SpaceX Rockets Past $2 Trillion in Record Nasdaq Debut

History made at the Nasdaq opening bell

SpaceX shares closed at $161.11 on June 12, 2026 — up 19% from their $135 IPO price — after the company raised $75 billion in the largest initial public offering in history, shattering Saudi Aramco's 2019 record of $29.4 billion by more than double.npr +1 The stock opened at $150, hit an intraday high of $176.52, and ended the session with a market capitalization above $2 trillion, making SpaceX the sixth most-valuable company listed in the United States.reuters +1 The debut catapulted Elon Musk, who controls 82.4% of SpaceX's voting power, to an estimated net worth of $1.1 trillion — the first time any individual has crossed that threshold.nytimes +1

Retail frenzy and record trading volume

The offering drew unprecedented retail participation. Nasdaq President Nelson Griggs estimated roughly $15 billion of the $75 billion raise came from individual investors, calling the allocation "larger than most IPOs."cnbc Citadel Securities reported the highest IPO auction order activity ever from retail investors, and VandaTrack data showed net retail buying at more than 3.5 times Nvidia's level on the same day.cnbc More than 500 million shares changed hands during the session, approaching Facebook's first-day record of 580 million from 2012.cnbc The momentum carried into the following Monday, when shares jumped a further 20% to close at $192.50 after Musk posted that SpaceX might reach $1 trillion in annual revenue by 2030.cnbc

A $2 trillion company losing money — and promising the stars

The valuation debate is stark. SpaceX reported $18.7 billion in revenue for 2025 — up 33% year-over-year — but posted a net loss of $4.9 billion, and burned $4.28 billion more in the first quarter of 2026 alone.cnbc +1 Starlink drove $11.39 billion, or 61% of total 2025 sales.cnbc At $2 trillion, the stock trades at a price-to-revenue ratio of roughly 94, exceeding every other trillion-dollar company by that measure.reuters CFRA Research initiated coverage with a sell rating and a $115 target; Morningstar put fair value at $63 per share. Bulls draw parallels to early Amazon, arguing Starship launch dominance and planned orbital data centers justify a long-dated premium.cnbc +1

The gateway IPO for a new era

SpaceX's $75 billion raise exceeded the combined proceeds of every other U.S. IPO over the past two years, and a smooth debut has emboldened OpenAI and Anthropic — each valued near $1 trillion — to accelerate their own listing timelines.nytimes +1 Former Nasdaq chief Robert Greifeld told CNBC he "would definitely bet" both go public this year.cnbc SpaceX is expected to enter the Nasdaq 100 within 30 days under new fast-entry rules, which will force passive index funds and ETFs to add the stock — a fresh, sustained demand source beyond IPO-day buyers.reuters Central to any long-term thesis is whether the Musk premium and promise of a space-based AI economy can eventually reconcile with a balance sheet carrying more than $41 billion in cumulative losses.cnbc