SpaceX begins trading on the Nasdaq under the symbol $SPCX, marking the largest initial public offering in stock market history. Thus, it raised $75 billion with a target price of $135 per share and carries a valuation of $1.75 trillion on its public debut.
The record not only transcends its previous holder; It blurs that. Saudi Aramco held the previous IPO record when it opened at $25.6 billion in 2019. SpaceX has now raised three times that number in a single offering, rewriting the record books on its first day of trading and hitting the public markets as one of the most valuable companies ever to list on an exchange.
For founder Elon Musk, who controls more than 80% of the company, this achievement carries a personal dimension that extends beyond any single share price. If shares reach or maintain their offering price of $135, Musk is on track to become the world’s first trillionaire, a threshold that will be crossed by combining his SpaceX stake with his existing holdings across his other ventures.
The offer and what it means
The numbers alone are historical. SpaceX’s offering of 555.56 million Class A common shares at $135 per share to raise $75 billion is not just a record, it’s a sign of the scale at which private companies can now take the public markets. The previous cap, set by Saudi Aramco seven years ago, was surpassed by a company that was still private just weeks ago.
It is worth noting the dual-class share structure accompanying the listing. Class A shares carry one vote per share, while Class B shares carry ten votes per share. Musk’s control of more than 80% of the company through his share class means that despite a public listing, operational and strategic control of SpaceX remains firmly with its founder, with the public market getting price discovery and access to liquidity, but not governance power over the company’s direction.
Goldman Sachs is acting as joint lead bookrunner and sole stabilizing agent for the offering, a role that has responsibility for supporting the share price in the immediate post-listing period if trading turns volatile. For an IPO of this size and profile, the stabilization function is important, as first-day trading on a $1.75 trillion debut can move in either direction quickly, and having a certain stabilizing agent in place provides a mechanism to facilitate the initial price discovery process.
What does SpaceX actually do and why is it asking for this assessment?
SpaceX is not a one-stop company, and the valuation reflects the breadth of what it has built. The core business is launch, and SpaceX has completed nearly 650 orbital space launches with a mission success rate exceeding 99% via Falcon rockets, and became NASA’s largest launch partner after the agency’s Space Shuttle program ended in 2011.
And at the helm of the launch business is Starlink, the satellite internet service that operates a constellation of about 10,000 satellites and that generated 61% of SpaceX’s total 2025 revenue. Starlink has evolved from a speculative infrastructure project into a meaningful commercial business with paying subscribers across dozens of countries, a division that gives the company its most visible recurring revenue stream heading to the general market.
Then there’s xAI, the artificial intelligence unit that previously acquired X, the social network formerly known as Twitter. SpaceX’s capital expenditures in the first quarter of 2026 reached $10.1 billion, more than double from the previous year, with $7.7 billion of that going specifically to AI infrastructure. The scale of investment in artificial intelligence indicates that SpaceX sees advanced artificial intelligence as a key part of its future, rather than a side project.
Musk and the trillionaire threshold
The personal financial achievement associated with this IPO has attracted as much attention as the company’s record. Elon Musk’s control of more than 80% of a company worth $1.75 trillion puts his stake in SpaceX alone at a number that puts him, along with his other holdings, within range of becoming the first individual in history to have a net worth exceeding $1 trillion.
This threshold has never been crossed. The closest any individual came always failed at the moment of measurement, either because asset prices moved, because valuations were private estimates rather than general market prices, or because the gap remained too large to be closed in a single event. SpaceX’s listing changes the equation because it converts the private valuation into a publicly traded number at market price that is factored into net worth calculations in a way that private company estimates do not.
Whether the stock holds at $135 or more from the opening of the day will determine whether the threshold will be crossed in real time or postponed. Early indications are that SPCX will open higher than its IPO price, which would push the calculations further in Musk’s direction from the first minutes of trading.
What investors get
The picture that emerges from SpaceX’s S-1 filing is of a company spending aggressively on the future while taking on significant debt from that investment. Capital expenditures more than doubled year-over-year in the first quarter of 2026, and the company has accumulated a cumulative deficit of about $41.3 billion since its founding in 2002, and net income figures show continuing losses at the operating level.
For retail investors, access to SPCX shares is available through standard brokerage accounts including Robinhood, Fidelity and Charles Schwab once open market trading begins today.
Token stock products that appeared in the weeks leading up to the IPO, including an xStocks offering through Bitget Wallet, served as pre-listing tools for those who couldn’t wait for their open market debut today. Now that SpaceX is officially public, the stock trades like any other Nasdaq-listed company, with full price transparency and unrestricted retail access from the opening bell.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any services.
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