SpaceX After the IPO: Valuation, Starlink and Execution Risk

The SpaceX IPO is the June 2026 stock market listing of Space Exploration Technologies Corp. On June 11 the company priced 555.6 million shares at $135, trading on Nasdaq began on June 12 under the ticker SPCX, and with the underwriters’ option the offering brought in $85.7 billion net. At the IPO price SpaceX was valued at about $1.77 trillion.

What happened in the SpaceX IPO?

SpaceX sold new Class A shares to the public at a fixed price of $135 and became a listed company on two exchanges at once. The deal set a record for the size of an IPO.

According to the company’s pricing announcement, the base offering was 555,555,555 shares, with an option for the underwriters to buy up to 83,333,333 more. At $135 a share, the base offering came to $75 billion. The banks used the option in full, and the company’s quarterly report (10-Q) says SpaceX sold 638.9 million shares in total, with net proceeds of $85.7 billion after $575 million of underwriting commissions and offering costs. The book-running managers included Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup and J.P. Morgan.

Reuters reported that the sale broke the record held by Saudi Aramco, which raised $25.6 billion in December 2019. On the first day the stock opened at $150 and closed at $160.95, 19% above the offering price, NBC News reported. How a listing like this works step by step is explained in what an IPO is; our news report on the deal is SpaceX completes the largest IPO in history.

How was SpaceX valued before and at the IPO?

Within a year, SpaceX’s valuation more than quadrupled, but the figures before and after February 2026 describe different companies: from then on SpaceX includes xAI.

SpaceX completed the acquisition of X.AI Holdings, the developer of Grok and owner of the X platform, on February 2, 2026, according to the 10-Q. At the IPO the market was therefore pricing a combined company of rockets, satellite internet and an AI business. Measured against 2025 revenue of $18.7 billion, the IPO valuation was about 95 times sales (our calculation). Which metrics investors use to judge such a price is covered in how to evaluate pre-IPO companies.

What does SpaceX earn money from?

SpaceX reports three segments: Connectivity (mainly Starlink), Space (launches and spacecraft) and AI (xAI and X). In 2025 Connectivity was the only segment with a large positive adjusted EBITDA.

The figures come from the roadshow and factsheet SpaceX filed with the SEC as a free writing prospectus. On a GAAP basis the company lost $4.9 billion in 2025 after net income of $0.8 billion in 2024, and lost another $4.3 billion in the first quarter of 2026.

Starlink is the growth engine. Its subscriber count went from 2.3 million in 2023 to 4.4 million in 2024 and 8.9 million in 2025, and reached about 10.3 million by March 31, 2026. At that date SpaceX had more than 9,600 satellites in orbit and offered service in 164 countries.

Why did SpaceX go public?

To raise capital for very expensive projects. In the prospectus materials, SpaceX says it will use the money to expand AI compute infrastructure, improve launch infrastructure and launch vehicles, and increase the scale and capacity of its satellite constellations, with the rest for general corporate purposes.

The plan was not new. In December 2025, Bloomberg reported that SpaceX had told shareholders it was preparing for a possible public offering in 2026 to fund a high Starship launch cadence, AI data centers in space and a moon base. A listing also gives early investors and employees a public market for their shares, though not right away.

Who controls SpaceX after the IPO?

Elon Musk does. SpaceX has two share classes: the Class A shares sold to the public carry one vote each, while Class B shares carry 10 votes each, Reuters reported in April 2026 from the filing.

Pre-IPO shares do not reach the market at once. According to Reuters, the lock-up is staggered: releases through December 8, 2026 raise the tradeable share count to 40% of the company, while the remaining 60%, including Musk’s stake, stays locked until mid-2027. What usually happens to a stock when a lock-up ends is explained in what happens to shares after the lock-up period.

What are the risks for SpaceX shareholders?

The main risks are visible in the company’s own numbers: losses, dependence on one profitable business and a price that assumes years of growth.

• Losses. SpaceX lost $4.9 billion in 2025 and $4.3 billion in the first quarter of 2026; in 2025 the AI segment had negative adjusted EBITDA.
• Concentration. Connectivity produced $7.2 billion of adjusted EBITDA in 2025, more than the company’s $6.6 billion total, so Starlink effectively carries the other segments.
• Execution. Starship, the satellite build-out and AI data centers all need large amounts of capital; delays or failures would hit the plan the IPO money is meant to fund.
• Valuation. At about 95 times 2025 revenue, the price leaves little room for disappointment. After the listing the stock did fall below its offering price, as covered in SpaceX shares trade 20% below the IPO price.
• Control and supply. Public shareholders have limited influence because of the Class B votes, and each lock-up release adds shares that can be sold.

Update (October 2026): On October 20, 2026 SpaceX reported third-quarter revenue of $14.6 billion, up 161% year on year, of which $7.6 billion came from the Super Intelligence (AI) segment; net income was $4.4 billion against a $1.1 billion loss a year earlier, and Starlink reached 13.6 million consumer subscribers (earnings release, SEC).