SpaceX officially went public on June 12, trading under the ticker SPCX on the Nasdaq after raising $75 billion in an initial public offering. Elon Musk rang the opening bell remotely from Starbase, Texas, while President and COO Gwynne Shotwell and CFO Bret Johnsen handled the in-person festivities in New York.

The IPO priced shares at $135 each, but indications showed them opening near $175. That’s a roughly 30% pop before most retail investors could even place an order.

The biggest IPO ever, and it’s not close

SpaceX’s $75 billion raise dwarfs the previous record holder, Saudi Aramco, which pulled in $29 billion when it listed in 2019. SpaceX raised more than 2.5 times what the world’s most profitable oil company managed at its peak hype moment.

The company’s valuation at the IPO price sat at approximately $1.77 trillion. If shares open where indications suggest, near $175, that figure climbs north of $2 trillion.

Only 5% of shares hit the market

For all the fanfare, SpaceX kept its cards close. The company sold approximately 5% of its total shares in the offering, meaning the vast majority of equity remains in private hands.

That $75 billion in fresh capital, even from just 5% of the company, gives SpaceX an enormous war chest. For context, NASA’s entire annual budget has historically hovered in the $25 billion range. SpaceX just raised triple that in a single morning.

What this means for investors

Saudi Aramco, the previous record holder, traded relatively flat after its initial pop and spent years frustrating investors who bought at the listing price.

The bull case rests on SpaceX’s unique position. The company operates Starlink, its satellite internet constellation, which has been generating meaningful revenue from both commercial and government contracts. It also remains the dominant launch provider globally, with a cadence of missions that no competitor has come close to matching.

The 5% float adds another wrinkle. When demand outstrips a limited supply of shares, prices can run far beyond fundamental value. But when sentiment shifts, the same dynamic works in reverse, with few shares available meaning fewer buyers to cushion a selloff.

Investors should also watch the lockup period closely. When insiders become eligible to sell their remaining shares, typically 90 to 180 days after an IPO, it can create significant downward pressure as early stakeholders take profits. With 95% of shares still locked up, the eventual unlocking represents a massive overhang that the market will need to digest.