SpaceX debuts on Nasdaq in historic $1 trillion IPO
The company’s fixed share price of $135 belies a complex financial structure, with $20.7 billion in 2025 outlays and significant inter-company ties to xAI and Tesla.
SpaceX has commenced trading on the Nasdaq stock exchange under the ticker symbol SPCX, marking the commencement of what is being described as the largest initial public offering in history. The company set a fixed share price of $135 per share, valuing the enterprise at more than $1 trillion. This listing is projected to make Elon Musk the world’s first trillionaire, as he retains control of the company through 85 percent of the voting shares.
Financial disclosures reveal a business model heavily reliant on growth over immediate profitability. SpaceX reported $18.67 billion in revenue for 2025, primarily driven by its Starlink satellite internet service, which contributed more than $11 billion. However, the company recorded a net loss exceeding $4.9 billion. Capital expenditures surged to $20.7 billion in 2025, a significant leap from $11.2 billion in 2024, reflecting the scale of its operational ambitions.
The prospectus highlights extensive inter-company interactions, with mentions of Tesla appearing 87 times, xAI 356 times, Grok 243 times, and X 267 times. xAI, which recently merged with SpaceX, lost billions last year while growing revenue by 22 percent. The total addressable market for SpaceX was listed at $28.5 trillion in the filing, a figure that exceeds the gross domestic product of the United States.
SpaceX also holds significant contracts with the US Space Force for the “Golden Dome” missile defence system. The Pentagon awarded the company a $4.16 billion contract to build missile-tracking satellites linked to the defence initiative, alongside a $2.29 billion contract to develop its data network. These contracts position the company as a critical infrastructure provider for US national security.
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 listing proceeds amid controversy, with Musk engaging in political discourse regarding immigration tensions in Northern Ireland and sharing protest locations following a knife attack.
