TL; DR
SpaceX raised $75 billion in the largest IPO in history, valuing 555.6 million shares at $135 each, valuing them at $1.77 trillion. Japanese retail investors Mizuho, Rakuten and SBI bought $2.2 billion of the offering.
SpaceX begins trading on the Nasdaq today under the ticker SPCX after raising $75 billion in the largest initial public offering ever completed. Previous record holder Saudi Aramco’s 2019 listing raised $29.4 billion, roughly 2.5 times SpaceX’s bid.
Japanese investors bought 16.3 million Class A shares, or about 3% of the offering, for $2.2 billion of the total, a regulatory filing confirmed on Friday. Japan was one of the few countries with retail buyers outside the US, along with Australia, Canada and parts of Europe. direct access to stocks.
How the Japanese tranche worked
Mizuho Financial Group’s US investment banking unit is one of 23 underwriters on the deal. It conducted the Japanese demerger through a domestic brokerage and two online platforms, Rakuten Securities and SBI Securities.
SpaceX initially had a target of $2 billion from Japanese investors, but raised the ceiling to $2.5 billion after demand grew. The latest $2.2 billion is JX Advanced Metals’ largest initial public offering in Japan since its IPO last year.
Global picture
The total investor demand reached about 250 billion dollars nearly four times oversubscribed. BlackRock alone is reported to have ordered $5 billion. Goldman Sachs led the 23-bank underwriting syndicate, with Morgan Stanley, Bank of America, Citigroup and JPMorgan Chase among the book-running managers.
At $135 a share, SpaceX’s fully diluted valuation is about $1.77 trillion, making it the seventh-largest U.S. listed company, above Tesla’s market cap of about $1.6 trillion. If the underwriters exercise the over-allotment option, total proceeds could reach $86.25 billion.
What SpaceX really is now
SpaceX is no longer just a rocket company. After acquiring Elon Musk’s artificial intelligence venture xAI in an all-stock deal in February 2026, it became a conglomerate that includes reusable rockets, satellite internet, and artificial intelligence infrastructure.
Its S-1 filing revealed consolidated income of $18 billion for 2025, along with a net loss of $4.9 billion. Starlinkthe satellite Internet division generated $11.4 billion in revenue and $4.4 billion in operating profit, accounting for 61% of total sales and the company’s total revenue. The xAI segment recorded an operating loss of $6.35 billion.
Musk’s control of voting power
Musk owns about 42% of SpaceX’s stock, but controls about 82% of its votes through a dual-tier share structure in which Class B shares carry disproportionate voting rights. This gives him the unilateral power to elect or remove a majority of the board.
The Avenue S-1 It lists 849.5 million Class A shares and 5.57 billion Class B shares, a structure that ensures that public shareholders have minimal influence in management regardless of their economic stake.
Who is getting rich?
IPO is expected about 4,000 millionaires minted Among SpaceX’s workforce, including engineers, chefs and administrative staff who received equity as part of their compensation. SpaceX has reserved up to 5% of the shares for its employees and their partners.
Founded in 2002, SpaceX spent two decades as a private company, funding its operations through government contracts, private equity rounds and Starlink revenue. The IPO marks the first time that ordinary investors can buy shares directly.
Flags
SpaceX is break-even on a GAAP basis, with the xAI segment responsible for a net loss of $4.9 billion. Whether Starlink’s profits can grow fast enough to offset xAI’s capital consumption is not addressed.
Musk’s 82% voting control means that public shareholders are effectively on hand to make all strategic decisions, including future acquisitions and capital allocations. The $1.77 trillion valuation implies growth rates that no other company has sustained on this scale, as Fortune notes, and xAI integration adds execution risk that wasn’t there when SpaceX was purely a launch and satellite business.
