SpaceX is set to make history with the largest initial public offering (IPO) on record, raising $75 billion by selling 555.6 million shares at $135 each, according to a filing with the Securities and Exchange Commission [1]. This IPO values the company at $1.77 trillion, positioning SpaceX as the seventh most-valuable U.S. company, surpassing Tesla in market capitalization [1]. The company's shares will begin trading on the Nasdaq on Friday, marking the first opportunity for the public to invest in the 24-year-old space and technology firm [1].
SpaceX reported a 15% year-over-year revenue increase in the first quarter, reaching $4.69 billion, up from $4.07 billion a year earlier. For the full previous year, revenue rose 33% to $18.67 billion [1]. Despite this growth, the company posted a net loss of $4.28 billion in the latest quarter, following a $4.94 billion loss in 2025, and has accumulated a total deficit of approximately $41.3 billion since its founding in 2002 [1]. The company cautioned in its prospectus that it may not achieve profitability in the future [1].
Starlink, SpaceX's satellite internet service, is the company's primary revenue driver and its only profitable unit. The company also owns an artificial intelligence division, xAI, which merged with SpaceX in February [1]. Capital expenditures soared to $10.1 billion in the first quarter, more than double the previous year, with $7.7 billion allocated to AI and the remainder to space and connectivity initiatives [1].
Elon Musk, SpaceX's founder and CEO, holds over 82% of the company's voting power, granting him near-total control over the board. His stake in SpaceX is valued at $866.5 billion, in addition to his Tesla holdings worth about $320 billion [1]. The IPO process was notable for its fixed pricing strategy, foregoing the typical price range to gauge demand, following extensive pre-roadshow meetings [1]. Goldman Sachs led the offering, with Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase also participating [1].
Analyst sentiment appears positive, with Oppenheimer initiating coverage with an outperform rating and a 12- to 18-month price target of $190, suggesting a potential 40% upside from the IPO price. Analyst Timothy Horan highlighted SpaceX's diversified portfolio as a key attraction for investors [1].
CONCLUSION
SpaceX's record-setting IPO marks a significant milestone, valuing the company at $1.77 trillion and positioning it among the most valuable U.S. firms. Despite ongoing losses and substantial capital expenditures, strong analyst support and the company's diversified business model have generated positive market sentiment. Investors are closely watching the upcoming Nasdaq debut for further market reaction.