SpaceX Prices Record $75B IPO at $135; SPCX to Trade Friday

SpaceX priced its initial public offering at $135 a share, selling 555.6 million shares to raise $75 billion and placing a $1.77 trillion valuation on the company. The stock will begin trading on Nasdaq under the ticker SPCX on Friday. The offering is the largest public sale in U.S. history by proceeds.

SpaceX operates three main businesses under one corporate structure: launch services, the Starlink satellite internet network, and an artificial intelligence unit formed through a merger with xAI in February. The launch business, which flies Falcon 9, Falcon Heavy and the Dragon crew capsule, generated about $4 billion in revenue in 2025 and handled roughly 85% of global orbital payload flights. Starship is still in testing and did not contribute material revenue in 2025.

Starlink reported about $11.4 billion in revenue in 2025 and had over 10 million subscribers across 164 countries. Starlink accounted for about 61% of SpaceX’s 2025 revenue and is the only segment that generated positive cash flow that year.

The xAI unit shifted the company into large-scale compute leasing. SpaceX leased the Colossus 1 supercomputer in Memphis, described as housing 220,000 Nvidia GPUs, to third parties. Reported monthly leases include $1.25 billion for Anthropic and $920 million for Google, amounts that annualize into multibillion-dollar contracts.

For 2025, SpaceX reported roughly $18.7 billion in total revenue and a net loss of $4.9 billion, with investment in xAI cited as a major factor reducing overall profit.

SpaceX also holds 18,712 bitcoin, valued at just under $1.2 billion based on recent prices. A tokenized version of SPCX, redeemable one-to-one for actual shares, is scheduled to launch on Solana the same day as the Nasdaq listing through Backpack Securities and Sunrise. Pre-IPO perpetual contracts for SPCX traded on a derivatives exchange with more than $240 million in open interest and about $220 million in 24-hour volume ahead of the listing; pre-IPO SPCX traded around $177 on that platform.

The company’s offering raised the largest single amount on record, surpassing the previous high of $30 billion. The proceeds will increase SpaceX’s public capital base as it expands Starlink’s service, continues launch operations and grows compute capacity for xAI.