SpaceX priced its record-breaking initial public offering at $135 per share on Wednesday, raising $75 billion to become the largest IPO in capital markets history, valuing Elon Musk’s rocket company at $1.77 trillion. The offering, which begins trading Friday on Nasdaq under ticker SPCX, shatters the previous record held by Saudi Aramco’s $29.4 billion IPO in December 2019.
The company is selling approximately 555.6 million Class A shares at the fixed price, a departure from Wall Street convention. Institutional investors showed overwhelming appetite for the deal, with demand running more than four times the available shares, according to Bloomberg and Reuters.
SpaceX’s path to this historic moment reflects years of private investment and operational milestones. The company, founded in 2002, has grown from a startup to a spaceflight powerhouse through its Falcon 9 rocket and, more recently, its Starship development program. The IPO proceeds will fund continued expansion across all business segments, though the company remains unprofitable overall due to massive investments in Starship and infrastructure.
Starlink’s Profitability Anchors the Valuation
A critical element of SpaceX’s IPO appeal is Starlink, its satellite internet division—the only consistently profitable segment. In 2025, Starlink’s Connectivity division generated $11.4 billion in revenue, accounting for roughly 61% of SpaceX’s total $18.7 billion revenue, according to CNBC and Via Satellite. More importantly, Starlink produced $4.4 billion in operating income, making it the company’s primary cash generator while other divisions burn capital on development.
This profit engine addresses a key investor concern: SpaceX’s overall losses. The company posted a net loss of $4.3 billion in the first quarter of 2026 alone, according to PCMag, as investments in Starship development and AI ventures consume cash. Starlink’s recurring subscription revenue and expanding subscriber base provide a stable foundation that justifies the massive valuation to institutional buyers.
Precedent and Market Context
When Saudi Aramco went public in December 2019, it set what was then considered an insurmountable record. The Saudi oil giant raised $25.6 billion at a $1.7 trillion valuation, according to CNN and White & Case. That IPO held the title of largest for nearly seven years. SpaceX’s $75 billion raise is nearly triple Saudi Aramco’s, reflecting both the scale of investor appetite and the premium markets now place on space infrastructure and satellite technology over traditional energy assets.
The oversubscription—demand exceeding available shares by more than four times—signals institutional confidence in SpaceX’s long-term prospects. In early trading signals from the book-building process, individual investors also showed strong demand, with retail orders exceeding $70 billion, according to Bloomberg reporting on the IPO roadshow.
Trading opens Friday, June 12, on the Nasdaq. The IPO proceeds will flow entirely to SpaceX, funding its Starship development, Starlink expansion, and other growth initiatives. Elon Musk retains majority voting control through the company’s dual-class share structure, a detail that has drawn scrutiny from governance advocates but did not deter institutional investors from participating in the offering.
Sources
- Reuters — IPO pricing at $135 per share, $75 billion raise, oversubscription details, and Starlink financial figures
- Bloomberg — Oversubscription confirmation (4x+), institutional demand figures, and valuation details
- CNBC — Starlink revenue ($11.4B in 2025) and operating income ($4.4B), profitability analysis
- CNN — Saudi Aramco IPO precedent ($25.6B raised, $1.7T valuation, December 2019)
- White & Case — Saudi Aramco IPO raise amount ($29.4 billion)
- Via Satellite — Starlink Connectivity segment revenue ($11.4B, 61% of SpaceX total)
- PCMag — SpaceX Q1 2026 net loss ($4.3 billion)
