SpaceX IPO Makes Historic Debut, Market Value Exceeds $2 Trillion

Space Exploration Technologies Corp. (SpaceX), the space exploration and artificial intelligence company led by Elon Musk, marked a historic milestone in the financial world with its initial public offering (IPO) on the Nasdaq exchange on June 12, 2026. The company's shares were offered at $135 each, opening at $150 on the first day of trading and quickly surging above $160, pushing its market valuation past $2 trillion. This monumental IPO raised $75 billion, earning it the title of the largest IPO of all time, and made Elon Musk the world's first trillionaire with a net worth exceeding $1 trillion.

The IPO process for SpaceX accelerated following its merger with Elon Musk's artificial intelligence venture, xAI, in February 2026, transforming it into a vertically integrated entity combining space technologies with artificial intelligence. In its S-1 prospectus filed with the U.S. Securities and Exchange Commission (SEC) prior to the IPO, the company detailed ambitious future plans, including establishing space-based data centers and creating human colonies on Mars. These plans, in addition to ongoing projects like the development of Starship rockets and the expansion of the Starlink satellite internet network, involve substantial investments in AI infrastructure. SpaceX offered a total of 555,555,555 shares to investors during the IPO.

This historic public offering generated a significant wave of excitement across markets. SpaceX shares (SPCX) experienced a rapid ascent after beginning trading on Nasdaq. By the close of the first day, the stock climbed above $161, bringing its market capitalization to approximately $2.1 trillion. This development also set a precedent for AI company IPOs, fueling expectations that other major artificial intelligence firms like Anthropic and OpenAI might soon go public. The IPO also created substantial wealth within SpaceX, with over 4,400 current and former employees becoming millionaires.

The SpaceX IPO is being evaluated within a broader economic and political context, beyond just the company's ambitious vision and technological capabilities. The company's vision for space-based data centers and an AI ecosystem is seen as critical infrastructure for the future digital economy. However, the technological unproven nature of this vision and the operational risks in a challenging environment like space pose significant hurdles. Furthermore, SpaceX's pre-IPO operational losses of billions of dollars and questions regarding its profitability are factors investors must consider. Elon Musk's 82.4% voting power in the company is also cited among governance risks.

Analysts hold varying expectations for SpaceX's future. Oppenheimer analyst Timothy Horan initiated coverage with an "outperform" rating and a price target of $190 per share. Horan anticipates that SpaceX could reach a total addressable market of $10 trillion by 2035, driven by its AI ecosystem and space-based data centers. In contrast, Morningstar analysts valued the company at $63 per share (approximately $780 billion), significantly below its current market capitalization. Some analysts also suggest the company is "extremely overvalued" with a price-to-sales ratio exceeding 100x and foresee a potential correction of up to 55% in the stock post-IPO. Moving forward, the extent to which SpaceX achieves its ambitious goals and progresses towards profitability will be key determinants of its stock performance.