Key Takeaways
- SpaceX (SPCX) has priced the largest initial public offering in history at $135 per share, raising $75 billion and valuing the company at approximately $1.77 trillion.
- Shares are scheduled to be quoted at 9:50 AM ET on the Nasdaq, with official trading expected to commence at 10:00 AM ET today, June 12, 2026.
- The offering was massively oversubscribed, attracting over $250 billion in total demand, including more than $100 billion from retail investors who were allocated an unusual 30% of the float.
- The public entity now includes the recently acquired xAI, merging Elon Musk’s rocket, satellite internet (Starlink), and artificial intelligence ventures into a single market powerhouse.
Space Exploration Technologies Corp., better known as SpaceX (SPCX), is poised to make stock market history this morning as it begins trading on the Nasdaq Global Select Market. After pricing its IPO late Thursday at $135 per share, the company has officially surpassed Saudi Aramco’s 2019 record to become the largest public offering of all time.
The market debut follows a period of intense investor frenzy, with institutional books reportedly closing with $150 billion in orders. Retail interest was equally unprecedented, as platforms like Robinhood (HOOD) and Fidelity handled more than $100 billion in requests from individual traders. This high demand is expected to lead to significant volatility and a potential "pop" when the first trades execute at 10:00 AM ET.
SpaceX (SPCX) enters the public arena not just as a space launch provider, but as a diversified conglomerate. The company’s S-1 filing highlighted three core pillars: Space (launch services), Connectivity (Starlink), and AI (xAI). Starlink remains the primary profit engine, having surpassed 10 million subscribers earlier this year, while the integration of xAI and its "Grok" platform adds a high-growth artificial intelligence component to the thesis.
Despite the record-breaking valuation, some analysts have voiced caution regarding the company's financials. SpaceX (SPCX) reported a $4.9 billion net loss in 2025 on $18.7 billion in revenue, largely due to heavy capital expenditures for the Starship program and AI infrastructure. Morningstar analysts have warned that the current valuation of 94 times sales leaves "almost no room for execution errors," suggesting that the stock is significantly overvalued compared to its underlying fundamentals.
The listing is also expected to have a profound impact on the personal wealth of founder Elon Musk. With a valuation of $1.77 trillion, Musk’s retained 82% voting power and significant equity stake could officially make him the world’s first trillionaire by the closing bell. Meanwhile, the Nasdaq has already adjusted its rules to allow SpaceX (SPCX) to join the Nasdaq-100 index in as little as 15 trading days, ensuring rapid inclusion in major passive investment funds.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.