX IPO 新闻的专属页面，包括公司上市后的重要动态。
SpaceX is now public. What’s next? On its first full day of trading, SpaceX shares pushed even higher. As of 2:30 p.m. ET, SpaceX shares were up more than 15% to $186.15. SpaceX 现已上市。接下来会怎样？在上市后的第一个完整交易日，SpaceX 的股价进一步走高。截至美东时间下午 2:30，SpaceX 股价上涨超过 15%，达到 186.15 美元。
The latest on the SpaceX IPO: SpaceX shares opened June 12 at $150 on the Nasdaq public exchange, an 11% pop for the most anticipated debut in history. And it has continued to rise. The shares kept rising too. In midday trading, SpaceX shares soared 30%. SpaceX shares closed at $160.95, up 19%. There has been heavy trading volume, as expected. Robinhood said it has seen “record-breaking traffic on its trading platform in the hours after SpaceX’s historic public markets debut. 关于 SpaceX IPO 的最新消息：6 月 12 日，SpaceX 股票在纳斯达克公开交易所开盘价为 150 美元，较发行价上涨 11%，这是史上最受期待的一次首秀。此后股价持续攀升。在午盘交易中，SpaceX 股价一度飙升 30%。最终收于 160.95 美元，涨幅为 19%。正如预期，交易量非常巨大。Robinhood 表示，在 SpaceX 历史性的公开市场首秀后的几个小时内，其交易平台出现了“破纪录的流量”。
SpaceX COO Gwynne Shotwell was interviewed by CNBC on June 12 and among the many interesting comments she made, here is one that might get the attention of Tesla shareholders. At one point in the interview, Shotwell said a “merger between SpaceX and Tesla might make Elon’s life a little easier.” SpaceX 首席运营官格温·肖特维尔（Gwynne Shotwell）于 6 月 12 日接受了 CNBC 的采访。在她发表的众多有趣评论中，有一点可能会引起特斯拉股东的注意。在采访中，肖特维尔曾表示，“SpaceX 和特斯拉之间的合并可能会让埃隆的生活轻松一些。”
Among the winners are the banks, which have brought in about $500 million in total fees. The big winners are Goldman Sachs and Morgan Stanley, per the WSJ. 在赢家行列中，银行机构总共获得了约 5 亿美元的费用。据《华尔街日报》报道，最大的赢家是高盛（Goldman Sachs）和摩根士丹利（Morgan Stanley）。
Musk took to X, the social media company he owns, to share his appreciation of SpaceX employees as the stock rose. “I love the incredible people of SpaceX beyond words,” he wrote Friday afternoon. He also reposted a number of SpaceX IPO related posts, including a photo of insiders all wearing green shoes in what appears to be a nod to “the green shoe option.” This is a provision in an IPO underwriting agreement that lets underwriters sell up to 15% more shares than originally planned if demand is strong. 随着股价上涨，马斯克在自己拥有的社交媒体平台 X 上表达了对 SpaceX 员工的感谢。“我无法用言语表达我对 SpaceX 杰出员工的爱，”他在周五下午写道。他还转发了多条与 SpaceX IPO 相关的帖子，其中包括一张内部人士穿着绿色鞋子的照片，这似乎是在向“绿鞋机制”（green shoe option）致意。这是 IPO 承销协议中的一项条款，允许承销商在需求强劲的情况下，额外出售最多 15% 的股票。
To get a deeper look into what happened, and all the far-ranging implications of SpaceX now being a publicly traded company, Senior Reporter Sean O’Kane and AI Editor Russell Brandom sat down for a special episode of our Equity podcast, which you can listen to right here or via your podcast player of choice, or queue it up on YouTube here. 为了深入了解所发生的一切，以及 SpaceX 成为上市公司所带来的深远影响，资深记者 Sean O’Kane 和人工智能编辑 Russell Brandom 录制了一期特别版的 Equity 播客。您可以在此处收听，或通过您常用的播客播放器收听，也可以在 YouTube 上观看。
How to track the SpaceX IPO
如何追踪 SpaceX IPO
With an offering this large, there is a lot of financial machinery operating behind the scenes — so the first question is just when the stock makes it to the market to start trading. SpaceX is debuting on Nasdaq and you can see the official Nasdaq listing here, which will have the price of record as soon as there is one. Nasdaq also has video of the SpaceX crew ringing the bell, if that’s your thing. 由于此次发行规模巨大，幕后有许多金融机制在运作——因此第一个问题是股票何时进入市场开始交易。SpaceX 在纳斯达克上市，您可以在此处查看纳斯达克的官方上市信息，一旦有记录价格，这里就会显示。如果您感兴趣，纳斯达克还提供了 SpaceX 团队敲钟的视频。
But the price is just part of the picture. For the most up-to-the-minute information, your best bet is still financial press outlets like Bloomberg and CNBC, both of which have liveblogs running and will have close coverage of any hiccups that happen in getting the stock to market. 但价格只是全貌的一部分。获取最新信息，最好的渠道仍然是彭博社（Bloomberg）和 CNBC 等财经媒体，它们都开设了实时博客，并将密切报道股票上市过程中可能出现的任何波折。
The SpaceX IPO, by the numbers
SpaceX IPO 数据概览
Here we look at some of the bigger numbers, the consequential figures, and the eyewatering amounts that make up the company’s S-1 form. For instance, SpaceX lost $4.9 billion on revenues of over $18 billion in 2025. That’s only a fraction of the more than $37 billion lost since SpaceX’s inception. As CEO, Elon Musk holds about 85.1% of the company’s voting power. You can read more about that in the next section “Who wins and who doesn’t” — and we’ll continue to drop interesting numbers in here. 在这里，我们来看看构成公司 S-1 招股书的一些大数字、关键数据和令人咋舌的金额。例如，SpaceX 在 2025 年营收超过 180 亿美元的情况下，亏损了 49 亿美元。这仅是 SpaceX 自成立以来累计亏损超过 370 亿美元的一小部分。作为首席执行官，埃隆·马斯克持有公司约 85.1% 的投票权。您可以在下一节“谁是赢家，谁不是”中阅读更多相关内容——我们将继续在此处发布有趣的数据。
Here is another figure that caught our attention… 4,400. That’s the number of SpaceX employees who could become millionaires, according to the NYT. 另一个引起我们注意的数字是……4,400。据《纽约时报》报道，这是可能成为百万富翁的 SpaceX 员工人数。
Elon Musk can’t hear you over the sound of his $1.75 trillion IPO: The Equity podcast weighs in on the IPO. 埃隆·马斯克听不到你的声音，因为他的 1.75 万亿美元 IPO 声浪太响：Equity 播客对此次 IPO 的评价。
Who wins and who doesn’t
谁是赢家，谁不是
SpaceX is the world’s largest IPO in history and means a big payday for some investors, employees, and of course, Elon Musk. SpaceX 是史上规模最大的 IPO，这意味着一些投资者、员工，当然还有埃隆·马斯克，将获得丰厚的回报。
Elon Musk becomes the world’s first trillionaire after SpaceX’s historic IPO: The SpaceX IPO has boosted Musk’s paper wealth to more than $1,000,000,000,000 at a time when he is more hated — and powerful — than ever. SpaceX 历史性 IPO 后，埃隆·马斯克成为世界首位万亿富翁：SpaceX 的 IPO 将马斯克的账面财富推高至超过 1 万亿美元，而此时的他比以往任何时候都更受争议，也更具权力。
How Elon Musk will increase his power through the SpaceX IPO: Musk, who will have more than 50% of the voting power, will have a monarchical grip over the publicly traded version of SpaceX — control that goes far beyond what other tech founders enjoy. 埃隆·马斯克将如何通过 SpaceX IPO 增加权力：马斯克将拥有超过 50% 的投票权，从而对上市后的 SpaceX 拥有君主般的掌控力——这种控制力远超其他科技创始人所享有的水平。
Who will benefit most from SpaceX IPO? Mostly Elon — and a few from his inner circle: Elon Musk has the largest stake in SpaceX by billions of shares, but others also stand to win. Here’s the rundown of who owns what. 谁将从 SpaceX IPO 中获益最多？主要是埃隆，以及他核心圈子里的少数人：埃隆·马斯克持有 SpaceX 最多的股份，达数十亿股，但其他人也有望获利。以下是持股情况的概览。
SpaceX SPV investors won’t know their true holdings until post-IPO lock-ups lift: After SpaceX makes its public debut, lower-tier SPV investors face hidden fees, lengthy payout delays, and the risk of outright fraud. SpaceX 的 SPV（特殊目的载体）投资者在 IPO 锁定期结束前无法得知其真实持股情况：在 SpaceX 公开上市后，低层级的 SPV 投资者面临着隐藏费用、漫长的支付延迟以及直接欺诈的风险。
What’s in the S-1
S-1 招股书里有什么
The S-1 registration document gave the world an unprecedented look inside SpaceX, including its financials and its various businesses. The S-1 continued to be amended as the IPO date approached, and we were on it. Here is what we found. S-1 注册文件让全世界前所未有地深入了解了 SpaceX，包括其财务状况和各项业务。随着 IPO 日期的临近，S-1 文件不断进行修订，我们对此进行了全程跟踪。以下是我们发现的内容。
The SpaceX IPO filing is filled with AI bets, Starship dreams, and Elon Musk at the center: The contents of the SpaceX IPO details a business dominated by its Starlink satellite internet offering, more than $37 billion in losses, and future business prospects through its xAI division. SpaceX IPO 文件充满了对人工智能的押注、星舰（Starship）梦想，以及处于核心地位的埃隆·马斯克：SpaceX IPO 的内容详细描述了一项以星链卫星互联网业务为主导的业务，累计亏损超过 370 亿美元，以及通过其 xAI 部门展现的未来商业前景。
Starship’s path to reusability looks murky after SpaceX’s S-1: SpaceX’s IPO and Starship rocket test flight delivered two SpaceX 的 S-1 文件发布后，星舰实现可重复使用的路径看起来并不明朗：SpaceX 的 IPO 和星舰火箭试飞带来了两个……