Chang’an Street Observer (WeChat ID: Capitalnews) noted that Musk himself did not go to the Nasdaq Stock Exchange in New York, but delivered a video speech from SpaceX headquarters in Texas, and then rang the bell remotely.

On June 12, local time, at the Nasdaq Stock Exchange in New York, SpaceX CEO Elon Musk delivered a speech remotely from SpaceX headquarters at Starfield in Texas via a screen. (Image source: Visual China)

With $75 billion raised and a market capitalization of $1.77 trillion (approximately RMB 11.97 trillion), SpaceX’s mega-IPO has unleashed an unprecedented wealth feast. Some call it the start of Musk’s “dream of the stars,” while others question whether its trillion-dollar valuation is solely supported by “dreams.” SpaceX’s expensive “dream-chasing” remains to be seen and will be further tested by the capital market.

Founded by Elon Musk in 2002, SpaceX’s business encompasses three main areas: space launch, satellite internet, and artificial intelligence. For its IPO, SpaceX set its offering price at $135 per share. Based on the issuance of 555.6 million shares, it raised approximately $75 billion—significantly exceeding the fundraising of Saudi Aramco, the world’s largest oil producer.It went public in 2019 for $29.4 billion, becoming the largest IPO in the history of the capital market.

If the underwriters fully exercise their over-allotment option and issue an additional 83.33 million shares, SpaceX’s final fundraising will further expand to $86.25 billion.

The IPO price of $135 corresponded to a market capitalization of $1.77 trillion. Based on this calculation, SpaceX surpassed Elon Musk’s electric car company Tesla at the time of its IPO, becoming the seventh-largest publicly traded company in the United States by market capitalization. Some optimists believe that SpaceX’s market capitalization will reach $2 trillion, second only to Nvidia, Apple, and Alphabet.(Google’s parent company), Microsoft, and Amazon.

For example, renowned Wall Street investment bank Oppenheimer gave the stock an “outperform” rating and a target price of $190. This means that there is still more than 40% upside potential compared to SpaceX’s IPO price, and its valuation could reach as high as $2.5 trillion.

There has been considerable skepticism. Jim Chanos, the renowned short seller who successfully shorted Enron, publicly stated that SpaceX’s trillion-dollar valuation is supported only by a “dream” and lacks fundamental support. Financial data shows that SpaceX’s revenue for the entire year of 2025 was $18.67 billion, with a loss of $4.94 billion. Of its three main business segments, only its satellite internet service, Starlink, is profitable. Since its founding in 2002, SpaceX has accumulated losses of approximately $41.3 billion.

On May 27, 2025, SpaceX’s next-generation heavy-lift launch vehicle, Starship, conducted its ninth test flight in Texas. (Xinhua/Photo)

With SpaceX stepping onto the capital market stage, an unprecedented wealth feast has begun.

Venture capital firms that bet on early-stage companies will reap enormous returns of up to tens of billions of dollars. For example, venture capital firm Founders Fund…Having invested since 2008, the company has invested approximately $600 million in SpaceX over the past two decades, holding about 3% of the shares. Based on the IPO price, its holdings are now worth over $50 billion.

SpaceX has long implemented employee stock ownership and equity incentive mechanisms. According to estimates from equity trading platforms, this IPO is expected to create approximately 4,400 new millionaires among SpaceX employees. Of these, approximately 400 current and former employees will have stock holdings valued at or exceeding $100 million.

As the company’s largest shareholder, founder Elon Musk’s personal wealth will also surge again due to this IPO. Calculations show that, based on the offering price of $135, Musk’s net worth will reach $988 billion, just one step away from becoming the world’s first trillionaire—the stock price only needs to rise another 2.2% to $138. Now, that step has been easily achieved at the opening bell.