WASHINGTON (dpa-AFX) - The world is preparing for the much awaited news of Space Exploration Technologies Corp. or SpaceX, tech visionary Elon Musk's brain child, starting trading on the U.S. Market for the first time.
The initial public offering or IPO, which is deemed to be the largest stock market debut in history, is making Musk world's first trillionaire.
The Texas-based SpaceX's shares will begin trading on the Nasdaq Global Select Market and Nasdaq Texas as markets open on Friday, under the ticker symbol 'SPCX.' The offering is expected to close on June 15, subject to customary closing conditions.
The rocket, satellite and AI company has priced its IPO of 555.56 million shares of its Class A common stock, at a public offering price of $135.00 per share, raising around $75 billion, reaching a market capital of $1.765 trillion.
With the initial market valuation, SpaceX, the spacecraft maker and provider of Starlink satellite internet services, has beaten that of its sister concern Tesla Inc., the electric vehicle maker founded and led by Musk, which stands at $1.499 trillion.
According to Forbes, Musk, SpaceX's founder, Chief Executive Officer, Chief Technical Officer and Chairman of the board, was the world's richest person, with a net worth at roughly $780 billion prior to the share sale.
Musk has also co-founded tunneling startup The Boring Company and brain implant maker Neuralink.
When the stock begins trading today, Musk's net worth is expected to exceed $1.1 trillion, including stake in SpaceX, Tesla and his other companies.
In the offering, SpaceX has granted the underwriters a 30-day option to purchase up to an additional 83.33 million shares of its Class A common stock at the IPO price.
Musk will be able to control the outcome of matters requiring shareholder approval in the firm. He would hold around 82.4 percent of the voting power immediately after the conclusion of offer. Around 81.1 percent in this is attributable to his ownership of Class B common stock.
Musk's voting power would be around 82.3 percent if the underwriters exercise their option to purchase additional shares of Class A common stock in full.
For the IPO, Goldman Sachs & Co. LLC, Morgan Stanley, BofA Securities, Citigroup, J.P. Morgan, Barclays, Deutsche Bank Securities, RBC Capital Markets, UBS Investment Bank, and Wells Fargo Securities are acting as book-running managers.
Meanwhile, the Wall Street Journal reported that BlackRock has kept an order to buy at least $5 billion of SpaceX shares, along with other large institutional investors and asset managers submitting similar requests.
SpaceX, though not profitable at present, holds strong position in space technology, and has the potential for growth in artificial intelligence and related fields.
The company, which manufactures and launches the world's most advanced rockets and spacecraft, was founded in 2002 in California. The headquarters was later moved to Texas over a new California law signed by Governor Gavin Newsom related to transgender students.
In 2019, the company's first operational satellite of the Starlink internet satellite constellation was launched.
Earlier this year, SpaceX had acquired xAI, Musk's AI company.
In the first quarter of fiscal 2026, SpaceX's net loss was $4.28 billion, sharply wider than prior year's loss of $528 million, However, revenues grew to $4.69 billion from $4.07 billion last year.
In fiscal 2025, net loss was $4.94 billion, though there was a profit of $791 million in fiscal 2024. Annual revenue grew to $18.67 billion from prior year's $14.02 billion.
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