SpaceX Raises Record $85.7 Billion in IPO as Valuation Tops $2 Trillion

SpaceX has shattered global financial records with its initial public offering, raising an unprecedented $85.7 billion after underwriters fully exercised their options on Monday. The aerospace and artificial intelligence conglomerate, trading under the ticker SPCX, saw its shares surge 19% during its Friday debut on the Nasdaq, pushing its market capitalization past $2.2 trillion.[1][2]

The offering eclipses the previous high-water mark set by Saudi Aramco’s $29.4 billion debut in 2019. Initially, SpaceX sold 555.6 million shares at $135 each, securing $75 billion. However, immense demand prompted underwriters, led by Goldman Sachs and Morgan Stanley, to trigger their "greenshoe" option, purchasing an additional 83.3 million shares and injecting another $10.7 billion into the company's coffers.[1][3]

The historic listing immediately vaulted SpaceX into the upper echelon of the world's most valuable publicly traded companies, ranking it sixth globally—ahead of Meta and Tesla, though still trailing titans like Apple and Nvidia. The surge also cemented CEO Elon Musk's status as the world's first trillionaire, given his 42% equity stake and 82.4% voting control over the newly public entity.[2][5][8]

Retail investors played a massive role in the stock's early momentum. Everyday traders poured nearly $120 million into SpaceX shares on Friday alone, making it the most purchased stock of the session and breaking retail participation records previously set by Coinbase in 2021. Brokerage applications were reportedly overwhelmed by the sheer volume of order-matching activity, delaying the first official trades by several hours after the opening bell.[1][4][5]

The capital raised will fuel a sprawling, capital-intensive roadmap. SpaceX plans to accelerate the development of its Starship rocket program, expand its Starlink satellite broadband network, and aggressively build out its artificial intelligence infrastructure. The company's recent acquisition and integration of xAI—the developer behind the Grok chatbot—has fundamentally shifted Wall Street's perception of SpaceX from a pure aerospace manufacturer to a diversified AI powerhouse.[2][7][8]

Over the weekend, Musk amplified the hype by projecting that SpaceX could generate $1 trillion in annual revenue by 2030. "I would be surprised if revenue is not greater than $1T in 2031," he posted on his social media platform X. This aggressive target relies heavily on the assumption that the company's AI division will experience exponential growth alongside its space operations.[4]

However, that trillion-dollar forecast sits far above consensus estimates from major financial institutions. Morgan Stanley projects SpaceX's 2030 revenue will reach approximately $330 billion, while Goldman Sachs offers a more optimistic $474 billion target. Both models assume massive growth in AI-related services, but neither approaches Musk's timeline.[6]

Skeptics also point to the company's current profitability metrics. While SpaceX grew its revenue by 33% to $18.67 billion in 2025, the heavy investments required for Starship and AI infrastructure caused the company to swing from a $791 million profit to a net loss of $4.94 billion. Value investors note that similarly valued tech giants, such as Alphabet and Amazon, produce tens of billions in annual after-tax profits.[4][6][8]

Despite the earnings gap, market enthusiasm remains undeterred. Index providers FTSE Russell and MSCI are scheduled to add SPCX to their benchmarks later in June, a move expected to trigger billions of dollars in automatic purchases from passive funds and exchange-traded products. For now, Wall Street appears willing to fund Musk's ultimate vision: a multi-planetary future underwritten by the world's most advanced artificial intelligence.[2][4][8]