SpaceX has priced the largest stock market flotation on record, raising about $75 billion (£56 billion) at $135 (£101) a share, even though the company has yet to turn a profit and is going public over warnings that it is overvalued.
Priced on Thursday, 11 June, the deal values Elon Musk's rocket and satellite company at about $1.77 trillion (£1.32 trillion), surpassing Saudi Aramco's 2019 listing, which raised $29.4 billion (£22 billion) and held the previous record, according to the BBC. Analysts at Morningstar value the company at well under half that, and Senator Elizabeth Warren has urged the SEC to delay the offering over its valuation and governance.
Political Scrutiny Ahead of Trading
SpaceX begins trading on Friday, 12 June, under the ticker SPCX. It is selling about 555.6 million Class A shares, a deal more than double the size of any previous flotation.
At that valuation, SpaceX would rank as roughly the seventh-largest listed company in the United States, above Musk's carmaker Tesla, valued at around $1.6 trillion (£1.19 trillion), and among the most valuable in the world.
The listing faced opposition. Days before the debut, Senator Warren, the senior Democrat on the Senate Banking Committee, urged the SEC to delay it. In a letter to the regulator's chair, Paul Atkins, first reported by CNBC, she questioned the valuation and the company's governance, describing Musk's power as majority shareholder as 'uniquely unchecked' and arguing that the price 'requires numerous leaps of faith.' The SEC said it had received the letter but declined to comment. A request of that kind does not halt an offering, and the debut is expected to proceed.
What the SpaceX IPO Numbers Show
SpaceX recorded a net loss of close to $5 billion (£3.7 billion) on revenue of about $19 billion (£14.2 billion) in 2025, according to figures cited by NBC News. The company has not yet turned a profit.
Starlink, the satellite-internet business, is the profit engine, generating about $11.4 billion (£8.5 billion) in revenue last year as its subscriber base passed 10 million by early 2026. The xAI artificial-intelligence unit, which runs the Grok chatbot and Musk's X social network, and was merged into SpaceX earlier this year, ran an operating loss of $6.36 billion (£4.7 billion).
Analysts at Morningstar put SpaceX's fair value at about $780 billion (£582 billion), less than half the listing price, and described the stock as 'overvalued'. SpaceX had earlier weighed a valuation above $2 trillion before lowering it. Its first set of public results is due in November 2026.
Thin Float and a Heavy Retail Tilt
About 4% of the company is being offered to the public. The Guardian reported that the thin float, combined with the valuation, had raised concerns the stock could prove volatile when it opens. Underwriters hold a 30-day option to buy up to 83.3 million additional shares at the offer price, which would raise a further $11.2 billion (£8.4 billion).
Around 30% of the shares, worth roughly $22.5 billion (£16.8 billion), have been set aside for retail investors. The offering was heavily oversubscribed.
Musk is expected to control about 84% of the voting power after the listing and cannot sell any shares for a year. His grip extends to the board, which means he alone can decide whether he remains chief executive.
The shares are also set to enter major indexes quickly. MSCI has cleared the stock for early inclusion from 13 June, and revised Nasdaq rules allow fast entry to the Nasdaq-100 within about 15 trading days. Both moves would force tracker funds to buy SPCX whether their investors chose it or not, a point Warren raised in her letter.
'It's probably the most hopeful IPO,' Kim Forrest, chief investment officer at Bokeh Capital Partners, told Bloomberg, adding that buyers 'want to be part of the future.'
SpaceX is the first of three AI-related listings expected this year. Anthropic and OpenAI are both preparing flotations that could each exceed $1 trillion (£746 billion), and analysts have said the performance of SpaceX shares will be watched as a gauge of investor demand for the sector.
Most retail investors will only be able to buy once the stock opens on Friday, after any first-day price move. SpaceX has said applicants will learn whether they secured an allocation when trading begins, and the offering is expected to close on 15 June.
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