SpaceX has raised $75bn, about £56bn, before its SpaceX stock listing on Friday, a debut expected to set a new benchmark for the largest public market launch on record.
In a filing with the US Securities and Exchange Commission, the space exploration and artificial intelligence company said it sold shares at $135 each. That price is the same figure SpaceX had indicated last week and would put the company’s initial market value close to $1.8tn.
At that valuation, Elon Musk, SpaceX’s chief executive and already the world’s richest person, would be in line to become the first trillionaire. That outcome still depends on market pricing once trading begins, because public markets have a habit of noticing when expectations arrive wearing expensive shoes.
What the filing says about the valuation
The SEC filing confirms the size and price of the share sale: $75bn in stock sold at $135 per share. If public trading opens at or above that level, SpaceX would immediately rank among the most valuable listed companies in the world.
The mechanics matter. The $135 figure is not a permanent value stamped onto the business. Once the shares begin trading, the price can rise or fall depending on two basic forces:
- how many shares are available for sale;
- how much demand comes from institutional investors and retail buyers;
- whether the market accepts SpaceX’s valuation as justified by its growth prospects.
Investment funds and individual investors are widely expected to show strong interest in the offering. Some analysts have already gone above the company’s indicated price. Oppenheimer, the global brokerage, said on Thursday that it expects SpaceX shares to reach $190.
The final public price, however, will be determined by trading on the open market. Put less ceremonially, investors will decide whether they want to pay the number SpaceX is asking for, or something else.
Why the Nasdaq debut is being watched closely
SpaceX is expected to list on Nasdaq, the technology-focused exchange that has hosted many of the largest public technology companies. The scale of the listing is drawing attention beyond the space industry because it may become a reference point for other private companies carrying extremely large valuations.
Companies such as Anthropic and OpenAI, both closely watched artificial intelligence businesses, have also been valued at levels that make a future public listing a major market event. SpaceX’s debut is therefore being treated by some investors as a test of public-market appetite for private companies approaching the $1tn threshold.
That comparison has limits. SpaceX is not only a technology company in the software sense. Its operations include rockets, satellite networks, government contracts and capital-intensive infrastructure. Still, the public listing will provide a visible market price for a company that has spent years as one of the most prominent private businesses in the world.
Public status also changes the level of scrutiny. SEC reporting requirements, market disclosures and shareholder pressure create a different environment from private fundraising rounds, even when one person remains firmly in charge.
How SpaceX reached this point
Tom Mueller, SpaceX’s first official employee and now the founder of Impulse Space, told the BBC that “it’s unbelievable” to see what the company has become.
Mueller described the company’s early technical setbacks, including its first rocket engine running, that engine later exploding, and another rocket crashing before SpaceX “finally” achieved a successful launch to orbit in 2008.
“It’s just been an incredible ride,” he said.
Mueller left SpaceX in 2020 but still holds a significant financial interest in the company. His comments underline the distance between the firm’s early years and its current valuation. The company that once struggled through failed tests is now preparing for a listing that could exceed every previous stock market debut by value.
The chronology is also important for investors. SpaceX’s reputation has been built through repeated technical milestones, but the public market will judge it through financial disclosures, growth expectations and governance arrangements. Rockets remain impressive. Shareholder rights are less cinematic, but they count.
Musk’s control will remain unusually strong
Although SpaceX is becoming a public company, the listing will not substantially reduce Musk’s control. Through a combination of Class A and Class B shares, he is expected to hold roughly 40% of SpaceX’s total equity while controlling more than 84% of the voting power.
Dual-class share structures are not unusual among founder-led technology companies. Mark Zuckerberg, co-founder and chief executive of Meta, also controls the company through different classes of stock. Meta owns Instagram, Facebook and WhatsApp. Zuckerberg’s voting control is around 60%, which is substantial, but still well below Musk’s expected position at SpaceX.
The practical consequence is that public investors may own shares without gaining much influence over company decisions. Because voting power is so concentrated, SpaceX will not be required to include independent directors on its board, meaning directors without a direct personal or financial interest in the company.
That is not a small governance detail. Independent directors are often meant to provide oversight on executive pay, acquisitions and conflicts of interest. Without that requirement, investors will be relying heavily on the company’s controlling shareholder and internal governance processes.
What investors are being asked to accept
A Harvard Law School analysis said that even if Musk later sells some of his Class A equity, which could increase his already record wealth, he would “retain his lock on control” because of the Class B shares he continues to hold.
The same analysis identified risks for investors. With insiders retaining decisive control, SpaceX would be able to approve business decisions involving transactions, acquisitions and Musk’s compensation with limited outside constraint.
That issue is not theoretical. SpaceX has already acquired Musk’s startup xAI. The artificial intelligence company had itself acquired X in 2025, after Musk bought the platform formerly known as Twitter in 2022.
For prospective shareholders, the question is therefore not only whether SpaceX can justify a valuation near $1.8tn. It is also whether they are comfortable buying into a public company where market access expands but control remains concentrated. The listing may be historic in size, but the governance arrangement is familiar: public money, private control, and very little ambiguity about who has the final vote.
