SpaceX IPO Prices at $135, Valued at $1.77 Trillion

SpaceX began trading at $135 a share, valuing the company at about $1.77 trillion after an initial public offering that sold 555.6 million Class A shares and raised roughly $75 billion. The offering put a limited amount of equity into public hands while keeping most shares locked up.

Only about 4% of SpaceX’s shares are available to public investors. The IPO included a larger retail allocation than typical, at roughly 30% of the offering. The company used a dual-class share structure in which Class B shares carry ten votes each, giving Elon Musk decisive voting control despite owning about 42% of the economic equity; his voting power exceeds 80%.

SpaceX’s regulatory filings break the business into three operating segments. Starlink, the satellite broadband service, accounted for the majority of revenue and reported about $4.42 billion in profit for the period disclosed. Launch services, the business that builds and flies rockets, remains loss-making but supplies commercial and government launch work. A group of AI-related activities, including partnerships tied to xAI and the Grok model, is described as an early-stage, cash-consuming area of the company.

For the full year 2025, SpaceX reported revenue of $18.7 billion, a 33% increase from the prior year, and a consolidated net loss near $4.9 billion. Annual cash burn exceeded $5 billion in 2025. Company executives listed the need for capital to support launches, AI development and other projects as a reason for pursuing the public offering.

At the IPO price, SpaceX’s price-to-revenue ratio is near 94. For comparison, the ratio cited for Nvidia is about 36, for Tesla about 12 and for the average S&P 500 company roughly 2.7. The valuation reflects investor willingness to pay for expected future revenue rather than current consolidated earnings.

The company’s contracts with government agencies provide a steady source of launch work and potential defense-related revenue. Reported risks include technical execution on rockets and landings, high cash burn in emerging AI efforts, regulatory and geopolitical challenges for global services, and competition in AI and other markets.

The IPO supplies a significant capital injection while leaving control concentrated with existing holders. SpaceX is profitable at the Starlink segment level but not on a consolidated basis, and company statements show it plans to use proceeds to fund operations and development of future projects, including long-term exploration objectives.