SpaceX Begins Releasing Shares After Record Nasdaq IPO

Space Exploration Technologies Corp. began the staged release of shares to employees and shareholders on August 6. This follows the company's initial public offering on the Nasdaq in June, which stands as the largest IPO in history. The offering valued the company at more than $2 trillion and reportedly created roughly 4,400 new millionaires, including production line staff.

Despite the high valuation, the company reported a net loss of $143 million for the quarter ending in June and a total loss of $2 billion for the first half of the year. These losses were driven by increased spending on artificial intelligence.

Founder Elon Musk defended the company's financial trajectory during an earnings call, asserting that investors are underestimating the potential of the profitable Starlink satellite internet service. Market analysts remain divided; some suggest the valuation is inflated by the founder's brand and risks related to xAI, while others maintain that SpaceX's success in reducing orbital launch costs justifies its market position.