Shares of Elon Musk’s Space Exploration Technologies Corp. surged 20% above their $135 offering price during Friday’s trading debut on the Nasdaq. The historic initial public offering raised a staggering $75 billion, valuing the aerospace giant at approximately $2 trillion. This milestone eclipses the previous record held by Saudi Aramco and positions SpaceX as the seventh-largest publicly traded company in the United States.
The company sold 555.6 million shares, with underwriters Goldman Sachs, Morgan Stanley, JPMorgan Chase, Citigroup, and Bank of America managing the sale. Musk retains dominant control, holding 82.4% of total voting power through Class B shares. The stock trades under the new ticker symbol SPCX.
Despite the market enthusiasm, financial filings reveal SpaceX is not yet profitable. The satellite internet division, Starlink, remains the sole profit center with over 10.3 million global subscribers. Conversely, the space launch and artificial intelligence segments reported $1.4 billion in first-quarter revenue against $3.1 billion in operating losses. The company has accumulated a $41.3 billion deficit since its 2002 founding, driven largely by $15 billion in Starship development costs.
Musk previously merged SpaceX with xAI, his artificial intelligence firm, and Tesla holds a significant minority stake valued at $2.56 billion. Industry analysts note that future expansion relies heavily on the successful deployment of Starship rockets to launch next-generation V3 satellites. With Anthropic and OpenAI also preparing for public debuts, SpaceX’s listing marks a pivotal moment for the technology sector.