Elon Musk’s SpaceX has completed the largest initial public offering in history, raising $75 billion after selling 555.6 million shares at $135 each, valuing the company at about $1.77 trillion.
Shares are set to begin trading today, a move that could make Musk the world’s first trillionaire and turn more than 4,400 current and former employees into millionaires.
The blockbuster listing could reshape how Wall Street values technology companies with deep government ties and may preview investor appetite for the anticipated IPOs of OpenAI and Anthropic.
Many investors view SpaceX as more than a rocket manufacturer or satellite internet provider.
Analysts describe it as a critical piece of US infrastructure, supporting government missions, defense operations, airlines, remote communities, and the rapidly expanding artificial intelligence industry.
The decision to go public is primarily aimed at raising capital to develop space-based AI data centers using Starlink infrastructure, which Musk argues could overcome Earth’s power limitations.
Investor demand for the IPO was exceptionally strong. Asset-management giant BlackRock reportedly placed an order for at least $5 billion worth of shares, while retail investors sought more than $70 billion in stock.
Investors are paying nearly 100 times revenue per share, far higher than the typical valuation for AI, satellite, or aerospace companies.
But critics are skeptical. According to them, the valuation hinges on the company turning speculative goals into profitable businesses, pointing to its $4.3 billion first-quarter loss.
Previously, the largest IPO on record was Saudi Aramco’s 2019 listing, which raised the equivalent of $38 billion in today’s dollars.