Space Exploration Technologies Corp. began trading on Nasdaq Friday under SPCX after pricing 555.56 million Class A shares at $135, raising $75 billion at a valuation of roughly $1.75 trillion. It’s the largest IPO ever, displacing Saudi Aramco’s roughly $25.6 billion offering from 2019 by a factor of nearly three.

Goldman Sachs led an offering that closed about 3.5 times oversubscribed, with investor demand reported above $250 billion. Underwriters hold a 30-day option on an additional 83.3 million shares at the IPO price; the deal is expected to close June 15. Per Bloomberg, the book reserved roughly 30% for retail, against a typical 5% to 10% in mega-cap deals, a structural concession to the Musk shareholder base that’s been waiting in private markets for a decade.

The financials underneath the valuation are a barbell. SpaceX reported $18.67 billion in 2025 revenue and a $4.94 billion net loss. Starlink alone did $11.4 billion at a 63% EBITDA margin, the sort of infrastructure economics that justifies trillion-dollar arithmetic. The drag is on the other end: after February’s all-stock absorption of xAI at roughly $250 billion, the combined AI segment’s R&D costs jumped more than 300% in 2025 to $5.06 billion, including $1.67 billion in GPU depreciation. The S-1 also discloses $25.45 billion in contractual commitments, 95% of which come due in 2026 and 2027.

Senator Elizabeth Warren urged the SEC to delay the offering on governance grounds; the regulator declined. S&P Dow Jones Indices confirmed SPCX won’t enter S&P 500 funds for at least 12 months, though MSCI said on June 9 it would begin additions June 13.

Aramco’s 2019 listing was sold as a sovereign moment for Riyadh. This one prices Musk’s industrial portfolio, satellites, rockets, Grok, X, as a single asset.

Sources