SpaceX has executed the largest initial public offering in history, raising $75 billion and temporarily pushing its market capitalization past $2 trillion. The aerospace giant is now valued higher than the GDP of most nations.
Shares priced at $135 debuted on Nasdaq under ticker SPCX on June 12. First-day trading saw a 19% surge to $160.95, briefly hitting a $2.21 trillion intraday peak. Initial pricing established a baseline valuation of approximately $1.77 trillion.
This offering surpasses Saudi Aramco’s 2019 record. Lead underwriters Goldman Sachs and Morgan Stanley earned roughly $500 million in fees with a gross spread under 0.75%. This rate is historically low for a deal of this magnitude, as typical large-cap spreads range between 1% and 3%.
The post-IPO rally momentarily made Elon Musk the world’s first paper trillionaire. Despite generating $10 billion in annual revenue primarily from Starlink, SpaceX reported a prior-year net loss of $4.9 billion. The company debuted at an aggressive multiple of 177 times sales.