SpaceX hits $1.77T valuation in historic stock Market debut

SpaceX made its largest ever initial public offering on the stock market, raising an unprecendented $75 billion and giving it a valuation of about $1.77 trillion. The shares are offered at $135 a share and the sale takes place as investors' enthusiasm for big tech and infrastructure stocks appears to have returned after a turbulent IPO market.

More than 555 million shares were made available by the company prior to their trading debut on Nasdaq, ranking them among the biggest publicly traded companies in the United States. The sheer scale of the deal has dwarfed previous IPO benchmarks, and it represents one of the largest capital-raising exercises in modern history.

Starlink Takes Over as the Centerpiece of SpaceX

Filings reveal that in 2025, SpaceX achieved revenues of $18.7 billion, with Starlink's revenue making up around 60% of this total. The satellite internet network, which currently serves over 10 million subscribers worldwide, operates a constellation of nearly 9,600 satellites.

This significant increase in revenue from Starlink illustrates how the company has transitioned from purely a launch service provider to a more diversified business. Although rocket launches still generate substantial revenue from commercial clients and governments, the recurring income from the internet service is becoming the company's main money maker.

Global Investment in Space Sector Continues to Accelerate

This listing is also taking place at a time when governments and companies are investing more heavily in satellite communications, launch capability, and space-based infrastructure. It is estimated that the global space economy is worth over $600 billion per annum, with the US being the leading contributor.

Markets including the EU, China, India, Japan, and a number of Middle Eastern countries are also expanding their contributions to satellite networks and space programs. Investment in satellite services and infrastructure in space technology is proving increasingly important for Australian businesses, particularly for the development of the Australian space sector and for the provision of communications in remote areas.

Financial and Ownership PositionIn spite of its substantial revenue growth, SpaceX recorded a net loss of about $4.9 billion for the year ended 2025, following profits of roughly $791 million recorded in 2024. The increase in spending is attributed by the company to investments in artificial intelligence, and to the incorporation of xAI related operations into its business model.

Elon Musk will continue to own the majority of voting rights after the listing. Almost 30% of the shares sold were bought by retail investors, which is a significantly higher percentage than typically reserved for large-scale IPOs in the US.

The SpaceX IPO will be keenly watched by companies contemplating future listings, especially those in the technology, telecommunications, and aerospace fields, as investors gauge the demand for large-scale growth businesses on the public markets.

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