SpaceX just pulled off the largest IPO ever recorded. Elon Musk’s space and AI conglomerate confirmed it raised $75 billion by selling shares to its underwriters, who start marketing the company on the Nasdaq this Friday, according to TechCrunch AI. The company priced 555.6 million shares at $135 each and will trade under the ticker SPCX.
That number isn’t just big. It blows past the previous record holder, Saudi Aramco, which raised $24.9 billion in its 2019 debut. SpaceX nearly tripled it. And at this price, Musk is set to become the world’s first trillionaire.
What actually happened
SpaceX did something unusual for an IPO. Instead of letting the price sort itself out as markets open, the company locked in its $135 target well ahead of time. TechCrunch AI reports the company was testing that number with investors before the official roadshow even started, citing the Financial Times.
The demand was there. The offering attracted four times the available shares, per Bloomberg. When a deal is that oversubscribed, bankers have an option to release another 83.3 million shares, which would pull in roughly $11 billion more at the opening price.
Here’s a quick breakdown of the deal:
- Shares sold: 555.6 million at $135 each
- Total raised: $75 billion
- Ticker: SPCX on the Nasdaq
- Trading starts: Friday
- Overallotment option: up to 83.3 million extra shares (~$11 billion)
Why this matters
An IPO this size resets the scale for what private tech companies can be worth. SpaceX spent 24 years as a private entity and raised about $40 billion in private capital over two decades. Going public at this level signals that the biggest names in tech and space no longer need traditional markets to fund themselves, but when they do come, the appetite is enormous.
What stands out to me is the pre-pricing move. Most companies leave room for the market to set the number on opening day. SpaceX skipped that ritual and still drew four times the shares on offer. That’s confidence, and it tells you something about how investors view Musk’s track record even with the open questions ahead.
There’s also a betting-market signal worth watching. Hyperliquid, a crypto market offering synthetic exposure to SpaceX stock, currently prices shares at $167. That suggests traders expect a classic 20% first-day pop. We’ll know soon enough once active trading begins.
Who gets rich
The biggest winner is Musk himself. He holds just under 850 million Class A shares, each carrying one vote, plus another 5.6 billion Class B shares that carry 10 votes each. Part of that Class B stack includes a billion shares tied to a long-shot bet that a million people end up living on a SpaceX colony on Mars.
Others cashing in, per TechCrunch AI:
- Antonio Gracias, founder of Valor Management, gets 503.4 million shares worth nearly $68 billion at the IPO price
- Luke Nosek, board member and investor, holds 33 million shares
- Gwynne Shotwell, COO, holds nearly 12.6 million shares
- Roughly 400 venture capitalists who backed the company over 20 years
- A pool of smaller investors who bought in through special purpose vehicles
That last group has a catch. Because SPVs are layered and complex, some backers may not learn the exact size of their windfall for months after the debut.
What comes next
The open question is the valuation itself. SpaceX still has a daunting to-do list: the world’s largest reusable rocket, a new American chip fab, and the engineering bets behind both. Investors are paying today for execution that hasn’t happened yet.
Watch Friday’s open. If the stock pops the way betting markets predict, expect a wave of commentary about whether the price is justified or stretched. Either way, the record is set, and every future mega-IPO now gets measured against this one. You can find the full details at the original TechCrunch AI report.