SpaceX Executes Largest IPO in History with $1.77 Trillion Valuation

Space Exploration Technologies Corp. executed the largest initial public offering in U.S. history on June 12, 2026, listing on the Nasdaq under the ticker SPCX. The company raised approximately $86 billion, including overallotment options, by selling roughly 555 million shares at a fixed price of $135. This debut valued the company at approximately $1.77 trillion, though market capitalization surged to a peak of $2.82 trillion by mid-June before settling around $2.1 trillion in July.

The offering followed a February 2026 merger with xAI and a strategic pivot toward AI infrastructure, including orbital data centers. Financially, SpaceX reported 2025 revenue of $18.7 billion but a net loss of $4.94 billion, driven by heavy R&D and AI expenditures. Only the Starlink connectivity segment remained profitable, while the space and AI divisions recorded significant losses. To facilitate retail access, the company executed a 5-for-1 stock split and allocated up to 30% of shares to individual investors.

Governance remains highly concentrated, with Elon Musk retaining approximately 82% to 85% of voting power through a dual-class share structure. This structure drew opposition from major U.S. pension funds, including CalPERS. Post-IPO, SpaceX used its new liquidity to acquire the AI coding startup Cursor for $60 billion. While the stock saw a record-breaking options debut and brief peaks above Amazon and Microsoft in market value, analysts from Morningstar cautioned that the company is significantly overvalued, estimating a fair value of $63 per share.