NEW YORK — SpaceX completed the largest initial public offering in history on Friday, raising $75 billion as its shares began trading on the Nasdaq under the ticker SPCX, according to company filings and underwriters.
The rocket and satellite company, founded by Elon Musk in 2002, priced its offering at $135 per share and saw strong demand, with shares opening at $150 and closing up nearly 20% at around $161. The debut valued SpaceX at more than $2 trillion, making it one of the most valuable publicly traded companies.
SpaceX sold approximately 555.6 million shares in the offering, which was oversubscribed with investor bids exceeding $250 billion, sources familiar with the matter said. The IPO was led by Goldman Sachs and involved a syndicate of more than 20 banks.
"SpaceX has transformed from an ambitious startup into a cornerstone of commercial spaceflight and beyond," Musk said in a statement following the debut, according to Reuters.
The company has grown rapidly through its Falcon rockets, Starlink satellite internet service serving millions of users, and major contracts with NASA and other government agencies. Last year, SpaceX reported revenue of about $18.7 billion, though it posted an operating loss, according to regulatory filings.
The IPO marks a significant shift for SpaceX, which had long remained private while achieving milestones such as reusable rocket technology and frequent orbital launches. It will provide capital for expansion, including Starlink growth and ambitious projects like orbital infrastructure.
Details of post-IPO share distribution, including allocations to retail investors reportedly targeted at up to 30%, and any lock-up periods for insiders remain subject to final disclosures. The offering created thousands of employee millionaires among SpaceX's workforce, according to estimates.
Some analysts highlighted the high valuation and potential for volatility in the space sector, while others pointed to strong fundamentals from government contracts and commercial demand. Critics, including certain lawmakers, have questioned aspects of the valuation and market concentration.
Trading in SpaceX shares continued with typical post-IPO volatility on Friday. Further details on governance, financial outlook and long-term strategy are expected in upcoming SEC filings and earnings reports as the company transitions to public status.
