SpaceX, Elon Musk's space exploration and artificial intelligence conglomerate, has debuted on the Nasdaq in what is both the largest IPO of all time and one of the most contentious stock market entries in years. The company raised $75 billion in the offering, according to the Financial Times. Shares were officially priced yesterday and began trading today under the ticker.
The offering caps a journey that saw SpaceX raise nearly $12 billion in private investment since its founding, making it the world's most valuable venture-backed startup. The company is best known for its Falcon 9, Falcon Heavy, and Starship rockets, but also owns Starlink, the satellite internet provider, and xAI, Musk's artificial intelligence startup. This breadth — spanning rockets, internet, and AI — has led some to call the firm an AI company rather than purely an aerospace player.
JPMorgan highlighted a potential spillover effect, arguing that bumper IPO issuance and extreme volatility should generate strong trading income for large investment banks like Goldman Sachs and Morgan Stanley. The record-breaking debut is already reshaping the late-stage venture market and pushing other private space firms to consider going public.
However, critics point to the company's enormous valuation and Musk's track record of controversial public statements as risks. The IPO's massive size may also pressure secondary markets, and some analysts warn that retail investors could be buying in near a cyclical peak for space technology stocks.