SpaceX priced 555.5 million Class A shares at $135 Thursday night, raising $75 billion at a $1.77 trillion valuation, the largest IPO ever. Shares opened Friday on Nasdaq under SPCX. The prior record, Saudi Aramco in 2019, raised $25.6 billion, so SpaceX raised roughly three times that in one session. Pre-listing perpetual contracts on Hyperliquid traded near $176, about 30 percent above the offer, signaling heavy demand. A friends-and-family carve-out leaves up to $3.75 billion of unlocked stock sellable on day one. No state launch program raised private capital at this scale. Only an American firm building reusable rockets and Starlink could command it.
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Record by a wide margin
The $75 billion raise dwarfs Aramco's $25.6 billion 2019 record and Alibaba's $25 billion 2014 listing. At $1.77 trillion, SpaceX debuts larger than all but a handful of public companies. The 555.5 million share float is roughly 4 percent of the company, implying tight supply against demand. Underwriters set a fixed $135 price rather than a range, an unusually confident structure for a deal this size.
2
Demand signals run hot
The SPCX perpetual on Hyperliquid traded near $176 Friday, about 30 percent over the $135 offer, a derivatives bet on a strong open. Maye Musk arrived at the Nasdaq opening, and protesters gathered in Times Square. The friends-and-family tranche unlocks up to $3.75 billion immediately, the main source of day-one selling pressure against that demand.
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Why only SpaceX
Starlink now exceeds 7 million subscribers and is the revenue engine underwriting the valuation. Reusable Falcon and Starship cut launch costs below any state agency, giving SpaceX roughly 80 percent of global commercial launch mass. No government rocket program produces these margins. The IPO converts a strategic national asset into public equity while Musk keeps voting control through the Class B structure.
The largest IPO in history is a private American rocket company, not a bank or oil major. That is the story. Day-one volatility will be extreme, but the valuation rests on Starlink cash flow, not hype.
Sources
- ✓ CNBC — SpaceX IPO SPCX live updates — 2026-06-12
- ✓ Fast Company — SpaceX SPCX stock price IPO trading start — 2026-06-12
- ✓ TradingKey — SpaceX IPO date set for June 12 $1.75T valuation — 2026-06-11
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