SpaceX raised $75 billion in its initial public offering, the largest on record, according to a filing on June 11. Elon Musk’s rocket and satellite firm sold 555.6 million shares at a fixed price of $135 each, valuing it at about $1.77 trillion.
That makes SpaceX the seventh most-valuable US company, ahead of Musk’s electric carmaker Tesla. Trading begins Friday on the Nasdaq under the ticker SPCX, the first chance for ordinary investors to buy in. The raise nearly triples the previous record, Saudi Aramco’s roughly $26 billion listing in 2019.
At this price, buying SpaceX is largely a bet on Musk. The 24-year-old company is burning cash and is far smaller by revenue than its trillion-dollar peers. Revenue rose 33% last year to $18.67 billion, and climbed 15% in the first quarter to $4.69 billion.
But it posted a $4.28 billion net loss in the quarter, after losing $4.94 billion in 2025, and has accumulated a deficit of about $41.3 billion since 2002. The prospectus warned it may never turn a profit. First-quarter capital spending more than doubled to $10.1 billion, with $7.7 billion of that going to AI.
Starlink, the satellite internet service, supplies most of the revenue and is the only profitable unit. Musk’s AI company xAI merged with SpaceX in February. Musk sold no shares and keeps control, holding more than 82% of the voting power. Goldman Sachs led the offering, with Morgan Stanley, Bank of America, Citigroup and JPMorgan Chase.
SpaceX skipped the usual price range and set a take-it-or-leave-it $135 after testing demand. That demand was heavy: reports put orders above $250 billion, more than three times the shares available, with BlackRock alone seeking at least $5 billion. Underwriters also hold an option on 83.3 million more shares.
The Investor Case
SpaceX’s Nasdaq debut has immediately strengthened the bull case around Elon Musk’s expanding technology empire. At the indicated opening price of about $171 per share, the stock would trade roughly 29% above its $135 IPO price, underscoring strong demand from institutional and retail investors.
The listing also puts Musk closer to becoming the world’s first trillionaire. His SpaceX stake is now estimated at about $866.5 billion, adding to roughly $320 billion in Tesla holdings. That combined exposure gives investors a clearer view of how markets are valuing Musk’s broader ecosystem across space, AI, electric vehicles, satellite internet, and next-generation infrastructure.
Wall Street has already taken a constructive tone. Oppenheimer initiated coverage with an Outperform rating and a $190 price target over the next 12 to 18 months, implying about 40% upside from the IPO price. The firm cited SpaceX’s rare vertical integration across launch systems, Starlink, AI infrastructure, and space-based communications.
New Street Research set a $165 target, while valuing xAI alone at about $575 billion, reflecting the growing importance of artificial intelligence within Musk’s wider network. The unusually large retail allocation also gave individual investors, including some in Europe, rare early access to one of the most closely watched technology listings in years.
A New IPO Benchmark
The scale of SpaceX’s listing resets expectations for the next generation of public offerings, though its record may not stand for long. Anthropic and OpenAI, both valued by private investors at close to $1 trillion, have reportedly filed confidentially for public listings less than four years after the generative AI boom began. If those offerings move ahead this year, they could quickly challenge SpaceX’s position as the defining technology IPO of the cycle.
Together, SpaceX, Anthropic, and OpenAI represent a new wave of trillion-dollar, AI-linked listings built around infrastructure, compute, and frontier model development. Their potential arrival on public markets would mark a major shift from software-era growth stories toward companies requiring enormous capital expenditure to scale.
The offering also tests investor appetite for businesses with extraordinary growth prospects but heavy spending needs and deep operating losses, a profile increasingly common across the AI buildout. For SpaceX, the debut comes 16 years after Musk took Tesla public, transforming one of the world’s most valuable private companies into a stock that will now be judged quarter by quarter by public investors.
