SpaceX indicated to open 27% above IPO, valuing at $2.24T

SpaceX shares were indicated to open at $171 in Nasdaq’s pre-market price-discovery process, 27% above the $135 IPO price and implying a roughly $2.24 trillion valuation on debut.

Order books reportedly showed more than $250 billion in institutional orders and about $350 billion in total demand. The IPO raised about $75 billion, generating an initial market capitalization of roughly $1.77 trillion from the shares sold; the $171 opening indication would place the company’s overall value near $2.24 trillion.

Market participants said the large oversubscription reflected a small public float, heavy institutional orders and expected index and ETF buying. Firms that participated in the offering placed sizable institutional orders, which contributed to the demand figures.

Nasdaq’s auction process matches buy and sell orders before regular trading begins; no regular trades occur until supply and demand are balanced. Large offerings can lengthen the auction, and traders anticipated volatile early trading.

Investors cited Starlink’s growth in subscribers and revenue, progress on reusable rockets, defense contracts and potential applications in artificial intelligence and orbital services as reasons for demand.

Elon Musk retains full control of SpaceX. He previously described giving the company “less than a 10% chance” of succeeding when he launched it. If the stock opens at the indicated price, some calculations would put Musk’s paper net worth above $1 trillion; activity on prediction markets has pushed wagers that his net worth could approach $1.5 trillion this year.

The IPO makes SpaceX’s technologies and revenue streams available to public investors for the first time. With a limited float relative to the company’s valuation, market participants warned that early trading could see sharp price swings.