• SpaceX’s IPO priced at $135 per share, valuing the company at roughly $1.75 trillion, but shares are indicated to open at $175, implying a market cap above $2 trillion.
  • The debut on Nasdaq under ticker SPCX is the largest U.S. IPO on record, surpassing previous mega-listings.
  • Strong investor demand reflects optimism around Starlink’s growth and the broader space and AI opportunity, despite ongoing profitability challenges.

Record-Breaking Debut

SpaceX’s highly anticipated Nasdaq listing is set to break records. The company priced its IPO at $135 per share on Thursday, raising roughly $75 billion in what is already the largest U.S. market debut. However, early trading indicators suggest shares will open at $175, pushing the company’s market value above the $2 trillion threshold, according to traders familiar with the matter.

The stock begins trading today as SPCX, with retail and institutional investors clamoring for a piece of Elon Musk’s space and satellite empire. The opening price represents a nearly 30% pop from the IPO price, reflecting pent-up demand from investors who have long awaited a chance to buy into SpaceX.

A Multi-Business Powerhouse

SpaceX’s business spans orbital launch services, the Starlink satellite internet network, and the AI-focused xAI unit following a recent strategic consolidation. While Starlink has become a major revenue driver, the company remains unprofitable overall due to heavy R&D spending and capital expenditures. In its S-1 filing, SpaceX disclosed significant net losses tied in part to xAI’s development costs.

“SpaceX is essentially three high-growth businesses in one,” said a portfolio manager at a large asset manager who spoke on condition of anonymity. “Investors are betting that Starlink’s subscriber growth and the eventual profitability of xAI will justify the valuation.”

Implications for Markets and Regulation

The IPO’s scale is expected to influence late-cycle IPO activity and pricing discipline for mega-offerings, particularly those tied to transformative technologies. The listing also comes amid heightened policy debates around strategic aerospace investment, export controls, and spectrum allocation for satellite communications.

SpaceX’s governance structure remains centered on Musk, with mechanisms to maintain his control post-IPO. Some analysts have flagged governance concentration and high valuation multiples as risks, but the overwhelming demand suggests near-term momentum.

“We attempted to reach out to SpaceX for comment but did not receive a response by press time,” a spokesperson for the exchange noted.

As trading begins, all eyes will be on whether SPCX can sustain its opening-day gains. The company’s long-term success hinges on Starlink’s continued expansion, launch cadence, and the path to profitability for xAI. For now, investors are celebrating a historic milestone.