SpaceX Prices Historic IPO at $135 Per Share in Largest Public Offering Ever
SpaceX has officially priced its highly anticipated initial public offering at $135 per share, raising an unprecedented $75 billion and securing the largest IPO in U.S. history.
The landmark offering values Elon Musk’s aerospace company at approximately $1.77 trillion, instantly placing it among the world’s most valuable publicly traded companies.
SpaceX Achieves Record-Breaking Valuation
The company sold 555.56 million shares as part of the offering, resulting in a valuation of $1.77 trillion based on approximately 13.08 billion shares outstanding.
The valuation surpasses those of several corporate giants, including JPMorgan Chase, Berkshire Hathaway, Eli Lilly, Meta Platforms, and even Musk’s electric vehicle company Tesla.
SpaceX is expected to begin trading on the Nasdaq, where it will immediately rank among the largest companies listed in the United States.
The final valuation could increase further if underwriters exercise their option to sell additional shares during the coming weeks.
Surpassing Previous IPO Records
The SpaceX listing eclipses the previous record set by Saudi Aramco in 2019.
Aramco raised $25.6 billion during its IPO, although inflation-adjusted figures place that fundraising total at approximately $33.2 billion.
Even by those standards, SpaceX’s $75 billion offering establishes a new benchmark for public market debuts and highlights extraordinary investor demand for the company.
From Space Exploration to Global Connectivity
Founded in 2002 by Elon Musk, SpaceX has built its reputation around ambitious goals that extend far beyond traditional aerospace operations.
The company states that its mission is to develop technologies capable of making humanity a multiplanetary species while expanding human understanding of the universe.
Today, SpaceX dominates commercial space launches and claims responsibility for more than four-fifths of all mass launched into orbit over the past three years.
Its Starlink satellite internet network has become the company’s largest revenue generator, providing connectivity services across 164 countries and territories worldwide.
Massive Demand From Retail and Institutional Investors
Investor demand for the IPO proved exceptionally strong.
SpaceX allocated approximately 30% of the offering to retail investors, an unusually large percentage for a public listing of this size.
According to media reports, retail demand exceeded $100 billion, while institutional investors also competed aggressively for shares.
Among the largest reported orders was a $5 billion allocation request from BlackRock, highlighting strong institutional confidence in the company.
The Bull Case: SpaceX as an AI and Space Infrastructure Giant
Supporters of the stock argue that SpaceX is more than a rocket company.
Several analysts view the business as a unique combination of aerospace, artificial intelligence, satellite communications, and advanced manufacturing.
Much of the bullish outlook centers around Starlink, which reportedly generated around 60% of the company’s estimated 2025 revenue and serves more than 10 million users through a network of nearly 10,000 satellites.
Analysts also point to SpaceX’s merger with xAI and its plans for AI-driven infrastructure and orbital data centers as major long-term growth opportunities.
Some Wall Street firms have already issued price targets significantly above the IPO price, reflecting expectations of continued expansion.
The Bear Case: Valuation Concerns Remain
Despite the enthusiasm, critics argue that the company’s valuation has become difficult to justify using traditional financial metrics.
Several analysts believe the stock is trading at a substantial premium relative to its current earnings and revenue profile.
SpaceX reportedly generated approximately $18.7 billion in revenue during 2025 but posted a net loss of nearly $5 billion following its merger with xAI.
Skeptics note that the company trades at roughly 90 times annual sales, a multiple that far exceeds many established technology companies.
Some market observers warn that investors may be paying for future possibilities rather than current financial performance.
Governance Structure Raises Questions
Another concern for investors is corporate governance.
Elon Musk is expected to retain approximately 80% to 85% of voting control, giving public shareholders limited influence over strategic decisions.
Supporters view this founder-led structure as a strength that allows the company to pursue long-term goals without short-term market pressure.
Critics, however, argue that concentrated control increases governance risks and reduces accountability.
Index Inclusion Could Influence Future Demand
Investors are also watching how quickly SpaceX may qualify for inclusion in major stock indexes.
While Nasdaq has adjusted certain listing requirements that could support eventual inclusion in the Nasdaq-100, entry into the S&P 500 may take longer.
This could delay the large-scale passive fund buying that often follows index inclusion and provides additional support for newly listed companies.
A Historic Moment for Public Markets
The SpaceX IPO represents one of the most significant events in modern financial market history.
Whether the company ultimately justifies its extraordinary valuation remains a subject of intense debate among analysts and investors.
For now, however, demand for the stock reflects widespread confidence in Elon Musk’s vision, the growth of Starlink, the future of artificial intelligence, and the long-term potential of the commercial space industry.
