SpaceX Debuts on Nasdaq: Largest IPO in History at $1.77 Trillion After xAI Merger
SpaceX makes its highly anticipated Nasdaq debut this Friday, June 12, 2026, with what is already considered the largest IPO in history — a $75 billion initial public offering that values the combined company (SpaceX + xAI) at an astounding $1.77 trillion.
Offering details
Unlike traditional IPOs that establish a price range and adjust based on demand, Elon Musk dictated a fixed price of $135 per share — a take-it-or-leave-it approach that caught Wall Street by surprise.
Elon has dictated the price, and assuming investors go for it, that is checked off. But somebody still has to determine where the shares are going, said Lise Buyer, founder of Class V Group consultancy.
- Valuation: $1.77 trillion
- Raise: ~$75 billion
- Price: $135/share (fixed, no price range)
- Date: June 12, 2026 (trading begins)
- Ticker: SPCX
The xAI merger
In February 2026, Elon Musk merged SpaceX with his AI startup xAI in an all-stock deal that valued the combined entity at $1.25 trillion. The merger united SpaceX's space ambitions with xAI's artificial intelligence advances, creating one of the world's most valuable companies.
Record retail allocation
One of the most notable aspects of this IPO is SpaceX's intention to allocate approximately 30% of shares (~$22.5 billion) to retail investors — far above the typical 5-10%. Participating platforms include Charles Schwab, Fidelity, Robinhood, SoFi, and E-Trade (Morgan Stanley).
Financial context
SpaceX generated $18.7 billion in revenue last year, but recorded an operating loss of $4.2 billion. For perspective, the smallest revenue among public trillion-dollar companies is Micron, with $58 billion annually.
It is not like investors are home doing math. Zero math makes any sense whatsoever, Buyer quipped.
Implications
The SpaceX IPO represents a milestone for capital markets: it is the largest public offering in history, combines two of Musk's most ambitious companies (space and AI), and sets a precedent for how high-growth companies can use fixed-price structures in IPOs. The success or failure of the offering could reverberate across the tech IPO market for years to come.