Overview
- SpaceX sold about 555.6 million shares at $135 each and raised roughly $75 billion in the largest IPO on record, with first‑day trading closing about 19% above the offer near $161 and valuing the company at roughly $2.0–2.1 trillion.
- The listing lifted Elon Musk’s paper net worth past $1 trillion and turned thousands of current and former employees into substantial paper millionaires, including individual holdings reported at several million dollars.
- Analysts say buyers are pricing in three businesses—rocket launches, the Starlink satellite internet network, and AI/infrastructure from xAI—despite SpaceX reporting about $18.7 billion in 2025 revenue and a $4.9 billion net loss that year.
- Technical forces could support the price in the near term because large index providers use rules that can bring massive passive demand for very large listings and some lock‑up terms gave employees early liquidity.
- The key risks to watch are quarterly public reporting, whether SpaceX can convert lofty growth forecasts into sustained profits, potential market volatility as investors reassess valuation, and the broader political debate over concentrated billionaire wealth.