SpaceX Makes Nasdaq Debut With $75B IPO, The Largest in History as Elon Musk Eyes Trillionaire Status

SpaceX begins trading on the Nasdaq under the ticker $SPCX, marking the largest initial public offering in stock market history. Thereby, raising $75 billion at a targeted price of $135 per share and carrying a $1.75 trillion valuation into its public debut.

The record does not just edge past the previous holder, it obliterates it. Saudi Aramco held the prior IPO record when it opened at $25.6 billion in 2019. SpaceX has now raised three times that figure in a single offering, rewriting the record books on its first day of trading and arriving on public markets as one of the most valuable companies ever to list on a stock exchange.

For founder Elon Musk, who controls more than 80% of the company, the milestone carries a personal dimension that extends beyond any single stock price. If shares reach or hold at the $135 offering price, Musk is on track to become the world’s first trillionaire, a threshold that would be crossed through the combination of his SpaceX stake and his existing holdings across his other ventures.

The Offering And What It Means

The numbers alone are historic. SpaceX offering 555.56 million Class A common shares at $135 per share to raise $75 billion is not just a record, it is a signal about the scale at which private companies can now arrive at public markets. The previous ceiling, set by Saudi Aramco seven years ago, has been pushed past by a company that was still private just weeks ago.

The dual-class share structure accompanying the listing is worth noting. Class A shares carry one vote per share, while Class B shares carry ten votes each. Musk’s control of more than 80% of the company through his share class means that despite the public listing, operational and strategic control of SpaceX remains firmly with its founder, the public market is getting price discovery and liquidity access, but not governance authority over the company’s direction.

Goldman Sachs is serving as joint lead bookrunner and sole stabilization agent for the offering, a role that carries responsibility for supporting the stock’s price in the immediate post-listing period if trading turns volatile. For an IPO of this scale and profile, the stabilization function matters, first-day trading on a $1.75 trillion debut can move in either direction fast, and having a designated stabilization agent in place provides a mechanism to smooth out the initial price discovery process.

What SpaceX Actually Does And Why It Commands This Valuation

SpaceX is not a single-business company, and the valuation reflects the breadth of what it has built. The core business is launch, SpaceX has completed approximately 650 orbital space launches with a mission success rate exceeding 99% across its Falcon rockets, and has become NASA’s biggest launch partner following the end of the agency’s space shuttle program in 2011.

On top of the launch business sits Starlink, the satellite internet service operating a constellation of around 10,000 satellites that generated 61% of SpaceX’s total 2025 revenue. Starlink has grown from a speculative infrastructure project into a meaningful commercial business with paying subscribers across dozens of countries, and it is the division that gives the company its most visible recurring revenue stream heading into the public market.

Then there is xAI, the artificial intelligence unit that previously acquired X, the social network formerly known as Twitter. SpaceX’s capital expenditures in the first quarter of 2026 reached $10.1 billion, more than double a year earlier, with $7.7 billion of that going specifically to AI infrastructure. The scale of that AI investment signals that SpaceX sees xAI as a core part of its future, not a peripheral side project.

Musk and the Trillionaire Threshold

The personal financial milestone attached to this IPO has attracted as much attention as the corporate record. Elon Musk controlling more than 80% of a company valued at $1.75 trillion puts his SpaceX stake alone at a figure that, combined with his other holdings, places him in range of becoming the first individual in history to hold a net worth exceeding $1 trillion.

That threshold has never been crossed. The closest any individual has come has always fallen short at the moment of measurement, either because asset prices moved, because valuations were private estimates rather than public market prices, or because the gap remained too large to close in a single event. The SpaceX listing changes the equation because it converts a private valuation into a publicly traded, market-priced number that counts toward net worth calculations in a way that private company estimates do not.

Whether the stock holds at or above $135 from today’s open will determine whether the threshold is crossed in real time or deferred. Early indications show SPCX indicated to open above the IPO price, which would push the math further in Musk’s direction from the first minutes of trading.

What Investors Are Getting Into

The picture that emerges from SpaceX’s S-1 filing is of a company spending aggressively on the future while carrying significant debt from that investment. Capital expenditures more than doubled year-over-year in Q1 2026, the company has accumulated a cumulative deficit of approximately $41.3 billion since its founding in 2002, and the net income figures show ongoing losses at the operating level

For retail investors, access to SPCX shares is available through standard brokerage accounts including Robinhood, Fidelity, and Charles Schwab once open market trading begins today.

The tokenized equity products that emerged in the weeks before the IPO, including the xStocks offering through Bitget Wallet, were pre-listing instruments for those who could not wait for today’s open market debut. Now that SpaceX is officially public, the stock trades like any other Nasdaq-listed company, with full price transparency and unrestricted retail access from the opening bell.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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