Elon Musk’s rocket and satellite company SpaceX began trading on the Nasdaq on June 12, 2026, pushing its market value above $2 trillion after the largest initial public offering in stock market history.
Shares opened just above $150 each, up 11% from the $135 IPO price, and last traded around $165 a roughly 22% first-day gain lifting the company’s value past $2 trillion. The listing, under the ticker SPCX, caps a 24-year run as the most valuable private company in the world.
How SpaceX Got to the Nasdaq on June 12
SpaceX confidentially filed a draft registration statement with the U.S. Securities and Exchange Commission on April 1, 2026, then publicly filed its S-1 prospectus on May 20, 2026, giving investors their first full view of the company’s finances.
The company set a fixed IPO price of $135 per share and planned to sell 555.6 million shares, targeting a $75 billion fundraise at a $1.77 trillion valuation, a figure that placed it just above Tesla’s market capitalization of roughly $1.6 trillion.
That $75 billion raise eclipses Saudi Aramco’s 2019 offering of $29.4 billion, the previous record.
Underwriters hold an option to buy an additional 83.33 million shares at the IPO price, worth another $11.2 billion.
What the S-1 Revealed About Revenue and Losses
The filing showed a company pulling in strong revenue while spending aggressively on next-generation systems.
SpaceX reported consolidated revenue of $18.67 billion in 2025, up 33% year-over-year, but recorded an operating loss of $2.59 billion. Adjusted EBITDA stood at $6.58 billion.
The Connectivity segment, driven by Starlink, accounted for $11.4 billion in revenue in 2025 about 61% of the company’s total.
The AI segment, absorbed through the xAI acquisition, generated $3.2 billion in revenue.
The AI segment lost $6.355 billion in 2025. SpaceX’s legacy Space and Connectivity segments are profitable on their own; the losses are driven entirely by the newly integrated AI division.
Starlink had 10.3 million subscribers across 164 countries as of March 31, 2026, up from 8.9 million at the end of 2025.
The company estimates its total addressable market at $28.5 trillion across space, connectivity, and AI.
Where Critics Push Back on the $2 Trillion Price
Not all observers accept the valuation at face value.
Morningstar estimated a fair value of $63 per share before the listing, less than half the IPO price citing reliance on untested technology and optimistic assumptions.
At $135, SpaceX traded at roughly 92 times trailing sales.
Analysts at The Motley Fool argued that a price-to-earnings multiple of 40, applied to the core space business, would value SpaceX at $320 billion, an 84% discount to its IPO price and pointed to past high-profile IPOs such as Rivian and C3.ai as cautionary examples.
Senator Elizabeth Warren sent a letter urging the SEC to delay the offering, flagging the dual-class share structure and the risk of index funds being forced to buy SPCX regardless of valuation.
The SEC reviews disclosures, not whether a price is fair, and the June 12 debut went ahead on schedule.
Musk will retain over 82% voting control of the company after the offering.
What Comes Next for SpaceX Stock
SpaceX has spent over $15 billion developing Starship. The next-generation rocket’s twelfth test mission is scheduled for this week.
Commercial Starship flights are targeted for late 2026, which analysts say is the clearest near-term catalyst for the stock.
Cathie Wood’s Ark Invest projected in December 2025 that SpaceX could reach an enterprise value of $2.5 trillion by 2030, based on a Monte Carlo model incorporating 17 growth variables.
Whether Friday’s debut pricing holds or gives way to the more skeptical targets depends largely on whether Starlink sustains its subscriber growth and the AI division narrows its losses.
