SpaceX (SPCX) Soars 19% in Record $75B Nasdaq Debut, the Largest IPO in History

SpaceX made history Friday, completing the largest initial public offering ever recorded. Listed on the Nasdaq under the ticker SPCX, the rocket and satellite company priced its IPO at $135 per share, opened at $150, and closed at $160.95 — a gain of roughly 19% on the session. The offering raised approximately $75 billion, more than doubling the previous IPO record and vaulting SpaceX's market value above $2 trillion, instantly placing it among the world's most valuable listed companies. The debut had an outsized effect on Elon Musk's personal fortune. Musk's SpaceX stake is now worth more than $766 billion, and combined with his Tesla (Nasdaq: TSLA) holdings, his net worth reached an estimated $1.14 trillion at Friday's close — an increase widely estimated near $188 billion on the day. The milestone makes Musk the world's first trillionaire. From a regulatory and governance standpoint, several structural features stand out. SpaceX filed confidentially with the SEC ahead of the listing, a route that allowed it to keep financial disclosures private until late in the process. Post-IPO, Musk retains voting control described as 'north of 82%,' preserving his command over the company despite the public float. Notably, Musk is subject to a lock-up provision barring him from selling any SpaceX shares for one year, a restriction that constrains insider liquidity and may temper near-term selling pressure. The offering also minted thousands of new millionaires and several billionaires among employees and executives holding stock, who will likewise be bound by customary lock-up terms. Management framed the capital raise as fuel for a 'significant growth phase.' On a pre-IPO livestream hosted with JPMorgan Chase, Musk outlined plans to accelerate deployment of Starlink communications satellites and to pursue ambitious initiatives including AI data centers in space. Those projects are capital-intensive, and the $75 billion war chest gives SpaceX substantial runway to finance them without immediate further dilution. Investors and regulators alike will be watching how the concentrated voting structure interacts with public-market accountability. Dual-class-style control arrangements are legal but draw scrutiny from governance advocates, particularly at a company of this scale and strategic importance. SpaceX's deep ties to U.S. defense and national-security contracts add another regulatory dimension, as public ownership brings heightened disclosure obligations around government revenue and counterparty risk. The broader market absorbed the listing positively, with the Dow, S&P 500, and Nasdaq all rising on the session. For now, SPCX enters public life as a landmark offering — record-setting in size, transformative for Musk's balance sheet, and a fresh test of how an investor base values a company spanning launch services, global satellite internet, and space-based ambitions. Whether the first-day enthusiasm holds will depend on execution against those lofty growth targets in coming quarters.