SpaceX debuts on Nasdaq in record $75 billion IPO, lifting Musk to trillionaire status
The historic listing values the company at approximately $1.77 trillion, while broader markets rise on diplomatic breakthroughs and stronger consumer sentiment data.
SpaceX commenced trading on the Nasdaq on 11 June 2026, marking the largest initial public offering in history with a record $75 billion raised. Shares opened at $150, an 11 per cent premium to the fixed offering price of $135 set on Thursday, and rose as much as 27 per cent to $172 in early trading before settling around $166. The listing establishes an initial market capitalisation of approximately $1.77 trillion, positioning CEO Elon Musk as the world’s first trillionaire on paper.
Musk’s combined net worth is estimated at roughly $1.15 trillion, derived from his 42 per cent equity stake in SpaceX valued at $869.4 billion at the IPO price, and his holdings in Tesla. The dual-class share structure grants Musk approximately 82 per cent of voting control through Class B stock. While Tesla stock traded cautiously, down 0.2 per cent in afternoon trade, analysts note that the listing may split the "Elon Musk trade," which had previously been concentrated in the electric vehicle maker.
The debut coincided with modest gains across US equity markets, as the Dow Jones Industrial Average rose 0.5 per cent and the S&P 500 gained 0.3 per cent. Investors were also assessing reports of a potential interim peace deal between the US and Iran aimed at reopening the Strait of Hormuz. The diplomatic progress, which G7 leaders are expected to discuss next week, sent oil prices lower, with Brent crude futures tumbling as much as 5 per cent in early trading before recovering somewhat.
Retail demand for the stock appears robust, with reports suggesting orders exceeded $100 billion. SpaceX is reportedly targeting a retail allocation of roughly 30 per cent, significantly higher than the 5 to 10 per cent typical of most IPOs. However, Wall Street bankers have warned that demand will likely outstrip supply, meaning many retail investors may receive less than requested. Pre-IPO derivatives indicated valuations as high as $2.4 trillion, reflecting intense speculative interest ahead of the public debut.
Broader economic data released on Friday provided additional support for markets. The University of Michigan reported that US consumer sentiment rebounded from an all-time low in May to 48.9 in early June, beating estimates. One-year inflation expectations also came in below forecasts at 4.6 per cent. Meanwhile, Asian shares climbed sharply, with South Korea’s Kospi jumping 7.8 per cent and Japan’s Nikkei 225 gaining 3.5 per cent, tracking the shift in investor sentiment toward risk assets.
