The largest IPO in history brings a private space and AI combine into public markets, where the dual class structure leaves Elon Musk firmly in command and public shareholders holding economic exposure without governance leverage.
SpaceX priced its initial public offering at $135 per share on Thursday evening, raising about $75 billion from public shareholders and valuing the combined space-and-AI company at roughly $1.77 trillion on a fully diluted basis, according to SiliconANGLE's report on the pricing. The size surpasses Saudi Aramco's 2019 float of about $25.6 billion, the previous record, and lands SpaceX on Nasdaq under the ticker SPCX for trading on Friday, June 12, 2026. None of that capital changes who runs the company.
Elon Musk retains 82.4% of total voting power through 5.22 billion Class B shares, the structure reported by SiliconANGLE. Public capital is now the single largest external backer of the combined SpaceX-xAI entity, but the dual-class architecture means each public dollar buys economic exposure, not governance leverage. That tension is the actual story of the listing, and it carries further than the headline number.
The deal mechanics explain how $75 billion was reached. SpaceX sold 555.6 million primary shares at $135, with underwriters holding a 30-day greenshoe on an additional 83.33 million shares worth about $11.2 billion if exercised in full. The full greenshoe would push the raise past $86 billion, though the $75 billion figure cited by SiliconANGLE appears to exclude it. Either way, the $1.77 trillion implied valuation is set by applying $135 to the fully diluted share count, not by trading prints.
The process itself was unusual. SpaceX did not publish a typical preliminary price range, instead running a targeted round of investor meetings before opening the roadshow, per SiliconANGLE. The underwriting line is Goldman Sachs as lead bookrunner, with Morgan Stanley, JPMorgan Chase, Citigroup, and Bank of America as co-managers. That syndicate list, paired with the absence of a published range, points to a deal that was effectively sold before it was formally marketed.
The context that makes the size matter is the February 2026 SpaceX-xAI merger, which SiliconANGLE notes valued the combined entity at $1.25 trillion at the time. The listing is therefore not just a SpaceX IPO. It is the public-market debut of a vertically integrated space-and-AI combine, with launch and Starlink revenue on one side of the structure and xAI's model and compute business on the other. Tesla, separately, holds 18.99 million SpaceX shares from the pre-IPO period, a cross-holding that complicates any clean read of who actually owns the company at the margin.
The numbers also invite a market-cap comparison the source does not draw. At $1.77 trillion fully diluted, SpaceX lands above all but a handful of the most valuable U.S. companies, with Boeing, Lockheed Martin, and Northrop Grumman trading at a small fraction of that figure and Rocket Lab at a much smaller one. The valuation is therefore not a peer-comparable number. It is a private-market verdict carried into public markets, resting on revenue and cash-flow assumptions that no public filing has yet tested against independent scrutiny.
Speculative pricing on Hyperliquid's prediction market showed a synthetic print of $167 per share ahead of the listing, referenced in market chatter around the deal. That figure reflects a betting market, not a price-discovery mechanism, and should not be read as a forecast for where Nasdaq opens on Friday. The only numbers that matter for the open are the $135 IPO price, the greenshoe option, and the buy-or-sell behavior of the syndicates and anchor investors who received allocations.
Two outcomes will tell readers whether the IPO is functioning as a capital event or a wealth-transfer event. The first is greenshoe exercise: a full take-up signals institutional demand held through the open, while a low take-up would mean the banks absorbed most of the allocation. The second is the first 30 days of post-IPO ownership disclosures, which will show whether any institutional holder accumulated enough Class A shares to influence the rare matters where Class A and Class B vote together. On the question that defined the deal going in, who runs SpaceX, Friday's open changes nothing.