SpaceX made history on June 12, 2026, debuting on the Nasdaq under ticker SPCX with a market capitalization exceeding $2 trillion. Shares priced at $135 rallied to $176 in early trading, marking a 19% first-day gain. The offering raised approximately $75 billion, establishing it as the largest initial public offering ever recorded.
Despite generating $19 billion in annual revenue, SpaceX remains unprofitable. Investors are currently valuing the company at over 100 times sales, banking on future growth from Starlink, Starship operations, and new AI cloud collaborations with Google Gemini and Anthropic. Prediction markets had accurately forecasted this massive valuation threshold prior to the opening bell.
Filings also disclosed a corporate treasury holding of 18,712 Bitcoin, valued at roughly $1.45 billion. While representing less than 0.1% of the total market cap, this position provides institutional shareholders with indirect crypto exposure. Market analysts note that sustained success now depends entirely on scaling infrastructure and monetizing AI ventures to justify the premium valuation.