SpaceX Hits Wall Steet With the Biggest IPO in History

SpaceX, Elon Musk's rocket, satellite, and AI company, launched the largest initial public offering in history Thursday evening, pricing shares at $135 each and raising $75 billion. The IPO values SpaceX at roughly $1.77 trillion, instantly making it one of the world's most valuable companies and positioning Musk to become the world's first trillionaire. Shares will begin trading Friday on the Nasdaq under the ticker SPCX, giving ordinary investors their first chance to buy into a major AI company outside of established tech giants.

Elon Musk’s rocket, satellite, and AI company SpaceX is finally trading on Wall Street after what feels like a very long buildup to its IPO. The company priced its shares at $135 each Thursday evening, giving SpaceX a valuation of roughly $1.77 trillion and making it the largest stock debut in history https://gizmodo.com/spacex-officially-files-ipo-and-plans-to-be-traded-as-spcx-2000761643 . SpaceX sold 555 million shares during the offering, raising $75 billion. Shares of SpaceX are now trading on the Nasdaq under the ticker symbol SPCX. The highly anticipated IPO has instantly made SpaceX one of the most valuable companies in the world and is set to make Musk the world’s first trillionaire https://www.bloomberg.com/billionaires/ . It may have also made some Trump administration officials richer https://gizmodo.com/spacexs-ipo-could-make-some-trump-administration-officials-even-richer-2000767020 . The listing also gives ordinary investors one of their first chances to buy shares in a major AI company outside of established tech giants like Meta, Microsoft, and Alphabet. SpaceX acquired xAI, parent company of the social media site formerly known as Twitter and the controversial Grok chatbot, earlier this year. Its AI rivals OpenAI https://gizmodo.com/we-expect-it-to-leak-so-were-just-announcing-it-openai-files-confidentially-for-ipo-2000762237 and Anthropic https://gizmodo.com/anthropic-just-beat-openai-in-the-ipo-race-2000765922 also plan to go public this year. Part of SpaceX’s pitch for its massive IPO is that the company has future earnings potential that frankly has never been claimed by any company in history. In its IPO filing https://www.sec.gov/Archives/edgar/data/1181412/000162828026036936/spaceexplorationtechnologi.htm , the company estimates it has a $28.5 trillion total addressable market, with roughly $26.5 trillion expected to come from AI alone. The sheer size of the offering has already pushed parts of Wall Street to bend some of their rules https://gizmodo.com/wall-street-is-already-bending-its-rules-to-suck-more-people-into-spacexs-ipo-2000765844 . Several major stock market index providers, including Nasdaq and FTSE Russell, have recently changed or adopted fast-entry rules that could allow companies like SpaceX to be added to major indexes much sooner than they normally would. Once SpaceX is added to these indexes shortly after its IPO, funds that track those indexes may have to buy SpaceX shares. That means regular people could end up with exposure to Musk’s currently unprofitable company, even if they never intentionally bought the stock themselves. The company is aiming for retail investors to make up about 30% of the offering, well above the roughly 10% typically seen in an IPO. But not everyone is buying the hype, especially given the company’s current financials https://finance.yahoo.com/markets/stocks/articles/spacex-just-revealed-finances-warning-203600433.html . In 2025, SpaceX reported a net loss of $4.9 billion despite generating $18.6 billion in revenue. S&P Dow Jones Indices announced https://gizmodo.com/spacex-may-not-be-forced-into-your-pension-fund-after-all-2000768119 last week that it is keeping its eligibility rules intact for the S&P 500, the benchmark behind many Americans’ retirement funds, as well as several other major indexes. That means SpaceX will not be fast-tracked into the S&P 500, at least for now. Morningstar analysts also warned https://www.morningstar.com/stocks/why-we-think-spacex-ipo-is-overvalued this week that SpaceX may be overvalued at its IPO price. The financial services firm estimated the stock is actually worth about $63 a share, less than half of its $135 IPO price. The stock is expected to start trading sometime after 10AM on Friday, and it’s probably an understatement to say its first day of price swings will be the most closely watched of all time.