Overview
- On Friday, June 12, SpaceX sold about 555.6 million shares at $135 each, raising roughly $75 billion; the stock opened at $150, ran up into the $170s intraday and closed about 19% above the offer price, producing market caps from roughly $1.77 trillion at the offering to peaks above $2 trillion.
- Elon Musk keeps effective control through super‑voting shares, holding about 42% of equity but roughly 80–85% of voting power, and his combined holdings pushed his paper net worth past $1 trillion after the listing.
- The IPO exposed a sharp gap between price and fundamentals: SpaceX reported roughly $18.7 billion in 2025 revenue and annual losses of about $4.3–$4.94 billion, while Starlink drove most profit with Q1 revenue near $3.26 billion and about 10.3 million customers.
- SpaceX has folded Musk’s xAI into its story and pitches plans for AI data centers in orbit as part of growth; those orbital AI ambitions remain company projections rather than proven businesses and analysts caution investors about the technical and cost challenges.
- The listing will reshape markets and people: passive funds may flow in if Nasdaq‑100 inclusion follows, several thousand employees stand to become millionaires when lockups lift, and watchers will focus on Starship test milestones, government contracts and debates over concentrated wealth and governance.