SpaceX IPO Values Company at $1.77 Trillion

SpaceX began trading at $135 a share, giving the company a market value of about $1.77 trillion. The offering priced roughly 555.6 million Class A shares and raised about $75 billion. Only about 4% of the company’s shares were immediately available for public trading and roughly 30% of the allocation was reserved for retail investors.

Company filings and the IPO prospectus describe SpaceX as operating three businesses: Starlink, launch services and AI-related computing. Starlink supplies satellite broadband to maritime, aviation and remote customers and generated the bulk of the company’s profit in 2025. The launch business provides orbital launch services using reusable rockets and remained loss-making in 2025. AI investments, including ties to xAI and the Grok model, consumed the most cash and recorded the largest losses.

Financial results for 2025 showed revenue of $18.7 billion and a consolidated net loss of about $4.9 billion. Starlink produced roughly $4.42 billion of profit in 2025. Annual cash burn exceeded $5 billion in 2025, according to company filings.

At the IPO valuation, the company’s price-to-revenue multiple is about 94. For comparison, the same measure was about 36 for Nvidia, 12 for Tesla and an average near 2.7 for companies in the S&P 500, as noted in the prospectus.

Control of the company is concentrated. Elon Musk holds about 42% of the economic interest and Class B shares carry ten votes each, giving him more than 80% of voting power.

The prospectus lists risks that include technical execution for launches and future deep-space missions, regulatory and geopolitical developments that could affect international operations, intense competition in AI, and the company’s reliance on continued access to capital because of its cash burn.

A small public float and a large retail allocation can increase price swings in early trading. The prospectus cautions that heavy retail participation and the limited number of shares available for trade may produce volatility as the market sets a secondary-market price.

Company filings state that proceeds from the offering will support Starlink expansion, launch operations and AI development.