SpaceX priced its IPO at $135 per share and began trading on the Nasdaq on June 12, 2026, with shares opening at $150 — an 11.1% premium to the offer price that pushed the company's market capitalisation to $1.96 trillion at the open, according to its SEC filing.

The deal was structured to raise approximately $75 billion in gross proceeds. At the $135 offer price, the implied valuation was $1.77 trillion. The $150 open adds roughly $190 billion to that figure in a matter of minutes — a reminder that the IPO price and the market price are two distinct things, and that institutional allocations at $135 represent immediate mark-to-market gains for those who received them.

SpaceX filed its S-1 registration statement with the SEC on May 20, 2026, giving the market just over three weeks to digest the prospectus before pricing. The S-1 disclosed Q1 2026 revenue of $4.69 billion. Annualising that single quarter produces a run-rate of roughly $18.8 billion — a useful baseline, though quarterly revenues in the launch and satellite services business are lumpy and a single quarter's figure carries wide error bars.

Scale and Comparables

At $1.96 trillion on the open, SpaceX immediately ranks among the largest publicly traded companies in the world by market cap. For context, that places it in the same tier as the megacap technology platforms that have defined the past decade of equity markets. The valuation implies a price-to-annualised-revenue multiple in the range of 100x on the Q1 run-rate — a multiple that prices in years, arguably decades, of compounding growth across launch, Starlink broadband, and whatever commercial and government programmes follow.

That multiple is not unusual for a company with a near-monopoly on heavy-lift launch capability and a satellite constellation already generating recurring subscription revenue. It is, however, a multiple that leaves no room for execution risk, competitive entry, or regulatory friction. Investors buying at $150 are paying for a very specific version of the future.

The Numbers Behind the Deal

$75 billion in gross proceeds would rank this among the largest equity capital raises in history. For comparison, Saudi Aramco's 2019 IPO raised approximately $25.6 billion at pricing, though follow-on tranches pushed that higher; Alibaba's 2014 New York listing raised roughly $25 billion. SpaceX at $75 billion is in a different order of magnitude.

The 11.1% opening pop suggests the deal was not aggressively priced. Underwriters pricing a $75 billion transaction have strong incentives to leave some upside on the table to ensure a stable aftermarket — a blow-up on day one of a deal this size would be a reputational event for every bank on the cover. The clean open at $150 is consistent with a book that was heavily oversubscribed but deliberately priced conservatively.

What the Filing Shows

Q1 2026 revenue of $4.69 billion covers both the launch business and Starlink. The S-1 does not break out segment profitability in the figures available here, so the margin structure — and how much of that revenue converts to free cash flow — remains a key unknown for analysts building models. Launch contracts with NASA, the Department of Defense, and commercial satellite operators carry different margin profiles from consumer broadband subscriptions, and the mix matters enormously at this valuation.

The three-week window between the S-1 filing and the IPO date is tight for a deal of this complexity. It limits the time available for deep-dive due diligence by buy-side analysts and suggests the company was confident in the quality of its disclosure and the depth of demand.

At $1.96 trillion, the public market has now put a price on what was, until today, the world's most valuable private company. Whether that price holds depends on execution against a growth trajectory already baked into the multiple. The filing gives investors the first standardised look at the financials. The next few quarters of public reporting will determine whether the numbers support the story.