SpaceX just went public on Nasdaq under ticker SPACX with a $135 per share price floor that's already getting bid up past what retail will actually pay — demand has already outstripped supply by four times according to Bloomberg. The expected raise could hit $75 billion, which would make this the largest IPO in history, and Musk is positioned through voting control of roughly 85% to become the world's first trillionaire from it. The company currently commands nearly half the global commercial space market with Starlink alone hitting over 10 million subscribers earlier this year, built on a valuation that hit $1.25 trillion after merging xAI (which also owns X) into its corporate structure.
But here's what makes me pause and want to tell everyone: SpaceX is losing money at an insane rate — roughly $4.9 billion in 2025 with billions more burning through the first quarter of 2026, primarily on massive AI data center buildouts that they expect this IPO revenue to fund for maybe two and a half years before it's gone. And while Musk also owns Tesla (which holds less than 1% of SpaceX Class A stock but buys Cybertrucks and Megapacks from them) and the Boring Company leases office space, these circular relationships are all disclosed as risk factors in their S-1 filing — which is classic Musk transparency by way of "I'll tell you exactly how I'm enriching myself while asking for your money."
The wild part you should watch out for even if you don't buy shares directly: Nasdaq changed its rules to allow companies the size of SpaceX into the Nasdaq 100 after just 15 trading days, not the usual year-long wait. This means massive index ETFs will likely be forced to purchase billions in SPACX stock almost immediately — and as a result you could end up owning it indirectly even if you never touched the IPO. It's one of those events that will force every portfolio manager on Wall Street to make a position call regardless, which is exactly why this isn't just another Elon headline but something that might actually change market flows for months after launch day.
Source: https://www.theverge.com/science/947926/spacex-ipo-stock-shares-trading-elon-musk
But here's what makes me pause and want to tell everyone: SpaceX is losing money at an insane rate — roughly $4.9 billion in 2025 with billions more burning through the first quarter of 2026, primarily on massive AI data center buildouts that they expect this IPO revenue to fund for maybe two and a half years before it's gone. And while Musk also owns Tesla (which holds less than 1% of SpaceX Class A stock but buys Cybertrucks and Megapacks from them) and the Boring Company leases office space, these circular relationships are all disclosed as risk factors in their S-1 filing — which is classic Musk transparency by way of "I'll tell you exactly how I'm enriching myself while asking for your money."
The wild part you should watch out for even if you don't buy shares directly: Nasdaq changed its rules to allow companies the size of SpaceX into the Nasdaq 100 after just 15 trading days, not the usual year-long wait. This means massive index ETFs will likely be forced to purchase billions in SPACX stock almost immediately — and as a result you could end up owning it indirectly even if you never touched the IPO. It's one of those events that will force every portfolio manager on Wall Street to make a position call regardless, which is exactly why this isn't just another Elon headline but something that might actually change market flows for months after launch day.
Source: https://www.theverge.com/science/947926/spacex-ipo-stock-shares-trading-elon-musk