Key Highlights
- Trading began on Nasdaq with ticker SPCX, jumping approximately 30% beyond the $135 IPO pricing
- A record-shattering $75 billion capital raise eclipsed every previous public offering, including Saudi Aramco’s 2019 debut
- Musk’s personal wealth surpassed $1 trillion following SpaceX’s $2.29 trillion market capitalization
- Optimists view the company as an integrated space and AI powerhouse; skeptics highlight a $4.94 billion 2025 loss
- Corporate control questions arise from Musk’s 80–85% voting power, restricting ordinary shareholder influence
Friday marked a historic moment as SpaceX commenced public trading on Nasdaq using the SPCX ticker symbol, with shares launching roughly 30% higher than the $135 offering price. Early indications placed the opening near $175 per share, translating to a company valuation approaching $2.29 trillion.
The capital raised through this offering—$75 billion—established a new global benchmark for initial public offerings. This figure dwarfs the previous record holder, Saudi Aramco, which collected $26 billion during its 2019 market debut.
From Starbase headquarters in South Texas, Elon Musk participated in the ceremonial opening bell ritual. Following the listing, Forbes calculated that Musk’s personal fortune exceeded $1 trillion, establishing him as humanity’s first individual to reach this milestone.
SpaceX set its offering price at $135 and distributed 555.56 million shares to investors. Reports indicate retail investor appetite exceeded $100 billion, while institutional giant BlackRock submitted a single purchase order worth $5 billion.
Breaking with convention for major offerings, the aerospace firm reserved 30% of available shares for individual retail participants. The company also bypassed the customary roadshow presentations that investment banks normally conduct to assess market interest.
Core Business Operations
Established in 2002, SpaceX articulates its central objective as enabling human civilization across multiple planets. The Starlink satellite broadband network represents the dominant revenue stream, delivering internet connectivity to 164 nations and generating approximately 60% of the company’s $18.67 billion in 2025 revenues.
According to company disclosures, SpaceX launches have constituted over 80% of total mass deployed to orbital space during the previous three years. The Starlink constellation currently operates 9,600 satellites providing service to roughly 10.3 million subscribers worldwide.
A corporate combination with Elon Musk’s artificial intelligence venture xAI concluded in early 2026. Oppenheimer emerged as the initial major financial institution to issue research coverage, assigning an outperform recommendation alongside a $190 valuation target. New Street Research established a twelve-month objective of $165.
Goldman Sachs projections contemplate AI-related revenues potentially expanding 100-fold to reach $322 billion by decade’s end, though analysts acknowledge substantial uncertainty surrounding this scenario.
Skeptical Perspectives
Unanimous enthusiasm for the pricing remains elusive. Morningstar analysts calculated intrinsic value at merely $63 per share, characterizing the offering as “significantly overvalued.” Professor Aswath Damodaran, a valuation authority, estimated enterprise value at $1.22 trillion, substantially below the IPO-implied metrics.
Prominent short seller Jim Chanos questioned whether the company deserves a $1.75 trillion valuation “based on any reasonable assumptions.” He observed that SpaceX commands approximately 90 times sales, contrasting sharply with Tesla’s 14 times revenue multiple.
Financial results showed a $4.94 billion net loss for 2025, representing a reversal from the $791 million profit recorded in 2024. The deficit emerged following integration with xAI. Topline revenues did advance 33% on an annual comparison basis.
Musk maintains control through an estimated 80–85% of voting authority, constraining public shareholder governance participation. Pension administrators from California and New York issued correspondence opposing the offering framework, highlighting super-voting share structures and compulsory arbitration clauses that replace traditional shareholder litigation rights.
S&P Global rejected expedited inclusion into the S&P 500 index, suggesting passive fund accumulation may materialize more gradually than certain market participants anticipated. Nasdaq did modify its guidelines to permit accelerated admission into Nasdaq-linked index products, with potential inclusion feasible within 15 days following the listing date.
