SpaceX Goes Public Amid High Expectations
NEW YORK — While Elon Musk’s dreams of colonizing Mars might be uncertain, there’s enough faith from investors in the SpaceX founder to support his latest venture: making the rocket company public.
The world’s wealthiest individual is on the verge of becoming the first trillionaire.
On Friday, Musk participated in a ceremonial bell ringing at Nasdaq, where SpaceX’s shares are set to launch, initiating trading from Starbase, SpaceX’s facility in South Texas.
He reaffirmed his ambitious vision “to make life multi-planetary.”
“It’s not just about a handful of astronauts; I mean literally you,” Musk shared. “Anyone watching this, SpaceX aims to take you to the moon, to Mars, and beyond.”
Musk is renowned for his groundbreaking technological advancements, though he’s also known for lofty promises and sometimes missing deadlines. Investors are optimistic about hitting the trillion-dollar mark with what is anticipated to be the largest initial public offering ever, despite the company experiencing significant losses. Ahead of the IPO, Forbes estimates Musk’s net worth at approximately $982.6 billion.
SpaceX hasn’t just aimed for a one-million person colony on Mars; it also plans to establish various outposts in space and launch expansive data centers into orbit, all while competing with rivals in artificial intelligence innovation.
To achieve its lofty objectives, the company needs substantial financial inputs, far beyond its current earnings from rocket and satellite operations. From early 2025 to March 31, 2026, SpaceX reportedly lost $8.7 billion.
Institutional and retail investors alike seem eager to take the plunge, agreeing to a price for 555.6 million shares that could raise $75 billion—significantly outpacing Saudi Aramco’s $26 billion raised during its 2019 initial offering.
Trading under the symbol SPCX is expected to commence later on Friday.
While many Wall Street bankers who facilitated the IPO are excited, some analysts doubt the stock is worth the current price.
Morningstar analysts, who don’t have financial ties to the IPO, have labeled it “significantly overvalued,” citing the company’s untested technology and immense capital needs, estimating its worth closer to $780 billion—less than half the IPO value.
Yet, Musk has achieved the seemingly impossible in the past.
The soon-to-be trillionaire built his wealth from companies like Zip2 and PayPal, generating around $200 million upon their sales. He then leveraged that capital to launch SpaceX and invest in Tesla, successfully creating a space enterprise that specializes in reusable rockets and a car brand that revitalized interest in electric vehicles.
Musk’s vast wealth, primarily in stocks he hasn’t sold, has come under scrutiny recently, particularly regarding the compensation package from Tesla. Meanwhile, he has stirred concerns among shareholders with his occasional clashes with regulators and diversions into politics.
Despite controversies, Tesla’s stock prices have soared, delivering a staggering 20,000% return since its public debut in 2010, resulting in over $1.2 trillion in shareholder value. This surge has positioned Musk’s worth at around $795 billion prior to the SpaceX IPO.
SpaceX is the first of three massive companies on track for public listings this year, with Anthropic and OpenAI to follow suit. Nasdaq even adjusted its regulations to facilitate SpaceX’s quicker incorporation into index funds, allowing investors to acquire shares sooner.
However, not every investor is excited about SpaceX entering their index fund portfolios. Some pension funds in California and New York expressed concerns over aspects of the IPO, such as the “super voting shares” and provisions that limit shareholder lawsuits, which grant Musk significant control over the company.
