On June 12, 2026, SpaceX pulled off the biggest IPO in history — and yes, that’s not a typo. The company raised $86 billion after underwriters exercised the green-shoe option, blowing past the original $75 billion base offering. Shares opened at $135 on the Nasdaq under ticker SPCX, valuing the company at roughly $1.77 trillion. That’s trillion. With a T.
The first trading day got wild fast. Shares surged 19%, hitting around $161. Market cap climbed to $2.1 trillion. Then intraday trading pushed that figure somewhere between $2.3 and $2.4 trillion. By the following week, the stock was flirting with $180 per share. SpaceX became the sixth most valuable U.S.-listed company almost overnight. Not bad for a rocket company that technically just went public.
Shares surged 19% on day one. By the following week, SpaceX was the sixth most valuable U.S.-listed company.
Robinhood traders noticed. The retail tranche — 30% of the offering — dumped a significant chunk of shares into everyday hands, and concerns about dilution followed almost immediately. Shocking, right? Give retail investors access to a historically massive IPO and people start asking questions.
The green-shoe option added 83.3 million shares beyond the original 555.56 million, pushing the raise from $75 billion to $85.7 billion, rounded to $86 billion. Goldman Sachs, JPMorgan Chase, and Morgan Stanley managed the underwriting. The usual suspects.
Here’s where the money went. About 71% — roughly $62.6 billion — went straight to debt repayment and loan servicing. That includes repaying a loan from Tesla and acquiring EchoStar assets. The remaining $23 billion? Earmarked for AI infrastructure. Specifically, SpaceX plans to build orbital AI systems to support xAI, which operates as a SpaceX subsidiary building advanced AI models. SpaceX’s AI capital expenditures alone reached $12.7 billion, representing 81% of total spending across five quarters.
The controversy didn’t stop at dilution. Ten Trump administration officials reportedly hold financial interests in SpaceX or xAI. Steve Witkoff holds indirect exposure through 3G Investors LLC, valued between $1 million and $5 million. Kelly Loeffler invested through Valor Equity Partners, a fund tied to Antonio Gracias.
Elon Musk, meanwhile, pushed back on reports claiming the IPO targeted an $800 billion valuation, calling those figures flat-out wrong.
And Musk himself? The IPO briefly made him the first U.S. trillionaire. His wealth crossed $1 trillion following the market debut. Whether that number holds is a different conversation entirely. For now, SpaceX sits at the top of the IPO record books, surrounded by scrutiny, institutional money, and a retail crowd that jumped in headfirst. This offering surpassed Saudi Aramco’s 2019 IPO, which raised $29.4 billion, making it the largest public debut in recorded history.
