SpaceX has completed the largest initial public offering in history, raising $75 billion after selling 555.6 million shares at $135 each, according to Bloomberg. The deal gives Elon Musk's rocket company a market value of $1.77 trillion, vaulting it into the top ranks of publicly traded companies.
The listing hasn't been without skepticism. According to the New York Times, some investors are questioning that valuation after SpaceX posted a $4.3 billion loss on $4.7 billion in revenue in the first quarter alone — a burn rate that raises questions about whether the company can justify its price tag. Concerns also extend to its ambitions around space-based data centers.
On the political front, Senator Elizabeth Warren wrote to the SEC calling for a delay to the offering, citing Elon Musk's "uniquely unchecked" power as the company's majority shareholder, according to CNBC.
Market signals suggest early trading could be volatile. Crypto traders on the derivatives platform Hyperliquid are pricing SpaceX pre-IPO perpetual futures at around $162 — roughly 20% above the official IPO price, according to CNBC. CNBC's Jim Cramer cautioned that speculators rushing to flip shares shortly after trading begins represent one of the biggest near-term risks for the stock.
Retail investors can access shares through Charles Schwab, Fidelity, Robinhood, SoFi, and Morgan Stanley's E-Trade, per CNBC. However, TechCrunch reports that lower-tier investors who bought in through special purpose vehicles face hidden fees, lengthy payout delays, and potential fraud risks that won't become clear until post-IPO lock-ups expire.
Wall Street is also grappling with how to categorize the company at all — CNBC notes SpaceX defies standard market buckets and may be valued more like "strategic tech" firms such as Palantir than a traditional aerospace contractor.
The deal matters because it sets a new benchmark for how markets price visionary but cash-hungry companies — and how much ordinary investors are willing to bet on them.