SpaceX has long been one of the most watched companies in the world, drawing intense attention from investors, the media, and the public. That fascination has only grown alongside the company’s reusable rocket launches, the rapid expansion of Starlink, and the outsized influence of founder and CEO Elon Musk.
But in its 24-year history, nothing has matched the spectacle of its public offering. The company priced 555.6 million shares at $135 each to raise $75 billion, making it the largest IPO ever and, in the process, making Musk the world’s first trillionaire.
On its first full day of trading, SpaceX shares moved even higher. By 2:30 p.m. ET, the stock was up more than 15% to $186.15, extending the momentum from a debut that immediately captured Wall Street’s attention.
A blockbuster debut on Nasdaq
SpaceX opened on Nasdaq at $150 a share, an 11% jump from its offering price and a sign of the enormous demand surrounding the most anticipated market debut in years. From there, the stock kept climbing. During midday trading, shares were up as much as 30% before closing at $160.95, a gain of 19%.
Trading volume was heavy, as expected for an offering of this scale. Robinhood said it saw record-breaking traffic on its platform in the hours after SpaceX’s historic market entry, underscoring how much retail investors were watching the move.
SpaceX COO Gwynne Shotwell also drew attention during a CNBC interview on launch day. Among several notable remarks, she suggested that a merger between SpaceX and Tesla “might have made Elon’s life a little easier,” a comment that immediately fueled discussion among Tesla shareholders and market watchers.
Meanwhile, the banks behind the offering emerged as major winners too. According to The Wall Street Journal, underwriting fees totaled roughly $500 million, with Goldman Sachs and Morgan Stanley among the biggest beneficiaries.
Musk celebrates, and the internet reacts
As the stock rose, Musk took to X, the social media platform he owns, to praise the company’s employees. “I love the incredible people of SpaceX beyond words,” he wrote. He also reposted several IPO-related messages, including one featuring insiders wearing green shoes, a nod to the “green shoe option” used in underwriting agreements. That provision allows underwriters to sell up to 15% more shares than originally planned if demand is strong.
For anyone trying to follow the deal closely, the market frenzy quickly became a story of its own. The scale of the offering, the speed of the stock’s move, and the implications for Musk’s empire created a nonstop news cycle that extended well beyond the first bell.
The numbers behind the deal
The company’s filing gave the public a rare look inside SpaceX’s finances and broader business. The headline figures were enormous even by Silicon Valley standards. SpaceX reported $18 billion in revenue for 2025, while also posting a loss of $4.9 billion. Since its founding, cumulative losses have exceeded $37 billion.
Another striking number: Musk controls about 85.1% of the company’s voting power. That level of influence gives him an unusually strong hold over SpaceX’s future, far beyond what most tech founders retain after going public.
And then there is the workforce. According to The New York Times, as many as 4,400 employees could become millionaires because of the IPO, a reminder that the listing is not only a windfall for investors but also for many current and former employees.
Who wins, who gains, and who may not
The IPO marks a massive payday for Musk, early backers, and some members of SpaceX’s inner circle. It also cements Musk’s already enormous influence. With a stake large enough to give him more than half the voting power, he retains what some analysts have described as a near-monarchical grip on the public company.
At the same time, the offering raises questions about dilution, control, and how much value will ultimately be shared outside Musk’s closest orbit. Some investors in special purpose vehicles may not know the full extent of their holdings until post-IPO lockups expire, adding another layer of uncertainty to an already complex ownership structure.
For supporters, the deal is proof that SpaceX has become one of the most powerful companies in the market. For skeptics, it is a warning that the public version of the company may look very different from the private one, with Musk’s dominance likely to remain intact.
What the S-1 revealed
The S-1 registration statement offered an unusually deep view into SpaceX’s business, including its reliance on Starlink, its losses, and its ambitions in AI and next-generation space systems. The filing also reinforced how central Musk remains to the company’s identity and strategy.
Among the key takeaways was the company’s long-term bet on Starship, its heavy dependence on Starlink as a revenue engine, and the suggestion that future growth could be tied to broader opportunities in artificial intelligence through xAI-related efforts. At the same time, the filing hinted at the risks ahead, including potential dilution and the challenge of turning revolutionary engineering into sustainable profitability.
Deals before the listing
In the months leading up to the offering, SpaceX also worked to strengthen its balance sheet through a series of compute-related deals. Those agreements added another layer to the company’s increasingly complex business model, blending aerospace, satellite internet, and AI infrastructure.
Among them, Anthropic was set to pay xAI $1.25 billion per month for compute, while Google was expected to pay SpaceX $920 million per month for compute under a shorter-term arrangement meant to address unexpected demand for recently launched AI products.
Those deals helped frame SpaceX not just as a rocket company, but as a broader technology platform with ambitions that extend far beyond spaceflight.
The result is an IPO that is both a financial milestone and a cultural event. For Wall Street, it is a record-setting market debut. For Musk, it is another leap in power and wealth. And for SpaceX, it is the beginning of a new chapter under the scrutiny that comes with being a public company.
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