SpaceX prices record $75B IPO at $135 a share — the largest tech listing ever
What's the deal? SpaceX, Elon Musk's rocket and satellite company, has priced its initial public offering at $135 a share, raising $75 billion at a roughly $2 trillion market capitalisation — the largest technology IPO of all time. The stock is set to debut on the Nasdaq, with early indications pointing to an open around 30% above the IPO price.
The deal pushes Musk's net worth past $1 trillion, making him the first trillionaire. SpaceX operates the Falcon and Starship rocket programmes and the Starlink satellite-internet network.
Why now? SpaceX has spent years building out its core businesses — reusable rockets for commercial and government launches, and Starlink, which now provides satellite internet to millions of users worldwide. The company has long been one of the most sought-after private names in tech, and the listing gives public investors their first chance to buy in.
What could go wrong? SpaceX faces enormous capital requirements across its programmes. Starship, the next-generation rocket, is still in development and has had high-profile test failures. Starlink, while growing fast, operates in a capital-intensive market with regulatory hurdles across jurisdictions. And any company this closely tied to one individual — especially one as politically active as Musk — carries unique governance and reputational risks. A 30% pop on opening day also raises the question of whether the deal was priced too low.
The signal: The debut marks a turning point for the commercial space industry. A listing at this scale signals that public markets now view space infrastructure — rockets and satellite broadband — as a mainstream investment category rather than a speculative frontier bet, and could open the door for other large private space and defence-tech companies eyeing public listings.
