SpaceX begins historic $75 billion Nasdaq listing as Musk nears trillionaire status
The company’s debut marks the largest initial public offering in history, though heavy losses and a rapid cash burn rate pose significant questions for long-term sustainability.
SpaceX commenced trading on the Nasdaq on June 12, 2026, at a fixed price of $135 per share under the ticker symbol SPCX. The offering is targeted to raise upwards of $75 billion, positioning it as the largest initial public offering in history. The listing is expected to propel Elon Musk to become the world’s first trillionaire, as he retains control of the company through 85 percent of the voting shares.
Despite the historic scale of the debut, retail investors face significant barriers to entry. Demand for the shares has been reported to be more than four times the available supply, likely forcing individual buyers to pay prices substantially above the $135 offer price. The company handles approximately 82 percent of all US space launches and commands nearly half of the global commercial space market, with its Starlink satellite internet division crossing 10 million subscribers earlier this year.
Financial disclosures reveal a company that is currently unprofitable and burning cash rapidly. SpaceX reported a net loss of approximately $4.9 billion in 2025 and continued to lose billions in the first quarter of 2026. A substantial portion of this expenditure is directed toward artificial intelligence data centres following a merger with xAI in February 2026. At the current burn rate, the $75 billion raised from the IPO could be exhausted within 2.5 years.
The S-1 prospectus filed with the US Securities and Exchange Commission in May outlines ambitious plans for a permanent human colony on Mars and orbital data centres. However, the document also details extensive related-party transactions that enrich Musk. Tesla owns nearly 19 million shares of SpaceX’s Class A common stock, and SpaceX purchases Cybertrucks and Megapacks from Tesla while leasing office space to Musk’s Boring Company.
Market structure changes accompanying the listing may force rapid institutional adoption. Nasdaq has amended its rules to allow massive companies like SpaceX to enter the Nasdaq 100 index after just 15 trading days, bypassing the annual December review. This adjustment means that exchange-traded funds tracking the index will likely be compelled to purchase billions of dollars of SpaceX stock shortly after its launch.
