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SpaceX priced its record IPO at $135 and now trades near $112. The people who made money owned it before the public ever could.
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July 26, 2026 • Weekend edition • No hype, just perspective.
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The IPO Everyone Wanted Is Now Below Its Opening Price
SpaceX was the listing of the decade. It priced at $135 in June, raced to $225 within a week, and today trades near $112, below where it went public. Nothing about the company broke. What broke was the assumption underneath the purchase: that the IPO was the beginning of the story. The people who made the money owned it before the public was ever allowed in.
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| Sponsored |
Share price deadline / July 30 |
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The round is open at $0.79. The share price deadline is July 30.
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Immersed’s share price deadline is July 30. Until then, shares are available at the current $0.79 price, alongside the 9,800+ investors who have already come in. |
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1.5M+
Users
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$37M+
Raised
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9,800+
Investors
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invest.immersed.com · Reg A+ offering · Share price deadline July 30
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This is a paid advertisement for Immersed made pursuant to a Regulation A+ offering and involves risk, including the possible loss of your entire investment. Shares are not publicly traded and are illiquid. No IPO or NASDAQ listing is guaranteed. Please read the offering circular and related risks at invest.immersed.com. The valuation is set by the Company and there is currently no public market for the Company’s Common Stock. Financial figures are unaudited and past performance does not guarantee future results. Tier pricing is set by the Company; prior pricing does not indicate future value. |
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The Round-Trip
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• The debut: SpaceX priced its record $86 billion IPO at $135 a share on June 12 and opened at $150. Within four days it touched $225. It was the most anticipated listing in years.
• The reversal: five weeks later the stock trades near $112, below its $135 IPO price and roughly in half from that June peak. Nearly everyone who bought the listing is underwater.
• Where the money was made: not by the public buyers. The gains were captured earlier, in the private rounds, where the value compounded for years out of public view before a single share traded on an exchange.
• The structural truth: an IPO is not the entry point. It is the exit, the day early holders sell to the public. The ground floor was the private round most people were never allowed into.
• What Monday brings: the tape reopens into a war grinding through a third week of strikes and active talks, and a Fed that decides Wednesday with no cut priced. The structural lesson below outlasts both.
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| Sponsored |
Share price deadline • $0.52/share |
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Mode Mobile • Pre-IPO window
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Two ways to own a stock. Only one is still $0.52.
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Most investors meet a company on its first day of public trading, after the early pricing is gone. Mode Mobile is still in the window before that. Here is the difference, side by side. |
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Public market (later) |
Pre-IPO (now) |
| Entry price |
Set by the market |
$0.52/share, fixed |
| Price movement |
Volatile, daily |
Fixed in this round |
| Early bonus |
None |
Up to 20% bonus shares |
| Structure |
Exchange listed |
Reg A+ SEC-qualified |
| Window |
Open-ended |
Share price deadline |
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The company in the right-hand column is real: 490M+ users, $115M+ in revenue, number one on Deloitte’s fastest-growing software list, ~60,000+ investors already in, and the Nasdaq ticker $MODE reserved ahead of a planned listing. The $0.52 share price deadline. |
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invest.modemobile.com · $1,300 minimum
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This is a paid advertisement for Mode Mobile’s Regulation A+ offering. Please read the offering circular and related risks at invest.modemobile.com. Mode Mobile recently received their ticker reservation with Nasdaq ($MODE), indicating an intent to IPO in the next 24 months. An intent to IPO is no guarantee that an actual IPO will occur. The Deloitte rankings are based on submitted applications and public company database research, with winners selected based on their fiscal-year revenue growth percentage over a three-year period. *Mode revenue and EBITDA numbers includes full year revenue and EBITDA of businesses acquired in 2025. Investing involves a high degree of risk, including the possible loss of your entire investment. This is not an offer to sell or a solicitation of an offer to buy securities. Mode Mobile, Chicago, IL · invest@modemobile.com |
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Details
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The IPO Was the Exit, Not the Entry
A month ago SpaceX was the listing everyone wanted. It priced at $135, the largest debut in years, and raced to $225 within a week. Today it trades near $112, below the price it went public at, and the investors who bought the famous name on its first days are sitting on losses. Nothing about the company changed in five weeks. What changed was the crowd’s discovery of an old rule the excitement had buried: the IPO is not where the story begins.
An IPO is a liquidity event, and liquidity flows one way. When a company lists, the people selling are the ones who were already there: the founders, the funds, the employees, the private-round investors who bought years earlier. The listing is the door they walk out through, and the public is who they hand the shares to. That is not a scandal; it is the design. But it means the buyer on day one is, by definition, buying from someone who got in cheaper and has chosen this moment to sell.
The gains happen where the public cannot see them. SpaceX did not create its value on June 12. It built it over years of private rounds, each struck at a higher mark, entirely off the public exchange. By the time an ordinary investor could click buy, the compounding that made the early holders rich had already happened. The public got the logo, the headline and the price after the run. The lesson is not that IPOs are bad. It is that the early money and the public money are almost never the same money.
This is what the private structure changes, and what it does not. The reason early-stage investing was the province of funds and insiders is that ordinary people were mostly walled out of it by law. A Reg A+ offering is one structure that opens that stage to everyone, at a set early price, before any listing exists. It does not promise a listing and it does not promise a gain; early-stage shares are illiquid and can go to zero. What it changes is access, the one thing the SpaceX buyers on June 12 did not have, and the one thing that separated them from the money made before them.
Where that leaves you. None of this argues for chasing every private deal. Most early-stage companies fail, and illiquidity is a real cost, not a footnote. It argues for seeing the IPO clearly, as an exit dressed up as an entrance, and for asking, whenever a famous name finally lists, who is selling and why now. The Fed will move the tape Wednesday and the war will move it before that. But the structural lesson SpaceX just taught outlasts both, and it is worth carrying past this weekend.
SpaceX did not fail its investors. It reminded them of a rule the excitement had covered over: by the time the public is invited in, the early money is usually on its way out. Monday the tape reopens on the war, and Wednesday on the Fed. But the quieter lesson of the month outlasts both. The entrance everyone races for is often someone else’s exit.
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Harold Winston
Thirty years advising individual investors. Now reads markets for a living.
No hype, just perspective.
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