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SpaceX prices the largest IPO in history

SpaceX prices the largest IPO in history

Money Moves

Elon Musk's space firm targets a $1.75 trillion valuation on Nasdaq while keeping 79% of the voting power

June 12th, 2026: SPCX scheduled to begin trading on Nasdaq

Overview

SpaceX set the price for the largest stock-market debut in history on Tuesday. The company will sell about 555.6 million shares at $135 each, raising roughly $75 billion at a $1.75 trillion valuation. That more than doubles the previous record, set by Saudi Aramco's $35.4 billion offering in 2019.

Public investors get their first direct stake in Starlink, the satellite-internet business that brought in $3.26 billion of revenue and $1.19 billion of operating profit last quarter. They also get a governance structure that hands Elon Musk 79% of the votes while he owns 42% of the equity, locking in his control after listing.

Why it matters

SpaceX is about to land in most major US index funds, putting Elon Musk's near-total voting control inside ordinary retirement accounts.

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Key Indicators

$75B
Capital raised
More than double Saudi Aramco's 2019 record of $35.4 billion.
$1.75T
Fully diluted valuation
Roughly 94 times 2025 revenue of $18.67 billion.
79%
Musk voting control
Class B shares carry ten votes each; Musk owns about 42% of equity.
10.3M
Starlink subscribers
Across 155 countries as of March 31, 2026, up roughly 105% year over year.
$4.28B
Q1 2026 net loss
Driven by Starship development spending and a $662 million loss in the launch segment.

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People Involved

Organizations Involved

Timeline

March 2002 June 2026

9 events Latest: June 12th, 2026
Tap a bar to jump to that date
  1. SPCX scheduled to begin trading on Nasdaq

    Latest Market

    First day of public trading under ticker SPCX, the largest market debut by money raised.

  2. Final pricing expected

    Market

    Bankers set the official IPO price after closing the order book.

  3. Institutional roadshow begins

    Market

    Goldman Sachs, Morgan Stanley, and Bank of America Securities open the syndicate roadshow with SpaceX leadership.

  4. Pricing terms set at $135 per share

    Market

    SpaceX plans to sell 555.6 million shares to raise $75 billion at a $1.75 trillion valuation, with Nasdaq trading scheduled for June 12.

  5. SpaceX files S-1 with the SEC

    Regulatory

    The prospectus discloses $18.67 billion in 2025 revenue, 10.3 million Starlink subscribers, and a dual-class structure giving Musk 79% of votes.

  6. First crewed SpaceX launch

    Operational

    Crew Dragon Demo-2 carries NASA astronauts to the International Space Station, the first private human spaceflight.

  7. Saudi Aramco sets previous IPO record

    Market

    Aramco raises $25.6 billion at a $1.7 trillion valuation, the largest IPO until 2026.

  8. First successful Falcon 1 launch

    Operational

    SpaceX becomes the first private firm to put a liquid-fuel rocket in orbit, validating the business and averting bankruptcy.

  9. SpaceX founded

    Corporate

    Elon Musk founds Space Exploration Technologies in Hawthorne, California with about $100 million of his own money.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

December 2019

Saudi Aramco IPO (2019)

Saudi Arabia sold a 1.5% stake in its state oil company at a $1.7 trillion valuation, raising $25.6 billion in the first tranche and $29.4 billion after the greenshoe. The deal listed in Riyadh after Western investors pushed back on the price, and trading was restricted to Saudi and Gulf buyers at launch.

Then

Shares popped 10% on debut, briefly making Aramco the world's most valuable public company.

Now

More than six years later, the stock still trades below its 2019 listing price, and the kingdom has had to issue dividends to keep buyers happy.

Why this matters now

Aramco held the IPO size record SpaceX is now breaking, and it sits at almost exactly the same valuation tier as SPCX. The post-listing performance is a cautionary tale for buyers paying 94 times revenue.

September 2014

Alibaba IPO (2014)

The Chinese e-commerce giant raised $25 billion on the New York Stock Exchange at a $168 billion valuation, then the largest US IPO ever. Founder Jack Ma kept control through a partnership structure that handpicked board members, drawing the same kind of governance criticism now aimed at SpaceX.

Then

Shares jumped 38% on day one, then drifted lower as China growth concerns hit.

Now

The stock is down more than 70% from its 2020 peak after Beijing's crackdown on Ant Group and Jack Ma's disappearance from public life.

Why this matters now

Alibaba shows how founder-control structures play out over a decade. Index funds were forced to hold the stock through the collapse, much as they would be forced to hold SPCX.

May 2012

Facebook IPO (2012)

Facebook raised $16 billion at a $104 billion valuation, with Mark Zuckerberg keeping majority voting control through a dual-class structure. Nasdaq's trading systems glitched on day one, delaying the open by 30 minutes and triggering lawsuits.

Then

Shares fell 50% within four months on mobile monetization fears.

Now

Meta is now worth more than $1.5 trillion, vindicating both the valuation and the dual-class structure for early holders who stayed in.

Why this matters now

Facebook is the bull case: a controversial mega-IPO with founder control that ultimately delivered. SpaceX bulls cite Meta as the template for how this story can end.

Sources

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