SpaceX IPO

The SpaceX initial public offering (IPO) is the June 2026 stock-market debut of Space Exploration Technologies Corp. (SpaceX), which had stayed private for more than two decades. The shares priced at $135 on June 11, 2026, began trading the next day on Nasdaq and Nasdaq Texas under the ticker SPCX, and closed their first day at about $161. It was the largest IPO on record by money raised, and it valued the company at about $1.78 trillion.

What is the SpaceX IPO?

An IPO is the first time a company sells its stock to the public, turning private ownership into shares anyone can buy. At $135.00 per share, SpaceX sold 555,555,555 shares of Class A common stock to raise about $75.0 billion. The banks running the deal then used their full over-allotment, an extra block of shares known as a greenshoe, so the finished offering reached 638,888,888 shares and about $86.25 billion in gross proceeds.

Why the SpaceX IPO Exists

SpaceX went public to fund the next decade of rockets, satellites, and artificial intelligence (AI) computing. The prospectus describes a profitable internet business, Starlink, helping pay for rockets and a young AI unit, and it still commits the company "to make life multiplanetary" and "to extend the light of consciousness to the stars." Before the listing, only insiders and large private investors could own SpaceX stock. Public buyers can now own shares too, with one catch.

How it Works

The catch is control. SpaceX went public as a controlled company with two classes of stock: Class A shares carry one vote each, and Class B shares carry 10 votes each. After the offering Elon Musk holds about 82% of the voting power (82.3% once the extra greenshoe shares were sold), while the IPO sold about 4.9% of the company to the public. Elon Musk directs the company, and public shareholders own an economic stake in it.

The business now reports in three parts: Space (rockets), Connectivity (Starlink) and AI (xAI, the company Elon Musk founded in 2023, which SpaceX acquired on February 2, 2026, and renamed SpaceXAI in May). One of those three does far more of the earning than the others.

Starlink does the financial heavy lifting, bringing in most of 2025's revenue and the profit. Connectivity posted $11.4 billion in revenue with $4.4 billion in operating income in 2025, a subscription business with steady cash flow. Space and the AI unit, by contrast, were investing for growth.

The Economics of the SpaceX IPO

Total revenue climbed from $14.0 billion in 2024 to $18.7 billion in 2025. In its latest quarterly report, for July to September 2026, SpaceX reported $14.6 billion of revenue, up 161% from a year earlier, including $7.6 billion from Super Intelligence (SI), the renamed AI segment. Starlink had 13.6 million consumer subscribers at September 30, and at March 31 its roughly 9,600 satellites were about 75% of all active maneuverable satellites in orbit, by SpaceX's count.

On profit, SpaceX reported a 2025 net loss to common shareholders of about $4.9 billion as it invested heavily to grow. In the July to September quarter SpaceX earned net income of $4.4 billion, compared with a $1.1 billion loss a year earlier, and adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) rose 306% to $8.8 billion.

Starlink runs comfortably in the black, and the AI unit carries the largest investment, because training frontier models is expensive: SpaceX spent $16.4 billion on Super Intelligence infrastructure in the July to September quarter alone. Investors buying the stock are betting that AI computing gets cheaper as it scales, the way launch costs did. Alongside the stock sale, SpaceX priced a separate $25.0 billion bond offering, borrowed money it repays with interest, in five batches that come due between 2031 and 2056. The bond sale closed on June 26, 2026.

Current Status of SpaceX

SpaceX entered the public markets as the leader in both launches and satellites: Falcon 9 flew 165 times in 2025, more than half of all the world's orbital launches. It has also paid for a deal with its new stock: on August 14, 2026, SpaceX completed a $60 billion all-stock purchase of Cursor, the AI coding company, and folded it into SpaceXSI. As a public company, SpaceX now reports to shareholders and regulators every quarter.

What Comes Next

Every quarterly report now tracks Starlink's growth alongside SpaceX's AI investment, and on the October 20, 2026 earnings call chief financial officer Bret Johnsen guided to $33 billion to $37 billion of revenue for the first quarter of 2027 (per the Q3 webcast; not in the earnings release, unverified). Elon Musk's voting control lets SpaceX keep funding projects that take decades, such as Mars, through the ups and downs of any single quarter, and public investors cannot outvote him.

The Bottom Line

SpaceX's listing was the largest IPO on record, and the company it sold pairs a profitable satellite network with an AI unit that SpaceX is investing billions to grow. Public investors own a small slice of the shares, and Elon Musk keeps control of the vote.