SpaceX Shatters IPO Records: SPCX Surges 19% in Largest Public Offering in History

SpaceX made history on Thursday, raising approximately $75 billion in the largest initial public offering ever, eclipsing Saudi Aramco's 2019 record. Shares of SPCX priced at $135, opened at $150, and closed the session at $160.95 — a 19.2% gain that pushed the company's market capitalization above $2 trillion on day one.

The milestone also made Elon Musk, who retains roughly 85% of voting power in the company, the world's first trillionaire by most estimates. SpaceX President Gwynne Shotwell and CFO Bret Johnsen rang the Nasdaq opening bell as the company's 650th Falcon 9 rocket launched from Cape Canaveral.

"I originally gave SpaceX less than a 10% chance of succeeding," Musk said Thursday from Starbase, Texas. Two decades later, the company commands a valuation larger than every aerospace and defense contractor on the planet combined.

The Numbers Behind the Record

SpaceX sold more than 555 million shares at the $135 offer price, bringing in roughly $75 billion in gross proceeds. The company opened for trading at $150 and never looked back, closing at $160.95 for a first-day pop of 19.2%. At that level, SpaceX's fully diluted market capitalization exceeds $2 trillion.

Institutional order books were reportedly oversubscribed by more than six times. The appetite was remarkable given SpaceX's Q1 2026 net loss of $4.3 billion, driven by aggressive Starship development spending and the integration of xAI, the artificial intelligence venture Musk folded into SpaceX earlier this year.

Where the Money Goes

SpaceX plans to deploy IPO proceeds across four major fronts: expanding its Falcon and Starship rocket programs, scaling the Starlink satellite broadband network, building out terrestrial data centers for AI workloads, and developing proprietary AI microchips. The company also outlined plans for orbital AI compute infrastructure — data centers in space.

The Bull Case

SpaceX operates the only rapidly reusable orbital-class rockets in service. Starlink now serves over 4 million subscribers across 100+ countries. Wall Street models project Starlink alone could generate $15–20 billion in annual revenue by 2028. Government contracts with NASA and the DoD provide a durable revenue floor.

The Bear Case

Morningstar pegs SpaceX's fair value at $780 billion — less than half Thursday's closing market cap. The $4.3 billion quarterly loss is not a rounding error. Governance concerns persist with Musk's 85% voting power and attention split across Tesla, xAI, Neuralink, and government affairs.

Collateral Damage Across Space Stocks

The debut sent shockwaves through the sector. Rocket Lab (RKLB) fell 8%, Virgin Galactic (SPCE) cratered 24%, and AST SpaceMobile (ASTS) dropped 10% as capital rotated into SPCX.

What Comes Next

For index fund managers, the question is when SPCX enters the S&P 500. Inclusion would trigger billions in passive buying. SpaceX has accomplished something extraordinary: making a rocket company worth more than the entire defense industry. Whether the stock can grow into that valuation is the $2 trillion question.

Sources: NPR, CNBC, Morningstar, Forbes, Yahoo Finance

Disclaimer: This article is for informational purposes only and does not constitute investment advice. All investments carry risk. Consult a financial advisor before making investment decisions.