SpaceX Debut on Wall Street: Key Things to Know

Shares of SpaceX surged 23% in their Wall Street debut on Friday, marking a blockbuster market entry that made CEO Elon Musk the first-ever trillionaire on paper.

The stock opened at $150 and continued climbing, reaching $166.90 around 12:20 pm ET. At that level, SpaceX’s valuation hit $2.18 trillion. Forbes estimates Musk’s net worth has now risen to $1.1 trillion.

Institutional and retail investors rushed to participate in the offering, buying 555.6 million shares at the IPO price of $135 each. The $75 billion raised easily surpassed the previous record IPO of Saudi Aramco in 2019.

Musk said SpaceX is going public to raise capital for its long-term ambitions, including deploying satellites and data centres in space and eventually building a human colony on Mars.

To mark the listing, Musk rang the opening bell at Nasdaq from Starbase in South Texas, where shares began trading under the ticker “SPCX”.

He reiterated his vision of making life “multi-planetary,” saying, “Not just a few astronauts — I mean literally you. Whoever you are watching this, SpaceX wants to take you to the Moon, to Mars, and ultimately beyond.”

Despite its bold ambitions, the company is yet to turn profitable at scale. Between the start of 2025 and March 31, 2026, SpaceX reported losses of $8.7 billion, driven by heavy investment in rockets, satellites, and future space infrastructure.

The IPO has drawn mixed reactions on Wall Street. While bankers involved in the deal have praised investor demand, some analysts remain cautious. Morningstar called the stock “significantly overvalued,” citing unproven technology and large capital requirements. The firm estimates a fair value closer to $780 billion — less than half the IPO valuation.

Musk, however, has repeatedly defied expectations. He previously built and sold Zip2 and PayPal for about $200 million, using the proceeds to fund SpaceX and invest in Tesla. Both companies went on to reshape their industries through reusable rockets and electric vehicles.

Much of Musk’s wealth remains tied to long-term stock holdings and performance-based grants from Tesla and SpaceX. His compensation packages have drawn regulatory scrutiny and criticism from some institutions, though Tesla’s stock performance has helped offset concerns, delivering over 20,000% returns since its 2010 listing.

SpaceX is also expected to be the first of several “megacap” IPOs this year, with Anthropic and OpenAI reportedly next in line. Nasdaq has even adjusted its index inclusion rules, allowing SpaceX-linked funds to begin trading activity within 15 days of listing.

However, not all investors are comfortable with the governance structure. Some pension funds have raised concerns over super voting rights, mandatory arbitration clauses, and Musk’s continued dominant control over the company’s direction.