Overview
- SpaceX priced 555.56 million Class A shares at $135 to raise about $75 billion and began trading as SPCX on Nasdaq on Friday, with shares opening above the offer and briefly giving the company a market value north of $2 trillion.
- The IPO sold less than roughly 5% of total shares, preserving an estimated 82–85% of voting power for Musk and limiting public shareholder influence over corporate decisions.
- SpaceX reported about $18.7 billion in revenue for 2025 but a GAAP net loss near $4.9 billion after folding in xAI and ramping AI and data‑center spending, making the cash raise a central purpose of the deal.
- The offering featured an unusually large retail allocation (targeting about 30%) and a thin immediate float, and recent fast‑entry rule changes at some index providers could force large passive buying that raises the risk of early volatility.
- The listing creates immediate employee liquidity and regulatory and pension‑fund scrutiny, and near‑term market signals to watch include index inclusion timing, exercise of underwriters’ extra‑share option, and scheduled lockup releases.