SpaceX IPO: Record $75B Raise Boosts Musk's Wealth

SpaceX (SPCX) began trading on the Nasdaq Friday after raising a record $75 billion in its IPO, pushing Elon Musk’s net worth above $1.1 trillion and making him the world’s first confirmed trillionaire.

For deal-focused investors, the listing crystallises a valuation debate that has consumed private markets for two years – and raises immediate questions about where SPCX trades relative to comparably capitalised technology and aerospace peers.

Key Takeaways

SpaceX raised $75 billion – the largest IPO on record.
Musk’s SpaceX stake alone is worth roughly $866 billion.
IPO was two-times oversubscribed ahead of pricing at $135 per share.

Market Reaction & Context

SpaceX priced its shares at $135 each, implying an initial market capitalisation approaching $1.77 trillion and targeting up to $2 trillion with the greenshoe option exercised – a figure that would place it above Saudi Aramco and rival only Apple and Microsoft among the world’s most valuable public companies. ¹

Prior to the IPO, secondary market trades had already pushed SpaceX’s implied valuation from $800 billion in December 2025 to $1.54 trillion in April 2026. The two-times oversubscription signal suggests institutional demand was robust enough to sustain at least the offering price on debut. ²

Before the share sale, Forbes pegged Musk’s fortune at roughly $780 billion – nearly three times the net worth of the next richest individual. “The second richest person has been hovering around $300 billion, so about less than one-third of what Musk can potentially be worth,” said Matt Durot, deputy editor at Forbes Wealth. ¹

Deal Mechanics & Valuation Drivers

Musk holds a SpaceX stake valued at approximately $866 billion at the IPO price; combined with Tesla (TSLA.O) stock and other holdings, Reuters calculations place his total net worth above $1.1 trillion – including stock components that vest over time. ¹

The company’s revenue grew more than 30% last year to $18.7 billion, though the bottom line swung to a net loss of $4.9 billion as losses at AI unit xAI deepened to $6.4 billion. Starlink, by contrast, more than doubled its profit to $4.4 billion, providing the clearest near-term cash-generation story for public shareholders. ²

SpaceX’s governance structure gives Musk near-unchecked executive authority – an arrangement analysts at Renaissance Capital flag as central to the stock’s pricing logic. “Much like Tesla, SpaceX is a bet on Elon Musk,” said Matt Kennedy, senior strategist at Renaissance Capital. “A market cap of $1.5 trillion-$2 trillion would certainly throw all traditional valuation methodologies out the window.” ¹

Investor Windfalls & Insider Stakes

Several early backers stand to realise outsized gains. Hedge fund Darsana Capital Partners, which has 60% of its assets under management tied to SpaceX, is positioned for paper gains above $10 billion; D1 Capital Partners acquired its position for roughly $600 million and is tracking paper gains of about $9 billion. ²

Chief Operating Officer Gwynne Shotwell and Chief Financial Officer Bret Johnsen each hold stakes worth more than $1 billion at the IPO price, according to the Financial Times. Director Antonio Gracias controls 503 million shares that could top $70 billion in value. ²

Risks & Outlook

SpaceX remains cash-hungry, and much of its valuation rests on technologies – including a Mars colony and orbital data centres – that may take years or decades to reach commercial scale. ¹ Musk’s performance-linked compensation could award up to 200 million additional Class B shares if the company reaches a $7.5 trillion valuation and establishes a Mars settlement with one million inhabitants.

Tesla’s political headwinds – consumer boycotts and weakening international sales in 2025 following Musk’s role in the Trump administration’s Department of Government Efficiency – remain a secondary risk factor for investors tracking the broader “Muskonomy.” Musk has described the DOGE role as something he “would not do again.” ¹

Not investment advice. For informational purposes only.