SpaceX is set to make history with its long-awaited Wall Street debut on Friday, after the aerospace giant recorded the biggest initial public offering ever. The Elon Musk-led rocket and satellite company raised approximately $75 billion through the sale of 555,555,555 shares priced at $135 each, giving it a market valuation of nearly $1.77 trillion. If the stock surges after listing, as many investors expect, SpaceX could quickly climb the ranks of the world's most valuable publicly traded companies.
Musk on Track to Become World's First Trillionaire
The debut has reignited speculation over Musk becoming the world's first trillionaire. The billionaire entrepreneur already sits atop global wealth rankings, and the soaring value of his SpaceX stake could push his net worth into uncharted territory once trading begins. Musk is expected to retain a stake of roughly 42% in SpaceX following the IPO. At current valuations, that holding alone could be worth hundreds of billions of dollars. Combined with his Tesla shares and other assets, analysts estimate Musk's fortune could surpass $1.1 trillion. While much of this wealth exists only on paper and remains subject to market fluctuations, the listing could make Musk the world's first trillionaire.
Beyond Rockets: Starlink and xAI Transform Business
Founded in 2002 with ambitions to reduce the cost of space travel, SpaceX has evolved from an ambitious startup into a multi-industry enterprise. The company now operates Starlink, one of the world's largest satellite internet networks, serving millions of customers globally. Earlier this year, it also integrated xAI, Elon Musk's artificial intelligence venture, into its broader ecosystem. SpaceX has spoken about developing orbital data centres capable of delivering computing power from space. Investors are increasingly viewing the company not just as an aerospace business, but as a diversified technology powerhouse.
Institutional Investors Eager for a Slice
Demand for SpaceX stock has reportedly been exceptional. According to reports, investment giant BlackRock sought to purchase at least $5 billion worth of shares, while other large fund managers also submitted sizeable orders. The scale of interest far exceeds that typically seen in public offerings. For context, Cerebras, previously the year's largest IPO, raised just $5.55 billion in total. The appetite for SpaceX reflects investors' desire to gain exposure to businesses operating at the intersection of aerospace, connectivity and artificial intelligence.
Shadow Markets Point to Stunning $2.4 Trillion Valuation
Even before the opening bell rings, alternative trading venues are showing extraordinary optimism. Derivatives offered by IG International implied a SpaceX valuation of nearly $2.4 trillion, more than 35% above its IPO valuation. Meanwhile, SpaceX-linked perpetual contracts on crypto platform Hyperliquid were pricing the company at over $2.3 trillion. While these markets are often speculative and less liquid than public exchanges, they provide an early glimpse into investor sentiment. Right now, that sentiment appears overwhelmingly bullish as traders bet on a blockbuster first day.
The Bigger Picture: Funding a Multi-Planetary Future
Yet the IPO is about far more than eye-popping valuations and record-breaking numbers. SpaceX's prospectus lays bare the scale of its ambitions. The company spent more than $20 billion in 2025 across its various operations and aims to expand Starlink's constellation from roughly 9,600 satellites currently in orbit to as many as 100,000 in the years ahead. The funds raised from the offering are expected to fuel the next phase of that expansion. Musk has repeatedly outlined plans to dramatically scale Starlink, grow SpaceX's launch capabilities and accelerate the development of Starship, the next-generation rocket designed for missions to the Moon and, eventually, Mars. Despite reporting strong revenue growth, SpaceX remains in investment mode, pouring billions into technologies that Musk believes could one day make humans a multi-planetary species. As investors await the opening bell, the SpaceX listing is shaping up to be more than just another IPO.
