Biggest IPO Wall Street has ever seen is not coming anymore. It is here. Shares are priced. Money is raised. Question now is what actually happens when the stock starts moving.
The Numbers Are Hard to Ignore
SpaceX locked in its IPO price at $135 per share. Total shares being sold is 555,555,555. Total raised is $75 billion. Valuation on day one is $1.75 trillion.
That raise alone makes this the largest public offering in history. Not just this year. Ever. And the valuation puts SpaceX right alongside the biggest companies on the planet. Apple. Microsoft. That conversation. Except those companies spent decades getting to that size. SpaceX is starting there.
Elon Musk’s personal stake in all this also becomes something worth noting. If the stock holds anywhere near this valuation his net worth crosses into numbers that people normally use to describe the economies of entire countries.
Company started with rockets blowing up on launch pads. Nearly went bankrupt more than once. Now it is the biggest IPO in history. That part of the story is at least genuinely interesting.
Market Is Already Running Hot on This
Before trading even started speculation was everywhere. SpaceX linked futures on Hyperliquid were pricing shares near $165 on Thursday. That implies a first day pop of around 20% from the IPO price. The kind of number that gets shared a lot on social media by people who got in early.
Underwriters also have an option to sell another 83 million shares on top of the original offering. That could add roughly $11 billion more to the raise if they exercise it. When you are already raising $75 billion what is another $11 billion.
Nobody actually knows what is going to happen today though. This IPO has things that have never all shown up together at the same time. Record size. Limited float. Heavy retail participation. One of the most talked about and argued about CEOs in the world. There is no previous example to compare it to properly.
The Business Behind the Hype
Buying SpaceX at $1.75 trillion is really a bet on what the company becomes not what it is right now. First quarter revenue came in at $4.69 billion. That is 15% higher than the same period last year. Full year 2025 revenue was $18.67 billion which was up 33%.
Profits are a different story. SpaceX posted a net loss of $4.28 billion last quarter. Full year 2025 loss was $4.94 billion. Company is spending heavily and not yet making money at the bottom line.
Investors buying today are not buying current earnings. They are buying the idea of what SpaceX could look like in ten years. Space infrastructure. Starlink dominance. AI integration. That is the pitch. Whether the price tag matches that vision is something everyone is going to disagree on loudly.
So What Actually Happens Today
Two camps going into this. People who think this is the start of something enormous and want to be in early. And people who look at a $1.75 trillion valuation on a loss making company and think someone is going to be left holding the bag.
Both views are reasonable depending on how you think about risk and time horizon.
What is certain is that a lot of money is moving today because of this listing. Some of it fresh. Some of it coming from people selling other things to free up cash for SpaceX shares. That kind of liquidity movement can create odd pressure across other parts of the market for no fundamental reason.
By end of day we will have a real answer. Either the stock pops and confidence comes flooding back into the market after a brutal week. Or it trades flat or lower and the conversation about whether mega valuations still work in this environment gets a lot louder very fast.
Rocket is on the launchpad. Everyone is watching.