Overview
- SpaceX priced the offering on Thursday, June 11, selling 555.6 million Class A shares at $135 to raise $75 billion and set a market valuation near $1.77 trillion ahead of trading that began on Nasdaq under the ticker SPCX.
- Investor demand was huge, with order books reported at roughly four times the supply and an unusually large retail allocation, but the float available to public investors is small which raises the chance of sharp short‑term price swings.
- The company’s public filings show Starlink is the primary revenue and only consistently profitable unit while xAI and other AI investments drove large 2025 and early‑2026 losses and heavy capital expenditures.
- SpaceX preserved founder control through a dual‑class share structure that leaves Elon Musk with roughly 82% of voting power, and the deal includes arbitration and governance provisions that have drawn criticism and prompted Senator Elizabeth Warren to ask the SEC for extra scrutiny.
- Underwriters led by Goldman Sachs and Morgan Stanley said proceeds will fund Starlink expansion, ramped launch capacity for Starship and AI/data‑centre projects, but analysts remain deeply split on whether those tech milestones and projected growth justify the headline valuation.