SpaceX priced its shares at $135 on June 11, 2026, raising $75 billion and landing a valuation of roughly $1.77 trillion based on 13.08 billion shares outstanding. Within hours, the stock was trading approximately 20% above that IPO price, pushing SpaceX’s market capitalization toward the $2 trillion mark.

The numbers behind the record

Trading under the ticker SPCX on Nasdaq, SpaceX’s debut eclipsed Saudi Aramco’s 2019 offering, which had previously held the crown for the world’s largest IPO.

SpaceX reported estimated revenue for fiscal year 2025 somewhere between $18.7 billion and $19.3 billion. The company is not yet profitable. That means the market is pricing SpaceX at roughly 90 to 100 times trailing sales.

The IPO was structured as a fixed-price offering rather than the traditional range-based bookbuilding process. Instead of floating a price range and letting institutional demand dictate the final number, SpaceX set $135 and let the market react.

Crypto platforms called it first

Pre-IPO perpetual futures contracts on Hyperliquid suggested an opening trading range of $162 to $183 per share, implying a first-day pop of 20% to 36% above the IPO price. Prediction markets on Polymarket and Ventuals similarly pointed to valuations near or exceeding $2 trillion before the stock even began trading.