SpaceX Stock Debuts at $135 and Made Elon Musk the World’s First Trillionaire at $1.1T

Key Takeaways

• SpaceX stock debuts today as SPCX at $135 per share, making it the largest IPO in history at $1.77T, raising $75B with 30% of shares going to retail
• The IPO makes Elon Musk worth $1.1T, combining SpaceX and Tesla holdings, the world’s first trillionaire worth more than the next 4 richest combined
• SpaceX lost $13B since 2023, and Musk controls 85% of votes via a dual-class structure with a lockup expiry in December, setting up massive insider selling

SpaceX stock officially entered public markets on Friday, ending a 24-year run as a private company. Trading under the ticker SPCX stock at $135 per share, the company debuted with a $1.77 trillion valuation after raising $75 billion in the largest IPO on record. The listing immediately pushed Elon Musk’s net worth above $1.1 trillion, making him the world’s first trillionaire. But while the milestone grabbed headlines, investors are also weighing SpaceX’s losses, governance structure, and whether the valuation can hold up over time.

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Why Musk Is Now Worth More than the Next 4 Richest People Combined Despite $13B in Losses

At the IPO price, Musk’s stake in SpaceX is worth approximately $867 billion. Combined with his Tesla holdings, the SpaceX IPO pushed his fortune past $1.1 trillion. This made the Elon Musk trillionaire milestone a reality. According to Forbes’ real-time billionaire estimates, this places him ahead of Larry Page, Sergey Brin, Jeff Bezos, and Larry Ellison combined.

Investors Are Paying for Market Dominance, Not Profitability

The valuation comes despite SpaceX remaining in the red. The company generated $18.7 billion in revenue in 2025. This is up 33% from the previous year, but it reported a net loss of $4.9 billion. Since 2023, cumulative losses have reached roughly $13 billion as spending increased across Starlink, launch operations, and artificial intelligence initiatives.

Investors appear focused on the company’s position in the space industry. SpaceX says its rockets accounted for more than four-fifths of all mass launched into orbit over the past three years, while Starlink operates in more than 160 countries. The company estimates its addressable market at $28.5 trillion, a figure that includes future opportunities tied to AI and satellite infrastructure.

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The IPO itself also stood out from typical listings. SpaceX reserved about 30% of shares for retail investors, well above the industry norm of 5% to 10%. Demand reportedly exceeded the shares available, reflecting years of pent-up interest from investors who had no access to the company while it remained private.

Questions around valuation remain. Morningstar recently estimated SpaceX’s fair value at roughly $780 billion, far below its IPO valuation. Meanwhile, Musk continues to control about 85% of voting power through a dual-class structure, leaving public shareholders with limited influence over company decisions.

Investors are already looking ahead to December 2026, when insider lockup restrictions are expected to expire. Given the size of Musk’s stake, the event could become one of the biggest insider-selling moments the market has seen.

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