SpaceX has completed the largest initial public offering in history, raising $75 billion and transforming one of the world’s most closely held private companies into a publicly traded technology conglomerate.

The company sold approximately 555.6 million Class A shares at $135 each, giving it an initial market capitalization of about $1.77 trillion. The offering surpassed the previous record established by Saudi Aramco, which initially raised $25.6 billion when it listed in 2019.

SpaceX shares began trading on the Nasdaq under the ticker SPCX on June 12, opening at $150 and closing at $160.95. The 19.2% first-day increase lifted the company’s market capitalization to approximately $2.1 trillion, placing it among the largest publicly traded companies in the United States.

The scale of the transaction is striking, but the more important development is what SpaceX intends to do with the capital. The company is no longer presenting itself primarily as a rocket manufacturer. Its public-market investment case now combines launch services, satellite communications and artificial intelligence infrastructure.

SpaceX’s offering was almost three times larger than Saudi Aramco’s original IPO and roughly three times the size of Alibaba’s landmark 2014 listing.

The company offered approximately 4.2% of its outstanding shares before any overallotment. Underwriters also received an option to purchase an additional 15% of the original offering, potentially increasing the total amount raised by another $11.25 billion. A full exercise would bring gross proceeds to approximately $86.25 billion.

Unlike many large public offerings, the transaction was entirely primary. Existing shareholders did not sell stock through the IPO, meaning the proceeds will go directly to SpaceX rather than providing an exit for early investors or executives.

That structure strengthens the company’s balance sheet while signaling that the listing was principally designed to finance expansion. It also limits the immediate supply of publicly tradable shares, which may contribute to greater price volatility as demand competes for a relatively small float.

Trading activity was intense. More than 510 million shares changed hands during the company’s first session, representing almost the entire number of shares sold in the IPO. The stock’s closing price valued SpaceX at more than 110 times its 2025 revenue.

The public company emerging from the IPO is considerably broader than the launch business SpaceX established in 2002.

SpaceX now reports three operating segments:

Space includes Falcon rockets, Dragon spacecraft, Starship development and launch services for commercial and government customers.

Connectivity consists primarily of Starlink broadband, satellite-to-mobile services and communications products for consumers, companies and governments.

Artificial Intelligence includes the recently acquired xAI business, terrestrial computing infrastructure, AI models and SpaceX’s longer-term plan to develop orbital data centers.

The combination creates an unusually integrated industrial platform. Rockets deploy satellites, satellites provide global communications, and the communications network could eventually connect terrestrial and orbital computing infrastructure.

This integration is central to the company’s valuation argument. SpaceX is asking investors to evaluate it not as an aerospace contractor, telecommunications operator or AI company individually, but as an infrastructure provider spanning all three markets.

SpaceX generated $18.67 billion in consolidated revenue during 2025, an increase of approximately 33% from $14.02 billion in 2024. The company reported adjusted EBITDA of $6.58 billion, although it recorded an operating loss of $2.59 billion and a net loss of $4.94 billion.

The results reveal a sharp difference between the company’s mature and emerging businesses.

Starlink and the broader Connectivity segment generated $11.39 billion in 2025 revenue, representing approximately 61% of SpaceX’s total. Connectivity revenue increased nearly 50% from the previous year.

More significantly, the segment generated $4.42 billion in operating income and $7.17 billion in adjusted EBITDA. Its adjusted EBITDA exceeded the consolidated company’s total because profits from connectivity were partly offset by losses in the Space and AI segments.

By March 2026, SpaceX reported approximately 10.3 million Starlink subscribers, compared with 4.4 million in 2024 and 8.9 million at the end of 2025. The network included more than 9,600 active satellites and provided coverage across 164 countries, territories and other markets.

Starlink has therefore evolved from a way to finance SpaceX’s launch ambitions into the company’s central earnings engine. Its recurring subscription revenue gives SpaceX a financial base that traditional launch providers generally lack.

That advantage is reinforced by vertical integration. SpaceX manufactures many of its own satellites, launches them using its own reusable rockets and operates the resulting network. Lower launch costs make constellation expansion more economical, while Starlink demand supports a high launch cadence that can further reduce costs.

SpaceX’s Space segment generated approximately $4.09 billion in revenue during 2025, up about 8% from the previous year. It reported a $657 million operating loss and $653 million in adjusted EBITDA.

The weaker profitability partly reflects the cost of developing Starship. SpaceX invested approximately $3 billion in Space segment research and development during 2025, much of it directed toward the next-generation launch system.

Starship is critical because several of SpaceX’s growth plans depend on its success. The vehicle is designed to carry substantially larger payloads than Falcon 9, deploy next-generation Starlink satellites and reduce launch costs through full reusability.

The company says it was responsible for more than 80% of the mass placed into orbit worldwide during 2025. It also launched 11 of the 12 medium- and heavy-lift missions conducted under the US National Security Space Launch program and all five US crew and cargo missions to the International Space Station that year.

This operating scale creates a competitive advantage that extends beyond external launch revenue. SpaceX can reserve a growing portion of its capacity for its own satellites and infrastructure, effectively using the launch business as an internal logistics network.

However, this also creates concentrated execution risk. Delays in Starship could limit SpaceX’s ability to deploy higher-capacity Starlink satellites, expand satellite-to-mobile services and establish the orbital computing infrastructure included in its long-term strategy.

The most consequential change in the SpaceX investment story is the addition of artificial intelligence.

The AI segment generated approximately $3.2 billion in revenue during 2025 but recorded an operating loss of $6.36 billion. Its adjusted EBITDA loss was approximately $1.24 billion.

More important than the operating loss is the level of investment. SpaceX spent approximately $12.73 billion on AI-related capital expenditures during 2025, accounting for more than 60% of the company’s total capital expenditure.

Across its three segments, SpaceX invested approximately $20.74 billion during the year, exceeding its annual revenue. In the first quarter of 2026 alone, the company reported more than $10 billion in segment capital expenditures, including $7.72 billion for AI infrastructure.

The IPO proceeds provide the capital required to continue this strategy without relying exclusively on private funding or debt markets. SpaceX has said the money will support AI computing infrastructure, launch vehicles, launch facilities and expanded satellite capacity.

The company’s AI strategy has several layers. It intends to train and operate advanced models, sell computing capacity, develop specialized chips and eventually place large-scale computing infrastructure in orbit.

SpaceX argues that orbital data centers could gain access to abundant solar energy while avoiding some of the power, land and cooling constraints affecting terrestrial facilities. Starlink would provide the communications layer connecting those systems with users on Earth.

The company expects to begin deploying AI computing satellites as early as 2028. However, orbital computing remains technically and commercially unproven. It will require reliable heavy-lift launches, advanced thermal management, radiation-resistant hardware, continuous communications and an economic model capable of competing with rapidly improving terrestrial data centers.

The AI business therefore represents both the company’s largest potential growth opportunity and its most capital-intensive source of risk.

At the $135 offering price, SpaceX was valued at approximately 95 times its 2025 revenue. At the first-day closing price, the multiple exceeded 110 times revenue.

Those levels cannot be justified by the company’s present earnings. Instead, they reflect expectations that SpaceX will capture substantial value from satellite communications, government services, artificial intelligence, mobile connectivity, lunar infrastructure and, eventually, interplanetary transportation.

SpaceX estimates that its combined addressable markets could reach $28.5 trillion. Such figures should be treated cautiously. Addressable-market estimates do not represent revenue forecasts, and several of the markets included in the calculation are either immature or do not yet exist at meaningful commercial scale.

The valuation also contrasts sharply with the company’s current profitability. SpaceX recorded a $4.94 billion net loss in 2025 and another $4.28 billion net loss during the first quarter of 2026. It reported an accumulated deficit of more than $41 billion as of March 2026.

Adjusted EBITDA presents a stronger picture, but it excludes depreciation, share-based compensation, restructuring expenses, interest and other costs. Those exclusions are particularly important for a company investing tens of billions of dollars in rockets, satellites, data centers and computing hardware.

Investors are effectively paying today for infrastructure that may take many years to produce acceptable returns.

The IPO gives outside investors economic exposure to SpaceX without materially reducing Elon Musk’s control.

Musk is expected to retain approximately 82% of the company’s voting power following the listing through SpaceX’s multiclass share structure. He did not sell shares in the offering and is subject to a 366-day lock-up period.

Other early investors, officers and directors face staggered lock-up restrictions. As those restrictions expire, additional shares may enter the market, increasing liquidity but potentially creating selling pressure.

SpaceX also gave retail investors an unusually large role in the offering. Individual investors reportedly received approximately 20% of the final allocation, compared with the much smaller percentage typically available in major IPOs.

The strategy widened public participation but also increased the risk that enthusiasm for Musk and the SpaceX brand could influence trading independently of operating performance.

SpaceX’s listing is significant beyond the company itself.

The $75 billion transaction demonstrates that public markets can absorb offerings previously considered too large or complex. It may encourage other highly valued private technology companies to accelerate their own listings, particularly businesses requiring enormous amounts of capital for AI infrastructure.

It also changes the public-market space sector. Until now, investors seeking exposure to commercial space were largely limited to smaller launch, satellite and space-services companies. SpaceX introduces a company with unmatched launch scale, recurring satellite revenue and deep government relationships.

Its arrival may redirect capital away from smaller competitors while establishing new valuation benchmarks across aerospace, telecommunications and artificial intelligence.

The offering also marks a shift in the relationship between private capital and public markets. For years, technology companies delayed listings while raising larger funding rounds from venture firms, sovereign wealth funds and private-equity investors. SpaceX has reversed that pattern by using an IPO not primarily as an exit, but as a financing mechanism for industrial expansion.

The success of SpaceX’s IPO is indisputable as a capital-markets event. The company raised more than any previous new listing, delivered a strong first-day return and entered the public market with a valuation exceeding $2 trillion.

Its operating challenge is more difficult.

Starlink must sustain subscriber growth while maintaining attractive margins. Starship must progress from development testing to reliable, high-frequency operations. The AI segment must convert extraordinary capital expenditure into products capable of competing with established technology companies. Management must also balance government relationships, regulatory approvals and international expansion while integrating businesses with very different economics.

The IPO has provided SpaceX with the resources to pursue those objectives on an unprecedented scale. It has also transferred much of the financial risk from private investors to the public market.

SpaceX is no longer being valued only for what it has built. Its $2.1 trillion market capitalization reflects confidence in systems, services and industries that remain years from maturity.

The world’s largest IPO has given SpaceX the capital to attempt some of the world’s most ambitious projects. It has also created one of the most demanding valuation tests in modern market history.