Liftoff: SpaceX goes public today
in the biggest IPO the market has ever seen 🚀
This is the one a generation of investors has been waiting for. After years of "stay private forever," Elon Musk's rocket company is ringing the Nasdaq bell this morning under the ticker SPCX. It priced last night at $135 a share, raised roughly $75 billion, and lands on the tape at a $1.77 trillion valuation - instantly the seventh most valuable company in America. Demand topped a quarter of a trillion dollars. We're refreshing this post all day as the first trade prints, so check back.
Figures from the IPO pricing announced June 11, 2026 and reporting as of the morning of June 12, before the opening cross. This is editorial commentary, not investment advice.
Where things stand this morning: shares are priced and allocated at $135. The opening cross is still forming, so SPCX has not started regular trading yet. The whole market is watching one number - where it opens versus that $135 list price. More updates throughout the day.
Raised in the offering - shattering Saudi Aramco's $29.4B record from 2019. This isn't just the biggest IPO of 2026; it's the biggest in market history, full stop.
Debut valuation, vaulting SpaceX past TSLA to become the 7th most valuable U.S. company - on day one.
How many times the book was oversubscribed. Total demand cleared $250B, with retail orders alone north of $100B. Everyone wanted in.
The deal, by the numbers
As priced June 11, 2026A record that wasn't supposed to be touched
For seven years, the biggest IPO in history was Saudi Aramco - a literal nation-state's oil company that raised $29.4 billion in 2019. That number was treated as untouchable. SpaceX just raised more than two and a half times as much in a single morning. A privately-held rocket builder, founded in a warehouse, out-raised the crown jewel of the Saudi state by roughly $46 billion.
What makes it land differently is who showed up. Aramco's book was stuffed with sovereign funds and domestic institutions. SpaceX's was a stampede - more than $250 billion in total demand against a $75 billion deal, and over $100 billion of that from retail investors clicking "buy" on their phones. This is the rare mega-cap listing where the crowd, not just the whales, drove the book.
$75 billion raised versus Aramco's $29.4 billion. The previous record didn't get nudged - it got vaporized. And it happened on a company that, a year ago, most retail investors had no legal way to own.
What you're actually buying at $135
SPCX is not a pure rocket bet - it's a bundle. The crown jewel is Starlink, the satellite-internet network that now blankets the planet. It throws off the bulk of SpaceX's revenue and is the company's one consistently profitable unit - the cash engine that funds everything louder and riskier around it.
Around that engine sit the moonshots: the reusable rocket business that made orbital launch routine, the Starship deep-space program aimed at the Moon and Mars, and - as of February's merger - Musk's AI lab xAI, now folded directly into the company. You're buying connectivity, launch, deep-space ambition, and frontier AI in a single ticker. That's the bull case and the complexity in one breath.
The quiet truth under the rocket fire: Starlink is the part that actually makes money. The launches grab the headlines, but it's the satellites overhead - and the broadband subscriptions on the ground - paying the bills.
Demand topped $250 billion - and retail led the charge
Bankers expected this to be hot. They did not expect a book oversubscribed roughly three-and-a-half to four times. More than $250 billion in orders chased $75 billion in stock, which is why the underwriters are sitting on a 30-day greenshoe option for another 83.3 million shares - the release valve for a deal this far over its skis.
The most striking line in the whole book: retail demand alone broke $100 billion. A decade of "I wish I could buy SpaceX" finally had a button to press, and millions pressed it. That enthusiasm is the fuel for a day-one pop - and, as the skeptics will remind you below, also exactly what makes the open so hard to price.
The skeptic's corner: what could go sideways
We're excited - but excitement is not a strategy, and a great company can still be a tricky stock on day one. Three things temper the euphoria. First, control: Musk holds north of 82% of the voting power, so public shareholders are buying economics, not a vote. Second, the moonshots burn cash - Starship and xAI are enormous, lossmaking bets layered on top of Starlink's profits. Third, the opening print: when a deal is 4x oversubscribed, the first trade can gap far above $135, and chasing a hot open has burned plenty of investors before.
More than one analyst has already made the classic call: don't feel forced to buy on the first day. The lockup, the first earnings print as a public company, and the inevitable post-IPO volatility tend to hand patient buyers better entries than the opening minutes of a frenzy. Anticipation is wonderful. It's also priced in.
The unglamorous reality: you're buying a $1.77T valuation with one profitable division, two giant cash-burning ones, and a founder with total voting control. None of that makes it a bad investment - it makes it one to understand before the open, not after.
What we're watching once the bell rings
One number matters first: the opening trade versus $135. A modest pop says the bankers priced it well; a 30%+ gap says retail demand overwhelmed the float and the volatility is just getting started. After that, watch where SPCX settles in the valuation table - it lists ahead of TSLA at $1.77T, and the intraday swing could shuffle that ranking in real time.
We'll also be watching the read-through to the rest of the space complex - names like RKLB and ASTS - which often trade in sympathy when the sector's marquee name has its moment. Check back through the day; we'll update this post as the first prints land.
What this means
This is the largest IPO in history - $75B raised, beating Aramco's $29.4B by more than 2.5x. SPCX arrives at a $1.77T valuation, instantly the 7th most valuable U.S. company.
It's a bundle, not a rocket bet: Starlink is the profit engine, Starship and xAI are the cash-burning moonshots. You're buying connectivity, launch, deep space, and AI in one ticker.
Demand was historic - $250B+ in orders, $100B+ from retail, ~4x oversubscribed. That's rocket fuel for a day-one pop and exactly why the opening print is so hard to call.
Eyes wide open: Musk holds 82%+ of the vote, the moonshots lose money, and a 4x-oversubscribed open can gap hard. Plenty of pros are saying you don't have to buy on day one.
This is the opening post in our SpaceX IPO Live Blog - follow there for every timestamped update through the day, newest first.
Hear the SPCX debut explained - the moment it trades.
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