SpaceX’s long-awaited stock market debut has transformed both the company and global markets, turning Elon Musk into the world’s first trillionaire while intensifying debate over whether investors are funding visionary infrastructure or speculative “moonshots.”

In the months leading up to the IPO, banks led by Goldman Sachs and Morgan Stanley quietly toured Wall Street, educating investors on a complex “rockets-to-AI” conglomerate and stress‑testing a fixed offer price.¹ The pitch asked buyers to believe that SpaceX’s value lies less in rockets and Starlink, and more in future AI and space‑based computing businesses.²

On June 11, SpaceX formally priced 555.6 million shares at $135 each, raising $75 billion and instantly securing the title of the largest IPO in history, eclipsing Saudi Aramco.³ The company confirmed the deal and the SPCX ticker, while Musk amplified SpaceX’s post that “Teams are go for launch with a $135 price per share for the SpaceX IPO.”Elon Musk (elonmusk)⁴ Demand was extraordinary: one market commentator noted the IPO had drawn “more than $70 BILLION worth of retail orders alone,” a message Musk reposted as “absolutely insane.”Elon Musk (elonmusk)⁵

Trading began on Nasdaq on June 12, with SPCX opening at $150, an 11% pop above the offer price and briefly spiking to $167.⁶ Shares closed at $160.95, valuing SpaceX around $2.1 trillion and making Musk a trillionaire on paper.⁷ Robinhood reported “record-breaking” traffic as frenzied retail trading hit its platform.⁸

As celebrations rolled in from bankers and admirers, Musk responded with strings of rocket emojis and thanks to underwriting banks on X.Elon Musk (elonmusk)⁹ Supporters highlighted stories of employees and even hourly workers becoming millionaires, arguing the IPO “will create 4,400 new Millionaires, from engineers to Cafeteria workers.”Elon Musk (elonmusk)¹⁰

Critics, however, warn that public investors are being asked to “buy Musk’s moonshots” at a $1.8–2.5 trillion valuation despite steep historical losses and a strategy some describe as “sci‑fi.”¹¹ Others question the concentration of power in a single individual whose wealth now exceeds the GDP of most countries.¹² Whether SpaceX ultimately justifies this record‑breaking bet may shape not only the future of space and AI, but also how markets price extreme technological ambition.