SpaceX raised $75 billion in its initial public offering — the largest in recorded history — pricing 555.56 million Class A shares at $135 each, implying a fully-diluted market cap of approximately $1.77 trillion at the offer price, according to Reuters.

The company announced the offering on June 4, 2026, and shares began trading on the Nasdaq Global Select Market and Nasdaq Texas under the ticker SPCX on June 12, per the company's pricing announcement. The debut session ended at roughly $161 — a ~19% premium to the offer price — pushing the implied market cap to approximately $2.1 trillion by the close, DW reported. Shares extended those gains on the following Monday, their first full trading session, according to CNBC. By June 16, SpaceX's market cap had briefly eclipsed both Amazon and Microsoft, per Reuters.

The Business Behind the Valuation

The financial backdrop matters here. SpaceX reported $18.7 billion in total revenue for full-year 2025, up from $14.1 billion in 2024 — 33% year-over-year growth — per Reuters. At the $135 offer price, that put the price-to-sales multiple at roughly 95x trailing revenue. At the first-day close of ~$161 and a $2.1 trillion cap, the multiple stretched to around 112x. For context, Nvidia — the current benchmark for high-multiple growth equities — traded at roughly 25–30x trailing sales during its 2024 peak run.

That gap is not noise. It reflects a market pricing in Starlink's global broadband TAM, the cadence of Falcon 9 and Starship launch contracts, and government and commercial payload demand that has no obvious near-term ceiling. It also reflects the scarcity premium that comes with locking in equity in a company that had, until this month, been exclusively accessible to institutional and secondary-market participants.

Scale and Structure

At $75 billion in gross proceeds from 555.56 million shares, the deal dwarfs the prior record — Saudi Aramco's $25.6 billion IPO in 2019 — by nearly 3x. The float implied by those 555.56 million shares against a ~$1.77 trillion total equity value is approximately 4.2% of the company. That is a thin public float for an issuer of this size, and it has operational implications: price discovery will be fragile early on, bid-ask spreads in size will be wide relative to large-cap norms, and any forced selling by major holders would move the market materially.

The dual-venue listing — Nasdaq Global Select Market and Nasdaq Texas — is worth noting. Nasdaq Texas, launched in 2025, is a newer exchange operating under Texas state charter. Listing there alongside the flagship market suggests SpaceX is hedging regulatory and geographic concentration risk in its exchange relationships, not an insignificant consideration given the company's complex relationship with federal regulators across its launch, satellite, and defense businesses.

What the Post-IPO Move Tells Us

A 19% first-day gain on a $75 billion offering is not a routine pop. At that scale, institutional allocations dominate the book; retail flipping accounts for a small fraction of volume. The sustained move into Monday's session suggests the bid was not purely driven by retail momentum. Whether that reflects genuine price discovery or a structurally thin float creating upward pressure is difficult to disentangle at this stage.

The revenue trajectory — $14.1 billion to $18.7 billion in a single year — gives the bull case a concrete anchor. But the valuation multiples baked in require years of compounding at that growth rate, with margin expansion, to justify on a discounted cash flow basis. The market, for now, is comfortable paying for optionality on Starship commercialization, LEO broadband penetration, and defense contracts. Whether that comfort persists through the first earnings cycle as a public company is the next test.

SpaceX is now, by market cap, one of the largest companies on earth. That is a structural fact with consequences for index inclusion, passive fund flows, and how allocators think about aerospace and defense weightings. The mechanics of that rebalancing will play out over the coming weeks.