SpaceX has finalized its initial public offering at $135 per share, positioning the company for the largest public market debut in history. The space exploration and satellite broadband company will sell more than 555 million shares, raising approximately $75 billion. Trading begins on the Nasdaq on Friday at a company valuation of $1.78 trillion.
The offering far exceeds the previous record set by Saudi Aramco in 2019, which raised $29.4 billion. SpaceX is raising nearly three times that amount, drawing exceptional interest from institutional investors. The offering has been oversubscribed by three to four times, with over $250 billion in bids from investors seeking to participate.
The IPO is expected to make Elon Musk the world's first trillionaire, given his substantial ownership stake in the company. However, the valuation has attracted scrutiny from financial analysts. Morningstar, an investment research group, calculated that SpaceX is worth only $63 per share, well below the $135 IPO price. "We believe the business has real strengths, particularly in Starlink, but with so many unknown and untested technologies underpinning much of the valuation price, particularly within the AI business, we think the valuation is extremely speculative," said Michael Field, Morningstar's chief equity strategist. Field recommended investors "sit out the IPO and wait for a more attractive entry point down the line."
At $1.78 trillion, the IPO values SpaceX at roughly 92 times its trailing sales, a significant multiple that reflects investor expectations for the company's ambitious future plans. SpaceX operates three main business segments: space exploration through its Falcon and Starship rockets, connectivity via its Starlink satellite constellation, and artificial intelligence through its xAI division. The company reported a net loss of $4.9 billion in 2025.
Starlink claims a total addressable market of $1.6 trillion, though Morningstar estimates the realistic global opportunity at approximately $129 billion. The gap between the two figures illustrates the disconnect between the company's projections and more conservative valuations.
Senator Elizabeth Warren called for the Securities and Exchange Commission to delay the IPO, citing concerns about investor protection and corporate governance. "Given the unprecedented threats to investor protection and market integrity posed by the biggest IPO in history, you must delay any eventual acceleration of the registration statement's effectiveness accordingly," Warren wrote to the regulator.
Even those who skip the IPO may gain exposure to SpaceX through stock market indices. Index provider MSCI has confirmed it will apply existing rules for early inclusion of large IPOs in its Global Standard Indexes, likely paving the way for SpaceX's inclusion. This would create automatic demand from passively managed investment funds. However, S&P Dow Jones Indices declined to relax its entry rules, potentially delaying SpaceX's addition to the S&P 500 by several months.