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 immediate jump pushed the company's market capitalisation to $1.96 trillion at the open, according to its SEC filing.

The deal raised 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 minutes — a reminder that the IPO price and the trading price are not the same thing. Institutional investors who received allocations at $135 saw immediate mark-to-market gains.

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 starting point, though revenues in launch and satellite services swing significantly quarter to quarter.

Scale and Comparables

At $1.96 trillion on the open, SpaceX ranks immediately among the world's largest publicly traded companies by market cap — tier with the megacap technology platforms that have dominated equity markets over the past decade.

The valuation implies a price-to-annualised-revenue multiple of roughly 100x on the Q1 run-rate. That multiple prices in years, arguably decades, of compounding growth across launch services, Starlink broadband, and future government and commercial contracts. For a company with near-monopoly control of heavy-lift launch capability and a satellite constellation already generating recurring subscription revenue, a multiple of that scale is defensible. It is, however, a multiple with little margin for error. Execution risk, competitive entry, or regulatory complications would leave investors exposed. Buyers at $150 are paying for a very specific future to unfold.

The Deal in Context

$75 billion in gross proceeds ranks among the largest equity capital raises in history. Saudi Aramco's 2019 IPO raised approximately $25.6 billion at pricing; Alibaba's 2014 New York listing raised roughly $25 billion. SpaceX at $75 billion is roughly three times larger.

The 11.1% opening premium — modest for a deal of this scale — tells you something about how it was priced. Underwriters managing a $75 billion transaction have every incentive to leave some upside on the table to ensure a stable aftermarket. A rough opening on day one of a deal this size damages every bank involved. The clean rise to $150 is consistent with a book that was heavily oversubscribed but deliberately priced conservatively.

What the Financials Show

Q1 2026 revenue of $4.69 billion covers both launch services and Starlink. The S-1 does not break out segment profitability, so the margin structure — and how much of that revenue becomes free cash flow — remains unknown. Launch contracts with NASA, the Department of Defense, and commercial satellite operators carry different margin profiles than consumer broadband subscriptions, and the mix matters enormously at this valuation.

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

At $1.96 trillion, the public market has now priced what was until today the world's most valuable private company. Whether that price holds depends entirely on execution against a growth trajectory already embedded in the multiple. The filing offers investors the first standardised view of the financials. The next few quarters of results will test whether the numbers support the story the valuation tells.