SpaceX Prices Historic $75 Billion IPO, Targeting $1.77 Trillion Valuation

SpaceX is set to rewrite the record books on Friday as it debuts on the Nasdaq under the ticker SPCX, following the largest initial public offering in global market history. Pricing after the bell on Thursday at a fixed $135 per share, the aerospace and communications giant is raising $75 billion.[1][8]

The offering dwarfs the previous global record—Saudi Aramco's $29.4 billion debut in 2019—and values Elon Musk's company at approximately $1.77 trillion. If the stock holds its IPO price in open trading, SpaceX will immediately become one of the most valuable public companies on Earth, trailing only tech behemoths like Apple, Microsoft, and Nvidia.[1][4][8]

The mechanics of the offering were as unconventional as the company itself. Bypassing the traditional Wall Street bookbuilding process where underwriters test a price range over several weeks, SpaceX handed the market a fixed $135 target and moved straight to allocation.[1]

Demand has been staggering. By the time the order book closed, the offering had attracted more than $250 billion in institutional and retail interest, leaving the IPO roughly three-and-a-half times oversubscribed. Retail investors alone placed orders exceeding $100 billion, driven by unprecedented access to the offering.[2]

Historically, retail traders are locked out of mega-cap IPO allocations, which are reserved for institutional clients. However, SpaceX allocated up to 30% of its shares to everyday investors. Brokerages like Fidelity lowered their participation thresholds to just $2,000 in account value to accommodate the surge in interest.[6]

The frenzy is fueled by a fundamental shift in SpaceX's business model. While the company is famous for its reusable rockets, the financial engine driving the IPO is Starlink. The satellite internet constellation generated an estimated $11.8 billion in revenue in 2025, crossed the 7-million subscriber mark, and achieved positive cash flow.[4]

Furthermore, the narrative surrounding the stock has expanded beyond the space economy. Following SpaceX's $250 billion acquisition of Musk's artificial intelligence startup xAI in early 2026, institutional investors are increasingly valuing the combined entity as an AI infrastructure play. The integration of xAI's data centers with Starlink's global network has positioned SpaceX at the intersection of two massive growth sectors.[5]

Yet, the astronomical valuation has triggered sharp warnings from traditional financial analysts. Investment research firm Morningstar issued a fair value estimate of just $780 billion—less than half of the IPO pricing—citing a major disconnect between market expectations and underlying fundamentals.[3]

Critics point to the company's bottom line. Despite generating $18.7 billion in total revenue last year, SpaceX posted a net loss of nearly $4.9 billion as it poured capital into its Starship development and AI infrastructure. At $1.77 trillion, the stock is trading at roughly 94 times its trailing sales, a multiple that far exceeds the averages of the largest technology stocks.[1][3][4][5]

Financial advisors are urging caution, particularly for older investors caught up in the hype. Market analysts warn that treating the stock as a guaranteed retirement vehicle ignores the inherent volatility of a company that is priced for absolute perfection and still burning billions in cash annually.[7]

The offering has also drawn scrutiny from Washington. Senator Elizabeth Warren formally requested that the Securities and Exchange Commission delay the IPO, citing concerns over investor protections and governance. Musk will retain 85% of the company's shareholder voting power, an unprecedented level of control for a public entity of this size.[2]

Regardless of the skepticism, the sheer scale of the IPO means passive index funds will eventually be forced to buy the stock, creating a structural floor for demand. As the opening bell approaches on Friday, Wall Street is bracing for a trading session that will test whether the market's appetite for Musk's vision can sustain a nearly two-trillion-dollar reality.[1][4]