SpaceX Prices Record $75 Billion IPO at $135

SpaceX comprises three divisions: space exploration, through its Falcon and Starship rockets; connectivity, via its Starlink satellite network; and artificial intelligence, through its xAI subsidiary. Despite becoming a public company, Musk will retain near-total control: the BBC (British Broadcasting Corporation) reports he will hold about 40% of the equity but more than 84% of the voting power, while the New York Post puts his overall control near 82%. His ambitions are extraordinary—one board pay package would reward him with shares for establishing a permanent colony on Mars. Yet skeptics question the valuation. The research group Morningstar calculates the shares are worth only $63 each, and US Senator Elizabeth Warren urged regulators to delay the IPO over governance and valuation concerns.

Investor demand was nonetheless intense: the offering was oversubscribed roughly three to four times, with retail investors alone submitting more than $100 billion in orders. Because only about 20% of shares were set aside for individuals, most ordinary buyers will be unable to obtain stock, with the bulk going to large institutions. The enthusiasm persists even though SpaceX reported a $4.9 billion loss in 2025 on revenue of $18.7 billion. Analysts framed the listing as a milestone for the technology sector, expecting it to open the door for other AI companies such as Anthropic and OpenAI to go public later this year. Those who miss out may still gain exposure once SpaceX joins major stock-market indices.