SEO Title: SpaceX IPO: Biggest Ever Debut Makes Elon Musk the World's First Trillionaire

SpaceX's historic Nasdaq debut is rewriting the books. The $75B IPO instantly made Elon Musk the world's first trillionaire on paper, valuing the giant at $1.77T. Driven by Starlink's growth and a limited float, investors are watching this historic valuation.

SpaceX is trading on the Nasdaq today under the ticker SPCX. The largest public offering in stock market history has already made Elon Musk the first trillionaire in recorded history, before a single share changed hands in the open market.

What happened

SpaceX priced its IPO at $135 a share on Thursday, selling roughly 555.6 million shares to raise $75 billion. That shatters the previous record holder, Saudi Aramco's roughly $29 billion listing in 2019. The resulting valuation of $1.77 trillion makes SpaceX one of the seven most valuable companies in the United States from day one, larger than Tesla.

Price indications began on Nasdaq this morning, with actual trading expected to follow. Because of the deal's size, the opening process requires dozens of banks to work through a flood of orders, and the first print may differ significantly from the $135 IPO price. Prediction markets have been pricing the opening between $150 and $200.

Musk is not selling any of his own shares. The company's structure leaves him with more than 82% of the voting power, giving him near-total command of the board even as the company enters public markets.

Why the trillionaire headline is already accurate

When SpaceX priced on Thursday, the math closed. Musk's stake in SpaceX is worth roughly $866 billion based on the offering price. Add his Tesla holdings and other assets, and his total net worth sits at approximately $1.1 trillion, according to calculations by Reuters and Forbes based on the company's SEC filing. The second-richest person on earth, Larry Page, is hovering around $300 billion.

What the business actually looks like

SpaceX reported $18.7 billion in total company revenue in 2025, up 33% year over year. The business runs at a net loss, posting a $4.9 billion loss last year, driven largely by the capital demands of Starship development and the AI segment's spending.

The financial engine is Starlink. The satellite internet business generated $11.4 billion of that $18.7 billion in revenue, and it is the only segment currently turning a profit. SpaceX commands roughly 90% of the global commercial launch market, but it is Starlink's recurring subscriber revenue that is carrying the company's economics. The bear case on the valuation near $1.77 trillion is that it bakes in extraordinary expectations for launch, Starlink growth, and AI ambitions tied to xAI, against a backdrop of still-deep unprofitability.

The quirk that makes today's open unpredictable

Those 555.6 million shares represent only about 4% of SpaceX, an unusually thin free float for a debut this size. Retail investors were allotted an unusually generous share of the offering. Strong demand for an allocation does not always translate into the same willingness to buy in the open market, and with so few shares available against enormous interest, the opening price will be driven as much by supply-and-demand mechanics as by any fundamental read on the company.

The bottom line

Today is a genuine landmark. The biggest IPO ever. The world's first trillionaire. A market debut arriving in the middle of a powerful relief rally. The pricing is locked and the demand is real. What happens once the stock opens, and whether that enthusiasm survives contact with the open market, is the question that will define the day.

SpaceX Goes Public Today in the Biggest IPO Ever, and Musk Is Now the World's First Trillionaire

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