SpaceX secures $75 billion in the largest IPO in history, while Japan receives $2.2 billion.

      **TL;DR** SpaceX raised $75 billion in the largest IPO in history, pricing 555.6 million shares at $135 each, resulting in a valuation of $1.77 trillion. Japanese retail investors acquired $2.2 billion of the offering via Mizuho, Rakuten, and SBI.

      SpaceX begins trading today on Nasdaq under the ticker SPCX after successfully raising $75 billion in the largest initial public offering ever. This offering surpasses the previous record, held by Saudi Aramco, which raised $29.4 billion in 2019, making SpaceX's offering approximately 2.5 times larger.

      A regulatory filing on Friday revealed that Japanese investors contributed $2.2 billion, purchasing 16.3 million Class A shares, accounting for about 3% of the total offering. Japan was among a few countries outside the U.S., along with Australia, Canada, and parts of Europe, where retail investors could buy shares directly.

      **Details on the Japan tranche:**

      Mizuho Financial Group’s U.S. investment banking unit is one of 23 underwriters involved in the offering. It coordinated the Japanese allocation through its local brokerage and two online platforms, Rakuten Securities and SBI Securities. Initially, SpaceX aimed to attract $2 billion from Japanese investors but increased this to $2.5 billion due to high demand. The final $2.2 billion raised marks the largest initial share sale in Japan since last year’s IPO of JX Advanced Metals.

      **Global perspective:**

      Investor interest totaled roughly $250 billion, rendering the offering nearly four times oversubscribed. BlackRock alone reportedly made a $5 billion order. Goldman Sachs led the underwriting syndicate of 23 banks, with Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase serving as book-running managers. At $135 per share, SpaceX’s fully diluted valuation is about $1.77 trillion, making it the seventh-largest public company in the U.S., surpassing Tesla’s market cap of around $1.6 trillion. Should underwriters utilize the entire over-allotment option, total proceeds could reach $86.25 billion.

      **SpaceX’s current status:**

      SpaceX is no longer solely a rocket company. Following its acquisition of Elon Musk’s AI venture xAI in an all-stock deal in February 2026, it transformed into a conglomerate that includes reusable rockets, satellite internet, and AI infrastructure. Its S-1 filing reported $18 billion in consolidated revenue for 2025, along with a net loss of $4.9 billion. The Starlink division generated $11.4 billion in revenue and $4.4 billion in operating profit, representing 61% of total sales and the entirety of the company’s profitability, while the xAI segment faced a $6.35 billion operating loss.

      **Musk’s voting power:**

      Musk holds roughly 42% of SpaceX’s equity but exerts control over about 82% of its votes due to a dual-class share structure, where his Class B shares possess disproportionately high voting rights, allowing him to unilaterally elect or remove most of the board members. The S-1 prospectus outlines 849.5 million Class A shares and 5.57 billion Class B shares, ensuring that public shareholders have minimal governance influence despite their financial stake.

      **Impact on individuals:**

      The IPO is projected to create around 4,000 millionaires among SpaceX employees, including engineers, chefs, and administrative personnel who received equity as part of their compensation. SpaceX allocated up to 5% of shares for its employees and affiliates. Founded in 2002, SpaceX operated for two decades as a private entity, funding its activities through government agreements, private equity, and Starlink revenue. This IPO is the first opportunity for ordinary investors to purchase shares directly.

      **Concerns:**

      SpaceX is not profitable according to GAAP standards, with the xAI division contributing to the $4.9 billion net loss. It remains uncertain whether Starlink’s profits can scale sufficiently to counterbalance xAI’s capital expenditures. Musk’s 82% voting control implies that public shareholders have minimal influence over strategic decisions, including future acquisitions and capital distribution. The $1.77 trillion valuation suggests growth rates that no company has sustained at this level, as noted by Fortune, and the integration of xAI introduces execution risks that were not present when SpaceX focused solely on launch services and satellites.