SpaceX goes public with the largest IPO in history: $75 billion

What happened?

SpaceX, the aerospace company founded by Elon Musk, has priced its Initial Public Offering (IPO) at $135 per share, placing 555.56 million shares on the Nasdaq. According to Reuters, the operation raised $75 billion, making it the largest IPO in U.S. history, surpassing the previous record of Alibaba in 2014 ($25 billion) and Saudi Aramco in 2019 ($29.4 billion). The company's total valuation stands at $1.77 trillion, calculated on a base of 13.08 billion outstanding shares. This figure places SpaceX as the seventh most valuable company in the U.S., behind only Apple, Microsoft, Alphabet, Amazon, Nvidia, and Meta.

The IPO comes after months of speculation and an accelerated process, in which the company filed its confidential application with the SEC in October 2025. The final price of $135 is in the mid-to-high range of the initial $120-$140 range, reflecting strong institutional demand. According to sources close to the operation, the offering was oversubscribed several times, with particular interest from sovereign wealth funds and large asset managers such as BlackRock and Fidelity, which were already previous investors in private rounds.

Why is it important?

This financial milestone places SpaceX ahead of giants like Tesla (worth around $1 trillion) and brings it closer to companies like Apple or Microsoft. However, unlike these, SpaceX closed its last fiscal year (2025) with net losses of $1.2 billion, according to documents filed with the SEC, and its total revenue was $13 billion. Market confidence is based on its dominant position in the space industry, with government contracts representing 60% of its revenue, its Starlink satellite network —which already has over 5 million subscribers and generated $4.5 billion in revenue in 2025— and the development of the Starship spacecraft, key for missions to the Moon and Mars.

The SpaceX IPO is not only a financial event but also a testament to the maturity of the commercial space industry. Until now, the sector was dominated by government contracts and private companies with high valuations but no public liquidity. The SpaceX IPO validates the business model of reusable launches and satellite services, and opens the door for other companies like Blue Origin, Rocket Lab, or Relativity Space to consider their own IPO. In fact, Blue Origin has already announced it is evaluating an IPO for 2027, according to Bloomberg.

Consequences and context

The SpaceX IPO could accelerate investment in the space sector, which according to Morgan Stanley could reach $1.1 trillion in revenue by 2040. For investors, it represents an opportunity to participate in a company with high growth potential, but also with risks associated with sector volatility, dependence on Musk (whose stake after the IPO dilutes to 40% but retains control through class B shares with 10 votes each), and the technical challenges of Starship, which has not yet completed a successful orbital flight without setbacks.

Furthermore, the IPO occurs in a context of high demand for technology stocks, with the Nasdaq index at all-time highs. However, the space market has shown signs of overvaluation in the past: the merger of Virgin Galactic with a SPAC in 2019 brought its valuation to $2.3 billion, but it has since fallen 80%. SpaceX, with real revenue and long-term contracts such as the agreement with NASA for the lunar landing module worth $2.9 billion, seems more solid. Starlink, for its part, is expected to reach positive free cash flow in 2026, according to company estimates.

For SpaceX employees, the IPO represents a liquidity opportunity: many hold stock options that they can now exercise. It is estimated that about 8,000 employees will benefit, with average earnings of $1.2 million per person, according to Forbes. This could generate a wave of new startups founded by former employees, similar to the PayPal Mafia effect.

What readers should know

• SpaceX becomes the seventh most valuable company in the U.S. by market capitalization, at $1.77 trillion, surpassing Berkshire Hathaway and Visa.
• Despite losses, the company has demonstrated the ability to generate recurring revenue thanks to Starlink, which already represents 35% of its total revenue.
• The stock market debut occurs in a context of high demand for technology and space stocks, but with regulatory risks: the FCC has not yet approved the full deployment of the second-generation Starlink constellation.
• Retail investors will be able to purchase shares through brokers like Robinhood or eToro, although initial volatility will be high. Some analysts warn that the fair price would be between $100 and $120, based on comparable revenue multiples (15x vs. 20x for Palantir).
• SpaceX plans to use the IPO funds to finance the development of Starship, the expansion of Starlink, and possible acquisitions. According to the prospectus, $30 billion will go to R&D and the rest to working capital.

The SpaceX IPO is not only a financial event but also a testament to the maturity of the commercial space industry. As NASA CEO Bill Nelson said: 'SpaceX has shown that space is no longer just for governments.'