According to Forbes estimates cited in the company’s debut, Musk’s combined holdings in SpaceX and Tesla are now worth roughly $1.2 trillion.
The public listing marks a major milestone for SpaceX, which Musk said needs additional capital to support a series of long-term projects. Speaking during a Nasdaq opening ceremony broadcast from the company’s Starbase facility in South Texas, Musk repeated his goal of making humanity a multi-planet species.
“Not just a few astronauts, I mean literally you,” Musk said. “Whoever you are watching this, SpaceX wants to be able to take you to the moon, take you to Mars and ultimately beyond.”
Investor demand for the offering was strong before trading began. Buyers purchased shares at the IPO price of $135, helping SpaceX raise $75 billion. The fundraising total surpassed the previous IPO record set by Saudi Aramco in 2019.
Much of the enthusiasm reflects expectations that SpaceX can expand beyond its existing rocket launches and satellite operations. The company has outlined plans that include orbital data centers, artificial intelligence initiatives, and human settlement on Mars. It has also promoted broader ambitions involving additional space-based infrastructure and off-world communities.
Those goals come with significant costs. Between the beginning of 2025 and March 31, 2026, SpaceX reported losses totaling $8.7 billion. The company has acknowledged in regulatory filings that parts of its strategy rely on technologies that have yet to be proven commercially.
The IPO also highlighted the degree of influence Musk will retain over the business. Through a special class of shares, he controls 82% of the voting power despite owning a substantially smaller economic stake. Governance advocates and institutional investors have criticized that structure, arguing it concentrates decision-making authority in the hands of a single executive.
For some shareholders, however, Musk’s track record remains a central part of the investment case.
“There’s a lot of hype, but I see the faith that investors have in Musk,” said Yordys Coro, an IT support contractor in Miami. “I’m going to hold on.”
Not everyone shares that optimism. Analysts at Morningstar argued that the offering price exceeds what the business is currently worth. The research firm estimated SpaceX’s value at roughly $780 billion, citing the company’s capital requirements and uncertainties surrounding future technologies.
Questions also remain about the company’s artificial intelligence operations. Regulatory disclosures indicated that xAI, SpaceX’s AI business, is consuming cash while it seeks to compete with established rivals and has not demonstrated a clear route to profitability.
During a livestreamed discussion with the CEO of JPMorgan Chase ahead of the offering, Musk focused largely on long-term visions for space development, including orbital data centers, future settlements on Mars and “moon hotels.” When asked about plans for Grok, the company’s chatbot product, he shifted the conversation toward SpaceX’s satellite network.
The public debut arrives after decades of growth for Musk, who first accumulated wealth through the sale of Zip2 and PayPal before launching SpaceX and investing in Tesla. Both companies evolved into major businesses despite skepticism during their early years, helping make Musk one of the wealthiest people in the world.
SpaceX is expected to be followed by other major technology IPOs, including listings from Anthropic and OpenAI. Nasdaq has already revised its rules to allow SpaceX to enter index-linked funds within 15 days of its debut, accelerating its inclusion in portfolios that track the exchange’s benchmarks.
That prospect has drawn concern from some institutional investors. Pension fund officials representing public workers in California and New York recently criticized aspects of the IPO structure, including mandatory arbitration requirements and the voting power Musk will continue to hold after the company’s market debut.
This analysis is based on reporting from AP.
Image courtesy of SpaceX.
This article was generated with AI assistance and reviewed for accuracy and quality.
