SpaceX set its final IPO price at $135.00 per share on June 11, 2026, raising $75 billion in gross proceeds — the largest initial public offering ever completed, eclipsing the previous record held by Saudi Aramco's 2019 debut.

At that price and share count, the implied fully diluted equity valuation lands at approximately $1.77 trillion, per the final prospectus filed with the SEC. That puts SpaceX ahead of every publicly traded company in the world by market cap at the moment of pricing — a snapshot that will shift with secondary trading, but the headline figure alone reframes what a private-to-public transition can look like at scale.

The company's Class A common stock is listed on the Nasdaq Global Select Market. SpaceX filed its S-1 registration statement with the SEC on May 20, 2026, giving the market roughly three weeks to digest the disclosure before pricing. That timeline is compressed relative to the typical six-to-eight week roadshow cadence for a mega-cap deal, and it signals the degree to which institutional demand was pre-cooked through years of secondary-market activity and tender offers at ascending private valuations.

The mechanics behind a $75 billion raise

To put the gross proceeds figure in perspective: $75 billion exceeds the combined IPO proceeds of the ten largest U.S. technology listings over the past decade. Saudi Aramco's December 2019 offering raised roughly $29.4 billion on the Tadawul, a figure that was itself a record at the time; SpaceX's deal is more than double that. The Aramco comparison matters because it was the only prior offering that demonstrated sovereign-scale appetite from institutional allocators — SpaceX has now shown that a private aerospace and technology company can command the same order-of-magnitude demand.

At $135 per share, the pricing reflects a valuation framework that institutional bookrunners would have stress-tested against a range of revenue multiples across SpaceX's distinct business lines: Starlink's recurring subscription revenue, launch services under long-term government and commercial contracts, and the developmental programs — Starship, point-to-point transport, and beyond-LEO ambitions — that carry binary risk profiles. Those lines do not compress neatly into a single EV/EBITDA or price-to-sales multiple, which is part of why private market price discovery for SpaceX has been exceptionally wide across secondary platforms over the past several years.

The S-1 filing in May put standardized financials in front of public investors for the first time, replacing the patchwork of secondary transaction data and tender-offer terms that had previously served as proxies for valuation. That information asymmetry collapse is itself a structural event for the market: anyone who held secondary exposure through SPVs or direct share purchases now has a public benchmark against which to mark positions.

What a $1.77 trillion float changes

A company entering the public market at $1.77 trillion will immediately be eligible for major index inclusion — S&P 500 qualification turns on profitability criteria alongside market cap, but the sheer size virtually guarantees passive-flow consideration at the index committee's next scheduled review. Index-driven buying at that scale is non-trivial: even a 0.5% weight in the S&P 500 implies tens of billions in forced passive purchases from funds tracking the benchmark.

For the broader IPO market, the deal's execution sets a new supply-absorption data point. Underwriters and issuers in the pipeline will read the order book dynamics — whether SpaceX priced at the top, middle, or bottom of its range, and how aftermarket trading develops — as a signal of genuine institutional risk appetite versus liquidity-driven window-dressing. A clean aftermarket would do more to reopen the IPO backlog than any amount of Fed pivot speculation.

The $75 billion raise also lands on the balance sheet as transformative dry powder. At that capitalization level, SpaceX can self-fund Starship's full development program, accelerate Starlink constellation density, and pursue acquisitions without dilutive equity issuance — all while carrying the governance scrutiny that comes with a public register. Elon Musk retains voting control through the Class B share structure disclosed in the S-1, so the strategic latitude that characterized SpaceX's private era is structurally preserved.

The pricing is done. Secondary trading will now generate its own evidence about whether $135 clears the market or merely opened a negotiation.