SpaceX priced its initial public offering at $135 a share on Thursday, raising $75 billion at a post-money valuation of $1.75 trillion in what is by far the largest public offering in history. Shares of the rocket and satellite company are set to begin trading on the Nasdaq on Friday under the ticker SPCX.
The deal dwarfs the previous record — Saudi Aramco's $35.4 billion listing in 2019 — and instantly makes SpaceX one of the most valuable listed companies in the world, ahead of all but a handful of technology giants.
Demand was heavy: the institutional order book was roughly twice oversubscribed by pricing day, according to reports. In an unusual structure, SpaceX reserved up to 30% of the offering for retail investors — roughly three times the 5–10% typical in major listings — a nod to the army of individual investors who have followed Elon Musk's companies for years.
The company's filings show a business anchored by Starlink, the satellite internet division, which generated $11.4 billion of revenue in 2025 at a 63% EBITDA margin. Those profits offset continued heavy losses elsewhere: the xAI artificial-intelligence division, folded into SpaceX last year, posted a $6.36 billion operating loss in 2025.
The listing lands in a crowded pipeline of mega-offerings. OpenAI and Anthropic have both filed confidentially for IPOs in recent weeks, and bankers have framed SpaceX's reception as a referendum on the entire AI-era listing wave. A strong debut Friday would validate projections that 2026 could produce well over $100 billion in total US IPO proceeds; a weak one would cool the market for the filers behind it.
The timing is not without risk. The offering prices into a market rattled by the US-Iran conflict, a 4.2% inflation print and oil near $90 a barrel — conditions that have historically punished richly valued growth listings. SpaceX's fixed-price structure, which bypassed the usual bookbuild range, means Friday's open will be the first true market test of the $1.75 trillion figure.