SpaceX has secured $75 billion (£56 billion) from investors ahead of its highly anticipated stock market debut, setting the stage for what could become the largest public listing in history.
In a filing with the US Securities and Exchange Commission, the company revealed it sold shares at $135 each, matching the valuation range announced last week. The pricing gives SpaceX an estimated market value of nearly $1.8 trillion before trading begins on Friday.
The landmark listing is expected to strengthen the position of chief executive Elon Musk as the world’s richest person and could put him on track to become the first individual with a net worth exceeding $1 trillion.
SpaceX is initially offering just 5% of its total shares to public investors. Once trading opens on the technology-focused Nasdaq, the share price will be determined by investor demand and market activity.
If the stock remains at or above the IPO price of $135, SpaceX will instantly rank among the world’s most valuable publicly traded companies.
Investor interest is expected to be strong. Several analysts have already projected higher valuations, with brokerage firm Oppenheimer forecasting the shares could climb to $190.
Retail investors are also eager to participate. Peta Cooper, a copywriter from Cornwall, said she plans to invest about £750 in SpaceX, citing the company’s record of innovation and successful space missions.
She described the investment as a long-term opportunity despite the likelihood of short-term price swings.
Many investors view the IPO as a wager on the future of artificial intelligence and advanced technology.
However, some analysts have warned that expectations may be running ahead of reality.
Economist Sinead O’Sullivan, who previously worked with NASA, described the offering as a significant gamble. While praising Musk’s ability to execute ambitious projects, she questioned whether the company’s valuation accurately reflects the value it can create in the future.
SpaceX Chief Operating Officer Gwynne Shotwell said the company had long resisted going public but now believes the timing is right.
According to Shotwell, growing interest from everyday investors played a role in the decision. She also stressed that SpaceX remains focused on long-term goals rather than short-term quarterly results.
Despite becoming a public company, Musk will continue to wield overwhelming influence over SpaceX.
He is expected to retain roughly 40% of the company’s equity and control about 85% of voting power through a special share structure.
That level of control means Musk will effectively dictate major corporate decisions, including acquisitions and executive compensation.
The governance model has raised concerns among some legal and financial experts. Analysts argue that concentrated voting power limits oversight and could create conflicts of interest, especially given SpaceX’s growing ties to Musk’s other ventures.
The company has already absorbed AI startup xAI, which previously acquired social media platform X. Musk purchased the platform, formerly known as Twitter, in 2022.
Shotwell defended the arrangement, arguing that no one else is capable of leading SpaceX at its current scale and ambition.
The SpaceX listing is being closely watched across the technology sector.
Market observers believe it could serve as a blueprint for other high-value private companies considering public offerings, including Anthropic and OpenAI.
Both firms have recently indicated they are exploring public listings, potentially within the next year.
For early employees, the IPO marks another milestone in SpaceX’s remarkable rise.
Tom Mueller, SpaceX’s first employee and now founder of Impulse Space, reflected on the company’s journey from repeated rocket failures to becoming one of the world’s most valuable technology firms.
He recalled the early years when engines exploded and rockets crashed before SpaceX finally achieved a successful orbital launch in 2008.
“It’s just been an incredible ride,” Mueller said.
With investors preparing to bid on shares and markets watching closely, SpaceX’s debut could reshape the future of both the space industry and public markets.
