Key Takeaways

• Historic IPO: SpaceX raised $75 billion — the largest initial public offering in U.S. history, surpassing Saudi Aramco’s 2019 record of $25.6 billion.
• $135 per share: The company sold 555.56 million shares at $135 each.
• $1.77 trillion valuation: SpaceX will rank seventh among all U.S.-listed companies when trading begins on the Nasdaq Friday.
• Beats Aramco: The previous record holder raised $25.6 billion at a $1.71 trillion valuation in 2019 ($33.2 billion and $2.21 trillion in inflation-adjusted terms.
• Towering comparisons: SpaceX’s valuation surpasses JPMorgan Chase, Berkshire Hathaway, Eli Lilly, Meta Platforms, and Musk’s own Tesla.
• Loss-making giant: SpaceX reported a loss last year and generates revenue substantially below other mega-cap peers.
• Retail-friendly offering: 30% of shares were allocated to retail buyers — an unusually high proportion.
• No traditional roadshow: SpaceX bypassed the conventional banker-investor negotiation process and set its price directly.
• Starlink the revenue engine: The satellite internet service — operating across 164 countries and territories — generates the majority of SpaceX’s revenue.
• Dominant in orbit: SpaceX accounts for more than four-fifths of mass launched into orbit over the past three years.
• Founded in 2002: Elon Musk’s company was established with the mission of making life multiplanetary and extending “the light of consciousness to the stars.”

Elon Musk’s SpaceX on Thursday said it had priced its initial public offering at $135 per share, raising $75 billion in the largest IPO in U.S. history.

The company sold 555.56 million shares and valued the rocket and spacecraft manufacturer at a whopping $1.77 trillion — based on 13.08 billion shares outstanding. SpaceX will rank seventh among U.S.-listed companies when trading begins on the Nasdaq on Friday.

The valuation marks a record for an initial public offering, surpassing the previous largest IPO — Saudi Aramco’s December 2019 offering, which raised $25.6 billion at a $1.71 trillion valuation. In inflation-adjusted terms, Aramco raised $33.2 billion at a $2.21 trillion valuation.

The $1.77 trillion figure could increase if underwriters exercise their option to sell additional shares — a decision typically made within 30 days of the offering.

A Valuation That Dwarfs Giants

SpaceX’s valuation exceeds that of JPMorgan Chase, Berkshire Hathaway, Eli Lilly, Meta Platforms, and Musk’s own Tesla — a remarkable achievement for a company that reported a loss last year and generates revenue substantially lower than other mega-cap peers.

Starlink Powers the Business

Founded in 2002, SpaceX’s mission is “to build the systems and technologies necessary to make life multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars.”

The company says its space operations account for more than four-fifths of the mass launched into orbit over the past three years. Its Starlink internet service connects customers across 164 countries, territories, and other markets — and currently generates most of SpaceX’s revenue.

Breaking IPO Convention

SpaceX allocated 30% of shares to retail buyers and determined Thursday’s offering price before conducting the traditional roadshow that bankers and investors typically use to negotiate IPO terms — a significant departure from standard market practice.