SpaceX raises $75 billion in record-setting IPO ahead of Nasdaq debut
SpaceX It is officially preparing for the largest public offering in history.
Elon Musk’s reusable rocket company raised $75 billion by selling 555.6 million shares for $135 per piece. filing With the Securities and Exchange Commission. The deal values SpaceX at $1.77 trillion, making it the seventh most valuable company in the United States. Tesla’sMusk’s electric vehicle manufacturer.
SpaceX’s Nasdaq debut will come Friday, when the masses will have their first opportunity to buy the 24-year-old company. Betting on SpaceX at this price is largely a bet on Musk, as the company is burning cash and its revenue is much smaller than its trillion-dollar peers.
SpaceX said in its statement: prospectus that revenue rose 15% to $4.69 billion in the first quarter, from $4.07 billion a year earlier. For the full year last year, revenue rose 33% to $18.67 billion. The company recorded a net loss of $4.28 billion in the last quarter, following a loss of $4.94 billion in 2025.
In addition to its space business, Musk’s company also owns the Starlink satellite internet service, which accounts for the bulk of its revenue and is its only profitable unit, and its artificial intelligence division xAI, which merged with SpaceX in February.
SpaceX said in its IPO filing that capital expenditures in the first quarter more than doubled from a year earlier to $10.1 billion. The vast majority of these costs ($7.7 billion) were for AI, with the remainder spent on space and connectivity.
The company has had a cumulative deficit of approximately 41.3 billion dollars since its establishment in 2002. The company warned investors in its prospectus that it may not be able to make a profit in the future.
Some of the IPO drama was removed last week when SpaceX set a fixed price of $135 per share. New issuers typically offer a price range that allows a company and its advisors to gauge demand sentiment at different levels, but SpaceX took a take-it-or-leave-it approach after a series of test meetings leading up to the roadshow launch.
The leading banker in the IPO is Goldman Sachs, followed by Morgan Stanley, Bank of America, Citigroup and JPMorgan Chase.
With the IPO, Musk is preparing to become the world’s first trillionaire. Its stake in SpaceX is valued at $866.5 billion, adding to Tesla shares worth about $320 billion, excluding some options. For 54-year-old Musk, SpaceX’s offer comes 16 years after he took Tesla public.
Musk controls more than 82% of the voting power at SpaceX, giving him nearly complete control over the board.
Two Wall Street firms began covering SpaceX on Thursday. Oppenheimer opened on an outperform note and a 12- to 18-month price target of $190; This represents a 40% gain on the IPO price. Analyst Timothy Horan wrote that the company’s diversified portfolio makes it attractive to investors.
“We see the potential for SPCX to leverage terrestrial computing expertise as a bridge (and possible backup plan) to deliver significant scale and cost advantages,” he wrote. Horan called it “the only vertically integrated AI company with the necessary capital, data, LLM, hardware, manufacturing and engineering talent” and said “space infrastructure appears to be structurally advantageous.”
New Street Research, meanwhile, initiated coverage with a $165 price target and said it sees xAI as a $575 billion business “compared to OpenAI and Anthropic expectations.”
While SpaceX’s IPO is roughly three times the size of the largest U.S. IPO in history, things to come may challenge that. Anthropic and OpenAI, each valued at close to $1 trillion by private investors, have filed confidentially to go public less than four years after the prolific AI boom began. These deals could happen this year.
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