TLDR

SpaceX confirmed the pricing of its initial public offering on June 11, 2026: 555,555,555 shares of Class A common stock at $135.00 per share, a raise of just under $75 billion. The stock begins trading Friday, June 12, 2026 on the Nasdaq Global Select Market and Nasdaq Texas under the ticker SPCX, with the offering expected to close on June 15. Underwriters hold a 30 day option to purchase up to 83,333,333 additional shares at the IPO price, which would push total proceeds toward $86 billion. At $135 per share the company is valued at roughly $1.77 trillion. That makes this the largest IPO ever priced, around three times the previous record, and it instantly places SpaceX among the most valuable companies on the planet, ahead of Tesla.

Key Takeaways

• The deal: 555,555,555 Class A shares priced at $135.00 each, raising approximately $75 billion before the overallotment option.
• The ticker: SPCX, trading on both the Nasdaq Global Select Market and the new Nasdaq Texas exchange starting June 12, 2026. The offering closes June 15.
• The greenshoe: underwriters have 30 days to buy up to 83,333,333 more shares at $135, worth another $11.25 billion and a potential total raise near $86 billion.
• Record scale: roughly three times larger than Saudi Aramco’s 2019 listing, the previous record holder, and by some estimates bigger than all US IPO proceeds from 2024 and 2025 combined.
• The valuation: approximately $1.77 trillion at the offer price, which would rank SpaceX around seventh among US companies by market cap, above Tesla at roughly $1.6 trillion.
• The multiple: reported 2025 revenue of $18.7 billion puts the deal at roughly 95 times trailing sales.
• Control: Elon Musk retains more than 82 percent voting power after the offering through the dual class structure.
• The banks: Goldman Sachs leads a ten bank syndicate of book running managers including Morgan Stanley, BofA, Citigroup, and J.P. Morgan, with thirteen additional co-managers.
• Truly global retail access: simultaneous retail offerings in the US, Canada, Switzerland, Australia, Japan, and seven EEA countries, with a qualified investor tranche in the UK. Mega IPOs almost never do this.
• Demand: the book was reportedly around four times oversubscribed, implying roughly $250 billion in orders, and some brokers are imposing anti flipping penalties on early sellers.
• Index mechanics: MSCI plans early inclusion of SPCX shortly after the debut, while S&P declined to fast track S&P 500 membership.
• What you own: Starlink, the Falcon and Starship launch business, and the AI segment built around xAI and the X platform following the February 2026 merger.

Detailed Summary

The Deal: 555,555,555 Shares at $135

Space Exploration Technologies Corp. announced from Starbase, Texas that its IPO priced at $135.00 per share for exactly 555,555,555 shares of Class A common stock. The math works out to $74,999,999,925, which is to say the share count was reverse engineered to land a fraction of a cent under a clean $75 billion. The quintuple five share count is exactly the kind of numerical flourish you would expect from this company. The SEC declared the registration statement effective on June 11, and the underwriters received a standard 30 day option for up to 83,333,333 additional shares, which at the offer price is another $11.25 billion. Fully exercised, total proceeds approach $86 billion.

Where and When SPCX Trades

Shares are expected to begin trading June 12, 2026 under the ticker SPCX on the Nasdaq Global Select Market and on Nasdaq Texas, the exchange operator’s new Dallas based venue. The dual venue listing is a symbolic alignment for a company headquartered in Starbase, Texas, and it hands Nasdaq Texas the biggest debut it could possibly ask for. The offering itself is expected to close on June 15, subject to customary conditions.

The Largest IPO Ever, By a Wide Margin

The previous record for an IPO raise was Saudi Aramco in December 2019 at roughly $29 billion including its overallotment. SpaceX clears that bar nearly three times over before its own greenshoe is exercised. Market data firms have noted that this single deal likely raises more money than every US IPO from 2024 and 2025 put together. Whatever 2026 looked like for the IPO market before this week, it is now a record year on the strength of one listing.

A $1.77 Trillion Valuation in Context

At $135 per share, SpaceX is valued at approximately $1.77 trillion, a figure that assumes pending transactions such as the EchoStar spectrum deal close as planned. That valuation would slot SpaceX in around seventh place among US public companies, ahead of Tesla, which trades near $1.6 trillion. It is a remarkable mark for a company that was privately valued at $350 billion in late 2024 and at $1.25 trillion when it merged with xAI in February 2026. Against reported 2025 revenue of $18.7 billion, the offer price represents roughly 95 times trailing sales, a multiple that prices in Starlink’s growth, Starship’s long term optionality, and the AI buildout all at once.

The Syndicate

Goldman Sachs leads the book running group, joined by Morgan Stanley, BofA Securities, Citigroup, J.P. Morgan, Barclays, Deutsche Bank Securities, RBC Capital Markets, UBS Investment Bank, and Wells Fargo Securities. Thirteen co-managers round out the syndicate, including Allen & Company, Cantor, Needham, Raymond James, Societe Generale, Stifel, William Blair, BTG Pactual, ING, Macquarie, Mirae Asset Securities, Mizuho, and Santander. Essentially every major bank on Wall Street and several from Asia, Europe, and Latin America have a seat at this table, which tells you how badly nobody wanted to be left out.

A Genuinely Global Retail Offering

One of the most unusual features of this IPO is its breadth. SpaceX structured simultaneous public offerings across an enormous number of jurisdictions. In Canada, a PREP prospectus was filed with regulators in every province and territory and is available through SEDAR+ at www.sedarplus.ca, meaning Canadian retail investors can participate directly. Retail offerings are also running in Switzerland and in seven EEA countries (Germany, Denmark, France, the Netherlands, Norway, Spain, and Sweden) under a European prospectus approved by Germany’s BaFin. Australia has its own ASIC lodged prospectus, Japan has a registration with the Kanto Local Finance Bureau distributed through Mizuho, Rakuten Securities, and SBI Securities, and the UK has a qualified investor tranche. Offering documents are centralized at www.spacexipo.com. Most mega IPOs are institutional affairs with token retail allocations in one or two markets. SpaceX built a retail pipeline spanning a dozen countries, consistent with the retail heavy shareholder culture Musk cultivated at Tesla.

What You Actually Own at $135

SpaceX describes itself as the only company building integrated hardware and software infrastructure across space, connectivity, and AI. In practice the business has three legs. Starlink is the profitable anchor, with reported 2025 revenue around $11.4 billion, EBITDA margins in the low 60s, and a subscriber base above 10 million. The launch segment, built on Falcon 9, Falcon Heavy, and the developing Starship program, is also profitable and effectively funds Starship’s path toward full reusability. The AI segment, centered on xAI and the X platform after the February merger, is the high burn piece, with reported operating losses above $6 billion in 2025. Buyers should also be clear eyed about governance: Musk controls more than 82 percent of voting power after the offering, so SPCX shareholders are passengers on his trajectory, not co-pilots.

Float, Flippers, and Index Funds

The offering represents only a small slice of the company, with the public float estimated around 4 percent of shares outstanding. Demand reportedly ran about four times the available stock, roughly $250 billion in orders, and some large brokerages have warned clients that flipping allocations within the first couple of weeks will cost them access to future IPOs. MSCI confirmed it will apply its early inclusion process for large IPOs, forcing passive funds tracking MSCI World and ACWI to buy SPCX within days of the debut. S&P declined to bend its rules for immediate S&P 500 entry, so that catalyst sits further out. Tight float plus forced index buying plus retail enthusiasm is a recipe for a volatile first stretch of trading. The first real fundamental checkpoint arrives with the company’s first public earnings report, expected in November 2026.

Thoughts

This IPO is less a financing event than a coronation, and the structure shows it. SpaceX did not need a price range and a delicate book building dance; it set a fixed $135, picked a share count that spells out 555,555,555, and let $250 billion of demand come to it. The raise itself is interesting too. A company with Starlink’s cash flow does not need $75 billion to keep launching rockets. It needs $75 billion if it intends to build orbital infrastructure, gigawatt scale AI compute, and Starship at industrial cadence simultaneously. The size of the check is the strategy.

The valuation question is where honest people will disagree. At 95 times trailing revenue, the market is paying today for the 2035 version of this company: Starlink as a global utility, Starship flying daily, and xAI somewhere in the frontier model race. The bear case is equally simple. The profitable segments are worth a fraction of $1.77 trillion on their own, the AI segment is burning billions against ferocious competition, and one person holds essentially all the votes. Both stories can be true at the same time, which is exactly what makes the next six months of trading interesting. Index flows and a 4 percent float will set the price short term; Starlink subscriber growth and the slope of xAI’s losses will set it long term.

The most underappreciated detail might be the global retail architecture. Filing simultaneous retail prospectuses in Canada, Japan, Australia, Switzerland, and most of Western Europe is expensive and slow, and companies skip it because institutions can absorb any deal. SpaceX did it anyway. That is partly ideology and partly a structural insight: a globally distributed retail base that believes in the mission is a more patient and more loyal source of capital than a hedge fund, and Tesla proved it for fifteen years. June 12 will tell us what the opening print looks like. The more important number arrives in November, when the largest IPO in history files its first earnings report and the story finally has to reconcile with a spreadsheet.