SpaceX completes record IPO, raising $75 billion at a $1.77 trillion valuation

SpaceX, Elon Musk’s rocket company, completed the largest initial public offering ever, raising $75 billion at a valuation of $1.77 trillion. The shares are set to start trading on Nasdaq on Friday at $135 apiece, after the company sold 555.6 million shares to investors. Even after accounting for stock-based compensation, SpaceX’s diluted value is estimated at about $1.8 trillion, putting it among the world’s largest public companies.

Demand was extraordinary, with investor orders reportedly topping $100 billion, and much of the retail allocation left unmet. That mismatch is expected to add pressure on the stock when trading opens. Wall Street also expects the company could quickly be added to major indexes such as the Nasdaq 100, forcing passive funds to buy shares and potentially driving further demand.

The deal drew both enthusiasm and skepticism. Short seller James Chanos called it “an IPO of hopes and dreams,” while investor Kim Forrest said it was “one of the most optimistic” offerings she has seen. The flotation, led by more than 20 major banks including Goldman Sachs, Morgan Stanley, Bank of America, Citigroup and JPMorgan, is being viewed as a major test for the tech and AI market, with Anthropic and OpenAI also expected to consider public listings in the coming months.