SpaceX goes public in record-breaking $85.7 billion offering

SpaceX has officially transitioned into a publicly traded company, completing the largest Initial Public Offering (IPO) in history. The company priced its 555.6 million shares at $135 each to raise $75 billion, a total that ultimately grew to $85.7 billion raised. On June 12, shares opened at $150 on the Nasdaq public exchange, representing an 11% pop. The shares closed at $160.95, up 19%. The stock price climbed 20% on June 15 and more than 8% in early trading. This growth pushed the company’s valuation to $2.7T, passing Amazon.

Alongside the public debut, SpaceX announced it is acquiring Cursor for $60B in stock. The transaction was announced just days after the IPO. The offering generated about $500 million in total fees for underwriting banks, with Goldman Sachs and Morgan Stanley acting as underwriters. Strong demand also prompted interest in the green shoe option, an underwriting provision allowing the sale of up to 15% more shares than originally planned. Amid the market debut, SpaceX Chief Operating Officer Gwynne Shotwell stated in a June 12 interview that a “merger between SpaceX and Tesla might make Elon’s life a little easier.” Following the stock’s rise, CEO Elon Musk posted on social media, sharing his appreciation for the company’s employees.

Despite becoming a public entity, corporate control remains concentrated. Musk holds about 85.1% of the company’s voting power, which is more than 50% of the voting power. This structure ensures Musk will have a monarchical grip over the publicly traded version of SpaceX. Meanwhile, lower-tier SPV (Special Purpose Vehicle) investors face hidden fees, lengthy payout delays, and the risk of outright fraud.

The company’s S-1 registration document provides a look at its financial position, balancing capital requirements against revenue streams. While the public transition could turn 4,400 employees into millionaires, the filings show losses alongside commercial contracts:

• 2025 Revenue: Over $18 billion
• 2025 Loss: $4.9 billion
• Cumulative Losses: More than $37 billion since inception
• Anthropic Compute Agreement: A monthly payment of $1.25B to xAI, a division of SpaceX
• Google Compute Agreement: A monthly payment of $920M to SpaceX

Why it matters

SpaceX’s public debut marks a shift in the aerospace and AI landscape, cementing Musk’s control and creating a massive new entity that rivals the world’s largest tech giants.