Markets SPCX JUN 14, 2026

SpaceX closes debut at $160.95, raising $75B in largest IPO ever

SPCX jumped 19% from a $135 offer price Friday, briefly pushing market cap above $2.25 trillion as Goldman framed the deal as proof capital markets will fund AI infrastructure.

BY HENLEY MARRAST · MARKETS DESK

SpaceX closed its Nasdaq debut at $160.95 Friday, 19% above the $135 offer price, capping the largest IPO ever recorded and briefly carrying the company’s market capitalization past $2.25 trillion during a more than 30% intraday surge. The deal raised $75 billion against roughly 5% of the company sold, a float small enough to manufacture exactly the kind of supply-demand scarcity the syndicate wanted on day one. NPR called Elon Musk the world’s first paper trillionaire by the close.

The framing was set hours before the open. “It shows you that the capital markets — led by the U.S. capital markets, but the global capital markets — are demonstrating a willingness to finance this AI infrastructure build and this build in space,” Goldman Sachs President John Waldron told Bloomberg Television Friday morning. Goldman and Morgan Stanley collected about $100 million in fees apiece; Bank of America, Citigroup, and JPMorgan Chase took around $75 million each. The five banks captured roughly 85% of the fee pool.

The pricing logic is doing real work. SpaceX’s Q1 2026 numbers, disclosed in the S-1 filed May 20, show $4.69 billion in revenue, $1.13 billion in adjusted EBITDA, a $1.94 billion operating loss, and a $4.3 billion net loss. Morningstar’s discounted cash flow analysis pegs fair value at $780 billion and calls the stock overvalued. Public-market investors paid roughly three times that.

What they’re buying isn’t this quarter’s P&L. It’s the $28.5 trillion total addressable market management put in front of bankers, $22.7 trillion of it attributed to enterprise applications, anchored to AI compute satellites the company plans to deploy as early as 2028, drawing on the February 2 xAI merger and Starlink’s connectivity layer. IDC’s Arnal Dayaratna noted that SpaceX’s enterprise-applications position “is basically nonexistent.”

Musk retains roughly 85% of shareholder voting power. The float is engineered for scarcity, the narrative is engineered for AI exposure, and the comparisons that come to mind are 1999-shaped rather than 2008-shaped.

Goldman strategist Ben Snider argued the record 2026 issuance “will not derail the bull market” but warned that “as lockups expire, the balance of equity supply and demand will become more challenging in 2027.” The trillionaire was minted on a 5% float. The other 95% unlocks on a calendar.

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.