SpaceX Nasdaq Listing: The Largest IPO in History, Musk Becomes First Trillionaire

On June 12, 2026, SpaceX officially listed on Nasdaq under the ticker SPCX, with an IPO price of $135 per share, issuing approximately 555.6 million shares and raising $75 billion, setting a global record for the largest IPO. The first trade opened at $174, up about 28.9% from the IPO price, giving SpaceX a market cap of approximately $2.28 trillion and making it the seventh-largest publicly traded company in the U.S.

Listing Details and Market Reaction

Pricing and Fundraising: IPO price of $135/share raised $75 billion, breaking the previous record of $29.4 billion set by Saudi Aramco in 2019. Including the over-allotment option, total fundraising exceeded $85 billion.
Opening Performance: During the pre-market auction, the stock surged to $174, closing the first day at $160.95, a gain of 19.22%.
Subscription: Oversubscribed by about 4 times, attracting $250 billion in demand. Retail investors were allocated 30% (industry norm is 5%-10%), with retail subscriptions exceeding $100 billion.
Employee Wealth Creation: The IPO will create over 4,000 millionaires among current and former employees.

Musk's Wealth and Corporate Governance

Personal Wealth: Musk holds approximately 6.418 billion shares (including Class B shares), giving him a net worth of about $1.2 trillion at the opening price, making him the world's first trillionaire. However, over 90% of his shares are locked with a 366-day lock-up period.
Voting Power: With 42% equity capital, Musk controls about 85% of voting rights. Among Class B shares, 1 billion shares are reserved for a performance-based earnout tied to the condition of 1 million people settling on Mars.

Business Structure and Financial Performance

SpaceX operates across three main segments:

Rocket Launch: The Falcon 9 is the world's only large-scale commercially reusable rocket, with a launch cost of about $2,700 per kilogram, far below the industry average. In 2025, it completed 170 launches, accounting for over 80% of global orbital mass.
Starlink Satellite Internet: Revenue of $11.39 billion in 2025, covering 164 countries and regions with over 10.3 million subscribers. Consumer revenue was $7.208 billion, while enterprise customers (aviation, maritime) and government contracts (Starshield) contributed stable profits.
xAI Artificial Intelligence: Merged into SpaceX in February 2025. In Q1 2025, capital expenditure was $10.1 billion, with $7.7 billion invested in AI infrastructure. However, the company reported a net loss of $4.9 billion in 2025, primarily due to AI investments.

History and Vision

Entrepreneurial Journey: Founded by Musk in 2002, SpaceX started in a warehouse in El Segundo, California, with just 9 employees. Early on, it faced multiple launch failures, and it took six weeks after the third failure in 2008 to achieve its first orbital success.
Mission: The prospectus reiterates the goal of "making life multiplanetary." In his listing speech, Musk said, "Whoever you are, SpaceX hopes to take you to the Moon, to Mars, and eventually beyond."
Future Goals: Musk's compensation is tied to a market cap of $7.5 trillion and the colonization of Mars by 1 million people. The company plans to launch V3 satellites using Starship and explore space-based AI data centers.

Controversies and Risks

Financial Uncertainty: The prospectus shows cumulative losses of $13 billion since 2023, with revenue far below that of companies with similar market caps. Morningstar analysts estimate a fair valuation of only $780 billion.
Technical Risks: Space-based AI data centers face challenges such as extreme environments and irreparable equipment; Starlink V2 satellites have experienced reduced speeds during peak evening hours in some regions.
Political Ties: SpaceX's revenue depends on government contracts, and Starlink terminals are used in military scenarios. Musk served as a campaign advisor to Trump, sparking discussions about political dependence.