SpaceX raises a record $75 billion in IPO

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SpaceX raises $75 billion in IPO

Details of the SpaceX IPO

Space Exploration Technologies Corp., as the company is officially known, also granted the underwriting banks an option to buy an additional 83.3 million shares at the IPO price. If exercised in full, the deal could grow to about $86 billion. Demand for the shares exceeded the available supply by more than four times.

At the IPO price of $135 per share, SpaceX has a market capitalization of $1.77 trillion. Including employee stock options and restricted shares, the company’s fully diluted valuation reaches about $1.8 trillion. SpaceX shares will begin trading on Friday on Nasdaq and Nasdaq Texas under the ticker SPCX.

Retail investors played an important role in the offering, as Musk has traditionally enjoyed a strong base of supporters among them. According to people familiar with the matter, they placed more than $100 billion in orders, significantly exceeding the 20% share allocation initially reserved for this category of buyers.

At the IPO price of $135 per share, SpaceX ranks among the ten largest public companies in the world and is valued higher than Tesla Inc., Musk’s other company.

Musk presented SpaceX as a central element of a futuristic vision of the future — with data centers in space and robotic factories on the Moon. This narrative proved especially well timed amid the boom in AI-related investments. Even after a sharp sell-off in recent sessions, the Nasdaq-100 remains up 15.45% year-to-date, while the Philadelphia Stock Exchange Semiconductor Index has gained 81.84% as the race for physical AI infrastructure continues to drive the sector higher.

The world’s first trillionaire

On paper, Musk’s wealth will increase by about $275 billion after the IPO and reach roughly $970 billion, Bloomberg reported. His stake in SpaceX, including options, is valued at $688 billion at $135 per share.

A successful start to trading on Friday could make Musk the world’s first trillionaire. His wealth could grow even further if he meets the conditions for additional compensation — up to 1.3 billion Class B shares distributed across several tranches.

However, meeting those conditions will be extremely difficult. SpaceX’s market capitalization must reach $7.5 trillion, the company must build off-Earth data centers capable of delivering 100 terawatts of computing power per year, and it must establish a permanent human colony on Mars with at least 1 million residents.

Musk will not be able to sell his shares for one year after trading begins. After the IPO, he will retain control of 84% of the voting power, excluding the potential exercise of the over-allotment option. SpaceX’s corporate governance structure effectively allows Musk to determine the composition of the board of directors himself, meaning that only he can remove himself as CEO.

Two more high-profile IPOs

The market’s attention will now turn to two more potentially high-profile listings — the IPOs of Anthropic and OpenAI. Both companies are considered key players in the artificial intelligence race, and their possible public offerings could test how resilient investor demand for AI assets remains after SpaceX’s record-breaking listing. According to market participants, each company could seek a valuation of more than $1 trillion.

The success or weakness of SpaceX shares after trading begins will effectively serve as a benchmark for these companies. If investors continue to actively buy the stock, it will strengthen expectations that the market is ready to absorb more major listings in the AI sector.

As a reminder, Starlink remains SpaceX’s only profitable business.

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