It might also make Musk the world's first trillionaire
SpaceX has priced its blockbuster initial public offering at $135 a share, raising $75 billion and valuing Elon Musk's rocket biz at roughly $1.78 trillion.The haul could rise to about $86 billion if underwriters exercise their option to buy more stock, making it the largest IPO in US history.The company confirmed [PDF] that 555.6 million shares of Class A common stock were sold in the offering, with another 83.3 million available to underwriters.
SpaceX is a loss-making company. In its Form S-1, filed with the US Securities and Exchange Commission, it divided operations into Space (Falcon 9 and the like), Connectivity (Starlink), and AI. Only the Connectivity segment is turning a profit, to the tune of $4.4 billion in 2025, while the others continue to rack up losses. Making a profit from AI continues to elude many companies – SpaceX is not the only entity where investment exceeds revenue, and Starship remains a work in progress.
In the company's Form S-1, SpaceX reported a net loss of $4.9 billion on revenue of $18.7 billion in 2025. The IPO values the company at more than 90 times that revenue.According to The Financial Times, the IPO was heavily oversubscribed – orders exceeded the number of shares on offer by more than three times. Retail investors also ordered more than $100 billion of shares, and were allocated between 20 and 25 percent of the shares sold.The record-breaking IPO reflects investor appetite for AI-related companies, as well as a bet that SpaceX's estimate of a $28.5 trillion total addressable market, including $22.7 trillion in "Enterprise Applications," proves realistic.
