SpaceX Debuts on Nasdaq in Record $75B IPO, Valued at $1.77T; Musk Keeps 84% Voting Control
SpaceX made its long-awaited public market debut on June 12, 2026, starting trading on Nasdaq under the ticker SPCX. The company priced its initial public offering at $135 per share, raising $75 billion in what is being described as the largest IPO on record. At the offering price, SpaceX's market capitalization is about $1.77 trillion, putting it among the world's most valuable public companies.
Demand was strong. The order book was reported to be more than two times oversubscribed, with roughly $150 billion in orders for a $75 billion deal. Large institutions were prominent in the book, including BlackRock, which reportedly placed an order of at least $5 billion. Retail participation also stood out for a transaction of this size: about 30% of the retail allocation went to individual buyers.
Wall Street views diverged. Oppenheimer initiated coverage with a $190 price target, above the IPO price, while ARK Invest projected a potential valuation of as much as $3.1 trillion by 2030. Morningstar took a more cautious stance, putting fair value near $780 billion and warning that SpaceX's acquisition of Musk's AI venture xAI could represent a "material threat of value destruction".
Despite the listing, control remains concentrated. Elon Musk holds about 40% of total equity and more than 84% of voting power via a dual-class structure in which Class B shares carry 10 votes each versus one vote for Class A. A Harvard Law School analysis cited the level of control as a meaningful risk for public shareholders, who would have limited influence over major decisions such as acquisitions, including potential deals involving other Musk-owned entities, and executive compensation. SpaceX's governance structure is also unusual for a public company: it does not require any independent directors.
Corporate ties across Musk's businesses remain a focus. SpaceX has already integrated xAI, and xAI previously acquired the social platform X in 2025, intensifying investor questions around strategic priorities and value creation across the group.
The IPO is also being watched as a read-through for broader markets, including crypto. SpaceX's reception is viewed as a bellwether for a potential wave of large tech and AI listings; both Anthropic and OpenAI have filed SEC paperwork for possible offerings later in 2026. Heavy interest from asset managers such as BlackRock points to sustained institutional appetite for mega-cap tech exposure, a dynamic that can influence capital flows across equities and alternative assets, including crypto.
For crypto investors, Musk's expanded public footprint matters. His influence across public equities, social platforms, and AI companies has previously shaped digital-asset narratives and price action; with his ownership and voting control intact, future statements and corporate moves could continue to ripple through crypto markets. The concentrated governance model and the lack of independent directors also highlight a sharp contrast with decentralization principles often favored in crypto communities, a theme likely to gain attention as tokenization and public-equity trends intersect.
Tom Mueller, SpaceX's first employee and now founder of Impulse Space, described the milestone in simple terms: "It's unbelievable to see what the company has become. It's just been an incredible ride." Mueller, who was part of the team through early setbacks and later success, still holds a sizable stake.
Investors are now focused on SPCX's early trading as a signal for risk appetite and as a reference point for other high-profile tech and AI offerings. For crypto traders, the SpaceX listing stands out as both a major capital-markets event and a fresh indicator of how institutional and retail demand is evolving across asset classes.
