SpaceX is making its long-awaited stock market debut today, marking one of the most significant moments in both financial and technology history. The Elon Musk-led company has priced its initial public offering at $135 per share, raising about $75 billion and securing an implied valuation of almost $1.77 trillion ahead of its first day of trading on Nasdaq under the ticker ‘SPCX’. The offering is the largest IPO ever attempted. Importantly, if the stock maintains or exceeds its IPO valuation after trading begins, Musk’s personal fortune is expected to cross the $1 trillion mark for the first time, a milestone never before achieved by any individual.
Even after SpaceX sells around 556 million shares to public investors in its record-breaking IPO, Elon Musk is not selling any of his own shares and will remain the company’s dominant shareholder. He is expected to retain ownership of just under half of SpaceX, leaving his stake valued at about $866 billion at the IPO price. Combined with his holdings in Tesla and other ventures, his estimated net worth moved above $1.1 trillion.
However, Musk’s influence extends far beyond his economic ownership. Through a special class of super-voting shares, he controls about 85% of the company’s voting power, giving him near-total authority over SpaceX’s future direction. The structure effectively shields him from shareholder revolts, boardroom challenges or attempts to remove him from leadership, ensuring that strategic decisions remain firmly under his control. Notably, similar dual-class share structures have been adopted by founder-led companies like Meta, though few executives exercise this level of control over a company valued at almost $1.8 trillion.
Meanwhile, demand for shares has been exceptionally strong. Reports indicate the offering was oversubscribed multiple times, with institutional and retail investors competing for allocations. In a departure from traditional Wall Street practice, SpaceX reserved a significantly larger portion of shares for retail investors than is typical in mega-cap IPOs. The company also took the unusual step of setting a fixed IPO price before the roadshow process.
The listing could have an immediate impact on global financial markets. At a valuation approaching $1.8 trillion, SpaceX would rank among the largest publicly traded companies in America from its first day of trading, ahead of many established corporate giants. The company is expected to become eligible for major indexes like the Nasdaq-100 relatively quickly, while MSCI has indicated that SpaceX could be added to several of its global equity indexes shortly after its market debut.
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Ashutosh is a Senior Writer at The Tech Portal, largely reporting on new tech, and intersection of technology and business. Ashutosh’s career spans across nearly a decade of technology writing across multiple platforms and languages.
