Markets SPCX JUN 11, 2026

SpaceX prices record $75B IPO at $135, debuts Friday at $1.77 trillion

Fixed-price deal blows past Saudi Aramco's 2019 record; SPCX begins trading on Nasdaq with 30% retail allocation and Musk holding 82% voting control.

BY HENLEY MARRAST · MARKETS DESK

SpaceX priced its IPO Thursday at a fixed $135 per share, raising $75 billion at a $1.77 trillion valuation and shattering the proceeds record Saudi Aramco set in 2019 with its $29.4 billion listing. SPCX begins trading on Nasdaq Friday. The deal moves 555,555,555 shares, and the underwriter syndicate, led by Goldman Sachs alongside Morgan Stanley, Bank of America, Citigroup and JPMorgan Chase, holds a 30-day option on another 83.33 million shares worth roughly $11.2 billion at the offer price.

The structural oddities are louder than the headline number. Retail investors get 30% of the float, three to six times the typical 5%–10% allocation, a deliberate engineering of a shareholder base less likely to question governance. Elon Musk retains over 82% voting control. SpaceX stopped taking orders Wednesday, a day before pricing, signaling demand the bankers didn’t want to keep stoking.

The fundamentals don’t reach the framing. SpaceX posted $18.7 billion in revenue last year against a $4.2 billion operating loss. It enters the public market as the tenth trillion-dollar company by market cap, joining a cohort whose smallest member by revenue, Micron, still clears $58 billion. “There’s zero math that makes any sense whatsoever,” one analyst told CNBC.

What the prospectus reveals is an entity already operating as a hub of the broader Musk economy. In February, the xAI unit was absorbed at a $1.25 trillion combined valuation. The updated S-1 discloses that xAI bought $269 million of Tesla Megapacks in April. Tesla itself holds 18.99 million shares, worth $2.56 billion at the IPO price. A pending spectrum transaction with EchoStar and a pending Cursor deal sit alongside. Capital, compute, batteries and bandwidth move through related-party doors.

The timing is its own signal. Anthropic filed confidentially on June 1. Bloomberg reported OpenAI is preparing its own confidential filing within weeks, working with Goldman and Morgan Stanley toward a fall debut. U.S. equities staged their biggest bounce in two months Thursday, indexes ending sharply higher per Reuters. The window is open, and the largest private companies are walking through it together, in roughly the order their bankers arranged.

Sources

About the author

Henley Marrast

MARKETS DESK

Henley Marrast covers AI-equity flow, accelerator demand, and earnings prints for AI Sheet Report. She leads coverage of the public AI complex from the New York markets desk, with a focus on the daily tape and quarterly results. She has been writing about technology markets for several years.