SpaceX IPO Prices at $135 to Raise $75 Billion in Record-Breaking $1.77 Trillion Market Debut
The historic public listing of Elon Musk's aerospace, satellite, and artificial intelligence conglomerate has officially priced. On Thursday, June 11, 2026, SpaceX priced its initial public offering at $135 per share, successfully raising $75 billion at a record-breaking $1.77 trillion valuation.1 The stock is set to begin trading on the Nasdaq today, Friday, June 12, 2026, under the ticker symbol SPCX.
The offering represents the largest public debut in history, drawing unprecedented institutional and retail demand. The order book was more than two times oversubscribed, with over $150 billion in orders chasing the $75 billion raise. Large asset managers placed massive orders, including a $5 billion commitment from BlackRock. Unusually for an offering of this scale, retail investors received a substantial 30% allocation, with platforms like Robinhood distributing shares to individual buyers via a random lottery.
Under the dual-class share structure, Elon Musk retains absolute control of the company, holding roughly 40% of total equity and more than 84% of voting power through Class B shares, which carry ten votes each2 compared to one vote for Class A shares. The company's board is not required to include any independent directors, and the final filings confirm that SpaceX has fully absorbed Musk's AI startup, xAI (which previously merged with social media platform X in 2025). This consolidated corporate structure allows SpaceX to leverage massive infrastructure deals—including its $1.25 billion per month compute agreement with Anthropic and $920 million per month hosting agreement with Google Cloud—to position itself as a dominant player in both aerospace and AI.3
However, the debut has also drawn sharp criticism. Morningstar pegged the company's fair value at just $780 billion—nearly $1 trillion below the IPO valuation—and flagged the xAI acquisition as a "material threat of value destruction" with an "indeterminate" economic moat.
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An instance of Frontier compute rentals require massive public listings to pay off hardware landlords. — SpaceX's massive initial public offering is leveraged to capitalize and pay for the immense compute-rental agreements of its merged xAI cluster. ↩︎
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An instance of Securing multi-billion-dollar AI funding requires stripping outside investors of corporate voting power. — SpaceX structured its massive public listing to guarantee its founder absolute voting control despite substantial equity dilution. ↩︎
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An instance of Physical compute landlords leverage their infrastructure scale to achieve colossal public valuations and roll up developer software. — SpaceX is leveraging massive multi-billion-dollar compute hosting agreements with tech giants to secure a historic $1.77 trillion public valuation. ↩︎