SpaceX (SPCX) IPO: Live updates
SpaceX begins trading Friday under the ticker SPCX after the biggest initial public offering ever.
Elon Musk and SpaceX President and COO Gwynne Shotwell rang the opening bell on Friday, with Musk in Texas and Shotwell at the Nasdaq in New York City.
The reusable rocket company said in a filing with the Securities and Exchange Commission late Thursday that it’s raising 135 a piece. The deal values SpaceX at $1.77 trillion, making it the seventh most-valuable U.S. company, ahead of Tesla, Musk’s electric vehicle maker.
Musk said on a JPMorgan Chase livestream before the IPO that SpaceX had been cash-flow positive since around 2015. He said he wanted to take SpaceX public now to raise capital for “a significant growth phase,” with plans to put over 100,000 satellites in orbit for communications, and to build artificial intelligence data centers in space, among other initiatives.
Musk, who’s poised to be the world’s first trillionaire based on his combined stakes in SpaceX and Tesla, started the company as a reusable rocket maker, but the only profitable part of the business today is the Starlink satellite internet division.
SpaceX acquired Musk’s startup, xAI, in February 2026. That brought with it the company’s data centers, Grok AI models and an embattled AI chatbot and image generator of the same name, as well as the social network X, formerly known as Twitter.
According to its prospectus, SpaceX has accumulated a total deficit of $41.3 billion since it was founded in 2002.
Key developments on debut day
- SpaceX’s first indicated opening price is around 135 a share
- Musk gave SpaceX a 10% chance of success when he started the company
- Banks are raking in $500 million in fees on the SpaceX IPO
- Shotwell says SpaceX-Tesla merger ‘might make Elon’s life a little easier’
- Elon Musk has a massive ownership stake with 82%+ voting control via dual-class share structure
- SpaceX is offering 555,555,555 shares of Class A common stock in the IPO. At the 75 billion
Shotwell on SpaceX as infrastructure
Gwynne Shotwell, president and COO of SpaceX, said that the company is “100%” an emerging competitor in the artificial intelligence neocloud space.
“We are builders, we build our own launch vehicles, we build our launch sites, and we’re building data centers both on the ground as well as in orbit soon,” Shotwell told CNBC in an interview. “So, I look at ourselves as an infrastructure company.”
Shotwell told CNBC she expects SpaceX will launch its AI1 satellites late next year, but that the company will be putting compute on some of the Starlink broadband and the Starlink mobile satellites prior to that.
Asked what are the key metrics for SpaceX investors, Shotwell said they should keep an eye on the company’s progress developing Starship, its massive, fully reusable rocket. She also called out growth of consumer and enterprise Starlink customers, Starlink Mobile, and Grok, the chatbot run by its AI unit xAI.
Shotwell told CNBC’s Morgan Brennan that “not everything has to get done on the first day” regarding the offering size. “We’re really looking for investors that want to stick with us for the long term.”
Retail and index implications
VandaTrack says that while aggregate retail activity is still on track for its softest week of net buying since March 2020, SpaceX’s IPO could change things. Activity on venues like Hyperliquid — which allows speculative investors to trade SpaceX-tied derivatives — has exploded in recent days.
SpaceX could qualify for the Nasdaq-100 after just 15 trading days under the exchange’s fast-track rule, a development that would trigger significant passive inflows. However, the S&P 500 requires four consecutive quarters of GAAP profitability, a milestone that analysts do not expect before late 2027 or early 2028.
The offering structure allocated up to 30% of the IPO to retail investors through Robinhood, Fidelity, Charles Schwab, SoFi, and E*TRADE, roughly triple the 5 to 10% standard for major public offerings.