SpaceX priced its IPO at $135 per share on June 11, 2026, raising $75 billion and valuing the company at $1.77 trillion — the largest public offering on record, per Reuters. Trading began on June 12, 2026 on the Nasdaq Stock Market LLC and Nasdaq Texas, Inc., per the company's Australian lodgement prospectus.

Shares surged on the first day. They peaked at $176.52 intraday before closing at $160.95 — a 19.2% gain from the $135 offer price — per Yahoo Finance. That kind of pop is a sign of strong demand, though it also means later buyers paid a steeper entry price than those who secured shares in the IPO itself.

Demand and Who Got Shares

The order book was roughly four times oversubscribed before pricing, Reuters reported — meaning demand outpaced supply by that ratio. That gave underwriters confidence to price at the top of their expected range. SpaceX set aside 30% of IPO shares for retail investors, which is unusually generous by U.S. standards, where typical retail allocations range from 10–20%. The larger retail tranche reflects both Starlink's consumer brand and a deliberate choice to broaden the shareholder base.

Elon Musk retained 82% ownership after the offering, per Reuters. At the first-day close, that milestone hit: Musk became the world's first trillionaire, combining his SpaceX stake with other holdings. The 82% retention matters structurally. It means the float — the chunk of shares available for public trading — is small relative to the company's total value. When a tiny pool of shares drives pricing for a $1.77 trillion company, swings in price tend to be sharper, and it can be harder to move large positions without moving the stock.

What SpaceX Says It Will Become

SpaceX's IPO materials emphasize Starlink, AI, and space-based data centers as growth drivers, per Reuters. The company is pitching itself as more than a launch provider. Starlink is being positioned as a subscription broadband business with recurring revenue, while AI integration and orbital data center capacity offer longer-term potential. The EU prospectus, approved by BaFin and published June 6, 2026, underscores the global nature of this listing — SpaceX coordinated the book across U.S., European, and Australian markets simultaneously, per the BaFin-approved document.

The $1.77 trillion valuation is extraordinarily high. At that price, the multiple to revenue — the ratio of market value to annual sales — tells you what investors expect about growth and profitability. First-day buyers who paid $160.95 took on an even bigger bet that SpaceX's actual earnings will expand into that valuation. This is the crux of the forward-looking question: the prospectus is thorough about what SpaceX does and plans to do, but it cannot answer whether the cash the company generates will grow fast enough to justify the price the market has now set.

The thin float presents a dual dynamic. Near term, it can support stability, since there are fewer shares available to short — a bet that the price will fall. Over time, the two big wildcards are lock-up expirations (when early investors are permitted to sell) and any secondary sales by Musk himself or other founding holders. At 82% retention, even measured selling from the controlling shareholder would flood a thin public float — a pressure point that volatility traders will be tracking closely.

By the standard execution metrics — a record raise, a 4x oversubscribed book, a generous retail allocation, and a 19% first-day close — SpaceX's IPO succeeded decisively. The harder, longer question is whether the valuation the market has settled on bears any relationship to the actual earnings the company will produce. That answer will take years to unfold.