NEW YORK — SpaceX has completed what market participants described as the largest initial public offering in history, raising tens of billions of dollars in new capital and pushing founder Elon Musk’s net worth above the trillion-dollar mark, according to company disclosures and market data released this month.
The aerospace and satellite communications company priced its shares at $135 each on June 11, raising about $75 billion in its initial offering and valuing the company at roughly $1.77 trillion, according to company statements and reports from financial markets. The offering surpassed previous IPO fundraising records and began trading on the Nasdaq on June 12 under the ticker symbol SPCX.
Investor demand for the offering was strong, with reports indicating the IPO was oversubscribed. Shares opened above the offering price and gained further ground during their first trading session, lifting SpaceX’s market capitalization above $2 trillion. Market participants attributed the demand to the company’s position in commercial space launches, its Starlink satellite internet business and its expanding artificial intelligence and infrastructure operations.
“Elon Musk is now the world’s first trillionaire,” Bloomberg News reported following the company’s market debut, a milestone later cited by several financial media outlets as SpaceX shares rose after trading began.
SpaceX said proceeds from the offering would be used for a range of corporate purposes, including expanding launch infrastructure, strengthening Starlink operations and supporting investments in computing and artificial intelligence capabilities. The company also said part of the funds would be used to address existing debt obligations.
The IPO marks a significant shift for a company that spent more than two decades as a privately held enterprise. Founded in 2002, SpaceX has become a major contractor for the U.S. government while operating one of the world's largest satellite networks through Starlink. The company has also pursued development of its Starship launch system, intended for future lunar and Mars missions.
While many investors welcomed the public listing, some analysts and market observers questioned whether the company’s valuation could be sustained. Critics have pointed to the gap between SpaceX’s valuation and its reported earnings, while supporters cite long-term growth prospects in launch services, communications and emerging technology sectors.
On June 15, underwriters exercised their option to purchase additional shares, increasing total proceeds from the offering to approximately $85.7 billion, according to company announcements. Trading in SpaceX shares continued this week as investors assessed the company’s first days as a publicly traded corporation.
