SpaceX has completed the largest initial public offering in history, raising $75 billion and entering public markets with a valuation of about $1.77 trillion.
The listing marks a milestone for the company founded by Elon Musk, transforming a business that began in a California warehouse into one of the world’s most valuable publicly traded companies.
Trading began on the Nasdaq on Friday after the company priced shares at $135 each.
The offering involved more than 555 million shares and surpassed the previous IPO fundraising record set by Saudi Aramco in 2019.
According to the Financial Times, investor demand exceeded the number of shares available by more than three times, with major asset managers, sovereign wealth funds, hedge funds and retail investors competing for allocations.
The Financial Times reported that individual investors alone submitted orders worth more than $100 billion. Retail buyers were expected to receive between 20% and 25% of the shares sold, an unusually large allocation for a deal of this size.
At its debut valuation, SpaceX entered the ranks of the largest listed companies in the United States. Market analysts said a strong first day of trading could push the company’s value above $2 trillion.
The flotation also places Musk close to another milestone. Based on the IPO valuation and his holdings in SpaceX and Tesla, financial estimates suggest his personal fortune is approaching $1 trillion, which would make him the first person to reach that level of wealth.
Speaking during the opening ceremony, Musk reflected on the company’s growth.
“It is certainly hard to believe a little company that started in a warehouse is now going public with the largest IPO ever,” he said.
Musk told investors that SpaceX aims to “take the fiction out of science fiction” through projects that include space exploration, satellite communications and artificial intelligence infrastructure.
The company has expanded far beyond rocket launches. SpaceX now controls satellite internet provider Starlink and artificial intelligence company xAI. Those businesses have become central to investor interest as demand for AI infrastructure continues to grow.
According to the Financial Times, SpaceX plans to use proceeds from the offering to fund new satellite networks, artificial intelligence projects and other expansion plans. Part of the capital will also be used to repay a bridge loan taken out earlier this year following the integration of several Musk-controlled businesses.
The IPO arrives during a period of intense investor enthusiasm for artificial intelligence. Analysts view the transaction as a test case for future listings by major AI companies, including OpenAI and Anthropic.
The scale of the offering also prompted changes by major stock market index providers. Nasdaq approved accelerated rules that could allow SpaceX to enter the Nasdaq-100 within weeks, while other benchmark providers adopted similar fast-track measures ahead of the debut.
Those changes drew criticism from some lawmakers. US Senator Elizabeth Warren questioned whether index rule changes could expose millions of passive investors to the company without giving them a direct choice.
Analysts expect heavy trading volumes during the first days of public ownership. Some warned that strong demand and a limited supply of shares could lead to volatility.
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