There are IPOs, and then there are moments that rewrite the rulebook entirely. As markets reconcile in New York, SpaceX will price what is set to become the largest initial public offering in stock market history, a $75 billion raise at a valuation of roughly $1.77 trillion, and the world is watching.
The numbers are staggering. The company is offering 555.6 million Class A shares at a fixed price of $135 each, and by the time order books closed today, investors had lined up more than four times the number of shares available. That kind of demand doesn't happen often. Saudi Aramco held the previous record with a $29.4 billion debut in 2019. SpaceX has more than doubled it.
What makes this offering unusual isn't just the size. SpaceX skipped the traditional price-range process used by most IPOs and went straight to a fixed price, and analysts believe this signals confidence that the company knew exactly what it was worth and wasn't interested in negotiation. The result is that price discovery won't happen in the boardroom. It will happen on the open market.
Retail investors were not left out of this story. In a deliberate departure from the typical playbook, roughly 30% of shares were earmarked for everyday buyers, with an allocation three to six times the amount most major IPOs extend to non-institutional investors. That decision alone turned what might have been a Wall Street event into a Main Street one.
The company's finances give investors something real to anchor to. In the first quarter of 2026, Starlink, SpaceX's satellite internet arm, generated $3.26 billion in revenue, accounting for about 69% of the company's $4.69 billion in total revenue. The subscriber base is growing. The AI and orbital computing division, built out through its merger with xAI in early 2026, adds another layer to the growth story that analysts are still trying to price in.
The market has published projections suggesting SpaceX could generate $3.4 trillion in revenue by 2040. Other analysts are more cautious, flagging a valuation implying more than 100 times trailing revenue. The range of scenarios from a 40–60% gain in the first 90 days to a 30–50% correction tells you how wide the uncertainty is.
One thing, however, is not uncertain. Elon Musk will not be selling a single share. Under the dual-class structure, he retains approximately 82.4% of voting power after the listing. Whoever buys in is buying into his vision, on his terms.
The current pricing is the final step before the opening bell. By the time it rings next, the largest IPO in history will have already taken place.
