SpaceX prices IPO at $135, raising $75B in largest ever listing

SpaceX officially priced its IPO at $135 per share, raising $75 billion through the sale of 555.6 million shares — the largest initial public offering in history, surpassing Saudi Aramco's 2019 record of $24.9 billion. The company, trading under ticker SPCX on Nasdaq, took an unusual approach by setting the price in advance rather than letting it float during the roadshow. Investor demand was overwhelming: the offering was oversubscribed four times, and underwriters have an option to bring an additional 83.3 million shares to market, which could raise another $11 billion at the opening price. Crypto betting market Hyperliquid currently prices SpaceX at $167 per share, implying a classic 20% first-day pop. The IPO is expected to begin active trading on Friday, with big institutional and individual buyers lining up.

Elon Musk stands as the biggest beneficiary, holding nearly 850 million Class A shares (1 vote each) and 5.6 billion Class B shares (10 votes each), including a Mars-colony contingent. Antonio Gracias (Valor Management) owns 503.4 million shares worth ~$68 billion at the IPO price. Other major shareholders include board member Luke Nosek (33M shares) and COO Gwynne Shotwell (12.6M shares). About 400 venture capitalists who backed SpaceX over two decades of private fundraising (~$40B total) stand to reap enormous returns, as do thousands of smaller investors who bought via special purpose vehicles (SPVs), though their exact gains may take months to calculate. Long-term questions remain about how SpaceX will justify its blockbuster valuation given its ambitious engineering projects, from reusable rockets to a new U.S. chip fab.