SpaceX confirmed on Thursday that it will debut on the Nasdaq on Friday after pricing its initial public offering at $135 per share, raising $75 billion in what is the largest IPO on record. The company issued 555.6 million shares, placing its valuation at nearly $1.8 trillion and vaulting it into the top 10 of Wall Street's biggest companies.
The blockbuster pricing comes after retail investor orders reportedly topped $100 billion, signaling extraordinary demand. But the offering has largely shut out Asian investors, who are now exploring alternative ways to gain exposure to the rocket maker's market debut. Early backers of the company are poised to reap some of the biggest paper gains in venture capital history.
Shares will trade under the ticker symbol on the Nasdaq, with stock futures ticking higher as markets gear up for the historic event. At its new valuation, SpaceX would be worth more than Elon Musk's own Tesla, underscoring the market's appetite for the dominant player in commercial spaceflight.
Some analysts, however, argue the IPO is overvalued. Morningstar has flagged concerns about the company's pricing relative to its earnings potential, given the capital-intensive nature of its Starship and Starlink projects. The sheer size of the offering also raises questions about near-term dilution and the sustainability of its current valuation multiple.