SpaceX raises $75B in the largest IPO on record, closing day one at a $2.2T market cap
SpaceX completed its Nasdaq debut Friday at $160.95 per share — up 19% from the $135 offer price — after raising $75 billion, surpassing Saudi Aramco's 2019 record, with a closing market cap of $2.2 trillion ahead of Meta, Samsung, and Tesla. The S-1 frames xAI as the core growth engine: SpaceX attributes 90% of its $28 trillion addressable market estimate to the AI division, and has active compute supply agreements with Anthropic and Google for orbital data centers. The valuation tension is real — SpaceX lost $8.7 billion from early 2025 through March 2026 on $18.7 billion in revenue — and a Truist analysis of 30 large tech IPOs found more than half posted negative returns one year after debut.
Source: finance.yahoo.com ↗
This is not a moonshot, but given the size of the deal, if the stock price holds, there will be more dollar value of [early stock returns] than any IPO in history.
Why this matters
- → Largest IPO ever raises $75B to fund Mars colonization and orbital data centers
- → SpaceX values AI division at 90% of $28T addressable market; unprofitable but valued at $2.2T
- → Historical precedent: over half of comparable tech IPOs post negative returns within one year