The SpaceX IPO, Explained: $75 Billion Raised, a $1.77 Trillion Debut

By Kresmion Research · June 12, 2026

SpaceX priced the largest IPO on record, selling 555,555,555 shares at a fixed $135 to raise $75 billion ahead of a Nasdaq debut under the ticker SPCX. The first public trade is set for today, Friday June 12, 2026, and the deal it caps is unusual in almost every dimension: the size of the raise, the fixed take-it-or-leave-it price, the breadth of what is inside the company, and the concentration of who controls it (CNBC, NPR). This explainer walks through what is actually being sold, what the filings disclosed, and what the numbers mean, without telling you what to do about any of it.

Key takeaways

The deal: how a record raise was structured

SpaceX confirmed the pricing of 555,555,555 shares at $135 each on Thursday, June 11, raising $75 billion (NPR). Unlike a typical IPO, the price was not marketed as a range that bankers tighten as orders come in. It was fixed from the start, a take-it-or-leave-it structure, with Goldman Sachs as lead banker alongside Morgan Stanley, Bank of America, Citigroup, and JPMorgan (CNBC).

Underwriters also hold an option to buy a further 83.33 million shares at the IPO price, worth about $11.2 billion if exercised in full, the mechanism known as a greenshoe (CNBC, June 3). Up to 5 percent of the stock was reserved for a direct share program (CNBC, June 3).

Reported demand ran far past the deal size: orders topped $250 billion against the $75 billion on offer (Benzinga), with retail orders alone above $100 billion (Seeking Alpha). Retail's share of the final allocation was cut to the low-20-percent range, below the roughly 30 percent initially anticipated (CNBC). One caution on the demand figure: order books in hot deals contain inflated bids from buyers who anticipate being cut back, so reported demand is an upper bound on real appetite, not a measurement of it.

What is actually listing

This is the full company, not a carve-out. SpaceX merged with xAI in February 2026 in a deal that valued the combined entity at $1.25 trillion, so the listed business spans three segments: the launch business, the Starlink satellite-internet network, and the xAI artificial-intelligence unit (CNBC, June 3).

The filings put numbers on each. For 2025, total revenue was $18.67 billion, up 33 percent, with a net loss of $4.94 billion (CNBC). Starlink generated $11.4 billion of that revenue, about 61 percent, with operating income around $4.4 billion, supported by more than 10 million subscribers across 164 countries; the launch business contributed roughly $4 billion; and xAI brought in $3.2 billion of revenue against an operating loss of about $6.4 billion (Benzinga). In the first quarter of 2026, revenue was $4.69 billion, up 15 percent, the net loss was $4.28 billion, and capital expenditure reached $10.1 billion, of which $7.7 billion went to AI infrastructure (CNBC).

Read together: the profitable satellite business and the cash-consuming AI unit are now one ticker, and the $75 billion raised is fuel for capital spending that ran at a $10 billion quarterly pace in Q1.

Who controls it

The share structure is dual-class. Class A shares, the ones sold to the public, carry one vote each; Class B shares, retained by Elon Musk, carry ten (Premier Alternatives S-1 summary). Musk controls over 82 percent of the voting power, and at the IPO price his stake is worth about $866.5 billion (CNBC). Public buyers are acquiring economic exposure, not influence.

Insiders are subject to a 180-day lockup with early-release windows, with Musk committed for the full 180 days (Premier Alternatives). Lockup expiries matter because they govern when additional insider shares can reach the market.

How it compares

The $75 billion raise is more than two and a half times the previous record, Saudi Aramco's $29.4 billion listing in 2019, and more than triple Alibaba's raise, the largest US IPO before it (NPR, CNBC, June 3).

At $135 a share, coverage put the company's valuation at about $1.77 trillion, which would rank it around the seventh most valuable US company, above Tesla at roughly $1.6 trillion (CNBC, June 3). A transparency note: outlets reported the figure between $1.75 trillion and $1.77 trillion depending on share-count assumptions, including pending acquisitions, so we treat $1.77 trillion as approximate rather than exact. For scale, the company's last private mark was the $1.25 trillion implied by the February xAI merger, so the IPO price sits about 40 percent above it.

What to watch on debut day

Because the price was fixed rather than discovered through bookbuilding, the opening auction on Nasdaq is the first public market-set price the company has ever had (private secondary markets quoted it before, but never an open exchange). US equity futures were higher this morning partly in anticipation of the debut, alongside reports of a possible US-Iran agreement (TheStreet). Index providers have fast-track rules for large listings, which governs how quickly SPCX can enter major benchmarks and the passive flows that follow (NPR).

None of this says where the stock should trade. A record raise, a 40 percent step-up over the last private mark, and an order book several times the deal are facts about supply and demand into the open, not a forecast.

Frequently asked questions

What is SpaceX's stock ticker and where does it trade?

SpaceX trades under the ticker SPCX on the Nasdaq. The IPO priced at a fixed $135 per share on June 11, 2026, and the first public trading day is Friday, June 12, 2026.

Does buying SPCX include Starlink and xAI?

Yes. The listing covers the whole company: the rocket-launch business, the Starlink satellite-internet segment, and xAI, which merged with SpaceX in February 2026. Starlink supplied about 61 percent of 2025 revenue; xAI ran an operating loss of roughly $6.4 billion in 2025.

Why is the $75 billion raise different from the $1.77 trillion valuation?

The raise is the cash collected for the 555,555,555 new shares sold, about 4 percent of the company at the IPO price. The valuation multiplies the price by all shares outstanding. SpaceX collected $75 billion; the market's question is what all of it is worth, which trading will start to answer.

What is a lockup and when does it end for SpaceX insiders?

A lockup is a contractual ban on insiders selling shares for a set period after listing, here 180 days with early-release windows, with Elon Musk committed for the full period. When lockups expire, insider shares become sellable, which changes the available supply.

Sources

• CNBC, SpaceX raises $75 billion in record-setting IPO, June 11, 2026
• NPR, SpaceX IPO pricing, June 11, 2026
• CNBC, SpaceX IPO roadshow details, June 3, 2026
• Benzinga, SpaceX IPO and Nasdaq futures, June 12, 2026
• Premier Alternatives, SpaceX S-1 highlights
• Seeking Alpha, retail demand tops $100B, June 11, 2026
• CNBC, retail allocation cut to low-20% range, June 11, 2026
• TheStreet, market live blog, June 12, 2026

Kresmion publishes event framing and verified data, not investment advice. Nothing here is a recommendation to buy or sell any security.