SpaceX officially priced the largest IPO in history at $135 per share on June 11, 2026, raising $75 billion and putting a value of more than $1.75 trillion on the combined SpaceX-xAI entity. Trading begins June 12 on Nasdaq under the ticker SPCX, and the sale is set to make Elon Musk the world’s first trillionaire.
The Numbers
The company sold 555.6 million shares to its underwriters, who begin marketing the stock as active trading opens. The raise shatters the $24.9 billion Saudi Aramco drew in its 2019 debut — the previous record — by roughly threefold. At the pricing level, the offering was more than four times oversubscribed, and underwriters hold an option for an extra 83.3 million shares that could add another $11 billion.
The Valuation Story
A $1.75 trillion price tag makes the SpaceX-xAI entity the most valuable company to ever list. It fuses three capital-hungry bets:
- Starlink, the satellite internet business with millions of paying users
- SpaceX rockets, from Falcon 9 to the world’s largest reusable launch vehicle
- xAI, the frontier-model business folded into the listing
The Unusual Roadshow
SpaceX eschewed traditional IPO pricing, testing its $135 target with investors before the formal roadshow began. The approach clearly worked: Bloomberg reported demand for four times the shares available. Crypto market Hyperliquid prices synthetic SPCX exposure at about $167, implying a roughly 20% pop on day one.
Who Wins
Musk holds just under 850 million Class A shares plus 5.6 billion Class B shares with ten votes each. Longtime backers cash in too: Antonio Gracias of Valor Management holds 503.4 million shares worth nearly $68 billion, and roughly 400 venture capitalists who funded two decades of private growth share in the windfall — as do SPV investors waiting to learn their exact stakes after lock-ups lift.
What It Means
The perfect pricing is not the finish line — the moonshot projects the valuation promises still have to be delivered. But a $75 billion IPO against a $1.75 trillion valuation marks the moment the private space-and-AI era went public, and the market gets its say beginning June 12.