An article summarized by TechCrunch:
SpaceX made history with the largest IPO ever, raising $75 billion by pricing 555.6 million shares at $135 each. Investor demand was extremely strong, with shares opening at $150 on the Nasdaq and later climbing above $170, representing a gain of more than 26% on the first day of trading. The blockbuster debut also pushed CEO Elon Musk to a net worth exceeding $1 trillion, making him the world's first trillionaire.
Despite the excitement surrounding the IPO, the company's financial filings revealed significant challenges. SpaceX generated more than $18 billion in revenue in 2025 but still posted a $4.9 billion loss, bringing its cumulative losses since inception to over $37 billion. The filings showed that much of the company's current business is driven by its Starlink satellite internet network, while future growth depends heavily on ambitious projects such as Starship and AI-related ventures. Musk also maintains extraordinary control over the company, holding roughly 85% of voting power and retaining majority control after the IPO.
The IPO created massive wealth for employees and investors, with an estimated 4,400 employees becoming millionaires. Leading up to the offering, SpaceX strengthened its finances through major AI infrastructure deals, including agreements with companies such as Anthropic and Google. Investors are now focused on whether SpaceX can turn its technological leadership into sustained profitability while executing on its long-term vision of reusable rockets, global satellite internet, AI infrastructure, and eventually expanding humanity's presence beyond Earth.
