SpaceX began trading on Nasdaq on Friday after pricing its initial public offering at $135 per share, a milestone that positions Elon Musk to become the world's first trillionaire on paper. The space exploration, satellite broadband and artificial intelligence company raised $75 billion in what is being described as the largest stock market debut in history.
The offering values SpaceX at $1.78 trillion, making it worth more than all but five companies in the S&P 500 index. Musk is retaining 82.4 percent of voting power in the company and is not selling any shares in the offering. Forbes values his SpaceX stake at $542 billion, and the firm has said a successful public listing would push his overall net worth above $1 trillion.
The IPO drew significant institutional interest. BlackRock placed an order for at least $5 billion of shares in the offering. Early trading in shadow markets before the official debut indicated shares could open more than 35 percent higher than the IPO price, reflecting strong investor appetite for the company.
SpaceX has been privately held since its founding in 2002. The company has transformed the aerospace industry through reusable rocket technology and operates the Starlink satellite internet network. NASA depends on SpaceX rockets for most of its launches, and the company also holds contracts with the Department of Defense.
The public listing marks a significant transition for SpaceX, which is currently loss-making overall despite generating substantial revenues. The company lost $4.9 billion in 2025 on revenues of $18.7 billion, though revenue grew by a third compared to the previous year. The Starlink division is profitable.
SpaceX encompasses three main business divisions: the rocket-launching unit, the Starlink satellite broadband arm, and an artificial intelligence company that includes the social media platform X. The company is developing plans for datacentres in space and expects to begin launching "orbital compute" by 2028.
Some market analysts view SpaceX as a vehicle for investing in Musk's entrepreneurial approach and accessing exposure to the artificial intelligence boom. There is speculation among some investors about a potential future merger between SpaceX and Tesla, the electric vehicle maker in which Musk owns an 11 percent stake.
Goldman Sachs was selected as the lead underwriter for the IPO, alongside Morgan Stanley. Twenty-three banks in total are working on the listing, representing a significant money-making opportunity for financial institutions. JP Morgan Chase's chief executive, Jamie Dimon, was reported to be discussing the IPO with thousands of the bank's high net worth clients this week.
The offering excluded Chinese investors due to national security concerns and ongoing United States-China tensions over technology access. Chinese space companies are preparing their own public listings as the country develops a domestic space industry to compete with American firms.