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Elon Musk just broke the stock market, in the best possible way. SpaceX priced its initial public offering at $135 a share Wednesday, raising $75 billion in the largest stock market debut in history, with the total potentially climbing to $86 billion if underwriters exercise their full option. Trading opens Friday on the Nasdaq, and Wall Street is already salivating.
The offering values SpaceX at $1.78 trillion, instantly vaulting it into the ranks of America's most valuable public companies, and pushing Musk, already the world's richest man, across the threshold into trillionaire territory. The company drew orders for more than three times the shares available, with individual investors alone submitting over $100 billion in requests. Retail buyers will receive 20 to 25 percent of the total allocation, a deliberate choice by Musk to prioritize small shareholders over the hedge fund crowd.
Gulf sovereign wealth funds from Saudi Arabia, Qatar, and Kuwait are set to receive more than $1 billion worth of shares combined. BlackRock, the world's largest asset manager, put in for more than $5 billion. Goldman Sachs, JPMorgan Chase, and Morgan Stanley are managing the deal, and Goldman's analysts have already projected a 100-fold surge in SpaceX's AI revenues to $322 billion by 2030.
The company plans to funnel the fresh capital into AI infrastructure, new satellite constellations, and orbital data centers, the kind of moonshot ambitions that make the valuation feel both insane and entirely plausible at the same time. A $20 billion chunk must immediately repay a bridge loan SpaceX took on in March, after Musk folded his AI and social media businesses into the company. Musk this week unveiled sketches of a first AI satellite boasting a 70-meter wingspan.
Despite going public, Musk retains roughly 84 percent of voting power through his dual-class share structure, meaning SpaceX operates almost entirely on his terms, regardless of what outside investors think. The listing is being watched closely as a bellwether for Anthropic and OpenAI, both of which have signaled plans to go public later this year.
