SpaceX Stock Begins Trading After Record $75 Billion Nasdaq IPO
SpaceX's newly listed shares began trading on Nasdaq under the ticker SPCX today after a record $75 billion initial public offering that sold shares at $135 and valued the company above $1.75 trillion.[1]
The offering sold more than 555 million shares at $135, raising about $75 billion and valuing SpaceX at more than $1.75 trillion.[1] That paper valuation would likely make Elon Musk the world's first trillionaire, and the company says it will use proceeds to expand rockets, satellites and to pivot aggressively into AI.[1] SEC filings say those AI plans include building terrestrial data centers, AI microchips and "orbital AI compute infrastructure" — data centers in space.[1] Morningstar's discounted cash-flow model values SpaceX at about $780 billion and warns of very high uncertainty and key-person and execution risks.[1]
In December 2025 Elon Musk confirmed plans to take SpaceX public, and the company picked four banks to lead the offering in January 2026. The firm confidentially filed draft registration documents with the SEC on April 1, publicly filed its S-1 on May 20, and launched a roadshow on June 4 ahead of pricing and the Nasdaq listing. In calendar year 2025 SpaceX reported $18.7 billion in revenue, with Starlink accounting for $11.4 billion; Starlink served about 10 million subscribers as of early 2026.
NPR frames the SpaceX IPO as the first of three massive AI-linked listings expected in 2026, with OpenAI and Anthropic also planning public offerings and all three currently unprofitable and burning cash.[1] Social chatter already points to heavy demand and oversubscription, and notes that hundreds of current and former employees stand to reap large gains as stock enters public price discovery.
The mainstream summary does not mention that SpaceX's most recent private-market valuation was $1.5 trillion just months before the IPO, indicating a significant leap in expectations leading up to the public offering. This discrepancy raises questions about the sustainability of the $1.75 trillion valuation and the inherent risks involved, particularly as Morningstar's analysis warns of high uncertainty and key-person risks associated with Musk's leadership. Additionally, while the summary notes the heavy demand and oversubscription for the IPO, it does not provide context on the reported 3-4x demand, which suggests a frenzied market environment that could lead to volatility in the stock's initial trading days.
Furthermore, the summary frames the IPO within a broader trend of AI-linked listings, but it overlooks the implications of this for economic inequality, as highlighted by social media discussions that emphasize the wealth creation for insiders, with reports of 400 employees potentially gaining over $100 million each. This aspect underscores a growing concentration of wealth in the technology sector, which is critical to understanding the broader economic landscape surrounding such high-profile IPOs.[2][3]
Show source details & analysis (3 sources)
📊 Relevant Data
SpaceX reported $18.7 billion in revenue for calendar year 2025, up 33% from the prior year, with Starlink accounting for $11.4 billion (61%) of the total and the space launch segment $4.1 billion.
Musk's SpaceX Reveals Its Finances for the First Time — The New York Times
Starlink served approximately 10 million subscribers worldwide as of early 2026, following growth from roughly 2.3 million in 2023.
SpaceX's most recent private-market valuation prior to the IPO was $1.5 trillion.
SpaceX is worth less than half of its $1.75 trillion IPO target — CNBC
📌 Key Facts
- On Friday, June 12, 2026, SpaceX’s newly listed stock was expected to start trading on Nasdaq under the ticker SPCX after its record IPO.
- NPR reports the [IPO] (https://www.npr.org/2026/06/12/nx-s1-5855004/stock-ai-spacex-ipo-elon-musk) raised about $75 billion by selling more than 555 million shares at $135, valuing SpaceX at over $1.75 trillion and likely making Elon Musk the world’s first trillionaire on paper.
- SpaceX’s SEC filings say proceeds will be used to expand its rocket and satellite businesses and to pivot aggressively into AI, including building terrestrial data centers, AI microchips and "orbital AI compute infrastructure" (data centers in space).
- NPR highlights governance showing Elon Musk holds roughly 85% of shareholder voting power and retains an "iron grip" as chairman and CEO.
- Morningstar values SpaceX at about $780 billion on a discounted cash-flow basis — far below the IPO valuation — and its analysts flag very high uncertainty plus key-person and execution risks.
- NPR situates the SpaceX offering as the first of three massive AI-linked IPOs expected in 2026, alongside planned listings by OpenAI and Anthropic, and notes all three are currently unprofitable and burning cash.
📰 Source Timeline (3)
Follow how coverage of this story developed over time
- On Friday, June 12, 2026, Elon Musk participated in a ceremonial Nasdaq opening bell from SpaceX's Starbase facility in South Texas to mark the IPO.
- Musk reiterated SpaceX's long-term goal "to make life multi-planetary" and said the company aims to take ordinary people, not just astronauts, to the moon and Mars.
- Forbes estimated Musk's net worth at $982.6 billion ahead of the first SpaceX trade, implying he would cross the $1 trillion mark based on the IPO pricing.
- The article reports that between the start of 2025 and March 31, 2026, SpaceX accumulated losses of $8.7 billion, underscoring the scale of its capital needs.
- Morningstar analysts described the SpaceX IPO as "significantly overvalued" due to unproven technology and large capital requirements, estimating a fair value of about $780 billion, less than half the implied IPO valuation.
- On Friday, June 12, 2026, SpaceX’s newly listed stock was expected to start trading on Nasdaq under the ticker SPCX after its record IPO.
- NPR reiterates that the IPO raised about $75 billion by selling more than 555 million shares at $135, valuing SpaceX at over $1.75 trillion and likely making Elon Musk the world’s first trillionaire on paper.
- The article details SpaceX’s stated plans from its SEC filings to use proceeds to expand rocket and satellite businesses while aggressively pivoting into AI, including building terrestrial data centers, AI microchips, and "orbital AI compute infrastructure" (data centers in space).
- The piece highlights governance structure, noting Musk holds roughly 85% of shareholder voting power and retains an "iron grip" as chairman and CEO.
- It reports Morningstar’s discounted cash flow valuation of about $780 billion, far below the IPO valuation, and quotes its analysts flagging very high uncertainty and key-person and execution risks.
- NPR situates the SpaceX offering as the first of three massive AI‑linked IPOs expected in 2026, alongside planned listings by OpenAI and Anthropic, and notes all three are currently unprofitable and burning cash.