Aerospace corporations SpaceX has finalized its initial public offering (IPO) offer price at $135 per share. It is the largest listing in global stock market history.
According to a compilation of reports from Bloomberg and Reuters on the 11th (local time), SpaceX nailed down the offer price that day at $135, the preliminary price it initially indicated. Typically, corporations set a price range before listing and then finalize the offer price after a book-building process, but SpaceX broke with that convention and unusually fixed the price.
With this listing, SpaceX will sell 555.6 million shares to raise a total of $75 billion (about 101 trillion won). If the 83.3 million-share overallotment option granted to the underwriting banks is fully exercised, the proceeds will increase to $86 billion (about 130 trillion won). That is the largest ever, nearly three times the previous record of $29.4 billion set by Saudi Arabia's state-owned oil corporations Aramco in 2019.
Investors showed a fervent response, placing buy orders more than four times the total allocation. In particular, a legion of retail investors who follow Elon Musk drove the momentum by placing buy orders totaling $100 billion, far exceeding 20% of the total allocation. Based on the offer price, SpaceX's market capitalization is $1.77 trillion (about 2,686 trillion won). On a fully diluted basis including employee stock options, it is close to $1.8 trillion (about 2,732 trillion won). It will immediately overtake another corporations led by Musk, Tesla, to enter the global top 10 by market value. Chief Executive Officer (CEO) Musk's asset is also soaring to about $970 billion (about 1,472 trillion won), putting him on the verge of becoming the world's first trillionaire. He will retain an overwhelming 84% control through dual-class voting rights even after the listing.
Investors are evaluating SpaceX by a new yardstick as a "strategic technology" corporations, not merely a space corporations or a defense contractor. As of 2025, SpaceX has virtually monopolized 11 of 12 medium- and heavy-lift U.S. government space launch missions. It is also operating 10,000 Starlink low-Earth-orbit communication satellites. Analysts say it is essential infrastructure directly tied to national security while simultaneously possessing Silicon Valley–level growth potential and pricing power. A recent contract to provide artificial intelligence (AI) computing infrastructure worth up to $2.17 billion per month with Google and Anthropic is also cited as a key factor that has significantly lifted the corporations' value.
Still, there are clear cautions that the corporations' value has been excessively inflated relative to profitability. A high degree of government dependence also poses a persistent risk that could lead to future regulation and Ministry of National Defense control. Noted short seller James Chanos, founder of Chanos & Company, said at a conference in New York on the 10th that it was an "IPO built on hope and dreams," arguing the outcome was driven by enthusiasm for Musk and AI rather than fundamentals. By contrast, Kim Forrest, chief investment officer (CIO) at Bokeh Capital Partners, said, "Investors want to be part of the future," assessing market expectations positively. Anthony Salimbene, a senior market strategist at Ameriprise, also analyzed that it "is meaningful" as a harbinger of upcoming listings by major AI corporations such as OpenAI.
SpaceX shares will begin trading on the 12th on Nasdaq and Nasdaq Texas under the ticker SPCX.