SpaceX priced its initial public offering at $135 per share and completed the largest IPO in U.S. history.
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The company raised $75 billion by selling 555.56 million shares. Consequently, SpaceX reached a valuation of $1.77 trillion.
The deal broke the previous IPO record set by Saudi Aramco in 2019. It also placed SpaceX among the world’s most valuable publicly traded companies.
SpaceX will begin trading on the Nasdaq on Friday. However, the company reported a loss last year and generated less revenue than several leading technology firms.
The company now carries a market value higher than JPMorgan Chase, Berkshire Hathaway, Eli Lilly, Meta and Tesla.
Analysts said strong investor demand, especially from retail buyers, helped drive the offering.
SpaceX reserved 30% of the offering for retail investors. Moreover, the company announced its IPO price before completing the traditional roadshow process.
Elon Musk maintained strong founder control through the company’s governance structure. After the IPO, he will control 82% of voting power.
SpaceX launched operations in 2002 and focuses on rockets, satellites and space infrastructure. Meanwhile, Starlink generates most of the company’s revenue and serves customers across 164 countries and territories.
The company also signed a multiyear cloud services agreement with Google to strengthen computing capacity.
At the same time, competitors continue to expand commercial space operations and compete for government contracts and new markets.
Investors will now watch the company’s market debut closely to measure long-term demand and confidence in its valuation.
