SpaceX has made a blockbuster debut on public markets after pricing its initial public offering at $US135 per share, raising $US75 billion in what is now the largest IPO in history.
The offering eclipses Saudi Aramco’s previous record $US29.4 billion float in 2019 and values Elon Musk’s rocket, satellite and artificial intelligence company at about $US1.77 trillion, or roughly $US1.8 trillion on a fully diluted basis.
Investor appetite has been extraordinary, with demand reportedly exceeding four times the shares available. Retail investors alone are said to have submitted more than $US100 billion worth of orders, highlighting the continued enthusiasm for Musk-led ventures and AI-related stocks.
The IPO also pushes Musk closer to becoming the world’s first trillionaire, with his net worth estimated to approach $US970 billion following the listing.
Strong demand but questions remain over valuation
While the IPO has generated enormous interest, analysts caution that investors may be paying a significant premium for future growth rather than current financial performance.
BrokerChooser senior broker analyst Balazs Faluvegi said SpaceX’s valuation appeared increasingly disconnected from near-term earnings, noting the company remains loss-making despite its dominant position in launch services, satellite communications and AI infrastructure.
"SpaceX's core businesses, Starship and Starlink, are still in heavy reinvestment phases, meaning a large share of capital raised could go toward long-term infrastructure buildout rather than near-term profitability," Faluvegi said.
According to BrokerChooser, SpaceX reported a $US4.4 billion loss in 2025 and a further $US4.3 billion loss in the first quarter of 2026. The firm warns that if expectations prove too optimistic, investors could face a prolonged period of underperformance rather than an immediate collapse in the share price.
Faluvegi said mega-IPOs often benefit initially from scarcity, index inclusion and fear-of-missing-out buying before investors refocus on earnings and cash flow.
"That's typically when stocks either go sideways for years or drift lower even without a dramatic sell-off," he said.
What the IPO means for markets
The success of the SpaceX float is expected to serve as a key test case for several other AI-focused giants considering public listings.
Market observers view the IPO as a precursor to potential offerings from OpenAI and Anthropic, both of which could seek valuations exceeding $US1 trillion. A strong aftermarket performance from SpaceX would likely reinforce investor confidence in the next wave of AI-related listings.
The listing also reflects the market’s willingness to place substantial value on long-term AI and space infrastructure opportunities, despite uncertainty around commercialisation timelines and profitability.
Missed out on SpaceX? Four listed stocks offering exposure
For investors unable to secure SpaceX shares at the IPO price, BrokerChooser suggests several publicly traded companies with exposure to the broader SpaceX ecosystem.
- Velo3D (NYSE: VELO) Velo3D manufactures advanced metal 3D printing systems used to produce complex aerospace components. SpaceX remains one of the company's most significant customers, making the stock a direct beneficiary of increased launch and manufacturing activity.
- CPS Technologies (NASDAQ: CPSH) CPS Technologies develops specialised materials designed for high-performance aerospace applications where heat resistance, durability and weight reduction are critical. While customer relationships are not publicly disclosed, the company is widely believed to supply components used by SpaceX.
- MACOM Technology Solutions (NASDAQ: MTSI) MACOM provides semiconductor solutions used across aerospace, telecommunications and defence sectors. Its technology plays an important role in satellite communications infrastructure, including systems associated with Starlink.
- EchoStar (NASDAQ: SATS) EchoStar operates satellite communications and wireless infrastructure assets and holds an estimated 2% equity stake in SpaceX following a spectrum rights transaction. That ownership position gives investors a more direct link to any future appreciation in SpaceX's valuation.
Investors face a familiar IPO dilemma
The record-breaking float demonstrates that investor demand for AI and space-related opportunities remains strong, but analysts warn that the challenge now shifts from securing shares to assessing whether SpaceX can justify its enormous valuation.
For investors who missed out, supplier and partner companies may offer alternative ways to participate in the growth of the space economy without assuming the risks associated with a newly listed stock trading at close to $US2 trillion.