Markets SPCX JUN 12, 2026

SpaceX prices at $135, opens on Nasdaq at $1.75 trillion in largest IPO ever

SPCX raised $75B at a fixed $135 share price, drew $250B in orders, and lists with a 4.3% float and Musk's dual-class voting control intact.

BY HENLEY MARRAST · MARKETS DESK

SpaceX priced 555,555,555 Class A shares at a fixed $135 Friday morning, raising roughly $75 billion at a $1.75 trillion valuation and opening on the Nasdaq Global Select Market under SPCX. That’s about three times the December 2019 Saudi Aramco listing, the prior record-holder. The order book reportedly cleared $250 billion, leaving the deal somewhere between 3.5 and four times oversubscribed.

The structure tells the story. Only 4.3% of shares outstanding actually float; the rest sits behind Elon Musk’s dual-class voting control. Retail got 30% of the allocation through Schwab, Fidelity, Robinhood, SoFi, and Morgan Stanley’s E-Trade, with a 30-day greenshoe option on up to 83.3 million additional shares syndicated across Goldman Sachs, Morgan Stanley, BofA, Citi, J.P. Morgan, Barclays, Deutsche Bank, RBC, UBS, and Wells Fargo.

Index mechanics are where the float math gets interesting. S&P Dow Jones Indices kept the 12-month listing requirement intact, deferring the S&P 500 question. Nasdaq’s new rules treat the 4.3% float as 12.9% for Nasdaq-100 weighting. Bloomberg Intelligence figures S&P 500 funds would need to absorb 19% of the public float on inclusion; Russell 1000 and Nasdaq-100 trackers, 24%. Passive flows of that scale don’t fit through a door this narrow without distortion, and the perpetual futures market is already pricing it: SPCX contracts on Hyperliquid traded near $168 Friday morning, a 25% premium to the offer.

The fundamentals attached to the valuation are uneven. The S-1 shows Q1 2026 revenue of $4.7 billion, an operating loss of $1.9 billion, and $1.1 billion in adjusted EBITDA, against full-year 2025 revenue of $18.67 billion and $6.58 billion adjusted EBITDA. The February 2026 all-stock acquisition of xAI, valued at roughly $250 billion and now being rebranded SpaceXAI, brought Grok and two compute contracts: $920 million per month from Google, $1.25 billion per month from Anthropic, both carrying 90-day termination clauses after December 2026. Morningstar pegs fair value at $780 billion, less than half the offering price. Anthropic was last marked at $965 billion, and both OpenAI and Anthropic filed IPO paperwork in the past two weeks.

A 4.3% float pricing the rest of the cap table is the trade the public market just agreed to underwrite.

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.