SpaceX Shares Surge in Nasdaq Debut, Elon Musk Becomes First Trillionaire

SpaceX began trading on the Nasdaq stock exchange under the ticker symbol SPCX at $150 per share, marking an 11% increase over its initial public offering (IPO) price of $135. The stock continued to climb, reaching $166.48 at the time of reporting, which raised the company's estimated market capitalization to approximately $2.18 trillion.

With this listing, Elon Musk, the founder of SpaceX, became the world's first trillionaire according to estimates by the Wall Street Journal. Musk's stake in SpaceX was initially valued at around $690 billion at the IPO price, and it theoretically increased to about $851 billion as the stock rose to $166.48.

Musk's wealth extends beyond SpaceX, with his holdings in another company valued at approximately $280.1 billion based on the latest available share price. This valuation is based on disclosures showing he owns 717.1 million shares plus exercisable options. Combined, his stakes in these two companies exceed $1.13 trillion, excluding assets such as Neuralink and The Boring Company.

SpaceX raised $75 billion by selling 555.6 million shares in what is the largest IPO ever in the markets, surpassing the 2019 Aramco IPO, which raised $29.4 billion after the exercise of the overallotment option.

The European prospectus reveals that the global offering included 555.6 million Class "A" shares, with an additional overallotment option of up to 83.3 million shares. Following the IPO, the total number of outstanding Class "A" and "B" shares is approximately 13.08 billion, meaning that each dollar change in the share price adds or subtracts more than $13 billion from the company's market value.

At the current price of $166.48, SpaceX's stock has risen 23.3% above the IPO price, surpassing the $2 trillion threshold quickly during its first trading session. This surge reflects strong demand for the company but also indicates that the market is pricing in future growth potential rather than current earnings results alone.

SpaceX entered the market as a company combining space launch services, satellite internet through Starlink, and artificial intelligence activities following the integration of xAI and the X platform into its operations.

The prospectus shows that the company’s revenue reached $18.67 billion in 2025, up from $14.02 billion in 2024, but it recorded a net loss of $4.94 billion in 2025. Revenue for the first quarter of 2026 was about $4.69 billion, with a quarterly net loss of $4.28 billion.

The communications segment, which includes Starlink, contributed the largest share of revenue, recording $11.39 billion in 2025. The space sector generated $4.09 billion, and the artificial intelligence segment brought in $3.2 billion. Starlink had 10.3 million subscribers by the end of March 2026, representing a 105% year-over-year increase.

Investors base their bets on SpaceX's operational track record, which includes 165 Falcon 9 rocket launches in 2025, 157 of which used previously flown boosters. The company also conducted 40 launches in the first quarter of 2026. However, a significant portion of this capacity is now dedicated internally to supporting Starlink, not solely serving external customers.

Despite the enthusiasm surrounding the stock's trading debut, the prospectus warns that investing in SpaceX carries risks. These include potential delays in the development of the Starship rocket, failure to achieve the required launch and reuse cadence, regulatory licensing risks, satellite communications and spectrum issues, and launch accidents.

These risks are particularly sensitive because the current valuation assumes that Starlink, artificial intelligence, and orbital computing will become substantial profit sources, while the company continues to post net losses and requires significant capital and operational expenditures to support satellite launches, Starship development, and AI infrastructure.

The prospectus further clarifies that Musk will maintain control of over 50% of the company's voting power, granting him authority over board member selection and shareholder-approved decisions. As a result, SpaceX will be classified as a controlled company under Nasdaq rules.