SpaceX priced the largest IPO in history Thursday night and spent Friday proving investors meant it.
Key Takeaways:
SpaceX raised $75 billion in the largest initial public offering (IPO) ever recorded, opening SPCX at $150 on June 12, 2026.Elon Musk’s net worth crossed $1.1 trillion, making him the first individual to reach trillionaire status.Starlink generated $1.19B in Q1 operating profit, but SpaceX’s artificial intelligence (AI) unit burned $2.47B in the same period.His SpaceX ownership sits near 38%, covering approximately 6.4 billion shares including options. Tesla, Neuralink, xAI, and The Boring Company round out the rest of his holdings, but the SpaceX opening pop was the decisive move.
How the Stock TradedBy 3:45 p.m. ET, the stock had cooled to around $159, still up 17.8% from the offer price. The fade from peak was expected. Profit-taking and increased share supply after the opening frenzy typically compress first-day gains in large listings.
Retail investors received a reported 22.5% allocation, an unusually high figure for an offering of this size.
What the Financials Actually ShowSpaceX reported roughly $18.7 billion in full-year revenue and a $4.9 billion net loss in its most recent fiscal year. In the first quarter alone, the company logged a $1.94 billion operating loss on $4.69 billion in revenue.
Starlink is the one division carrying the income statement. SpaceX’s connectivity segment generated $1.19 billion in operating profit in Q1, making it the only profitable unit in the filing.
The AI division tells a different story. It produced $818 million in Q1 revenue against $2.47 billion in losses and accounted for 76% of the company’s $10.1 billion in Q1 capital spending. Investors are funding a bet on future dominance across launch, satellite connectivity, defense, and orbital AI infrastructure, not a clean earnings story.
What It Means for Markets What Comes NextFriday was a market coronation. The harder test begins now: whether Starlink profits and launch leadership can grow fast enough to justify a $2 trillion-plus valuation while the AI division continues to consume capital at a pace that would stress most balance sheets.
Musk’s net worth, now officially in 13-digit territory, will move with the stock. Paper wealth based on equity prices can shift quickly. The next earnings report will give investors their first look at whether the filing’s numbers are trending in the right direction.
