SpaceX officially started trading on the Nasdaq under the ticker SPCX on June 12, marking the largest initial public offering in history. Priced at $135 per share, the offering raised approximately $75 billion and gave the company a valuation between $1.75 trillion and $1.8 trillion.

To put that in perspective, the previous IPO record belonged to Saudi Aramco.

Inside the numbers

The deal was shepherded by Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase, all serving as underwriters.

SpaceX filed its SEC prospectus publicly around May 20, following a confidential filing back in April.

Elon Musk and SpaceX President and COO Gwynne Shotwell rang the Nasdaq opening bell to mark the occasion.

Musk retains super-voting control of the company, meaning public shareholders get economic exposure but limited say in corporate direction.

On the financial side, SpaceX reported over $18.67 billion in revenue for 2025. The company’s trailing sales multiple sits at approximately 94x. The justification for that premium comes largely from Starlink, the satellite internet division that’s expected to be the company’s profitability engine.

Why this matters beyond aerospace

SpaceX is now a strong candidate for rapid inclusion in major indices like the Nasdaq 100, which would trigger automatic buying from every index fund and ETF that tracks those benchmarks.

What crypto investors should know

SpaceX’s prospectus contains no mention of digital asset strategies, Bitcoin treasury reserves, or tokenization plans.

Some tokenized vehicles had already launched prior to the listing, offering fractional exposure to SpaceX through structures like the Paimon SpaceX SPV Token on the BNB Chain. Now that SPCX trades on a regulated exchange, those tokenized wrappers face an existential question. Why would anyone buy a synthetic, less-regulated token when they can simply purchase the actual equity through any brokerage account?