SpaceX on cusp of record IPO that could make Musk a trillionaire

SpaceX is set to launch its initial public offering (IPO) on Nasdaq on Friday, marking the largest IPO in history with an expected valuation of $1.8 trillion. The company, co-founded by Elon Musk in 2002, will offer over 555 million shares at a projected price of $135 each, with 30% reserved for retail investors—triple the typical allocation. Musk’s xAI and X (formerly Twitter) are now part of SpaceX after being folded into the company earlier this year. The IPO, officially priced on Thursday, has already drawn massive demand, with reports of over four times the available shares being requested. If successful, it will surpass Saudi Aramco’s $29.4 billion 2019 debut, the current record for the largest public offering. Musk will retain leadership roles as CEO, CTO, and board chairman of the newly traded company. Despite rapid revenue growth—$18.7 billion in 2025—SpaceX reported a net loss of $4.9 billion, raising concerns among investors about its financial sustainability. The company’s ambitious projections, including $28.5 trillion in potential future revenue from ventures like space-based data centers and Mars colonization, rely on unproven technologies. The IPO could create thousands of new millionaires and billionaires among employees and investors, but its success hinges on confidence in Musk’s vision. Analysts question whether SpaceX can deliver on its futuristic promises while maintaining profitability, especially as it competes with other tech giants like OpenAI and Anthropic, which are also preparing for public market debuts.