NEW YORK — SpaceX makes its long-awaited stock market debut Friday, listing on the Nasdaq under the ticker SPCX after pricing the largest initial public offering on record at a fixed $135 a share.
The offering sells about 555.6 million shares to raise roughly $75 billion, valuing Elon Musk's rocket, satellite and AI group at about $1.77 trillion. That eclipses Saudi Aramco's 2019 listing as the biggest IPO ever and would make SpaceX one of the most valuable companies to go public, debuting larger than Tesla. Underwriters led by Goldman Sachs hold a 30-day option to buy an additional 83.3 million shares at the IPO price, and the offering is expected to close June 15.
The first trade may not come at the opening bell. With only about 4% of the company floated and demand that ran into the hundreds of billions of dollars during the roadshow, the opening price is expected to print late morning or early afternoon as the exchange works through a heavy order imbalance. The fixed-price structure means the headline valuation is already set, so the early session will be a test of how far public investors push the stock above — or below — the $135 offer.
Anticipation rippled through related stocks. EchoStar, which owns an estimated 3% of SpaceX, surged about 11% on Thursday and added more in Friday premarket trading, while satellite firm AST SpaceMobile jumped roughly 12%. Maye Musk, the chief executive's mother, was among the first to arrive at the Nasdaq MarketSite in New York for the debut.
Investors are buying a business with two faces. Starlink, the company's satellite-internet unit, has become a genuine revenue engine, reporting more than 10 million subscribers and $11.4 billion in 2025 revenue at a 63% margin, while heavy spending on Starship and the xAI arm continues to weigh on the bottom line. Analysts remain split on the price: Morningstar pegs fair value near $780 billion — less than half the IPO target — while bullish forecasts run far higher, with first-week price targets between $140 and $175.
The structure points to a volatile open and a second-day jolt. MSCI said it will add SPCX to its indexes beginning Saturday, the day after listing, forcing passive funds that track major benchmarks to buy the stock and adding structural demand on top of heavy retail interest. SpaceX set aside about 30% of the offering for retail investors, far above the typical share.
Elon Musk will retain more than 80% of the voting power after the offering. As with most marquee listings, the $135 figure is a starting line rather than a market-clearing price — the opening trade is where real price discovery begins.
© 2026 HNGN, All rights reserved. Do not reproduce without permission.
