SpaceX's $75B IPO: Record-Breaking Valuation Raises Expectations

SpaceX raised $75 billion in its record-breaking IPO, setting a historic valuation of $1.77 trillion. The company's Starlink segment is profitable, while its AI division incurs significant losses. Retail investors are rotating into space sector peers due to lack of allocations. Analysts warn that the P/S ratio is high at 92.

SpaceX completed the largest initial public offering on record on June 12, 2026, raising roughly $75 billion by selling about 555.6 million shares at a fixed price of $135 . The offering valued the company at $1.77 trillion at pricing, but shares surged on debut to push its market capitalization above $2 trillion, instantly making SpaceX the seventh-largest U.S. public company .

The listing reshapes the public-market landscape for space and AI infrastructure. At more than $2 trillion, SpaceX now trades above TSLA, Elon Musk's electric-vehicle maker, which carries a market cap near $1.6 trillion. Musk retained more than 82% voting control after the offering, while Goldman Sachs led the underwriting syndicate alongside Morgan Stanley, Bank of America, Citigroup and JPMorgan Chase. The raise hands SpaceX a vast war chest to scale its profitable Starlink satellite business even as its newer AI initiatives continue to run at a loss.

Investors will watch how SpaceX allocates capital across Starlink, Starship development and its AI ambitions, and whether the premium valuation can hold once lock-up periods expire and the first quarterly results as a public company arrive. The blockbuster debut could also reopen the IPO window for other late-stage private names, with retail demand already rotating into listed space-sector peers as allocations in the SpaceX deal proved scarce .