SpaceX priced its initial public offering at $135 per share on June 11, 2026, raising $75 billion in gross proceeds — the largest IPO ever completed. The previous record belonged to Saudi Aramco, which raised roughly $29.4 billion in December 2019. SpaceX's offering is more than double that figure.

Based on the pricing and share count disclosed in the final prospectus, the company's fully diluted equity valuation landed at approximately $1.77 trillion. That valuation exceeds every publicly traded company in the world at the moment of pricing — though secondary market trading will shift that ranking. The company's Class A common stock began trading on the Nasdaq Global Select Market.

SpaceX filed its S-1 registration statement on May 20, 2026, giving the market three weeks to review financial disclosures before pricing. That timeline is notably compressed. A typical mega-cap IPO involves a six-to-eight week roadshow period — underwriters touring the country to pitch the deal to institutional investors. The shorter window here reflects something important: demand was already baked in. Years of secondary-market activity and private tender offers at rising valuations had already signaled serious institutional appetite.

The scale of the raise

To ground $75 billion: it exceeds the combined IPO proceeds of the ten largest U.S. technology listings over the past decade. Saudi Aramco's record-setting 2019 offering was itself considered sovereign-scale — it demonstrated that a state-owned energy company could command investment-bank-sized capital and global institutional participation. SpaceX shows that a private aerospace and technology company can now command the same magnitude of demand.

The $135 pricing reflects a valuation framework that underwriters stress-tested across SpaceX's distinct business lines. Starlink generates recurring subscription revenue. Launch services operate under long-term government and commercial contracts. Developmental programs like Starship carry binary risk — they either succeed or fail. These business lines don't fit neatly into standard valuation metrics like EV/EBITDA or price-to-sales multiples, which is why private market pricing for SpaceX ranged widely before the S-1 filing.

The May S-1 filing put standardized financial statements in front of public investors for the first time. Before that, secondary market transactions and tender offers served as proxies for valuation. That information gap collapsing matters: anyone holding secondary exposure through vehicles like SPVs (special purpose vehicles — legal entities used to hold shares outside traditional structures) or direct share purchases now has a public benchmark to measure their positions against.

What a $1.77 trillion company means for markets

A company entering the public market at that scale is immediately eligible for index consideration. S&P 500 inclusion turns on profitability and market cap thresholds. The size alone virtually guarantees that the index committee will consider passive-flow exposure at its next scheduled review. Index-driven buying carries real impact: a 0.5% weight in the S&P 500 implies tens of billions in automatic purchases from funds tracking the benchmark.

For the IPO market more broadly, SpaceX's execution sets a new data point. Underwriters and companies in the pipeline will watch the order book dynamics — whether SpaceX priced at the top, middle, or bottom of its indicated range, and how trading develops post-listing — as a gauge of genuine institutional demand versus window-dressing demand tied to temporary market liquidity.

The broader context here is worth pausing on. A strong, clean aftermarket for SpaceX could unlock the IPO backlog that has accumulated in recent years. Market sentiment matters more than Fed policy speculation when it comes to capital raising.

The $75 billion capital raise lands on SpaceX's balance sheet as transformative cash. At that scale, the company can self-fund Starship's full development, accelerate Starlink constellation build-out, and pursue acquisitions without dilutive equity issuance — all while operating under the governance and disclosure requirements that come with a public listing. Elon Musk retains voting control through the Class B share structure disclosed in the prospectus, so the strategic autonomy that defined SpaceX's private era remains structurally intact.

The pricing is set. What happens next will be written in the order book and secondary trading. Whether $135 clears the market or merely opens a negotiation is now a question for the market to answer.