SpaceX Launches Historic $75 Billion IPO as Musk Becomes First Trillionaire
Finn's Take· TL;DR- SpaceX raised record $75 billion in IPO, valuing company at $1.75 trillion and making Elon Musk world's first trillionaire when combined with Tesla holdings.
- Starlink satellite internet drives profitability with $4.4 billion operating profit and 63% margin, but company trades at 94x revenue multiple amid significant net losses.
- Stock priced at lofty valuation requiring $100 billion revenue by 2030 to justify current price, with first public earnings report coming November 2026.
Record-Breaking Market Debut
SpaceX began trading on the Nasdaq on June 12, 2026, under ticker SPCX, raising $75 billion in the largest IPO ever at $135 per share, giving the company a valuation of $1.75 trillion . This surpasses all previous U.S. IPO records, at least until Anthropic and OpenAI go public later this year , and makes SpaceX the seventh most-valuable U.S. company, ahead of Tesla .
Elon Musk didn't sell any shares in the offering, which valued his position at over $866 billion, making him the world's first trillionaire when his Tesla holdings are added . Retail participants placed approximately $100 billion in orders via platforms such as Robinhood, Fidelity, and SoFi throughout the IPO process , demonstrating unprecedented individual investor interest.
As of today, SpaceX is trading at $135.00, maintaining its IPO price , though with an initial IPO of only 4% float, today's price discovery will be as much about how the markets function as it is about the merits of the company .
Business Model Drives Massive Valuation
SpaceX's connectivity segment (Starlink) is generating $11.387 billion in 2025 revenue and $4.423 billion in operating profit, with an adjusted EBITDA margin of 63% . Starlink crossed 10 million subscribers as of February 2026 and is adding 750,000 to 1.5 million new users per month , making it the company's primary profit engine.
However, the valuation comes with significant risks. At a $1.75 trillion valuation, the company is being priced at roughly 94 times its 2025 annual revenue of $18.7 billion, compared to Nvidia which trades at less than a quarter of that multiple . The company recorded a net loss in the latest quarter of $4.28 billion after losing $4.94 billion in 2025 .
In addition to its space business, Musk's company owns the Starlink satellite internet service and artificial intelligence division xAI, which merged with SpaceX in February . The xAI division incurred a $6.36 billion operating loss in 2025 , representing a major drag on profitability as the company invests heavily in AI infrastructure.
Market Impact and Future Outlook
MSCI announced that it would make SPCX eligible for early inclusion in large IPOs, starting to add it to their index on June 13, which means from the second day of its listing, this IPO will have significant demand to flow into index funds . This structural buying pressure could support the stock price despite concerns about its lofty valuation.
Data from Goldman Sachs indicates that maintaining the current share price would necessitate revenues exceeding $100 billion by 2030, implying a compound annual growth rate above 40% . The average 12-month price target for SpaceX is $139.33, with analysts split between 2 recommending buying the stock while 1 suggests selling .
The success of this IPO sets the stage for what could be a transformative year for public markets, with Anthropic and OpenAI likely to also list with valuations above $1 trillion each . For SpaceX, the real test will come when the company reports its first public earnings in November 2026, providing investors their first detailed look at how Musk's ambitious vision translates into sustainable profits.