SpaceX, operating in space transportation, satellite services, and artificial intelligence, completed the largest initial public offering in US history at $135 per share. The company raised $75 billion by selling 555.56 million shares, increasing its market value to $1.77 trillion.
This valuation will make SpaceX the seventh largest company listed on US stock exchanges. The company is expected to start trading on the Nasdaq Composite Index on Friday.
IPO Surpasses Previous Record
SpaceX's IPO surpassed the previous record of $25.6 billion raised by Saudi Arabia's state oil company Saudi Aramco in December 2019. At the time of its IPO, Aramco reached a valuation of $1.71 trillion.
Adjusted for inflation, Aramco's figures correspond to $33.2 billion raised and a valuation of $2.21 trillion. Financial circles had previously projected a market value of $1.75 trillion for SpaceX.
The total number of shares issued by the company was reported as 13.08 billion. It is noted that if consortium leaders exercise their option to sell additional shares within 30 days after trading begins, the market value could increase further.
Unconventional Pricing and Trading Process
Analysts found the set price neither too hot nor too cold, considering it reasonable. Rather than the first day's movements, the price balance in the following weeks is seen as more decisive for investors.
Maintaining price stability after the first trading day is a critical issue for investment partnerships. Market experts emphasize that the real test of such a large transaction begins after the opening day.
SpaceX Chairman Elon Musk adopted an unconventional approach during the sales process. Allocating 30% of shares to individual investors created a broad ownership base.
The price was finalized before the roadshows with bankers and institutional funds, deviating from the classic IPO model on Wall Street. The company's price was announced around 3:00 PM US market time after the consortium meeting and a Securities and Exchange Commission report.
This method of price discovery, completed through a different process rather than traditional order collection, attracted attention. It was reported that Musk will continue to hold 82% of the voting power in the company after the process.
Starlink Revenues and Growth Plans Take Center Stage
Founded in 2002, the company foresees a global market potential of $28.5 trillion. It has carried more than 80% of the total mass sent to orbit in the last three years and largely bases its growth on the Starlink unit.
Starlink, providing broadband internet service, reportedly reaches millions of consumers, companies, and government agencies in 164 countries. The company's high dependence on public contracts introduces uncertainties in future financial forecasts.
SpaceX has a multi-year cloud services agreement with Google under Alphabet and has incorporated AI infrastructure via xAI and real-time data from the X platform into its strategic growth plans. Investors are said to price in expectations for an interplanetary future rather than concrete financial statements.
Competition and Market Outlook
The company also faces competitors like Blue Origin, led by Jeff Bezos. Blue Origin is accelerating operations to open new markets and gain a larger share of government contracts.
The race for shares of public aviation and space budgets intensifies competition between the two companies. This situation highlights SpaceX's post-IPO size not only as a financial but also as a strategic power indicator.
In terms of valuation, SpaceX has surpassed major companies such as JPMorgan Chase, Berkshire Hathaway, Eli Lilly, Meta Platforms, and Tesla. However, the company's reported loss last year keeps valuation debates active among analysts.
Industry representatives consider a 10% to 15% rise on the first trading day a reasonable range. If the increase exceeds 50%, comments suggesting speculative pricing will gain strength.
The IPO activity in US markets is said to have revived with the SpaceX transaction. Supported by AI-focused ventures like Goldman Sachs, OpenAI, and Anthropic, IPO revenues could reach a new record of $160 billion in 2026.
Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup, and J.P. Morgan are among the consortium leaders of this major transaction. SpaceX's IPO has set a new benchmark in global financial markets both in size and in the method applied.
