SpaceX has raised USD 75 billion in the largest initial public offering (IPO) in history, pricing 555.6 million shares at USD 135 each, pushing founder Elon Musk to the threshold of becoming the world’s first trillionaire.
The listing, which debuted on Nasdaq on Friday, June 12, under the ticker SPCX, is more than double the size of Saudi Aramco’s USD 29.4 billion IPO in 2019, which was previously the biggest ever. The deal drew demand for more than four times the shares on offer.
At the IPO price, SpaceX commands a market value of USD 1.77 trillion, making it one of the 10 largest public companies in the world and larger even than Musk’s own Tesla.
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Musk’s net worth
Musk’s net worth will rise roughly USD 275 billion to about USD 970 billion following the offering, according to the Bloomberg Billionaires Index, with his SpaceX stake alone worth USD 688 billion. A strong showing in public markets could tip him into trillionaire territory.
Prior to the listing, Forbes had pegged his net worth at around USD 780 billion, nearly three times that of the second-wealthiest person.
Musk controls 84 per cent of the voting power after the IPO and, under SpaceX’s governance structure, is effectively able to choose the board, meaning only he can remove himself as chief executive. He will not be able to sell shares until a year after trading begins.
From rockets to AI
The IPO marks a significant shift in SpaceX’s identity, from a rocket launch and satellite broadband provider to an artificial intelligence (AI) infrastructure company. Deals to supply computing infrastructure to Anthropic and Alphabet’s Google, worth as much as USD 2.17 billion a month, are set to become its largest revenue stream.
SpaceX’s valuation has roughly doubled since July 2025, accelerating after it absorbed Musk’s xAI in February, which pushed the combined private valuation to USD 1.25 trillion.
Goldman Sachs, Morgan Stanley, Bank of America, Citigroup and JPMorgan Chase led the offering, with 18 other banks participating.
SpaceX’s IPO is the first of three major listings expected this year, with AI rivals Anthropic and OpenAI both eyeing valuations of over USD 1 trillion.
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