SpaceX has completed the largest initial public offering (IPO) in U.S. history, raising $75 billion and achieving a market valuation of approximately $1.77 trillion as the company prepares to begin trading on the Nasdaq.
The offering was priced at $135 per share, with investors purchasing 555.56 million shares. The transaction surpasses the previous global IPO record set by Saudi Aramco in 2019 and positions SpaceX among the most valuable publicly traded companies in the world.
The valuation places the company ahead of major corporations across finance, healthcare and technology sectors, including JPMorgan Chase, Berkshire Hathaway, Eli Lilly, Meta and Tesla.
Landmark Debut for SpaceX
The IPO marks a significant milestone for the company founded by Elon Musk in 2002.
SpaceX said the offering values the company at approximately $1.77 trillion based on 13.08 billion shares outstanding. The valuation could increase further if underwriters exercise an option to sell additional shares over the coming weeks.
Shares are scheduled to begin trading on the Nasdaq on Friday.
Despite becoming one of the world’s most valuable public companies, SpaceX reported a loss in the previous year, highlighting the market’s focus on future growth opportunities rather than current profitability.
Unconventional IPO Process
The offering attracted attention for several departures from traditional Wall Street practices.
SpaceX allocated approximately 30% of the shares offered to retail investors, a significantly larger proportion than is typical in major IPOs.
The company also announced its pricing before the completion of the conventional investor roadshow process that is normally used to determine demand and establish a final offering price.
In addition, Musk structured the company’s governance to maintain strong founder control, with SpaceX stating that he will retain approximately 82% of voting power following the offering.
Business Driven by Starlink
While widely recognized for its launch business and ambitions for human space exploration, SpaceX currently derives much of its revenue from Starlink, the company’s satellite broadband network.
The company said Starlink serves millions of customers across 164 countries and territories and has become a major contributor to overall revenue growth.
SpaceX also noted that its launch operations have been responsible for more than four-fifths of the mass placed into orbit globally during the past three years.
Expanding Beyond Launch Services
The company has increasingly positioned itself as a provider of integrated space, communications and artificial intelligence infrastructure.
Last week, SpaceX announced a multi-year cloud services agreement with Google, securing computing resources to support future growth initiatives.
The company has also highlighted opportunities related to artificial intelligence through its association with xAI, arguing that combining AI infrastructure, proprietary models and real-time data creates a competitive advantage in emerging technology markets.
Investor Focus on Future Growth
The IPO comes amid renewed momentum in the U.S. public offerings market and growing investor interest in artificial intelligence, space technology and digital infrastructure companies.
SpaceX describes its mission as developing technologies that support a multiplanetary future while expanding humanity’s access to space.
The company estimates its potential addressable market at $28.5 trillion, encompassing launch services, satellite communications, space infrastructure and artificial intelligence-related activities.
However, analysts note that future performance will depend on the company’s ability to continue expanding commercial revenue streams while navigating competition from rivals such as Blue Origin and securing long-term government and commercial contracts.
With its public market debut, SpaceX enters a new phase of growth as investors evaluate whether the company’s ambitious long-term vision can justify one of the largest corporate valuations ever achieved through an IPO.
