SpaceX Closes Record $85.7B IPO, Shares Jump 19%

SpaceX has closed the largest IPO in history, raising roughly $85.7 billion in gross proceeds after underwriters exercised their full overallotment option. The company sold 638,888,888 shares of Class A common stock at $135 each in the initial offering, with an additional 83,333,333 shares added through the overallotment. Shares debuted on the Nasdaq on Friday and closed up 19% at $160.95.

SpaceX achieves record valuation on debut day. The stock opened around 11% higher at $150 per share and reached an intraday high of $176, pushing market capitalization to nearly $2.3 trillion before settling at $2.1 trillion. This valuation makes SpaceX the sixth-biggest U.S. company, passing Broadcom and placing it ahead of Tesla while trailing Amazon at $2.6 trillion.

The IPO proceeds of $75 billion more than doubled those of Saudi Aramco's 2019 record. More than 510 million shares worth about $84 billion changed hands on debut day. Trading began late Friday morning without the technical issues that affected Facebook's 2012 debut.

Financial performance shows growth alongside losses. SpaceX reported first-quarter revenue of $4.69 billion, up 15% from $4.07 billion a year earlier. Full-year revenue rose 33% to $18.67 billion. The company posted a net loss of $4.28 billion in the latest quarter after a $4.94 billion loss in 2025 and carries a cumulative deficit of around $41.3 billion since its 2002 founding.

Starlink satellite internet accounts for the bulk of revenue and is the only profitable unit. Capital expenditures reached $10.1 billion in the first quarter, more than double the prior year, with $7.7 billion allocated to AI. The company also houses an artificial intelligence division after xAI merged with SpaceX in February.

Investor demand and index inclusion drive momentum. The IPO was oversubscribed by 4x, leaving many institutional investors to buy on the open market. Only about 4% of shares are available for public trading, with early investors and employees holding the rest. SpaceX lobbied successfully for accelerated inclusion in indexes such as the Nasdaq 100, set to occur in days rather than months.

Robinhood reported record-breaking traffic on its platform following the debut. An estimated 4,000 current or former SpaceX employees will become millionaires from their shares. The debut also delivered massive returns to venture investors, with Founders Fund's stake valued at more than $50 billion at the IPO price.

Elon Musk becomes world's first trillionaire. The share price surge from the debut made Musk the first person to reach trillionaire status. SpaceX warned in its prospectus that it may not achieve profitability in the future despite its space, satellite and AI businesses. Underwriters have 30 days to decide on selling any additional shares from the overallotment.