SpaceX shares debut at $150, trading up 11% in record IPO

Space Exploration Technologies Corp., the conglomerate behind rockets, satellite internet and the social platform X, began trading on the Nasdaq Global Select Market and Nasdaq Texas exchanges on Friday at about $150 per share, 11% higher than its $135 offering price. The debut lifted the company's market capitalization to more than $2 trillion, with the stock reaching $174 by early afternoon, roughly 29% above the IPO price.

The offering comprised 555.6 million Class A shares and raised roughly $75 billion, setting a new record for the largest public offering in history. Elon Musk, founder and chief executive of the firm, retained voting control of more than 82% of the company but is barred from selling shares for a year, according to market reports.

Musk rang the Nasdaq opening bell in Texas on Friday. He said, > "It is certainly hard to believe that a little company that started in a warehouse in El Segundo is now going public with the largest IPO ever."

Analysts noted the valuation raises questions about the company's financial outlook. Morningstar estimated a fair-value price of $63 per share, valuing SpaceX at about $830 billion, and highlighted uncertainties surrounding the commercial viability of its Starship upper stage and orbital AI data centers, which may not be resolved before 2028. The firm’s Starlink service was projected by Morningstar to address a market of roughly $129 billion, far below the company's own estimate of $1.6 trillion.

The IPO valuation, roughly 94 times projected revenue, far exceeds multiples seen in prior tech listings such as Meta and Amazon. Morningstar analysts warned that achieving the implied earnings growth would require substantial expansion, noting that SpaceX's xAI segment posted a $6.36 billion operating loss in 2025 and that capital expenditures for AI rose to $7.7 billion in the first quarter of 2026.